The role of state lotteries in the economy is changing. Still being only one of the sources of revenues to state budgets, financing of more and more causes relies heavily on their performance. This articles describes the performance of lotteries in Central and Eastern Europe in times of...

For five stock market crashes, we compare price declines with predictions from market microstructure invariance. During the 1987 crash and the 2008 sales by Société Générale, prices fell by magnitudes similar to predictions from invariance. Larger-than-predicted temporary price declines...