Purpose - The authors derive the necessary mathematics, provide computer simulations, provide links to free and user-friendly computer programs, and analyze real data sets. Design/methodology/approach - Cohen’s d, which indexes the difference in means in standard deviation units, is the most...

Purpose - The authors' conclusions are based on mathematical derivations that are supported by computer simulations and three worked examples in applications of economics and finance. Finally, the authors provide a link to a computer program so that researchers can perform the analyses easily....