Public subsidization of professional sports facilities has been prevalent for the past 40 years in the United States. These subsidies are allegedly justified by economic benefits owing from sports facilities, including the creation of new jobs, new tax revenues and higher income. Recent research...

Through what channel and to what extent does the inflow of remittances affect the quality of governance in the recipient countries? Recent studies suggest that a rise in remittances reduces public goods provision. Scholars generally agree that remittances increase consumption expenditure of the...

The unilateral divorce reform in the 1970's has been accompanied by a secular decline in marriage. This paper investigates how the homemaking provision in divorce law that gives recognition to homemakers' contribution during marriage in divorce property division affects marital formation and...

Organizing employees into teams increases productivity but also generates incentives to shirk. Recent research suggests that peer enforcement plays an important role in deterring shirking in teams. We analyze 10 years of performance and compensation data for NFL offensive linemen, a high-skill,...

Julius Caesar and Cornelius Tacitus provide characterizations of early Germanic (barbarian) society around, respectively, 50 BC and 50 AD. The earlier date corresponds to expansion of Rome to the Rhine and Danube. During the subsequent century Germanic governance institutions changed in a number...

Under the tender years doctrine in effect until the 1970’s, custody was virtually always awarded to the mother upon divorce. Gender-neutral custody laws introduced beginning in the 1970’s provided married fathers, in principle, equal rights to custody. Subsequent marriage-neutral...

Conventional wisdom suggests that small businesses are innovative engines of Schumpetarian growth. However, as small businesses, they are likely to face credit rationing in financial markets. If true then policies that promote lending to small businesses may yield substantial economy-wide...

We apply Marginal Conditional Stochastic Dominance (MCSD) tests to returns on sentiment beta sorted portfolios and sentiment-arbitrage portfolios, constructed using the Baker and Wurgler (2007) index of sentiment levels. The theory of MCSD demonstrates that, if one (mutually exclusive) subset of...

Using data from the National Survey on Drug Use and Health, evidence of income inferiority in illegal drug consumption is presented. This is done by estimation of binary choice probit models with endogenous regressors. The simultaneity issue between drug consumption and income has been addressed...

We use a version of the Meade model to consider the effects of interdependent import tariffs in the presence illegal immigration. First, we consider the small union case and derive the Nash tariff equilibrium for two potential members of a Preferential Trade Agreement (PTA). We analyze...