Economics of Gambling

The commercial casino industry experienced an unprecedented expansion in the United States during the 1990s. Anecdotal evidence suggests that there may be a link between casinos and political corruption. However, no one has examined the issue empirically. We use state-level data from 1985-2000 to posit a panel data Granger causality analysis of corruption convictions and casinos. Our results indicate weak Granger causality in the direction of corruption to casino revenues, and stronger bi-directional Granger causality between corruption convictions and predicted casino adoptions. The results suggest that casinos are more likely to be introduced in and operating in relatively corrupt states. In addition, once casinos are adopted, there appears to be evidence consistent with "regulatory capture" of casino regulators. Our overall evidence lends support to the anecdotal evidence of a link between casinos and political corruption.

Imagine you put a compulsive gambler in charge of managing your grandmother's savings. Or better yet, hand over the steering wheel of the school bus to a rally acrobat. That, more or less, is what Argentina has done by leaving its finances in the hands of former Wall Street traders. It's not a metaphor; it's a political experiment redolent of a casino, executed by former finance executives who don't understand the difference between a sovereign state and a trading desk.
President Javier Milei's current economic team is a sort of JP Morgan reloaded. There's no economic plan, there are payrolls. There's no political leadership, there are Bloomberg dashboards. There are no public policies, there are fixed-term bets.
Luis “Toto” Caputo, Santiago Bausili, Pablo Quirno, and José Luis Daza make up a kind of “Liar's Poker Brotherhood,” operators trained in the art of selling colored mirrors at a golden price. Professional pretender of financial optimism, they have become secretaries, ministers, and presidents of the Argentine Central Bank.

My Regulatory Haven study comprises 33 jurisdictions. This paper has an analytic and descriptive nature and goes through their geographic, economic, international-political and infrastructural characteristics, trying to expose their similarities and their differences.

The article examines the relationship between neoliberal capitalism, violence and empathy. The idea of the opposing tendencies that this capitalism engenders concerning violence and empathy is developed. On the one hand, it gives rise to increasing structural and subjective violence, and on the other hand, it strengthens the mechanisms of control over each individual. On the one hand, with the marketization and commodification of public life, neoliberal capitalism leads to a decrease in the level of empathy between people in society, and on the other hand, business is interested in empathy as a factor in the creation of value at the various stages of the economic process, and especially in the creation of social capital, personalization of consumption and consumer trust in business.

On every inhabited continent, there are indigenous peoples. There are estimated to be between 300 and 350 million people who could be classified as indigenous. This is just under 6% of the world’s population. Included here are at least 5000 distinct peoples in over 72 countries. The word “indigenous” literally means “originating in and characteristic of a particular region or country; native” (Dictionary.com Unabridged). Every person in the world, however, is native to somewhere and could then be called “indigenous”. Therefore, the term “indigenous peoples”, in its narrow definition, has come to describe a group of people who lived in a country before it became colonized and maintain some of their distinct social, political, cultural, religious, or linguistic identities. As can be imagined, this definition is still fraught with controversy and there are different definitions and views on the subject which we will explore. I am going to analyze several groups of indigenous peoples from different countries and compare and contrast their varying relationships to the state governments that they find themselves in.

On every inhabited continent, there are indigenous peoples.  There are estimated to be between 300 and 350 million people who could be classified as indigenous.  This is just under 6% of the world’s population.  Included here are at least 5000 distinct peoples in over 72 countries. The word “indigenous” literally means “originating in and characteristic of a particular region or country; native” (Dictionary.com Unabridged). Every person in the world, however, is native to somewhere and could then be called “indigenous”.  Therefore, the term “indigenous peoples”, in its narrow definition, has come to describe a group of people who lived in a country before it became colonized and maintain some of their distinct social, political, cultural, religious, or linguistic identities.  As can be imagined, this definition is still fraught with controversy, and there
are different definitions and views on the subject, which we will explore.  I am going to analyze several groups of indigenous peoples from different countries and compare and contrast their varying relationships to the state governments that they find themselves in.

Dieses Buch bietet eine fundierte Analyse des Glücksspiel- und Casinosektors in Deutschland, mit besonderem Schwerpunkt auf Marktstrukturen, rechtlichen Rahmenbedingungen und technologischen Innovationen. Es untersucht aktuelle Trends, wie die zunehmende Digitalisierung und die Rolle von Online-Casinos, sowie die Auswirkungen regulatorischer Änderungen, darunter das Glücksspielstaatsvertrag (GlüStV).

