Download or read book Essays in Labor Economics and Financial Economics written by Yuqing Zhou and published by . This book was released on 2017 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Labor and Financial Economics written by Bhargav Gopal and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the model's assumptions, non-compete agreements mitigate the market failure of underprovided firm-sponsored general training, thus increasing the worker's productivity. The extent to which the worker is compensated for this increase in productivity depends on labor market competition at the time of contracting. The fact that increased enforcement raises the wages of job leavers more than job stayers is consistent with the model's predictions.

Download or read book Essays in Applied Labor Economics and Financial Economics written by Maximilian Mayer and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Labor Markets in Action written by Richard Barry Freeman and published by . This book was released on 1989 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Labor Economics and Public Finance written by Jacqueline Eve Berger and published by . This book was released on 1996 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Labor Economics and Public Finance written by Antoine Goujard and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Public policies are an important determinant of the welfare of individuals and the society at large. Careful evaluation of the impact of public policies on welfare is therefore imperative for our understanding of the positive and normative implications for these institutions. The three chapters of this thesis examine the welfare consequences of specific economic and political institutions. Chapters 1 and 2 study two distinct channels through which social housing, a common feature of developed countries, may impact the neighborhoods in which they are built and the labor market outcomes of their low income tenants. Chapter 1 is concerned with the effect of the provision of social housing on neighboring private ats. It assesses the spillovers of low-income tenants and the change in the composition of the housing stock that are to be expected from the provision of new social housing units. In particular, it uses the direct conversion of private rental flats into social units without any accompanying rehabilitation to identify the impact of the inflow into the neighborhood of low income tenants, separately from the effects of social housing on the quality of the existing housing stock. Chapter 2 shows that social housing influences the location of low income tenants, and that the neighborhood of social housing units may improve the labor market outcomes of the poorest tenants. I observe the relocation of welfare recipients through the selection process of social housing applicants in the city of Paris from 2001 to 2007. The institutional process acts as a conditional randomization device across residential areas in Paris. The empirical estimates outline that neighborhoods have weak short- and medium-run effects on the economic self-sufficiency of poor households. Chapter 3, by contrast, focuses on how regional migrations of unemployed workers may affect their job search prospect in Europe. Using a longitudinal sample of French unemployment spells, the empirical estimates outline positive migration effects on transitions from unemployment to employment that depends on the previous duration of the unemployment spells.

Download or read book Essays in Labor Economics and Corporate Finance written by Graham James McKee and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Labor Economics and Public Finance written by Carolina Rodríguez-Zamora and published by . This book was released on 2009 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays. The first one brings together the areas of public and labor economics by developing a hypothesis that relates optimal taxation and time use. Using Mexican data on household time use and consumption, we find significant substitution between goods and time in home production and different elasticities of substitution for different house-hold commodities. Adding these findings to the optimal tax problem, we show it is optimal to impose higher taxes on market goods used in the production of commodities with a lower elasticity of substitution between goods and time. This is an analog of the classical Corlett and Hague (1953) result, differing in that we allow for the possibility of substitution between goods and time in the production of commodities. The second chapter is about international migration, in the area of labor economics. On one hand, surveillance of the border between Mexico and the United States by the U.S. government has increased dramatically over the last two decades. On the other hand, undocumented Mexican migrants often make multiple trips between the two countries. Thus, my hypothesis is that these migrants respond to heightened surveillance by increasing the length of stay of the current trip. I estimate a semi-parametric hazard model following Meyer (1990). Using data from the Mexican Migration Project I find no evidence that border enforcement affects the hazard of leaving the U.S. by undocumented Mexican Immigrants. The last essay is about mother's time and children related expenditures. Using data from the Mexican Time Use Survey and the National Household Survey of Income and Expenditure from 2002, I examine the time Mexican mothers dedicate to taking care of their children and the amount of money spent by the household in raising children. The main contribution of this paper is that it analyzes child care time use and child care expenditures simultaneously. The age of the youngest child is the most important determinant of both child care time and money expenditures. It is the case that more educated mothers spend more money on their children. With respect to child care time use, more educated mothers spend more or less time with their children depending on whether they are working or non-working mothers. At all levels of non-mother's income, working mothers spend significantly more money relative to time in child care than non-working mothers. For both groups the ratio of money over time increases at a decreasing rate; however, for non-working mothers the income expansion path is much flatter.

Download or read book Radical Economics and Labour written by Frederic Lee and published by Routledge. This book was released on 2009-01-06 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: To celebrate the centenary of the most radical union in North America - The Industrial Workers of the World - this collection examines radical economics and the labor movement in the 20th Century. The union advocates direct action to raise wages and increase job control, and it envisions the eventual abolition of capitalism and the wage system through the general strike. The contributors to this volume speak both to economists and to those in the labor movement, and point to fruitful ways in which these radical heterodox traditions have engaged and continue to engage each other and with the labor movement. In view of the current crisis of organized labor and the beleaguered state of the working class—phenomena which are global in scope—the book is both timely and important. Representing a significant contribution to the non-mainstream literature on labor economics, the book reactivates a marginalized analytical tradition which can shed a great deal of light on the origins and evolution of the difficulties confronting workers throughout the world. This volume will be of most interest to students and scholars of heterodox economics, those involved with or researching The Industrial Workers of the World, as well as anyone interested in the more radical side of unions, anarchism and labor organizations in an economic context.

