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sabotage problem which is otherwise inherent in tournament struc- tures. In a game-theoretical model with three contestants, we … the incen- tives to sabotage in a fixed-prize tournament may be counteracted in a variable-prize tournament such that … contestants no longer sabotage, but help one another. We empirically test the implications of our model with the help of a …
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The first paper is co-authored with Sylvain Delalay. We examine the impact of competition between ETFs on measures of market quality of the funds. The surge in new ETF creation has for consequence that groups of competing ETFs are increasingly crowded, and investors can choose from a multitude...
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