To explore the relationship between spatial location and quality differentiation, we build a dataset of over 30,000 restaurants rated by TripAdvisor, across large UK cities. Whereas top-rated restaurants tend to locate close to other top restaurants, bottom-rated restaurants tend to locate away...

A widely documented empirical regularity in gambling markets is that bets on high probability events (a race won by a favourite) have higher expected returns than bets on low probability events (a longshot wins). Such favourite-longshot (FL) biases however appear to be more severe and persistent...

As gambling becomes increasingly accessible worldwide, governments face an important policy question: how should they exploit the industry's growth to raise tax revenue while protecting individuals from the detrimental effects of gambling? Using data on slot machines from the largest per capita...

The Formula One Championship (F1) is one of the biggest sports businesses in the world. But, however, it seems to astonish that only very few scholarly articles analyze the F1 business. The aim of this study is to contribute to closing two gaps in the existing literature: it contributes (1) to...

Collegiate esports is an emerging industry, an extension of professional esports that has caught the attention of the National Collegiate Athletic Association (NCAA). The NCAA is currently exploring the possibility of taking a dominant regulatory role within collegiate esports. The leagues and...

This paper presents a two-period model of talent investments where two clubs compete with respect to a contest prize. We show that two qualitatively different types of equilibria are possible using a closed-loop approach with strictly convex costs: The large market club invests in both periods...

This paper empirically investigates the effect of leverage on strategic preemption. Using new data on entry plans and incumbent investments from the American casino industry, I find that high leverage prevents incumbents from responding to entry threats. Facing the same set of entry plans, low...

We consider a policy reform relaxing price controls in American pari-mutuel wagering on horse racing by examining bookie behavior in Australia's fixed-odds gambling sector. Descriptive regressions indicate that bookmaker takeouts (the effective prices of races) vary substantially and...

This paper investigates factors that contribute to attendance in Major League Soccer with a primary focus on the effect of repeat rivalry matches during a season. Using ordinary least squares, a panel of 2,193 matches (6 seasons) finds significant effects for a variety of match determinants...

Claims of securities fraud had historically failed because investors seldom rely on false or misleading statements when transacting securities. To bolster confidence in securities markets, the U.S. Supreme Court adopted a doctrine called “fraud-on-the-market” so that duped investors can show...