Empirical research on the relationship between innovation and firm level productivity offers conflicting results. We investigate the impact of innovation on labour productivity through the construction of a unique panel data-set that merges information on roughly 5,000 publicly traded U.S....

There is widespread consensus that higher cigarette taxes are the most effective policy tool in reducing population smoking rates and tobacco-induced mortality, but the efficacy of such taxes is tempered by the possibility of a rise in smuggling and the availability of contraband tobacco....

We study the effect of the educational diversity of managers on the performance of team-managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialization. We find that, in...

With Canada ending the legal prohibition of recreational marijuana as of October 17, 2018, governments across the country have been mobilizing to tackle the many policy challenges. But there has been a lack of policy discussion on whether supply from existing authorized producers will be...

We use the Lindberg-Levy central limit theorem (CLT), Tchebychev's inequality, Slutsky's theorem, and general rules for limiting distributions to demonstrate sufficient conditions under which the Student-t test statistic for the mean is asymptotically standard normal. Although there exist weaker...

Improving shareholder value has often been cited as a merger determinant. Since mergers create larger firms and less competition, they may increase shareholder value through higher market share and stock-market value. We investigate merger impacts on firms' stock-market value and market share....