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

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...

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...

Merton (1987) predicts that idiosyncratic risk should be priced when investors hold sub-optimally diversified portfolios, but empirical research has not been supportive of the theory. An overlooked assumption in Merton (1987) is that the predictions are predicated on frictionless markets, and in...

Early studies find that option introductions tend to raise the price of underlying stocks. More recent research indicates post-1980 option introductions are associated with negative abnormal returns in underlying stocks. Other studies document increased short-sale activities following option...

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...

This article examines how, and to what degree, the potential for private information affects the liquidity of the market for real estate investment trusts (REITs). Consistent with the previous literature, we find that REITs trading on organized specialist exchanges are more liquid than those...

Because hedge funds tend to be market neutral, they have made it increasingly difficult for traditional portfolio managers to hide behind comparative performance matrices (such as Standard amp; Poor's 500 Stock Index) in times of flat or declining markets (such as 2000-2002). Of particular...

The number of firms going private is increasing at an unprecedented rate in the current decade. The ratio of companies going private to IPOs is in the 20%-30% range. My survey includes 110 of the 236 that went private between January 2001 and July 2003 (a 46.6 percent response rate). The cost of...