A model of trading in speculative markets is developed based on differences of opinion among traders. Our purpose is to explain some of the empirical regularities that have been documented concerning the relationship between volume and price and the time-series properties of price and volume. We assume that traders share common prior beliefs and receive common information but differ in the way in which they interpret this information. Some results are that absolute price changes and volume are positively correlated, consecutive price changes exhibit negative serial correlation, and volume is positively autocorrelated.

Reviews the book "Dictionary of Business and Industry," by Robert J. Schwartz.

We study the effect of hearing cases alongside female judicial colleagues on the probability that a federal judge hires a female law clerk. Federal judges are assigned to judicial panels at random and have few limitations on their choices of clerks. Using a unique dataset of federal case records merged with judicial hiring information, we find a significant effect of the fraction of copanelists who are female on a male judge’s likelihood of hiring a female clerk. This finding suggests that increases in the diversity of the upper rungs of a profession can create opportunities at the entry level.