This study tests a long held anecdotal claim that a poker room draws people into the casino that might otherwise be absent. Using daily data from two major hotel casinos located on the Las Vegas Strip, this study examines the effect of poker on the business volumes of table and slot games. The...

In this paper, we show (i) that the risk-return characteristics of our sample of 17 developed stock markets of the world have converged significantly toward each other during our study period 1974-2007, and (ii) that this international convergence in risk-return characteristics is driven mainly...

We test whether a bias exists in analyst recommendations for firms that file for bankruptcy during 1995–2001. We fail to find overoptimism in analyst recommendations, including those of affiliated analysts. Our multivariate analysis of the market reaction to changes in analyst recommendations...

In this paper, we examine the pattern of historical evolution of international earnings-to-price ratios for a sample of 17 developed markets over the period 1980-2008. Using a measure of distance between earnings-to-price ratios of international stock markets, we find that earnings-to-price...

A projection of future energy consumption is a vital input to many analyses of economic, energy, and environmental policies. We provide a benchmark projection which can be used to evaluate any other projection. Specifically, we base our projection of future energy consumption on its historical...

In this paper, we show (i) that the risk-return characteristics of our sample of 17 developed stock markets of the world have converged significantly toward each other during our study period 1974 - 2004, (ii) that the speed of convergence, however, varies greatly across individual markets,...