This study provides an analysis of the economic impact of punitive damages on the economy of Texas. Consistent with our research results, prior studies also found that the size and frequency of the jury awards for punitive damages were increasing over time. However, they ignored the planning...

A number of articles have documented that the classical event study methodology exhibits a bias toward detecting "effects", irrespective of whether such effects actually exist. This paper addresses this bias by presenting a new methodology that explicitly incorporates stochastic behaviors of the...

This paper shows that a flaw exists in the logic behind the previously stated theoretical connections between utility theory and moment preferences. In fact, no such relationship exists. There is also a flaw in the logic that postulates that approximate normality can justify moment (e.g.,...