Purpose: The purpose of this paper is to examine the impact of oil price shocks on capital spending in relation to the following firm characteristics: firm size, debt ratio, growth prospects, earnings and key sectors of the oil and gas industry. Design/methodology/approach: To examine the...

Sports bettors' success depends on the ability to accurately assess the true probability of outcomes. Successful racetrack bettors can realize returns better than the track take out. Historical empirical evidence shows the presence of favorite-longshot bias (FLB) in horse racing where bettors...

It is not known how exogenous shocks in oil price impact city economies. This study examines unemployment rates in Texas cities in relation to oil price movements during the period 1995–2008. We find that unemployment in the bigger cities like Austin, Dallas, and Houston, is not related to oil...

Managers place a low value on equity-based compensation because it exposes them to the risk of the firm. Such undervaluation and the need to achieve diversification may force a manager to sell his own stock of the firm in response to equity-based awards. In this paper we examine whether such...

The main purpose of this study is to investigate product price changes from the stockholders' perspective. Our evidence indicates that stockholders react positively to a price increase at the time of the Wall Street Journal announcement. In the event of a price cut, stockholders show little...