Research on sports betting often identifies biased evaluation by bookmakers and corresponding opportunities for profitable strategies to bettors. Such studies repeatedly provide evidence for the existence of biased betting odds for different periods and leagues, leaving the impression that...

We investigate the hot hand hypothesis in professional darts in a nearly ideal setting with minimal to no interaction between players. Considering almost 1 year of tournament data, corresponding to 167492 dart throws in total, we use state space models to investigate serial dependence in...

We investigate the potential occurrence of change points—commonly referred to as “momentum shifts”—in the dynamics of football matches. For that purpose, we model minute-by-minute in-game statistics of Bundesliga matches using hidden Markov models (HMMs). To allow for within-state...

We investigate the hot hand phenomenon using data on 110,513 free throws taken in the National Basketball Association. As free throws occur at unevenly spaced time points within a game, we consider a state-space model formulated in continuous time to investigate serial dependence in players’...

We study strategic investment decisions in multi-stage contests with heterogeneous players. Our theoretical model of a round-robin rank-order tournament predicts that players conserve resources in a current contest to spend more in the subsequent contest if the degree of heterogeneity in the...

When heterogeneous players make strategic investment decisions in multi-stage contests, they might conserve resources in a current contest to spend more in a subsequent contest, if the degree of heterogeneity in the current (subsequent) contest is sufficiently large (small). We confirm these...

Industrial companies face the particular challenge of developing new products and services in traditionally goods-centered environments. Using panel data from 558 German industrial companies, this article analyzes the financial performance consequences of product and service innovations. The...

Industrial companies face the particular challenge of developing new products and services in traditionally goods-centered environments. Using panel data from 558 German industrial companies, this article analyzes the financial performance consequences of product and service innovations. The...

Corruption in sports represents an important challenge to their integrity. Corruption can take many forms, including match fixing by players, referees, or team officials. Match fixing can be difficult to detect. We use a unique data set to analyze variation in bet volume on Betfair, a major...