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...

Most studies of the deterrence effect of incarceration treat a year in prison as having the same deterrence effect regardless of the conditions of incarceration. In contrast, we estimate both the impact of custody rate and prison location changes on female crime rates. We take advantage of the...

It has long since been established that children raised by single parents are more likely to become sexually active, commit illegal acts, and use illegal drugs at young ages. What has not been determined is whether or not there is a causal effect associated with the disintegration of the family....

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.

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....

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...

This paper examines the relationship between faculty participation in university decision making and university performance. Using an aggregated measure of faculty participation, McCormick and Meiners (1988) find that increased faculty control in decision making is associated with lower levels...

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler's 1933-1945 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hitler's reintroduction of conscription in 1935, the...

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...