Foundations of Financial Management has built a loyal following due to its strong real-world emphasis, clear writing style, and step-by-step explanations that simplify difficult concepts. As the field of finance has become much more analytical, the text focuses on the "nuts and bolts" of finance...

We review both the theoretical and empirical literature relating to the impact of school choice programs, particularly voucher programs, on residential property values. Beginning with the seminal works of Charles Tiebout (1956) and Thomas Nechyba (1999, 2000, 2003), we describe the sorting...

Although numerous studies investigate how student achievement is impacted by educational vouchers and charter schools, there appears to be no research on how these programs impact the surrounding environment. This study examines residential relocation of families whose children attend a charter...

Miller (1977) hypothesizes that dispersion of investor opinion in the presence of short-sale constraints leads to stock price overvaluation. However, previous empirical tests of Miller's hypothesis have examined the valuation effects of only one of these two necessary conditions. We examine the...

We derive a conditional CAPM in a general equilibrium model where investors face estimation-risk on mean returns, and learn from information of uncertain quality or precision. In equilibrium, the loading on market risk augments the standard beta with the random or information-dependent...