Bo J. Bernhard* David R. Dickens Paul D. Shapiro In his acclaimed 2000 book Bowling Alone. Robert Putnam documents a disturbing social trend of the broadest kind. Putnam cites a wide variety of data that indicate that over the past fifty years, Americans have become increasingly socially disengaged. In developing this theme, Putnam specifically cites the increase in casino gambling (and especially machine gambling) as evidence in support of his argument. Building on the empirical and theoretical work of Putnam, this exploratory article examines the subphenomenon of "gambling alone" by exploring sample survey data on solitary and social gambling behavior among adults who reside in Las Vegas, Nevada. Specifically, to further understand these phenomena, a number of demographic, attitudinal, and behavioral variables are examined for their explanatory power in predicting solitary vs. social gambling behavior.

This paper aims to study a particular case to provide a rational basis for recognizing the existence of chance by finding its real trace, that is, specifying its practical meaning, which consists of the following statement known as the Statistical Law of Large Numbers: If an event E has a constant probability p of occurrence on any one trial, and has occurred m times in n trials, then, if the relative frequency of E, m/n, approaches the value of a limit point l and the accuracy of the approximation increases as the number of trials increases, we have l = p. The argument we propose is based on the concepts of "event" and "trial", formulated by the author himself, and their direct implications.

The study is investigating conventional and behavioral pricing multifactor impact on price fragility from the equity market of Pakistan. The impact of conventional factors is significant on price fragility. The recent research has not covered the desired scope of such a relationship due to several issues, such as sample size, lack of database resources, and systematic reviews. Moreover, the available literature on price fragility is very
limited. In the Pakistan Stock Exchange (PSX), there is an immense need to develop a corporate culture to promote standard modern financial practices to enhance financial productivity and sustainability. The current research having theoretical framework is valuable and provides information about pricing multifactor impact on price fragility in reference to Pakistan. Method: The positivist approach is used as a research paradigm. In this correlational study, the probability sampling was used. While systematic sampling was used for data collection of PSX, the sample was tested parallel to the mean-variance random walk theory. Results: It was found that the factors of value, size, Illiquidity, and Price earning premium are significantly (P< 0.01) affecting the price fragility. Findings and Conclusions: Specifically, the herd behavior and disposition effects are found to be insignificant. However, the size, value, liquidity, and price earning resulted in a significant impact on the price fragility in the short run. For the corporate culture, sound corporate governance
boards should be established, family governance system should be replaced by an independent democratic board. Mispricing and arbitragers require serious control. The study discusses implications in the light of results for the prosperity of PSX.
Keywords: Equity Price, Price Fragility, Conventional, Herd behavior, Systematic Sampling, PSX, disposition effects

Paper link:
http://www.ijstr.org/final-print/nov2019/Relationship-Between-Multi-factor-Pricing-And-Equity-Price-Fragility-Evidence-From-Pakistan.pdf

This study aims to create a comprehensive investigation model for identifying and disrupting illegal online gambling and server-based computer gambling delinquency, focusing on its rise, negative consequences, law enforcement methods, and the importance of international cooperation. Traditional investigative methods are insufficient for addressing illegal online gambling. A data-driven approach, comprehensive investigation, financial analysis, technical analysis, and international collaboration are needed for effective disruption. The study reviews literature on illegal online gambling, analyzes trends, and develops a theoretical framework for an investigation model. This model can enhance law enforcement's effectiveness in combating illegal gambling and protect individuals and communities. The study aims to inform policymakers on effective strategies to combat illegal online gambling, focusing on law enforcement agencies, researchers, and the general public, highlighting the need for international cooperation. Conclusion by implementing a comprehensive investigation model and fostering international cooperation, stakeholders can significantly reduce the prevalence of illegal online gambling and create a safer online environment for all.

I propose an exact finite sample test of the risk reduction of the global minimum variance (GMV) portfolio. The GMV test statistic is proportional to the reduction in the variance of the GMV portfolio and has a straightforward geometric and portfolio interpretation and complements the celebrated GRS test in Gibbons et al. (1989). In practical applications, the GMV test leads to a rejection of the null hypothesis of no improvement in the GMV portfolio more often than the GRS test rejects the null hypothesis of no improvement in the risk-return profile of the tangent portfolio. The power of the GMV test increases with the variance reduction of the GMV portfolio. Using test asset returns scaled by predetermined predictive variables is equivalent to increasing the overall number of test assets and leads to substantial power gains.

