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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms

Hubbard, R. Glenn - 1995

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …

Persistent link: https://www.econbiz.de/10012473808

Learning about CEO Ability and Stock Return Volatility

Pan, Yihui - 2013

When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...

Persistent link: https://www.econbiz.de/10012459779

Which Investors Matter for Equity Valuations and Expected Returns?

Koijen, Ralph S. J. - 2020

Much work in finance is devoted to identifying characteristics of firms, such as measures of fundamentals and beliefs, that explain differences in asset prices and expected returns. We develop a framework to quantitatively trace the connection between valuations, expected returns, and...

Persistent link: https://www.econbiz.de/10012481597

Is There Hedge Fund Contagion?

Boyson, Nicole M. - 2006

We examine whether hedge funds experience contagion. First, we consider whether extreme movements in equity, fixed income, and currency markets are contagious to hedge funds. Second, we investigate whether extreme adverse returns in one hedge fund style are contagious to other hedge fund styles....

Persistent link: https://www.econbiz.de/10012466579

Foreign-Affiliate Activity and U.S. Skill Upgrading

Blonigen, Bruce A. - 1999

There has been little analysis of the impact of inward foreign direct investment (FDI) on U.S. wage inequality, even though the presence of foreign-owned affiliates in the United States has arguably grown more rapidly in significance for the U.S. economy than trade flows. Using data across U.S....

Persistent link: https://www.econbiz.de/10012471760

Occupational Licensing and Accountant Quality : Evidence from the 150-Hour Rule

Barrios, John M. - National Bureau of Economic Research - 2021

I examine the effects of occupational licensing on the quality of Certified Public Accountants (CPAs). I exploit the staggered adoption of the 150-hour rule, which increases the educational requirements for a CPA license. The analysis shows that the rule decreases the number of entrants into the...

Persistent link: https://www.econbiz.de/10012659996

Immigration and Occupational Comparative Advantage

Hanson, Gordon H.; Liu, Chen - National Bureau of Economic Research - 2021

Job choice by high-skilled foreign-born workers in the US correlates strongly with country of origin. We apply a Frechet-Roy model of occupational choice to evaluate the causes of immigrant sorting. In a gravity specification, we find that revealed comparative advantage in the US is stronger for...

Persistent link: https://www.econbiz.de/10012660096

Sorting with Team Formation

Boerma, Job; Tsyvinski, Aleh; Zimin, Alexander P. - National Bureau of Economic Research - 2021

We fully solve an assignment problem with heterogeneous firms and multiple heterogeneous workers whose skills are imperfect substitutes, that is, when production is submodular. We show that sorting is neither positive nor negative and is characterized sufficiently by two regions. In the first...

Persistent link: https://www.econbiz.de/10012629510

The Evolution of Skill Use Within and Between Jobs

Cavounidis, Costas; Dicandia, Vittoria; Lang, Kevin; … - National Bureau of Economic Research - 2021

We develop a tractable general equilibrium model for understanding within- and between-occupation changes in skill use over time. We apply the model to skill-use measures from the third, fourth, and revised fourth editions of the Dictionary of Occupational Titles and data from the 1960, 1970,...

Persistent link: https://www.econbiz.de/10012629522

Skills, Degrees and Labor Market Inequality

Blair, Peter Q.; Debroy, Papia; Heck, Justin - National Bureau of Economic Research - 2021

Over the past four decades, income inequality grew significantly between workers with bachelor's degrees and those with high school diplomas (often called "unskilled"). Rather than being unskilled, we argue that these workers are STARs because they are skilled through alternative routes--namely...

Persistent link: https://www.econbiz.de/10012599281

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