Download or read book Essays on Occupation specific Human Capital Investment and Occupational Mobility written by Yang Wang and published by . This book was released on 2018 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: My thesis focuses on occupation-specific human capital investment and occupational mobility. The first chapter of my thesis investigates gender disparities in early-career wage returns to firm tenure, occupational tenure, industry tenure, and general labor market experience. I show that the relative importance of various types of tenure differs across genders: occupational tenure matters more than industry tenure in men's wages, while industry tenure matters more than occupational tenure for women. Averaging across all occupations, early-career wage growth associated with occupational tenure is substantially higher for men than women. I then explore the underlying reasons for gender disparities in wage growth with occupational tenure. I show that gender differences in hours of work and occupational choice partially explain the gender gap in tenure returns, but I find no evidence that gender differences in human capital investment in education prior to labor market entry contribute to the gap. Given the evidence that occupational changes tend to improve occupational match quality, the observed higher occupational mobility of men relative to women may also explain the gender gap in wage growth with occupational tenure. The second chapter examines whether negative housing equity affects homeowners' occupational mobility. Homeowners with negative equity face stricter constraints and relatively higher occupational mobility cost than renters and homeowners who are not "underwater" which might potentially limit their ability to change occupations. I don't find any strong evidence that negative equity affects homeowners' occupational mobility in either recourse or non-recourse states. The third chapter examines the extent to which shifts in occupational structure explain the upward trend in occupational mobility during the period of 1968-1997. I find that shifts in occupational composition can partially explain the rising occupational mobility trend for less educated young workers and more educated workers. An approximate 10-20% reduction in the estimated mobility trend when occupation is controlled for implies that occupational composition generally shifted to less stable occupations. In addition, when negative occupational employment shocks are controlled for, workers in most age-education subgroups exhibit higher increases in occupational mobility.
Download or read book Studies in Human Capital written by Jacob Mincer and published by Edward Elgar Publishing. This book was released on 1993-01-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The books should. . . . be bought by every university library. The research reported here is important, the exposition is lucid, the sequencing of chapters is sensible and the retrospective aspect of the volumes provides a fascinating insight into the working methods of one of the great economists of our time.' - Geraint Johnes, International Journal of Manpower Studies in Human Capital, the first volume of Jacob Mincer's essays to be published in this series, assesses the impact of education and job training on wage growth. It offers an authoritative study of the effects of human capital investments on labor turnover and the impact of technological change on human capital formation.
Download or read book Essays on Human Capital Mobility and Asset Pricing written by Andres Francisco Donangelo and published by . This book was released on 2011 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the intersection between labor and financial markets, in which labor mobility plays a fundamental role. Unlike physical assets such as buildings or machines, human capital can actually walk away from the firm as employees and managers switch employers. The interaction between labor mobility, firm risk and human capital has been remarkably under-researched until now. The main question of this broad project is how differences in the flexibility of workers to find employment across different industries--labor mobility--affects the owners of human and physical capital. The three parts of the dissertation look at this question from different angles. The first part, Labor Mobility and the Cross-Section of Expected Returns, focuses on the effect of labor mobility on the degree of operating leverage of a firm and thus on asset returns. I construct a dynamic model where worker's employment decisions affect the productivity of capital and asset prices in predictable ways. The model shows that reliance on a workforce with flexibility to enter and exit an industry translates into a form of operating leverage that amplifies equity-holders' exposure to productivity shocks. Consequently, firms in an industry with mobile workers have higher systematic risk loadings and higher expected asset returns. I use data from the Bureau of Labor Statistics to construct a novel measure of labor supply mobility, in line with the model, based on the composition of occupations across industries over time. I document a positive and economically significant cross-sectional relation between measures of labor mobility, operating leverage, and expected asset returns. This relation is not explained by firm characteristics known in the literature to predict expected returns. The second part, Aggregate Asset-Pricing Implications of Human Capital Mobility in General Equilibrium, extends the model in the first chapter to consider the general equilibrium implications of labor mobility. The setup is based on a multi-industry dynamic economy with production. The extended model shows that mobility of labor affects not only cash-flows, but also aggregate risk, and the equity premium. This part considers two different types of human capital. Generalist human capital can move between industries, while specialized human capital and physical capital cannot. The greater relative mobility of human capital relative to physical capital affects how aggregate risk in the economy is split between these two components of total wealth. The model shows that aggregate consumption and wealth increase when human capital is more mobile. However, at the same time, aggregate risk and the equity risk premium also increase under human capital mobility. I assume that the workforce in the economy is exogenously given in the first two chapters of this dissertation. This assumption is relaxed in the third chapter, Investments in Human Capital and Expected Asset Returns, where I endogenize the composition of occupations to discuss the interaction between human capital investments and labor mobility. This chapter focuses on the decision of workers to acquire different types of costly human capital with different degrees of associated labor mobility. This part introduces a two-sector general-equilibrium model with production and investments in human capital (i.e. education). Ex-ante identical workers face a trade-off between breadth and depth in the acquisition of industry-specific labor productivity. This chapter derives sufficient conditions for the existence of mobile workers. When these conditions are met, a fraction of workers chooses to acquire mobile but less productive generalist skills, even when labor risk can be fully hedged in financial markets.
