Measuring the psychic return of art investments is a debated issue in Cultural economics. Several works suggest Jensen's alpha as a measure of the psychic return. Since the Jensen's alpha is defined in the CAPM framework, its uncritical application as a measure of the psychic return may be...

We analyse the links between soccer match results, betting odds and stock returns of all listed European soccer teams. Using an event-study approach, we measure positive (negative) abnormal returns following wins (ties and losses). Additionally, we analyse the role, which we find to be...

An avalanche of empirical studies has addressed the validity of the rank-size rule (or Zipf's law) in a multi-city context in many countries. City size in most countries seems to obey Zipf's law, but the question under which conditions (e.g. sample size, spatial scale) this 'law' holds remained...

We analyse the links between soccer match results, bets and stock returns of all listed European soccer teams. Using an event study approach, we measure abnormal returns following wins, ties and losses. Wins are associated with positive abnormal returns, and ties and losses with negative...

By taking into account conditional expectations and the dependence of the systematic risk of asset returns on micro- and macro-economic factors, the conditional CAPM with time-varying betas displays superiority in explaining the cross-section of returns and anomalies in a number of empirical...