All organizations, institutions, business processes, markets and strategies have one aim in common: the reduction of transaction costs. This aim is pursued relentlessly in practice, and has been perceived to bring about drastic changes, especially in the recent global market and the cyber economy. This book analyzes and describes “transactions” as a model, on the basis of which organizations, institutions and business processes can be appropriately shaped. It tracks transaction costs to enable a scientific approach instead of a widely used “state-of-the-art” approach, working to bridge the gap between theory and practice. This open access book analyzes and describes “transactions” as a model...

The theoretical foundations of management strategy are identified and outlined in this text. Five theories are considered in the light of questions about how organisations operate efficiently, cost minimization, wealth creation, individual self-interest, and continued growth.

Transaction cost economics has and continues to be a fruitful area of research. There is still much to be done in the field with past research being used in conjunction with the vast number of contractual phenomena that have yet to be investigated in transaction cost economics terms. New challenges are posed by the need to move beyond the design of new contractual instruments (such as financial derivatives) to include an examination of the lurking hazards that attend contract implementation.

An introduction to the theory and methods of empirical asset pricing, integrating classical foundations with recent developments. This book offers a comprehensive advanced introduction to asset pricing, the study of models for the prices and returns of various securities. The focus is empirical, emphasizing how the models relate to the data. The book offers a uniquely integrated treatment, combining classical foundations with more recent developments in the literature and relating some of the material to applications in investment management. It covers the theory of empirical asset pricing, the main empirical methods, and a range of applied topics. The book introduces the theory of empirical asset pricing through three main paradigms: mean variance analysis, stochastic discount factors, and beta pricing models. It describes empirical methods, beginning with the generalized method of moments (GMM) and viewing other methods as special cases of GMM; offers a comprehensive review of fund performance evaluation; and presents selected applied topics, including a substantial chapter on predictability in asset markets that covers predicting the level of returns, volatility and higher moments, and predicting cross-sectional differences in returns. Other chapters cover production-based asset pricing, long-run risk models, the Campbell-Shiller approximation, the debate on covariance versus characteristics, and the relation of volatility to the cross-section of stock returns. An extensive reference section captures the current state of the field. The book is intended for use by graduate students in finance and economics; it can also serve as a reference for professionals.

In recent years transaction cost economics have come to dominate the discussion of the nature and organization of firms. In Transaction Costs Economics and Beyond Michael Dietrich offers a critical exploration of transaction costs. He argues that whilst they have much to offer, they are still an inadequate basis for a general theory of the firm. Drawing on theories of organizational behaviour as well as economics, he concludes by offering a theory of the firm that allows for both hierarchical and creative decision making.

The March 2016 issue, No. 5, features these contents: • Article, "Marriage Equality and the New Parenthood," by Douglas NeJaime • Essay, "Horizontal Shareholding," by Einer Elhauge • Book Review, "Keeping Track: Surveillance, Control, and the Expansion of the Carceral State," by Kathryne M. Young and Joan Petersilia • Note, "Constitutional Courts and International Law: Revisiting the Transatlantic Divide" • Note, "Defining the Press Exemption from Campaign Finance Restrictions" • Note, "Let the End Be Legitimate: Questioning the Value of Heightened Scrutiny's Compelling- and Important-Interest Inquiries" In addition, student commentary analyzes Recent Cases on state abortion laws and precedent; expectation of privacy in pocket dial; tax deductions for medical marijuana dispensary; appointments clause test for executive branch reassignments; takings by residential inclusionary zoning; and statutory interpretation using corpus linguistics. A commentary focuses on the Recent Court Filing by the DOJ arguing that a city ordinance prohibiting camping and sleeping outdoors violates the Eighth Amendment. Finally, the issue includes two brief comments on Recent Publications. The Harvard Law Review is offered in a quality digital edition, featuring active Contents, linked footnotes, active URLs, legible tables, and proper ebook and Bluebook formatting. The Review is a student-run organization whose primary purpose is to publish a journal of legal scholarship. It comes out monthly from November through June and has roughly 2500 pages per volume. Student editors make all editorial and organizational decisions. This is the fifth issue of academic year 2015-2016.