Vassar Scholarship

There are numerous examples of assets with identical payout streams being priced differently. These violations of the law of one price result from two factors. First, investors have heterogeneous asset valuations so that if two groups of investors trade in...

This booklet celebrates the centennial of the award of the first Pulitzer Prize to a female poet, Edna St. Vincent Millay (VC 1917). On April 30, 1923, Millay received a letter informing her that she had won the $1,000 Pulitzer...

In 1982, the US Congress established the Court of Appeals for the Federal Circuit (CAFC) as the sole appellate court for patent cases. Ostensibly, this court was created to eliminate inconsistencies in the application and interpretation of patent law across...

In 2003, the British government body Transport for London (TfL) introduced the Congestion Charge Zone (CCZ) encircling Central London, a system designed to reduce road congestion within the British capital’s commercially robust yet chronically gridlocked cultural centre. The primary stipulation...

I present a model that can transform discounts on closed-end mutual funds into a measure of investor sentiment about the ability of fund managers to beat the market. This measure of sentiment varies positively with capital flows into actively managed...