Close to half the California school districts let teachers choose whether to receive their salaries ten monthly payments or in twelve. Fisherine intertemporal maximization implies that they should choose ten payments and earn interest on their savings for their summer. But about half choose...

This paper analyzes the behavior of two groups of corporate earnings forecasters: analysts, who follow individual company fortunes, and strategists who predict earnings for various company aggregates. Using data for two market indices, the Samp;P 500 and the Dow Jones Industrial Average, we find...

Analysts' forecasts of earnings play a key role in determining stock market valuations. In recent research, forecast errors have played an important part in explaining momentum and mean-regression effects in asset returns. Given that substantial amounts of wealth ride on the accuracy of these...

This paper proposes an identification and estimation method that allows researchers to easily bound continuous functionals of the joint distribution in a completely nonparametric setting without the need to verify sharpness on a case-by-case basis. The focus is on a model where the selection...

Federal government support for the terrorism insurance industry has a very brief history. Prior to 9/11, insurers did not take terrorist-related losses into account when underwriting risks. The industry did not even conceive of an attack that could generate such significant losses. The dramatic...

This paper examines various explanations for the increase in the degree of regulation of the auto industry in the last ten years. Using cross section data for the State of California, the paper confirms earlier findings for the State of Massachusetts that the demand for auto insurance is highly...

This paper examines various explanations for the increase in the degree of regulation of the auto industry in the last ten years. Using cross section data for the State of California, the paper confirms earlier findings for the State of Massachusetts that the demand for auto insurance is highly...