Download or read book Essays on Human Capital Wage Dispersion and Worker Mobility written by Florian Hoffmann and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Role of Occupation specific Human Capital in Economic Analysis written by Russell Alan Ormiston and published by . This book was released on 2007 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This three-chapter compilation examines the theoretical and empirical implications of occupation-specific human capital as it relates to current labor economics research. The first chapter demonstrates that acknowledging occupational specificity in the human capital model allows for a reconciliation of a long-standing theoretical dispute regarding the role of occupation in the labor market. The second chapter extends the literature by estimating the cross-occupation transferability of human capital using data on the knowledge, skills, and abilities utilized in each vocation. These estimates are then applied to verify displaced blue-collar manufacturing workers as structural "victims" given lower rates of human capital application in their new occupations compared to others displaced in the labor market. The third chapter investigates the relationship between high school employment and post-school economic outcomes, as it uses occupation-specific human capital principles to dismiss the notion that in-school employment provides the "marketable skills" necessary to stimulate post-school economic gains.
Download or read book Investment in Human Capital Labor Mobility and Inequality written by Elisabeth Magnani and published by . This book was released on 1996 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The New Relationship written by Margaret M. Blair and published by Brookings Institution Press. This book was released on 2002-07-31 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human capital and organizational capital are increasingly important as a source of value in many firms. But even as this is happening, organizational forms and employment relationships appear to be changing in ways that reduce loyalty and commitment and encourage mobility on the part of employees. Are these changes consistent in ways that contradict traditional theory and wisdom, or is the corporate sector getting a temporary boost in earnings by restructuring and cutting payrolls; but failing to make necessary new investments in human capital? The essays in this book provide intriguing new evidence on these questions. The contributors quantify the degree to which job stability is declining, and the costs of job loss to long-term workers; provide historical perspective on today's workplace changes; explore the reasons why work is being reorganized and decisionmaking tasks are being pushed downward; examine the rationale for and effect of equity-based compensation systems, both in old industries and in the newest high-tech sectors; and assess the "state of the art" of measuring and accounting for investments in human capital. This book is the result of a joint Brookings-MIT conference. In addition to the editors, authors include Eileen Appelbaum, Laurie Bassi, Avner Ben-Ner, Peter Berg, Joseph Blasi, Timothy Bresnahan, Eric Brynjolfsson, Allen Burns, Peter Cappelli, Greg Dow, Lorin Hitt, Douglas Kruse, Baruch Lev, Julia Liebeskind, Jonathon Low, Daniel McMurrer, Louis Putterman, Charles Schultze, and Anthony Siesfeld.
Download or read book Growth in Occupational Achievement written by Aage Bøttger Sørensen and published by . This book was released on 1972 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Firm specific Human Capital written by Edward P. Lazear and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: One problem with the theory of firm-specific human capital is that it is difficult to generate convincing examples of investment that could generate the sometimes observed large and continuing effects on earnings. Another approach, called the skill-weights' view, allows all skills to be general in that there are other firms that use each of the skills. But firms use them in different combinations and with different weights attached to them. The skill-weights view not only has aesthetic appeal, but is consistent with the frequently observed large tenure effects. All of the implications of the traditional view are produced by this approach, and there are a number of other implications that distinguish the new view from the traditional one. The empirical evidence already contains some support for the skill-weights view.
Download or read book Occupational Mobility Occupation Distance and Specific Human Capital written by Chris Robinson and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Interpreting European and US Labour Market Differences written by Etienne Wasmer and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Life cycle Planning and Risk Management in the Presence of Risky Human Capital written by Jonathan Treussard and published by . This book was released on 2008 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The possibility that one's labor income fluctuates over time, i.e. human capital risk, is arguably the largest source of uncertainty faced by most adult individuals. This dissertation addresses optimal career risk management and retirement planning from the perspective of modern finance. In Chapter 1, we develop a model emphasizing the ability to change occupations as a means to manage human capital risk. The individual may change occupations at most once over her working years, and her decision to exercise her career option entails a deterministic transition phase. Our methodology employs some of the most advanced techniques in contingent claims analysis to ascertain the value of this option. From the perspective of finance theory, the individual's career option allows her to exchange a dividend-paying asset of low value (employment in her initial occupation) for one of high value (employment in the alternative occupation). The ability to obtain the latter asset at below market prices is the source of the option's value, which is as high as 2 1/2 years' worth of initial labor earnings, increasing human capital wealth by nearly 8 percent. This chapter also examines the effect of labor earnings volatility on the optimal choice of one's initial occupation. It is shown that starting out in the riskier occupation is optimal only if earnings volatility is high and switching costs low. In Chapter 2, we study repeated occupational mobility. Exploiting an infinite-horizon formulation, the model permits pseudo closed-form solutions. Because the individual loses the ability to effectively change occupations over time as her health status and overall capacities deteriorate, the model mirrors the most robust fact about individual career choice: the average number of occupation changes declines steadily over time. We demonstrate that repeated career options are significantly more valuable than their once-in-a-lifetime counterparts, gaining 21 percent in value at the calibration benchmark. In Chapter 3, we analyze target-date retirement funds and conclude that retirement investment vehicles should alter portfolio holdings not only based on the individual's expected retirement date but should also account for labor income risk along occupational lines.
Download or read book Perspectives on Human Capital written by Anna Sjögren and published by . This book was released on 1998 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Human Capital and Technology Shocks written by Neville Francis and published by . This book was released on 2001 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Adapting to Change written by Matthew James Wiswall and published by . This book was released on 2005 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays in the Theory of Human Capital written by Huoying Wu and published by . This book was released on 1992 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book THE GREAT HUMAN CAPITAL REALLOCATION AN EMPIRICAL ANALYSIS OF OCCUPATIONAL MOBILITY IN TRANSITIONAL RUSSIA written by KLARA Z. SABIRIANOVA and published by . This book was released on 2000 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
