This article compares two leading models of asset pricing: the capital asset pricing model (CAPM) and the arbitrage pricing theory (APT): I argue that while the APT is compatible with the data available for testing theories of asset pricing, the CAPM is not. In reaching this conclusion emphasis...

The effect of interracial contact in public schools on the enrollment of whites has been an important concern in assessments of desegregation since the 1970s. It has been feared that 'white flight' -- meaning exit from or avoidance of racially mixed public schools -- could undermine the racial...

Using data from yearbooks for 194 high schools, this study examines the degree of interracial contact in 8,875 high school teams and other organizations. Tabulations show that the degree of interracial exposure was typically less than what would occur if all organizations in each school had been...

This paper presents measures of segregation in public schools for metropolitan areas. It shows that, not only are metropolitan areas very segregated, most of that segregation is due to racial disparities between districts rather than segregative patterns within districts. Metropolitan areas in...

The purpose of this paper is to examine the predicted effects of tax reform in the 1980s (the tax acts of 1981 and 1986) on charitable contributions by individuals and to compare them to the actual and apparent effects, viewed from the perspective of 1989. The paper discusses what the economic...

This paper is an attempt to assess the effect of capital gains taxation on non-Austrian assets, such as claims to profits of continuing enterprises. As compared to taxation on an accrual basis, the capital gains tax discourages sales of appreciated assets. This is the "lock-in" effect. Because...

We explore the interaction between two facts. The first is that income is variable; the second is that the tax and transfer system transforms before tax income into after tax income in highly non-linear ways. The effect is to penalize (and reward) income variability in a manner which is both...

We examine the implications of arbitrage in a market with many assets. The absence of arbitrage opportunities implies that the linear functionals that give the mean and cost of a portfolio are continuous; hence there exist unique portfolios that represent these functionals. These portfolios span...