Download or read book Essays on Finance and Labor Markets written by Alex Xi He and published by . This book was released on 2019 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three chapters in corporate finance and labor economics. The first two chapters study the interaction of the financial sector and labor market, and the last chapter focuses on corporate R&D investment. The first chapter (co-authored with Daniel le Maire) studies how the market for corporate control disciplines managers who pay high wages. We construct a manager-firm-worker matched panel data set covering the population of Denmark from 1995 to 2011 and develop a framework to measure manager styles in wage-setting by tracking workers and managers across different firms over time. We find that individual managers do matter for wages, and variation in manager fixed effects can explain a significant part of wage differences between firms. Using a comprehensive sample of over 3000 M&As, we show that mergers target high-paying managers and reduce wage premiums but not employment at target firms, and that the effect is stronger in less competitive industries. Establishments with high wage premiums due to generous managers are more likely to be acquired, and experience higher manager turnover and larger wage declines after acquisition. Lower wages have little effect on firms? productivity, and therefore represent a transfer from workers to shareholders. We show that increased market power in product markets or labor markets cannot account entirely for these facts. The reduction in wages accounts for about half the shareholder gains in all M&As, suggesting that rent extraction might be a major motive for merger transactions. The second chapter (co-authored with Daniel le Maire) investigates the effects of liquidity constraints on employment and earnings by exploiting a mortgage reform in Denmark in 1992, which for the first time allowed homeowners to borrow against housing equity for non-housing purposes. Liquidity-constrained homeowners extracted housing equity, increased debt levels and experienced higher earnings growth after the reform. In contrast, the reform had little impact on employment and earnings of homeowners with high liquid asset holdings. Consistent with models of job search with risk aversion, the option to borrow against housing equity allows individuals to seek jobs that have higher earnings growth but higher unemployment risks. This effect is larger for low-income and older individuals. The results imply that relaxing liquidity constraints can increase output, and policies restricting mortgage refinancing during economic distress may backfire in recessions. The third chapter studies the spillovers of corporate R&D investment across different technological fields. I build a measure of technological distance between firms using the citation-based innovation network, which incorporates knowledge spillovers from upstream technological fields to downstream technological fields. I then use this measure to estimate the impact of technology spillovers using panel data on U.S. firms. I find that spillovers from firms innovating in upstream fields are quantitatively as important as spillovers from firms innovating in same fields. Consistent with the idea that firms innovate more when there is more past upstream innovation to build on, firms' R&D investments respond positively to R&D investments of firms in upstream fields, but not to R&D investments of firms in downstream fields or in the same fields. Smaller firms on average operate in more upstream technological fields and generate more spillovers and higher social returns, which is contrary to the findings of previous research. JEL Codes: G34, J30, D22

Download or read book Essays in Public Finance and Labor Economics written by Sebastian Findeisen and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Four Essays in Financial Economics written by Li Jin and published by . This book was released on 2001 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Financial Economics written by Hang Bai and published by . This book was released on 2016 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters that aim to understand the fundamental relations between asset prices and the real/financial decisions of firms. The first chapter studies the credit risk implications of labor market fluctuations, by incorporating defaultable debt into a textbook search model of unemployment. In the model, the present value of cash flows that firms extract from workers simultaneously drives unemployment dynamics and credit risk variation. The model generates fat right tails in both unemployment and credit spreads, and their strong comovement over the business cycle, in line with the historical U.S. data from 1929 to 2015. Quantitatively, the model reasonably replicates the level, volatility and cyclicality of credit spreads. Overall, the paper highlights labor market fluctuations as an important macroeconomic driver of credit risk variation. In the second chapter, co-authored with Kewei Hou, Howard Kung, and Lu Zhang, we study how rare economic disasters, events such as the Great Depression, affect the cross section of stock returns, in particular the relation between the CAPM and the value premium. In historical U.S. data, it is well-established that the CAPM fails miserably to explain the value premium during the post-Compustat period. Perhaps less well-known is that the CAPM turns out to capture the value premium pretty well during the long sample period from 1929 to 2014. To understand the drivers behind the differential performance of the CAPM, we embed disasters into a stylied investment-based asset pricing model. The key result is that our single-factor model reproduces the failure of the CAPM in explaining the value premium in finite samples in which disasters are not materialized, and its relative success in samples in which disasters are materialized. Due to measurement errors in pre-ranking market betas, the relation between these estimated betas and average returns is flat in simulations, consistent with the beta “anomaly,” even though the relation between true betas and expected returns is strongly positive. The third chapter empirically examines how asset returns vary over the credit cycle. I construct a variable called Corporate Credit Growth (hereafter CCG) to capture the phase of the credit cycle, and show that CCG strongly negatively predicts future excess stock returns both in sample and out of sample. A one-standard-deviation decrease in CCG is associated with a sizable 1.5% increase in the equity premium over the next quarter. The predictive power of CCG can not be accounted for by a wide range of previously studied predictors. Impulse response analysis indicates CCG contains information about the term structure of expected stock returns. Finally, the paper examines alternative indicators of the credit cycle and finds that credit flows to other sectors of the economy do not appear to predict returns in the equity market.

