Purpose – The purpose of this paper is to investigate the seasonal effect in the value premium puzzle. It studies whether the book‐to‐market effect is an outcome of the January effect observed among stock returns. Design/methodology/approach – The paper uses returns of portfolios based...

School choice and American democracy -- Evaluating voucher programs -- Seeking and using a voucher -- Attending urban schools -- Social consequences -- The urban test score gap -- Satisfaction with urban schools -- Vouchers and urban schools