Analytical descriptions of tournament selection efficiency properties are elusive for realistic tournament structures. For example, with more than four competitors, there are very few robust analytical tournament selection efficiency measures. Combining a Monte Carlo simulation with a...

We use simulation to assess the performance of conventional financial econometric methods in recovering accurate estimates of market risk premia. In this study, we focus particular attention on the properties of standard cross-sectional risk premium estimation methods using portfolios and make...

In "Quitters Never Win: The (Adverse) Incentive Effects of Competing with Superstars," Brown (2011) argues that professional golfers perform relatively poorly in tournaments in which Tiger Woods also competes. We show that Brown's conclusions are based on a problematic empirical design, which if...