Download or read book Two Essays on Labor in Corporate Finance written by Brandon James Mendez and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter One examines the possibility of labor upgrading during the financial crisis of 2008-2009. We use granular information on the intended demand of foreign workers by publicly traded U.S. firms during 2005-2012 to examine firm-level labor decisions. The financial crisis has a negative impact on the labor demand in general, but we find that larger firms with lower leverage, higher market-to-book, and larger R&D-to-assets are more likely to upgrade their work force by requesting highly skilled foreign workers during the financial crisis. Furthermore, firms that upgrade their demand of foreign workers during the financial crisis are more productive in innovations, as proxied by more patents granted, during the post-crisis period. The evidence suggests that some firms indeed take advantage of the crisis to upgrade their labor force and such an upgrading has real economic benefits for those firms. Chapter Two examines how an exogenous shock affects analysts' forecasts. Utilizing the art market, this study leverages artist death as an exogenous setting to explore how it impacts the accuracy of analysts' pre-sale price estimates. In the year following an artist's death analysts' accuracy decreases by 14% on average. Subsample analysis indicates that the market attention and artists' reputation are the likely economic mechanisms influencing this decrease. These findings suggest that analysts perform poorly following information shocks which is pertinent for all capital market participants.

Download or read book Three Essays in Financial Economics written by Shiny Zhang and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis discusses how innovations, managerial skills, and labour policies affect firms. In Chapter 1, I study how broadening innovation capacity through Mergers and Acquisitions (M) is costly for firms but beneficial for firm managers. I show that expanding a firm's innovation breadth through M leads to lower abnormal returns. I also show that despite this lower M performance, executives fare better in acquisitions that expand innovation breadth; specifically, increases in innovation breadth through acquisitions are associated with higher executive compensation and lower executive turnover. Overall, these findings suggest that expanding innovation breadth through M reduces firm value but benefits managers. In Chapter 2, I explore how well general versus specific managerial skills are allocated across firms and industries. In general, a manager with specific skills creates greater job value to the firm that requires these specific skills than does a manager with only general (i.e., transferable) skills. I provide empirical evidence that the differentiation between general and specific skills matters. I find that the match between a firm and its internally promoted executive, who brings firm-specific skills to a firm requiring more specific skills, increases firm value more than the mismatch does. My research suggests that a firm should choose to promote internally or hire externally based on its reliance on specific versus general skills. In Chapter 3, written jointly with Miquel Faig and Min Zhang, we calculate that the extension of unemployment insurance benefits during downturns has significantly increased the variability of unemployment and vacancies in the U.S. Taking this into account reduces the value of leisure necessary to match the wide labor market business cycles experienced in the U.S. using the Mortensen-Pissarides model. We analyze a version of the model where unemployment insurance benefits not only expire but they must be earned with prior employment. Our preferred calibration predicts that the standard deviation of unemployment since 1945 would have fallen by around 37 percent if there had not been programs extending unemployment benefits during recessions. We also find that the enactment of the Emergency Unemployment Compensation program in 2008 increased the unemployment rate by 0.5 percent.

Download or read book Essays in Finance written by Robert Giffen and published by . This book was released on 1890 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Financial Economics written by Matthew Carl and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation compiles three essays in financial economics which analyze distinct forces impacting financial markets, asset prices, and the real economy. The first essay explores the surprising depreciation of the U.S. dollar during the COVID-19 pandemic, and establishes a link between COVID-19 cases and U.S. dollar bilateral exchange rates. We find empirically that higher COVID-19 cases in the U.S. were related to depreciations in the U.S. dollar. To illuminate the causal economic mechanism underpinning this empirical finding, a two-country open-economy model is introduced. Our evidence suggests the pandemic acted as a dual-sided shock, weakening both the supply of labor and consumption in service-intensive industries that were more exposed to the pandemic. The second essay extends stochastic dominance option pricing theories by characterizing and modeling investors' higher-order risk attitudes. Our framework leads to novel and economically intuitive bounds on option prices that are readily computed given an estimate of the returns distribution. The analysis highlights the nexus between the shapes of the returns distribution, investors' risk attitudes, and implied volatility profiles. The third essay examines the impact of government spending on firm investment decisions. Utilizing news shocks related to military spending as an exogenous source of variation, we find that increases in government spending cause the capital expenditures of publicly-listed firms to increase. This effect is not limited to firms directly involved in Department of Defense contracting. Instead, we demonstrate that government spending impacts investment through an indirect channel. Military spending news shocks trigger a decline in long-term interest rates that passes through to firms' cost of capital, prompting firms to leverage lower borrowing costs for increased investment.