Using a unique dataset on the golf industry we analyze the weekend premium in golf course fees. Since both peak-load pricing and price discrimination may be at play, we attempt to separate these two forms of pricing. We find that as competition increases there is a decrease in the weekend...

In the United States, all newly developed drugs undergo a lengthy review process conducted by the Federal Food and Drug Administration (FDA). These regulatory delays are costly for drug manufacturers and patients. We collected data on review times of drugs approved between 1999 and 2005 and...

This paper models the launch decision of pharmaceutical companies in regard to new drugs and country markets. New drugs are launched with a delay or not launched at all in many countries. Considering that many of these new drugs would have created health benefits to the patients, there seems to...

This work extends prior research that finds drug development is driven by demand factors such as mortality rates of the diseases new drugs are aimed at. Here we find that the number of drugs in the development pipeline is strongly positively related to the price of existing drugs treating those...

Using state level data between 1990 and 2006, we find no empirical evidence that payday lending leads to more bankruptcy filings, which casts doubt on the debt trap argument against payday lending. We capture the intensity of the payday lending activity in a state by the number of payday lending...

This study examines the characteristics of corporate boards for 82 companies that attempted 106 acquisitions during the 1980s. We find that poor performance is more likely to occur in firms that have recently experienced higher turnover of outside and lower turnover of inside directors....

In this paper, we provide clinical evidence on market efficiency by studying stock price movements around a particular event--the explosion of the Space Shuttle Challenger. Our work is motivated by the continuing debate on whether the market quickly and accurately processes information. A group...

This study examines the characteristics of corporate boards for 82 companies that attempted 106 acquisitions during the 1980s. We find that poor performance is more likely to occur in firms that have recently experienced higher turnover of outside and lower turnover of inside directors....