According to the news model of asset price determination, only the unexpected component of an information should drive the stock price. We use the Danish publicly listed football club Brøndby IF to analyze how match outcome impacts the stock price. To disentangle gross news from net news,...

This paper estimates the total effect of power outages on economic growth in Sub-Saharan Africa over the period 1995-2007. Outages are instrumented using a satellite-based measure of lightning density. As suggested by Henderson et al. (2011), we also combine Penn World Tables GDP data with...

We consider TU-games with restricted cooperation, where the set of feasible coalitions is a distributive lattice, hence generated by a partial order on the set of players. In such a situation, the core may be unbounded, and one has to select a bounded part of the core as a solution concept. The...

The importance of cultural events for attracting tourism has been often posited in research, however rarely tested in relation to non-cultural activities. This paper investigates the association between participation in entertainment activities and tourism flows in Italian provinces, and find...

The core cover of a TU-game is a superset of the core and equals the convex hull of its larginal vectors. A larginal vector corresponds to an ordering of the players and describes the efficient payoff vector giving the first players in the ordering their utopia demand as long as it is still...

It is common to see the interest rate on savings in community-managed microfinance being reported as "20-30% annually". Using panel data from 204 groups in Malawi, I show that the right figure is likely to be at least twice this figure. This is due to sector-wide application of non-standard...

An element of the possibly unbounded core of a cooperative game with precedence constraints belongs to its bounded core if any transfer to a player from any of her subordinates results in payoffs outside the core. The bounded core is the union of all bounded faces of the core, it is nonempty if...

We introduce a new operator for general rationing problems in which, besides conflicting claims, individual baselines play an important role in the rationing process. The operator builds onto ideas of composition, which are not only frequent in rationing, but also in related problems such as...

In 1985 Aumann axiomatized the Shapley NTU value by non-emptiness, efficiency, unanimity, scale covariance, conditional additivity, and independence of irrelevant alternatives. We show that, when replacing unanimity by "unanimity for the grand coalition" and translation covariance, these axioms...

The assumption of a homothetic production function is often maintained in production economics. In this paper we explore the possibility of maintaining homotheticity within a nonparametric DEA framework. The main contribution of this paper is to use the approach suggested by Hanoch and...