0003-3472/$38.0

In this paper, we investigate the responsiveness of the demand for college to changes in student aid arising from a Danish reform. We separately identify the effect of aid from that of other observed and unobserved variables such as parental income. We exploit the combination of a kinked aid scheme and a reform of the student aid scheme to identify the effect of direct costs on college enrollme...

The strategic importance of building highly capable information technology (IT) infrastructure has become a crucial management issue of the 1990s and beyond. However, in spite of the numerous benefits attributed to IT infrastructure, these claims remain unsubstantiated. This problem is due, in part, to inadequate conceptualizations of IT infrastructure and its measurement as well as a lack of t...

We show that estimates of adverse selection in the bid-ask spread obtained using methodologies based on Glosten (1987) can be expressed as a weighted average of adverse selection calculated using continuations (successive trades in the same direction) and reversals (successive trades in opposite directions). For example, the methodology of George, Kaul, and Nimalendran (1991) implicitly exclude...

Objective—To determine if there are diVerences in young people’s responsiveness to price and tobacco control policies for population subgroups and to examine whether or not these diVerences, if they exist, can explain sex and racial diVerences in trends in the prevalence of smoking in young people in the United

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