Ross School of Business University of Michigan. His main interests lie in the area of corporate finance. His work is mostly in applied theory using techniques borrowed from game theory. He also has an interest in strategy and industrial organization. Sugato’s work includes papers on bidding behavior in takeovers and in bankruptcy, optimal franchising contracts and incentives for funds to engage in excessive trading. He also has written papers on asset price bubbles and real estate posting prices. Much of his work focuses on the difference between marginal and average.