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secondhand smoking, smoking bans in casinos remain controversial due to concerns over the potential economic harm to casino firms …. Applying an event study, the authors examine the abnormal returns of casino stocks in response to three unexpected smoking ban … significantly correlated with positive abnormal returns. The findings of this study provide a full picture of the impacts of smoking …
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The Supreme Court recently held that in reverse-payment settlements of drug patent disputes, anticompetitive effects can be inferred if the reverse payment exceeds the patent holder's anticipated litigation costs, absent some offsetting justification. Application of this standard is problematic...
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This paper constructs a signal-based composite index, namely ESCORE, which captures the context of earnings management. Specifically, ESCORE aggregates 15 individual signals related to earnings management based on prior relevant literature. Empirical results using UK data shows that when ESCORE...
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Second Hand Smoking (SHS), smoking bans in casinos remain controversial due to concerns over potential economic losses for … unexpected announcements of smoking bans in casinos from 2011 to 2015 in Macao. The analysis reveals that the announcements were … correlated with positive abnormal returns. This study provides a full picture of the impacts of smoking bans on casinos and will …
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We compare the ownership characteristics of tobacco stocks with their peers in the same country and industry group. We find lower reported ownership for stocks in the tobacco industry, which suggests that anonymous investors are larger owners of these sin stocks. Compared to peer stocks, U.S....
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