This study examines the characteristics of corporate boards for 82 companies that attempted 106 acquisitions during the 1980s. We find that poor performance is more likely to occur in firms that have recently experienced higher turnover of outside and lower turnover of inside directors....

This paper examines the Confederate cotton bonds floated in Europe in March 1863 and traded on the London market. Over our March 27, 1863 to June 17, 1865 sample we isolate two, non-reversed, "turning points" that follow news of Confederate defeat at Gettysburg and Vicksburg in July 1863 and the...

After forty years of school consolidation, the preponderance of the evidence, including the results presented in this paper, suggest that the race to reap returns to scale and specialization in education may have come at a high price. This paper uses newly available STAR test score data from...

This paper finds that the majority of stock price movements remain unexplained after controlling for both public and private information. This suggests that economists' inability to explain asset price movements is the result of either noise or naive asset pricing models.

While the Serrano v Priest decisions and Proposition 13 effectively rendered California school district budgets exogenous, intra-district resource allocation remains largely at the discretion of school district administrations. As a result, Serrano v Priest and Proposition 13 alleviate concerns...

The Vancouver Composite Index fell by over 25% in less than six weeks during spring 1997 as the junior mining sector collapsed. We argue that this market collapse was triggered by the failure of Bre-X Minerals when that company s Indonesian claims, previously believed to contain the world s...

Economists have suggested that the quality of higher education is not independent of the sources of funds used to fund that education. This paper examines the relationship between student measures of teaching quality and institutional revenue sources. The results indicate that a greater reliance...