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 on Labor Markets and Personal Finance written by Andrew Davis and published by . This book was released on 2014 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The first two chapters of this work examine the implications of labor market search models where workers are distinguished by skills that are non-neutral across firms, representing sector-specific abilities. Chapter one shows within a model of directed search, modelling that certain workers are better suited for employment in certain sectors of the economy can reconcile the fact that the hiring and vacancy posting behavior of firms comoves strongly between different industries, despite the observed layoff and separation behavior being much less correlated. Effectively, the heterogeneity in worker skill makes shocks to different parts of the economy (that drive the low correlation in layoff decisions across sectors) look much more like aggregate shocks. Intuitively, this occurs as skilled workers become somewhat reluctant to search for employment outside of their preferred line or work, keeping hiring costs lower than expected for depressed sectors. Chapter two examines the same worker heterogeneity issue, but moving to a model of random search in order to explicitly consider issues surrounding matching, particularly in the 2007-09 US recession and the debate concerning whether or not 'structural' changes to the labor market can be held responsible for the atypical labor market performance during the recession. I consider two potential ways to model these changes--shocks to matching efficiency and shocks to searching ability--and contrast them with the model predictions of a standard productivity shock. I show that, given the empirical evidence on the procyclicality of worker switching between sectors of the economy, mismatch-style shocks generate counterfactual results while productivity shocks fit the data well. The third chapter takes a macroeconomic approach to the observed evolution of credit card terms since 1991, based on a more realistic quantitative model of contracting than has previously been solved in the literature. During the data sample, we observe increasing cross-sectional heterogeneity in both the interest rates and credit limits that describe modern credit card contracts. We model the quantitative impact of a banking sector with increasing access to consumer information and find that such a change can explain the movements in both of these trends. This suggests that the increasing inequality in consumer credit is unlikely to reverse in the future"--Pages iii-iv.

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 on Labor Markets and Empirical Finance written by Tairi Room and published by . This book was released on 2004 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Macroeconomic Implications of Financial and Labor Markets and Political Processes written by Karl Brunner and published by . This book was released on 1984 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Interconnectedness of Labor Markets and Household Finance written by Gašper Ploj and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Labor Markets and Wage Determination written by Clark Kerr and published by Univ of California Press. This book was released on 2023-11-10 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Labor Markets written by Sayoudh Roy and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of three chapters that study various aspects of the labor force. The first two chapters study how labor markets respond to aggregate influences, when labor market frictions interact with other market features, and a third chapter that evaluates the impact of heterogeneity in households on interest rates. In the first two chapters, I focus on how the post-recession recovery of labor market variables is affected by imperfections in the market. The first chapter investigates the role of on-the-job search in the recovery process of employment, and how labor market power can suppress wages and incentivize against on-the-job search. Labor Market power allows a small number of firms to influence wages and employment in the market, and the suppression of wages persuades workers against expending costly search effort. The second chapter focuses on how the presence of financial frictions can affect the response of labor market variables in a frictional labor market. When bank liquidity is constrained in the event of a downturn, affecting the amount of loans available to firms, firms are unable to purchase the capital input they require to complement labor. This results in firms posting fewer vacancies, and a lower matching rate for workers, which hinders the recovery of employment. The third chapter introduces discount rate heterogeneity in Huggett (1993) and Aiyagari (1994) and evaluates the impact on interest rates.

