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Cooperation, Harassment, and Involuntary Unemployment: An Insider-Outsider Approach

Lindbeck, Assar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1987

wages of the underbidders. The resulting labor turnover costs create economic rent which the insiders tap in wage …

Persistent link: https://www.econbiz.de/10005791249

Skewness in Stock Returns, Periodic Cash Payouts, and Investor Heterogeneity

Albuquerque, Rui - C.E.P.R. Discussion Papers - 2009

This paper analyzes the asset pricing implications of periodic cash payouts within the context of a stationary rational expectations model with heterogeneous investors. The periodicity of cash payouts provides a natural motivation for time-varying conditional volatility in stock returns. I show...

Persistent link: https://www.econbiz.de/10008491716

Fixed-Term Contracts and the Duration Distribution of Unemployment

Güell, Maia - C.E.P.R. Discussion Papers - 2002

In the mid-1980s, many European countries introduced fixed-term contracts. Since then their labour markets have become more dynamic. This Paper studies the implications of such reforms for the duration distribution of unemployment, with particular emphasis on the changes in the duration...

Persistent link: https://www.econbiz.de/10005123695

The Effects of Globalization on Worker Training

Gersbach, Hans; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2005

We examine how globalization affects firms’ incentives to provide general worker training. We consider a three-stage game. In stage 1, firms invest in productivity-enhancing training. In stage 2, they can make wage offers for each others’ workers. Finally, Cournot competition takes place....

Persistent link: https://www.econbiz.de/10005124275

Momentum and Turnover: Evidence from the German Stock Market

Glaser, Markus; Weber, Martin - C.E.P.R. Discussion Papers - 2002

previous three to 12 months and sell stocks with low returns over the same period) and turnover (number of shares traded … more profitable among high-turnover stocks. In contrast to US evidence, this result is driven mainly by winners: high-turnover … winners have higher returns than low-turnover winners. We present various robustness checks, long-horizon results, evidence on …

Persistent link: https://www.econbiz.de/10005136650

A Product Market Theory of Worker Training

Gersbach, Hans; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2003

We develop a product market theory that explains why firms invest in general training of their workers. We consider a model where firms first decide whether to invest in general human capital, then make wage offers for each other’s trained employees and finally engage in imperfect product...

Persistent link: https://www.econbiz.de/10005498011

Bureaucracy as a Mechanism to Generate Information

Novaes, Walter; Zingales, Luigi - C.E.P.R. