{"title":"高风险公司彩票分配中的运气：在著名体育金融环境中对科斯效率和不变性的自然实验检验","authors":"Justin Ehrlich , Joel Potter , Shane Sanders","doi":"10.1016/j.jbef.2024.101002","DOIUrl":null,"url":null,"abstract":"<div><div>The NBA Player-Draft is a prominent sport-finance setting, with large rents allocated to teams. Several properties make this setting ideal to study the Coase Theorem in a cartelized-firm setting, where the Theorem’s empirical credence and overall relevance to real-world financial settings continue to be questioned. Identification of a high-stakes, salient setting featuring exogenously-assigned property rights has proven elusive. While several studies examine the Coasean implications of professional sports league drafts, we find draft rights are endogenously-assigned. We cultivate, verify, specify, and examine an exogenously-assigned draft right—draft lottery luck—for the 2000–2015 NBA Drafts. Given its revealed exogeneity, we utilize variation in annual lottery luck as a natural experiment to study the Coase Theorem and find robust evidence for “instantaneous” Coasean efficiency (as in efficiency of the efficient market hypothesis) but also evidence that Coasean invariance, with respect to firm profits, fails. Secondary analysis reveals respective mechanisms and sport-financial implications.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 101002"},"PeriodicalIF":4.3000,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Luck in high-stakes firm lottery allocation: A natural experimental test of Coasean efficiency and invariance in a prominent sport finance setting\",\"authors\":\"Justin Ehrlich , Joel Potter , Shane Sanders\",\"doi\":\"10.1016/j.jbef.2024.101002\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>The NBA Player-Draft is a prominent sport-finance setting, with large rents allocated to teams. Several properties make this setting ideal to study the Coase Theorem in a cartelized-firm setting, where the Theorem’s empirical credence and overall relevance to real-world financial settings continue to be questioned. Identification of a high-stakes, salient setting featuring exogenously-assigned property rights has proven elusive. While several studies examine the Coasean implications of professional sports league drafts, we find draft rights are endogenously-assigned. We cultivate, verify, specify, and examine an exogenously-assigned draft right—draft lottery luck—for the 2000–2015 NBA Drafts. Given its revealed exogeneity, we utilize variation in annual lottery luck as a natural experiment to study the Coase Theorem and find robust evidence for “instantaneous” Coasean efficiency (as in efficiency of the efficient market hypothesis) but also evidence that Coasean invariance, with respect to firm profits, fails. Secondary analysis reveals respective mechanisms and sport-financial implications.</div></div>\",\"PeriodicalId\":47026,\"journal\":{\"name\":\"Journal of Behavioral and Experimental Finance\",\"volume\":\"44 \",\"pages\":\"Article 101002\"},\"PeriodicalIF\":4.3000,\"publicationDate\":\"2024-10-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Behavioral and Experimental Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2214635024001175\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Behavioral and Experimental Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214635024001175","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
摘要
NBA 球员选秀大会是一个重要的体育金融环境，它为球队分配了大量租金。该定理的经验可信度和与现实世界金融环境的整体相关性仍受到质疑。事实证明，要确定一个具有外生分配产权特征的高风险、显著的环境并不容易。虽然有几项研究考察了职业体育联盟选秀的科斯意义，但我们发现选秀权是内生分配的。我们对 2000-2015 年 NBA 选秀大会上的外生分配选秀权--选秀抽签运气--进行了培育、验证、具体化和研究。鉴于其揭示的外生性，我们利用年度乐透运气的变化作为研究科斯定理的自然实验，发现了 "瞬时 "科斯效率（如有效市场假说的效率）的有力证据，但也发现了科斯不变性在企业利润方面失效的证据。二次分析揭示了各自的机制和对体育金融的影响。
Luck in high-stakes firm lottery allocation: A natural experimental test of Coasean efficiency and invariance in a prominent sport finance setting
The NBA Player-Draft is a prominent sport-finance setting, with large rents allocated to teams. Several properties make this setting ideal to study the Coase Theorem in a cartelized-firm setting, where the Theorem’s empirical credence and overall relevance to real-world financial settings continue to be questioned. Identification of a high-stakes, salient setting featuring exogenously-assigned property rights has proven elusive. While several studies examine the Coasean implications of professional sports league drafts, we find draft rights are endogenously-assigned. We cultivate, verify, specify, and examine an exogenously-assigned draft right—draft lottery luck—for the 2000–2015 NBA Drafts. Given its revealed exogeneity, we utilize variation in annual lottery luck as a natural experiment to study the Coase Theorem and find robust evidence for “instantaneous” Coasean efficiency (as in efficiency of the efficient market hypothesis) but also evidence that Coasean invariance, with respect to firm profits, fails. Secondary analysis reveals respective mechanisms and sport-financial implications.
期刊介绍：
Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments.
Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.
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