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 Three Essays on Labor Market Frictions Under Firm Entry and Financial Business Cycles written by Jeremy Rastouil and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the Great Recession, the interactions between housing, labor and entry highlight the existence of narrow propagation channels between these markets. The aim of this thesis is to shed a light on labor market interactions with firm entry and financial business cycles, by building on the recent theoretical and empirical of DSGE models. In the first chapter, we have found evidence of the key role of the net entry as an amplifying mechanism for employment dynamics. Introducing search and matching frictions, we have studied from a new perspective the cyclicality of the mark-up compared to previous researches that use Walrasian labor market. We found a less countercyclical markup due to the acyclical aspect of the marginal cost in the DMP framework and a reduced role according to firm's entry in the cyclicality of the markup. In the second chapter, we have linked the borrowing capacity of households to their employment situation on the labor market. With this new microfoundation of the collateral constraint, new matches on the labor market translate into more mortgages, while separation induces an exclusion from financial markets for jobseekers. As a result, the LTV becomes endogenous by responding procyclically to employment fluctuations. We have shown that this device is empirically relevant and solves the anomalies of the standard collateral constraint. In the last chapter, we extend the analysis developed in the previous one by integrating collateral constrained firms in order to have a more complete financial business cycle. The first result is that an entrepreneur collateral constraint integrating capital, real commercial estate and wage bill in advance is empirically relevant compared to the collateral literature associated to the labor market which does not consider these three assets. The second finding is the role of the housing price and credit squeezes in the rise of the unemployment rate during the Great Recession. The last two chapters have important implications for economic policy. A structural deregulation reform in the labor market induces a significant rise in the debt level for households and housing price, combined with a substantial rise of firm debt. Our approach allows us to reveal that a macroprudential policy aiming to tighten the LTV ratio for household borrowers has positive effects in the long run for output and employment, while tightening LTV ratios for entrepreneurs leads to the opposite effect.

Download or read book Essays on the Economics of Corporate Control written by Fabrizio Hernandez and published by . This book was released on 1997 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Labour Market and Financial Frictions written by Alireza Sepahsalari and published by . This book was released on 2017 with total page 0 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 Public and Labor Economics written by Hee-Seung Yang and published by . This book was released on 2011 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three empirical papers exploring policy-relevant questions in Public Finance and Labor Economics. In particular, it inquires into social insurance programs, the purpose of which is to protect individuals against adverse events. More generous benefits, however, often lead to unintended behavioral responses even as they provide greater protection. This dissertation focuses on identifying and quantifying the distortionary effects of social insurance, providing an input to optimal design. The first chapter investigates the effect of Social Security dependent benefit provisions on the labor force participation of married women aged 25-54. Many provisions of the Social Security program may distort an individual's work incentive. In particular, the availability of dependent benefits may reduce the net return to work since secondary earners, who are likely to claim benefits based on their spouses' earnings records, pay the full payroll tax without receiving marginal benefits for additional earnings. I rely on differences in Social Security coverage among husbands by state and sector to identify the impact on the labor supply of their wives. The results show that married women tend to reduce their labor supply when dependent benefits are available, suggesting that changes in the Social Security system that strengthen the relationship between earnings and benefits would have a positive effect on the labor supply of married women. The second chapter analyzes how Social Security dependent benefit provisions affect women's divorce behavior. Under the current Social Security system, a divorced woman is eligible to receive dependent benefits based on her ex-spouse's earnings record if her marriage lasted at least 10 years and she remains unmarried after divorce. Using data from the Panel Study of Income Dynamics, I estimate a discrete time duration model of the probability of divorce. The results suggest that married women are likely to delay divorce to preserve the option of receiving dependent benefits if their marriages are near 10 years duration. This effect is stronger for women whose earnings are much lower than their husbands' or whose predicted remarriage probabilities are low, so are those most likely to value the option. The final chapter examines the effect of extended parental coverage on young adults' labor market choices. Young adults aged 19-29 are significantly less likely to have health insurance since most family insurance policies cut off dependents when they turn 19 or finish college. In recent years, several states have expanded eligibility to allow young adults as old as 30 to remain covered under their parents' employer-provided health insurance. For those who qualify for these benefits, the expansion of parental coverage partially reduces the value of being employed by a firm that provides health insurance since adult children can now get health insurance through another channel. We employ quasi-experimental variation in the timing and generosity of states' eligibility rules to identify the effect of the policy change on young adults' labor market choices. Our results suggest that the expansion of parental coverage increases the group coverage rate and reduces labor supply among young adults, particularly in full-time employment.

Download or read book Essays on Financial Liberalization Labor Market Pooling and Intermetropolitan Wage Differentials written by Mark Patrick Moore and published by . This book was released on 1997 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Executive Incentives and Labor Markets written by Damien Alexander Brooks and published by . This book was released on 2015 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: