Public referenda on Olympic bids have drawn considerable interest in the recent past, also because - with few exceptions - the voters decided against the Olympic ambitions of the local governments and/or local bid committees. For example, within the last five years before the finalizing of this...

We examine the short- and medium-term effects of announcements of changes in anti-crime policies in the distant future (news shocks) and provide a first extension of the analysis to cases where the announced policy changes may not be realized in the end (noise shocks). We further innovate by...