We explore the management of information and the response of market prices to such information. Sellers may be uncertain of dividends. We examine whether sellers anticipate buyers' pricing behavior and whether buyers' prices reflect correct inferences of the disclosure strategy of sellers....

School choice programs, such as vouchers or charter schools, offer parents an alternative to traditional public schools, while removing students from traditional public schools. If there are returns to scale in education, a major exodus of students from public schools could increase the average...