This paper compares the success of venture capital investments in the United States and in Europe by analyzing individual venture-backed companies and the value generated within the stage financing process. We document that US venture capitalists generate significantly more value with their...

In many countries, the collective sale of TV rights by sports leagues has been challenged by the antitrust authorities. In several cases, however, leagues won in court, on the ground that sport cannot be considered a standard good. In this paper, we investigate the conditions under which the...

Sports provide a natural experiment on individual choices in games with high stakes. We study soccer with a game-theoretic model of a match, and then evaluate the ability of this model to explain actual behavior with data from 2885 matches among professional teams. In our model, the strategy of...

We analyze a dynamic model of strategic interaction between the league organizing a professional sport, the teams playing the tournament organized by this league, and broadcasters competing for the rights to televise their matches. Teams and broadcasters maximize expected profits, while the...

We analyze the distribution of broadcasting revenues by sports leagues. In the context of an isolated league, we show that when the teams engage in competitive bidding to attract talent, the league's optimal choice is full revenue sharing (resulting in full competitive balance) even if the...

CEO compensation has received a lot of attention in the recent past, above all the widening gap between its level and that of the compensation of other employees. However, this increase in CEO pay was accompanied by changes in the structure of CEO pay (i.e., the increased use of stock options)...