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作者：GOLEC, J; TAMARKIN, M
摘要：This paper tests the hypothesis that the football betting market is efficient. Our statistical tests are stronger than those in previous studies, and we examine both NFL and college data over a sample period of fifteen years. Our statistical tests detect two specific biases in the NFL market and an unspecified bias in the college market. We examine the year-to-year consistency and magnitudes of the biases and find that the NFL bias against home teams has been nearly eliminated, while the bias ...
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作者：FRENCH, KR; POTERBA, JM
作者单位：National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
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作者：BOEHMER, E; MUSUMECI, J; POULSEN, AB
作者单位：American University; University System of Georgia; University of Georgia
摘要：Many authors have identified the hazards of ignoring event-induced variance in event studies. To determine the practical extent of the problem, we simulate an event with stochastic effects. We find that when an event causes even minor increases in variance, the most commonly-used methods reject the null hypothesis of zero average abnormal return too frequently when it is true, although they are reasonably powerful when it is false. We demonstrate that a simple adjustment to the cross-sectional...
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作者：KIM, O; VERRECCHIA, RE
作者单位：University of Pennsylvania
摘要：In this paper we analyze how anticipating a forthcoming public announcement affects the market reaction to the announcement by altering investors' incentives to acquire private information. Specifically, we study price change, volume, and information asymmetry at the time of the announcement. We also investigate how information acquisition, information asymmetry, price, and volume are influenced by the quality of prior knowledge, the marginal cost of gathering information, the degree of risk t...
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作者：FERSON, WE; CONSTANTINIDES, GM
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作者：ROGALSKI, RJ; SEWARD, JK
摘要：We argue that hedging and risk management activities of modern corporations arise as a direct consequence of attempts to create shareholder wealth through financial innovation. We formalize this argument by examining in detail corporate issues of foreign currency exchange warrants. We then focus on one multiple issuer to demonstrate how the foreign exchange risk created by the sale of the warrants can be eliminated. The use of off-balance-sheet risk management techniques to lock in the benefit...
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作者：KAPLAN, SN
作者单位：National Bureau of Economic Research
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作者：LANG, LHP; STULZ, RM; WALKLING, RA
作者单位：University System of Ohio; Ohio State University
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作者：SLOVIN, MB; SUSHKA, ME; HUDSON, CD
作者单位：Arizona State University; Arizona State University-Tempe; Auburn University System; Auburn University
摘要：We test whether airline consolidations generate monopoly profits by examining returns to listed carriers around horizontal airline-acquisition bids and evaluating effects of industry concentration on share-price reactions. Under Civil Aeronautics Board (CAB) regulation, returns to targets, bidders, and rival carriers are positive functions of changes in concentration implied by bids. Changes in concentration after deregulation have no positive effect on carrier returns. These results support J...
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作者：POUND, J