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In the early 1980's the soccer leagues in England and Israel adopted a new points system, by which a team is awarded three points for a win instead of the two points awarded under the old system. The change was intended to improve the quality of the game by encouraging more 'open', attacking play, so producing more goals with less games ending in draws, and hence more satisfaction for spectators, leading in turn to more spectators being attracted to the sport. Some of the expected short term effects of the new system are analysed and possible changes in team positions as a result of a different scoring system are considered, empirically and theoretically. It is concluded that expectations have not been realised and that football league administrators gain little from changing points systems.

This paper argues that brick-and-mortar retail Small and Medium Enterprises (SMEs) can benefit significantly from the capabilities of mobile commerce (m-commerce) to respond to the unpredictable changes in the business environment, accommodate new consumer experiences, boost sales of products/services, and achieve a competitive advantage. Consequently, this study explored the potential application of the Technology–Organisation–Environment (TOE) framework for m-commerce by brick-and-mortar retail SMEs. The study adopted the positivist paradigm and followed a cross-sectional study design. A structured questionnaire was used to collect data from a sample of 263 retail business personnel. The Analysis of Moment Structures (AMOS) software was used to analyse the data. The findings unveil that all the proposed constructs associated with the organisational context and technological context are critical for the use of m-commerce. The proposed framework provides a fresh set of contextual va...

Realizing the significant effect that misprediction has on many real-world problems, our paper is focused on the way these costs could affect the sports sector in terms of soccer outcome predictions. In our experimental analysis, we consider the potential influence of a cost-sensitive approach rather than traditional machine-learning methods. Although the measurement of prediction accuracy is a very important part of the validation of each model, we also study its economic significance. As a performance metric for our models, the Sharpe ratio metric is calculated and analyzed. Seeking to improve Sharpe ratio value, a genetic algorithm is applied. The empirical study and evaluation procedure of the paper are primarily based on English Premier League’s games, simple historical data and well-known bookmakers’ markets odds. Our research confirms that it is worthwhile to employ cost-sensitive methods for the successful predictions of soccer results and better investment opportunities.

This short and objectively publication has its main purpose to scrutinize the potential advantages and disadvantages concerning the state budget revenues, corporate profits and the social benefits of having “lottery business” in a monopoly or a competitive market environment. A short historical, financial, legal and ethical standards grounded review of the Bulgarian lotteries focusing of “Bulgarian State Lottery” - “BST” and the private owned lotteries will be analyzing from one hand. The global international markets leaders as Europe, America and Asia data and trends will be using for references and pins to guideline and highlight the big analyze picture from the other hand.

During the last decade, Tunica County, Mississippi, has experienced a higher level of social and economic change than any other county in the United States. It has been transformed from one of the poorest, poverty-laden counties to the third larg- est casino-based resort area in the U.S. Its
casino gaming revenue is exceeded only by Las Vegas, Nevada, and Atlantic City, New Jersey.  In spite of this dramatic change, there is remarkably little research information that documents the basic nature of the change and the impacts this change has had on the citizens of the area.

