Current U.S. law nets the total portfolio of realized capital gains and losses to compute capital gains taxes. Prior research, however, typically ignores the implication of this provision, i.e., the marginal tax rate for a specific gain or loss depends on the taxpayer's total portfolio of...

Analytical descriptions of tournament selection efficiency properties are elusive for realistic tournament structures. For example, with more than four competitors, there are very few robust analytical tournament selection efficiency measures. Combining a Monte Carlo simulation with a...

Current techniques employed in valuing multiple employee stock options issued by the same company treat each option as being independent of the others and do not reflect that the option values should be determined simultaneously. In this paper we develop a model to simultaneously value all...

We use simulation to assess the performance of conventional financial econometric methods in recovering accurate estimates of market risk premia. In this study, we focus particular attention on the properties of standard cross-sectional risk premium estimation methods using portfolios and make...

Current U.S. law nets the total portfolio of realized capital gains and losses to compute capital gains taxes. Prior research, however, typically ignores the implication of this provision, i.e., the marginal tax rate for a specific gain or loss depends on the taxpayer's total portfolio of...

In "Quitters Never Win: The (Adverse) Incentive Effects of Competing with Superstars," Brown (2011) argues that professional golfers perform relatively poorly in tournaments in which Tiger Woods also competes. We show that Brown's conclusions are based on a problematic empirical design, which if...