Berger and Pope (2011) show that being slightly behind increases the likelihood of winning in professional and collegiate basketball. We extend their analysis to large samples of Australian football, American football and rugby matches, but find little to no evidence of such an effect for these...

We investigate whether risk seeking or non-concave utility functions can help to explain the cross-sectional pattern0 of stock returns. For this purpose, we analyze the stochastic dominance efficiency classification of the value-weighted market portfolio relative to benchmark portfolios based on...

We provide theoretical and empirical arguments in favor of a concave shape for the security market line, or a diminishing marginal premium for market risk. In capital market equilibrium with binding portfolio restrictions, different investors generally hold different sets of risky securities....