Citizens who voted for a party that won the election are more satisfied with democracy than those did not. This winner–loser gap has recently been found to vary quality of electoral democracy: higher democracy, smaller gap. However, we do not know what drives this relationship. Is it driven by losers, winners, or both? And Why? Linking our work literature on motivated reasoning and macro salien...

Existing studies on market seasonality and the size effect are largely based on realized returns. This paper investigates seasonal variations and size-related differences in crossstock valuation distribution. We use three stock valuation measures, two derived from structural models and one from book/market ratio. We find that the average valuation level is the highest in mid summer and the lowe...

In this paper we propose minority voting as a scheme that can partially protect individuals from the risk of repeated exploitation. We consider a committee that meets twice to decide about projects where the first-period project may have a long-lasting impact. In the first period a simple open majority voting scheme takes place. Voting splits the committee into three groups: voting winners, vot...