This paper examines the anatomy of a real estate bubble. In the process, we identify three phases of the market’s evolution: in the first phase, a large percentage of transactions are speculative or “flips” causing prices to rapidly increase; in phase two, flipping loses its profitability;...

This paper examines the use of futures contracts to hedge residential real estate price risk. We examine whether existing futures contacts can effectively be used to offset volatility in national house prices. Little evidence of any simple systematic relation between national prices and futures...

CEOs who participate in hunting and fishing benefit both by appreciating natural environments and through permanently consuming natural resources. We examine whether CEOs who hunt and fish make different environmental decisions and find that firms led by CEOs who obtain the most hunting and...

This paper derives the relationship between a stock's beta and its weighting in the portfolio against which its beta is calculated. Contrary to intuition the effect of this market weight is in general very substantial. We then suggest an alternative to the conventional measure of abnormal...

This paper examines the relationship between the market weight of a single stock and the betas of both that stock and the residual portfolio. Theory suggests that the effect of such a large weight is to significantly reduce the beta of the residual portfolio, and it may also significantly raise...

In 2020, the COVID-19 caused nearly all universities to shut down and switch to online learning in the middle of the spring semester. Given logistical costs and concern for students, many schools allowed students to choose between a letter grade or a passing grade once the semester was done....

This study analyzes real GNP and inflation forecasts published in the Blue Chip Economic Indicators. The survey revises annual growth rate estimates every month, thus making it possible to analyze the value of new information and its contribution to the estimates' predictive power of the actual...