The work of fate and fortune in Africa Le travail du destin et de la fortune en Afrique This special issue explores notions of fate and fortune as they inflect and are inflected by work as a practice and as a way of being in contemporary Africa. In so doing, it aims to shed new light on the cultural and moral terms in which economic realities are apprehended, organized and transformed across the continent at a time in which modes of value creation and accumulation are rapidly changing. Five case studies from Western and Southern Africa feature in this collection, covering a range of situations and activities in which fate and fortune are variously invoked in the making of livelihoods, the appropriation and distribution of valuables and/or the endorsement of specific economic predicaments. Rather than to philosophical or cosmological systems, attention is given to the work, in a broad sense, that notions of luck and fortune sanction, require or neglect in order to achieve certain economic objectives. Briefly outlined, the articles in this collection inquire into: the intergenerational changes in the ethic of work and magic regulating the distribution of fortune in Ewe agricultural communities in Togo (Gardini); the role of destiny in the making of open-ended livelihood trajectories among Soninke men in the Gambia and beyond (Gaibazzi); the 'chain' of social, physical and spiritual activities generated by the highly contingent search for diamond luck in Sierra Leone (D'Angelo); the efforts and outlays implied by holding an 'active faith' in order to restore good fortune and elicit divine providence in a Pentecostal movement in South Africa (van Wyk); and luck and indeterminacy as foundations of the entrepreneurial strategy and ethos of two young multi-media businessmen in Namibia (Fumanti). From agriculture to migration, from diamond mining to petty trade and popular TV shows, this issue investigates in other words the articulation between local notions of fate and fortune and a wide range of activities in contemporary African economic life. Exploration of the convergence and disjuncture between economic, spiritual and existential domains of social life has a respectable tradition in African Studies. Magico-religious mediation has been found to be an important aspect of economic transactions and decision-making (e.g. Soares 2005), and in some historical settings, it has been a central driver in the emergence of new economic modes of production and distribution (Cruise O'Brien 1971, 1975). Evans-Pritchard's (1937) pioneering study of causality, divination and witchcraft among the Azande (North-Central Africa) has set, in this respect, a blueprint for scholarly inquiries concerned with the imbrications of cosmological forces in social life (Douglas 1970; Geschiere 1997). If his legacy has meant that misfortune rather than fortune has thus claimed the lion's share of research, the use of witchcraft, magic and other supernatural means in fortune-making has been equally well documented, particularly in situations marked by rapid economic change, immoral modes of accumulation and deepening inequalities (Ardener 1970; Ndjio 2012). Albeit less studied than witchcraft, concepts of fate and fortune have remained a classic topic in the study of African religions, cosmologies and systems of thought (Fortes [1959] 1983; Jackson 1988), in some cases becoming a recurrent trope in specific local economies 1

The work of fate and fortune in Africa Le travail du destin et de la fortune en Afrique This special issue explores notions of fate and fortune as they inflect and are inflected by work as a practice and as a way of being in contemporary Africa. In so doing, it aims to shed new light on the cultural and moral terms in which economic realities are apprehended, organized and transformed across the continent at a time in which modes of value creation and accumulation are rapidly changing. Five case studies from Western and Southern Africa feature in this collection, covering a range of situations and activities in which fate and fortune are variously invoked in the making of livelihoods, the appropriation and distribution of valuables and/or the endorsement of specific economic predicaments. Rather than to philosophical or cosmological systems, attention is given to the work, in a broad sense, that notions of luck and fortune sanction, require or neglect in order to achieve certain economic objectives. Briefly outlined, the articles in this collection inquire into: the intergenerational changes in the ethic of work and magic regulating the distribution of fortune in Ewe agricultural communities in Togo (Gardini); the role of destiny in the making of open-ended livelihood trajectories among Soninke men in the Gambia and beyond (Gaibazzi); the 'chain' of social, physical and spiritual activities generated by the highly contingent search for diamond luck in Sierra Leone (D'Angelo); the efforts and outlays implied by holding an 'active faith' in order to restore good fortune and elicit divine providence in a Pentecostal movement in South Africa (van Wyk); and luck and indeterminacy as foundations of the entrepreneurial strategy and ethos of two young multi-media businessmen in Namibia (Fumanti). From agriculture to migration, from diamond mining to petty trade and popular TV shows, this issue investigates in other words the articulation between local notions of fate and fortune and a wide range of activities in contemporary African economic life. Exploration of the convergence and disjuncture between economic, spiritual and existential domains of social life has a respectable tradition in African Studies. Magico-religious mediation has been found to be an important aspect of economic transactions and decision-making (e.g. Soares 2005), and in some historical settings, it has been a central driver in the emergence of new economic modes of production and distribution (Cruise O'Brien 1971, 1975). Evans-Pritchard's (1937) pioneering study of causality, divination and witchcraft among the Azande (North-Central Africa) has set, in this respect, a blueprint for scholarly inquiries concerned with the imbrications of cosmological forces in social life (Douglas 1970; Geschiere 1997). If his legacy has meant that misfortune rather than fortune has thus claimed the lion's share of research, the use of witchcraft, magic and other supernatural means in fortune-making has been equally well documented, particularly in situations marked by rapid economic change, immoral modes of accumulation and deepening inequalities (Ardener 1970; Ndjio 2012). Albeit less studied than witchcraft, concepts of fate and fortune have remained a classic topic in the study of African religions, cosmologies and systems of thought (Fortes [1959] 1983; Jackson 1988), in some cases becoming a recurrent trope in specific local economies 1

This paper studies the causal effects of changes in unemployment rates andU.S. S&P 500 returns on changes in stock returns of selected eight U.S. casinos individually.Monthly data from January, 1982 through July, 2012 are employed. Thetime series data in percentage changes are found stationary. As a result, multivariateVAR in first-difference is implemented since the objective is to investigate the effectsof changes in causal variables on changes in individual selected casino stockreturns. The estimates depict weakly positive and somewhat mixed causal influencesof changes in unemployment rates on changes in casino stock returns. In the caseof the changes in S&P 500, the results are uniformly positive and relatively strong.In other words, the latter unleash stronger influence than the former on changes incasino stock returns with mixed net short-run interactive feedback effects.

