This paper illustrates how a third statistic from asset pricing models, the R-squared statistic, may have information that can help in portfolio construction. Using a traditional CAPM model in comparison to an 18-factor Arbitrage Pricing Style Model, a portfolio separation test is conducted. Portfolio returns and risk metrics are compared using…

This report is first in a series of informational briefings developed as part of "The Guardians Initiative: Reclaiming the Public Trust," an effort to educate and engage trustees as advocates on key issues in higher education. While the tone of public criticism of higher education has sharpened, public understanding about the sector's…

President Obama is right to draw attention to the soaring cost of a college education in America. However, his proposed solution will not only fail to fix the problem but is also likely to compound it by blunting the competition that is needed to shake up the world of higher education. President Obama proposes to slow tuition growth by…

Introduction: Our aim is to compare the advantages and problems of e-book acquisition identified in research literature to those experienced by two Swedish university libraries. Method: A literature review was used to identify the main issues related to acquisition of e-books by academic libraries. The data for comparison were collected through…

A heuristic approach to explaining of the Black-Scholes option pricing model in undergraduate classes is described. The approach draws upon the method of protocol analysis to encourage students to "think aloud" so that their mental models can be surfaced. It also relies upon extensive visualizations to communicate relationships that are…

Using store-level and aggregated Consumer Price Index data, we show that restaurant prices rise in response to minimum wage increases under several sources of identifying variation. We introduce a general model of employment determination that implies minimum wage hikes cause prices to rise in competitive labor markets but potentially fall in…

The goal of this study was to determine the level of educational expenditure necessary to make ample provision for the education of all students, providing all students with the skills to meet long-term academic standards, pursue additional learning beyond high school, and become productive citizens and contributing members of society. This study…