This article considers whether presale auction estimates are unbiased predictors of price when “no-sales” are considered utilizing a newly constructed sample of over 500 works by eight early twentieth-century American artists. Unbiased presale auction estimates in predicting price, while...

Many states facing recent fiscal crises have looked to legalized gambling in an attempt to ease fiscal constraints. Although there has been some research on the economic effects of gambling, no study has offered a comprehensive analysis of the interindustry relationships of lotteries, casinos,...

This note examines some evidence for a link between profitability of oil companies and operational vertical integration into pipelines and crude oil. All empirical specification is estimated using ordered probit. Levels of integration into pipeline and crude that maximize stock ratings are...