Over the past half century, there has been an increasing prevalence of legalized gambling in the US. At the same time there is a general recognition, empirically supported in the economics literature, that spending on lottery and gaming products tends to be regressive in nature. In addition, gambling addiction is a widely acknowledged social problem. This raises the question of whether the increased presence of casinos and state lotteries results in relatively more bankruptcy filings in the states that offer them. This paper adds to the existing literature by comparing the relative impact of the presence of lotteries to that of casinos on both personal and business bankruptcies. States that adopted lotteries and casinos prior to 1995 experienced significantly higher personal bankruptcy rates while the effect of lottery and casino adoption on personal bankruptcies has disappeared since that time.

Over the past half century, there has been an increasing prevalence of legalized gambling in the US. At the same time there is a general recognition, empirically supported in the economics literature, that spending on lottery and gaming products tends to be regressive in nature. In addition, gambling addiction is a widely acknowledged social problem. This raises the question of whether the increased presence of casinos and state lotteries results in relatively more bankruptcy filings in the states that offer them. This paper adds to the existing literature by comparing the relative impact of the presence of lotteries to that of casinos on both personal and business bankruptcies. States that adopted lotteries and casinos prior to 1995 experienced significantly higher personal bankruptcy rates while the effect of lottery and casino adoption on personal bankruptcies has disappeared since that time.

We identify an otherwise e¢ cient market in which racial biases a¤ect market outcomes. In particular, we examine data on point spreads for NBA games over the 15 seasons from 1993-94 to 2007-08. We …nd evidence that a more black team tends to face a larger point spread and that these teams perform worse against the spread. These biased outcomes are signi…cantly large and persistent so that we are able to identify pro…t opportunities. We also …nd evidence that the biased spread is set by the bookmakers rather than being moved as a result of excessive betting on the more black team. These …ndings are consistent with information-based discrimination where mistaken beliefs persist even though they are …nancially disadvantageous, and, more importantly, easily recognizable and correctable.

We identify a largely efficient market in which there is a relationship between race and market outcomes. Examining data on NBA games, we find that teams with more black players tend to face larger point spreads and that these teams perform worse against the spread. These biased outcomes are significantly large and persistent so that we are able to identify profit opportunities. We also find evidence that the biased spread is set by the bookmakers rather than being moved as a result of excessive betting on the more black team. We examine several alternate explanations, and the racial composition measures remain significant in these specifications.

We identify an otherwise e ¢ cient market in which racial stereotypes a¤ect market outcomes. In this market, there are well-de…ned prices, well-de…ned outcomes, a …nite time horizon, and readily available information. The market appears to e ¢ ciently process the available information, with the exception of the race of the participants. We examine data on point spreads for NBA games over the 15 seasons from 1993-94 to 2007-08. We …nd evidence that the racial composition of the team is related to the size of the spread and their performance against the spread. Speci…cally, we …nd that a more black team tends to face a larger point spread and that these teams perform worse against the spread. It is possible that this e¤ect is driven by the bookmakers setting a biased point spread or driven by excessive betting on the more black team. Using a di¤erent data set containing the movement of the spread, we do not …nd a relationship between the movement of the spread and the racial compositi...

We identify a largely efficient market in which there is a relationship between race and market outcomes. Examining data on NBA games, we find that teams with more black players tend to face larger point spreads and that these teams perform worse against the spread. These biased outcomes are significantly large and persistent so that we are able to identify profit opportunities. We also find evidence that the biased spread is set by the bookmakers rather than being moved as a result of excessive betting on the more black team. We examine several alternate explanations, and the racial composition measures remain significant in these specifications.

