This article examines the Confederate cotton bonds floated in Europe in March 1863 and traded on the London market. Over a 27 March 1863 to 17 June 1865 sample we isolate two, nonreversed, turning points that follow news of Confederate defeat at Gettysburg and Vicksburg in July 1863 and the fall...

Our research investigates stock splits: why they happen, how they affect shareholder wealth, and whether they enhance liquidity for splitting firms. Prior research has not reached a clear-cut answer as to the role of stock splits. While there is definitely a favorable stock price reaction to the...

The authors examine labor supply using 1,426 responses of individual runners to prizes in open invitational foot races. The data are used to decompose the overall market response of higher prizes into two components based on the basic tournament model. First, an entry effect exists in which...