We construct a fund-specific measure of crowding using the equity holdings overlap of 17,364 global funds which are actively managed. Funds in the top decile of crowding underperform the passive benchmark by 1.4% per year. The poor performance cannot be attributed to fees and transaction costs...

The economic effects of environmental taxes depend on the market structure. Under imperfect competition with free entry and exit, environmental taxes have an impact on economies of scale by changing the number and size of firms. Whether economies of scale rise or fall in a particular industry...

Using a 2007-2014 panel of Austrian crop farms, we analyze the effect of multiple dimensions of land fragmentation on farms' production efficiency and risk performance. We use Data Envelopment Analysis (DEA), a non-parametric linear programming approach, to estimate efficiencies. Technical...