The Problem of Hipparcos Distances to Open Clusters. II. Constraints   from Nearby Field Stars
  This paper examines the discrepancy between distances to nearby open clusters as determined by parallaxes from Hipparcos compared to traditional main sequence fitting. The biggest difference is seen for the Pleiades, and our hypothesis is that if the Hipparcos distance to the Pleiades is correct, then similar subluminous ZAMS stars should exist elsewhere, including the immediate solar neighborhood. We examine a color-magnitude diagram of very young and nearby solar-type stars and show that none of them lie below the traditional ZAMS, despite the fact that the Hipparcos Pleiades parallax would place its members 0.3 magnitude below that ZAMS. We also present analyses and observations of solar-type stars that do lie below the ZAMS and show that they are subluminous because of low metallicity and that they have the kinematics of old stars. 
David R. Soderblom (STScI), Jeremy R. King (STScI), Robert B. Hanson   (Lick Obs.), Burton F. Jones (Lick Obs.), Debra Fisch...