I propose an exact finite sample test of the risk reduction of the global minimum variance (GMV) portfolio. The GMV test statistic is proportional to the reduction in the variance of the GMV portfolio and has a straightforward geometric and portfolio interpretation and complements the celebrated GRS test in Gibbons et al. (1989). In practical applications, the GMV test leads to a rejection of the null hypothesis of no improvement in the GMV portfolio more often than the GRS test rejects the null hypothesis of no improvement in the risk-return profile of the tangent portfolio. The power of the GMV test increases with the variance reduction of the GMV portfolio. Using test asset returns scaled by predetermined predictive variables is equivalent to increasing the overall number of test assets and leads to substantial power gains.

Sports lottery, as a distinct sport product, has gained increasing popularity throughout the world. Drawing upon various theories developed over the years explaining the lottery gaming behavior, this study empirically examined the demand for the Shengfu lottery game, a popular soccer betting lottery in China. Specifically, this study examined the relationships between lottery demand and socio-demographic variables, and lottery attributes through a multilevel modelling procedure. The main finding are that (a) ticket composition has considerable impact on demand; (b) easiness of winning a game is positively related to the demand; (c) the provinces with higher income levels have higher demand for sports lotteries; (d) people with higher financial and social burdens tend to buy more lottery tickets; (e) venue accessibility has a positive impact on sales.

This study examines the nominal price anomaly in the Vietnamese stock market, that is, whether stocks with low nominal price outperform stocks with high nominal price. Using a sample of all 351 companies listed on the Ho Chi Minh Stock Exchange (HOSE) from June 2009 to March 2018, we confirm our hypothesis and document that cheaper stocks yield higher subsequent abnormal returns. The results are robust after controlling for various stock characteristics that have been documented to be value-relevant in prior literature, including firm size, bookto-market ratio, intermediate-term momentum, short-term reversal, skewness, market risk, idiosyncratic risk, illiquidity and extreme daily returns, using both the portfolio analysis and the Fama-MacBeth cross-sectional regression. The negative effect persists in the long term (i.e., after up to 12 months), implying a slow adjustment of stock prices to their intrinsic value. Further analysis show that the observed nominal price anomaly is mainly driven by mispricing but not a latent risk factor proxied by stock price, thus the observed anomaly reflects a mispricing but not a fundamental risk. The study highlights the irrational behaviour of investors and market inefficiency in the Vietnamese stock market and provides important implication for investors in the market.

In May 2018, the Supreme Court overturned the Professional and Amateur Sports Protection Act, allowing every US state to legalize sports betting. As of December 2023, 38 states have legalized sports betting. We provide panel regression evidence of the effects of sports betting on casino gambling and lottery revenues. Our findings show that, on average, onsite sports betting is associated with an increase in casino revenues; however, online sports betting is associated with a decrease in casino revenues. Online sports betting revenues are positively associated with lottery revenues. Alternative specifications include analyzing slot handle and instrumental variable estimation.

Cloud computing (CC) delivers services for organizations, particularly for higher education institutions (HEIs) anywhere and anytime, based on scalability and pay-per-use approach. Examining the factors influencing the decision-makers’ intention towards adopting CC plays an essential role in HEIs. Therefore, this study aimed to understand and predict the key determinants that drive managerial decision-makers’ perspectives for adopting this technology. The data were gathered from 134 institutional managers, involved in the decision making of the institutions. This study applied two analytical approaches, namely variance-based structural equation modeling (i.e., PLS-SEM) and artificial neural network (ANN). First, the PLS-SEM approach has been used for analyzing the proposed model and extracting the significant relationships among the identified factors. The obtained result from PLS-SEM analysis revealed that seven factors were identified as significant in influencing decision-makers’...

This paper provides a cross-national comparison of how governments around the world distribute revenues from state-directed gambling and how these choices have been justified by proponents and vilified by critics. Case studies where governments have popularized gambling expansion by "earmarking" revenues for particular good causes and where the state has collaborated with the voluntary sector to deliver programs from this revenue stream are examined. Lessons learned from challenges of various approaches are considered.

In this article we explore the relationship between 19 of the most common anomalies reported for the US market and the cross-section of Mexican stock returns. We find that 1-month stock returns in Mexico are robustly predicted only by 3 of the 19 anomalies: momentum, idiosyncratic volatility, and the lottery effect. Momentum has a positive relation with future 1-month returns, while idiosyncratic volatility and the lottery effect have a negative relation. For longer horizons of 3 and 6 months, only the 3 most important factors in the US market predict returns: size, bookto-market, and momentum.

