We examine the returns to investors in publicly traded stock in new industries. We examine data from the United States on sellers of own-brand personal computers, airlines and airplane manufacturers, automobile manufacturers, railroads, and telegraphs. We find that a relatively small number of...

We examine the distribution of returns in new industries to determine whether stocks in new industries are similar to lottery tickets. We focus on one characteristic of lottery tickets: Negative expected returns. We examine data from the United States on sellers of own-brand personal computers,...

We examine the distribution of returns in new industries to determine whether stocks in new industries are similar to lottery tickets. We focus on one characteristic of lottery tickets: negative expected returns. We examine data from the United States on sellers of own-brand personal computers,...

In this article, the authors argue that the Israelites’ journey to the Promised Land and firms’ confrontations with structural economic changes are both “desert experiences”, sharing four characteristics: stress, disorientation, unknown prognosis, and waiting. Applying each...

Economic courses pay little attention to the economic implications of insufficient rest. This paper identifies several Biblical references to the role of rest with economic implications, examining what the Bible says about the importance of rest for creation and contrasting this with the...

We examine the distribution of returns in new industries to determine whether stocks in new industries are similar to lottery tickets. We focus on one characteristic of lottery tickets: negative expected returns. We examine data from the United States on sellers of own-brand personal computers,...