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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

Skill Compression, Wage Differentials and Employment : Germany vs. the US

Freeman, Richard B. - 2000

Germany's more compressed wage structure is taken by many analysts as the main cause of the German-US difference in job creation. We find that the US has a more dispersed level of skills than Germany but even adjusted for skills, Germany has a more compressed wage distribution than the US. The...

Persistent link: https://www.econbiz.de/10012471160

The Role of Wage and Skill Differences in US-German Employment Differences

Freeman, Richard B. - 2000

Greater job creation in the US than in Germany has often been related to greater wage dispersion coupled with less regulated labour and product markets in the US. Based on the Comparative German American Structural Database and the International Adult Literacy Survey we find that employment of...

Persistent link: https://www.econbiz.de/10012471302

Earnings Dynamics and Intergenerational Transmission of Skill

Lochner, Lance - 2020

This paper develops and estimates a two-factor model of intergenerational skill transmission when earnings inequality reflects differences in individual skills and other non-skill shocks. We consider heterogeneity in both initial skills and skill growth rates, allowing variation in skill growth...

Persistent link: https://www.econbiz.de/10012482360

The Contribution of Trade to Wage Inequality : The Role of Skill, Gender, and Nationality

Klein, Michael W. - 2010

International trade has been cited as a source of widening wage inequality in industrial nations. Consistent with this claim, we find a significant export wage premium for high-skilled workers in German manufacturing and an export wage discount for lower skilled workers, using matched...

Persistent link: https://www.econbiz.de/10012462668

Explaining Women's Success : Technological Change and the Skill Content of Women's Work

Black, Sandra E. - 2007

The closing of the gender wage gap is an ongoing phenomenon in industrialized countries. However, research has been limited in its ability to understand the causes of these changes, due in part to an inability to directly compare the work of women to that of men. In this study, we use a new...

Persistent link: https://www.econbiz.de/10012465538

Are Migrants More Skilled than Non-Migrants? Repeat, Return and Same-Employer Migrants

Hunt, Jennifer - 2004

I examine the determinants of inter-state migration of adults within western Germany, using the German Socio-Economic Panel from 1984-2000. I highlight the prevalence and distinctive characteristics of migrants who do not change employers. Same-employer migrants represent one fifth of all...

Persistent link: https://www.econbiz.de/10012468060

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