William Poundstone's (2005) book, Fortune's Formula, brought the Kelly capital growth criterion to the attention of investors. But how do full Kelly and fractional Kelly strategies that blend with cash actually preform in practice? To investigate this we revisit three simple investment situations and simulate the behavior of these strategies over medium term horizons using a large number of scenarios. These examples are from Bicksler and Thorp (1973) and Ziemba and Hausch (1986) and we consider many more scenarios and strategies. The results show: 1. the great superiority of full Kelly and close to full Kelly strategies over longer horizons with very large gains a large fraction of the time; 2. that the short term performance of Kelly and high fractional Kelly strategies is very risky; 3. that there is a consistent tradeoff of growth versus security as a function of the bet size determined by the various strategies; and 4. that no matter how favorable the investment opportunities are or how long the finite horizon is, a sequence of bad scenarios can lead to very poor final wealth outcomes, with a loss of most of the investor's initial capital. Hence, in practice, financial engineering is important to deal with the short term volatility and long run situations with a sequence of bad scenarios. But properly used, the strategy has much to commend it, especially in trading with many repeated investments.

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We extend and enrich the finding of a recent paper by Bali, Cakici, and Whitelaw (2011) that shows a negative and significant relation between maximum daily returns over the past one month and expected stock returns. We show that reversals continue for 6 months beyond the month of maximum daily returns. Thus mispricing is greater than documented in Bali, Cakici, and Whitelaw (2011). We add two new results. First we show that the subsequent month reversal of returns for stocks with extreme daily returns is related to investor attention and their portfolio rebalancing decisions at the end-of-the-month. Specifically the stocks that achieved their maximum daily returns towards the end of the month show greater reversals than other stocks. Second we link the subsequent month reversal of stocks with extreme daily returns to the risk preferences of investors. We show that the stocks that are associated with capital losses show greater reversals in the following month.

We extend and enrich the finding of a recent paper by Bali, Cakici, and Whitelaw (2011) that shows a negative and significant relation between maximum daily returns over the past one month and expected stock returns. We show that reversals continue for 6 months beyond the month of maximum daily returns. Thus mispricing is greater than documented in Bali, Cakici, and Whitelaw (2011). We add two new results. First we show that the subsequent month reversal of returns for stocks with extreme daily returns is related to investor attention and their portfolio rebalancing decisions at the end-of-the-month. Specifically the stocks that achieved their maximum daily returns towards the end of the month show greater reversals than other stocks. Second we link the subsequent month reversal of stocks with extreme daily returns to the risk preferences of investors. We show that the stocks that are associated with capital losses show greater reversals in the following month.

We investigate the significance of extreme positive returns (MAX) in the crosssectional pricing of stocks in South Korea. Our results provide important out of sample evidence of a strong negative MAX effect similar to that documented by Bali et al., (2011) in the U.S. stock market. For equal-weighted portfolios, the difference between returns on the portfolios with the highest and lowest maximum daily returns is-1.87% per month. The corresponding difference in alpha is-1.41% per month. The results are robust to controls for size, value, skewness, momentum, short-term reversal, and idiosyncratic volatility. We also sort the portfolios by the average of the five highest daily returns within the month and report return and alpha spreads of-2.21% and-2.01% per month, respectively. However, unlike in Bali et al., (2011) the MAX effect cannot reverse the idiosyncratic volatility effect in the South Korean stock market. Our results imply investor preference for high MAX stocks, consistent with cumulative prospect theory (CPT) where investors sub-optimally overweight the possibility that extreme returns will persist. The MAX effect is also consistent with the optimal expectations framework where investors derive utility from overestimating the probabilities of events in which their investments pay off well.

There is a significant negative relationship between the long-term IVOL as well as the MAX and one-month ahead stock returns in the Hong Kong stock market from 1980 to 2015;  Both the IVOL and the MAX effect co-exist in the Hong Kong stock markets;  Our results are robust after controlling for the financial crisis, January effect, and tiny stocks.

We examine the cross-sectional relationship between the expected stock return and both the maximum daily return (MAX) and the idiosyncratic volatility (IVOL) in the five largest emerging African stock markets over the period from 2001 to 2015. First, we find that there is a robust and significantly negative MAX effect in the pooled African stock markets. Second, though we initially document a negative IVOL effect, it disappears after controlling for MAX. Finally, the negative MAX effect is only significant in the small-SIZE, high-illiquidity and high-skewness portfolios. Our results suggest risk-seeking behaviour among African investors similar to that in other parts of the world.