Purpose: This paper aims to formalize long-term trajectories of human civilization as a scientific and ethical field of study. The long-term trajectory of human civilization can be defined as the path that human civilization takes during the entire future time period in which human civilization...

State lottery prizes are currently independent of all financial markets. If States made these prizes positively correlated with the stock market, financial risk would be transferred to lottery ticket holders. This would allow States to risklessly increase their lottery profits

This study analyzes bid/ask spreads surrounding announcements of open- market share repurchase programs for a sample of 248 announcements of repurchase programs by NYSE firms over the period January 1984 through June 1988. The sample includes 158 announcements of new programs and 90...