In "Quitters Never Win: The (Adverse) Incentive Effects of Competing with Superstars," Brown (2011) argues that professional golfers perform relatively poorly in tournaments in which Tiger Woods also competes. We show that Brown's conclusions are based on a problematic empirical design, which if...

Current U.S. law nets the total portfolio of realized capital gains and losses to compute capital gains taxes. Prior research, however, typically ignores the implication of this provision, i.e., the marginal tax rate for a specific gain or loss depends on the taxpayer's total portfolio of...