Asset Markets
The complexity of price discovery in an efficient market: the stock market reaction to the Challenger crash, Journal of Corporate Finance (2003)
We provide evidence on the speed and accuracy of price discovery by studying stock returns...
Does Implied Volatility Imply Volatility in Bonds? (with Eric Bertonazzi), Journal of Fixed Income (2001)
Energy
Russian Commercial Nuclear Initiatives and U.S. Nuclear Nonproliferation Interests (with Oana Diaconu), The Nonproliferation Review (2003)
Recent proposals put forward by the Russian Ministry of Atomic Energy (Minatom) aim to "privatize"...
Is Nuclear Power Viable in Russia? (with Oana Diaconu), Electricity Journal (2003)
A careful analysis casts doubt on the economic viability of expanded nuclear generation capacity in...
Economies and Diseconomies: Estimating Electricity Cost Functions, Review of Industrial Organization (2001)
This paper presents estimates of the variable cost function of electricity generation. The cost function...
Intellectual Property
THE EFFECT OF PRICE ON PHARMACEUTICAL R&D, manuscript (2007)
This work extends prior research that finds drug development is driven by demand factors such...
The Determinants of Pharmaceutical Research and Development Investments (with Abdulkadir Civan), Contributions in Economic Analysis & Policy (2006)
Our maintained hypothesis is that drug development responds to the intensity of consumer demand. We...
Tournaments
Beating a Live Horse: Effort’s Marginal Cost Revealed in a Tournament (with Bentley Coffey), manuscript (2008)
There is ample evidence that incentive pay structures such as tournaments result in increased performance,...
Road Warrior Booty: Prize Structures in Motorcycle Racing (with Kristina Terkun), Contributions in Economic Analysis & Policy (2002)
This research reports the results of an analysis of prize structures among competing firms paying...