No Justification for Lottery Losers

Medicine's lottery losers: it could be you.

No . 1896 Justification of Stable Equilibria

Two assumptions are used to justify selection of equilibria in stable sets. One assumption requires that a selected set is invariant to addition of redundant strategies. The other is a strong version of backward induction. Backward induction is interpreted as the requirement that behavior strategies in an extensive-form game are sequentially rational and conditionally admissible at every inform...

Hazardous Waste Recycling: No Justification for Toxic Trade

Very quickly following the first international toxic waste trade scandals that took place in the late 1980s and early 1990s, the environmentally friendly word “ recycling” began to increasingly be used by waste traders to justify the export of hazardous wastes from rich to poorer countries. Today, this rationalization for toxic waste trade for industrial wastes continues. Virtually all existing...

Voting for a Lottery

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Inheriting Losers

We show that new managers who take over mutual fund portfolios sell off inherited momentum losers at higher rates than stocks in any other momentum decile, even after adjusting for concurrent trades in these stocks by continuing fund managers. This behavior is observed regardless of fund characteristics and is stronger when new managers are external hires. The tendency of continuing fund manage...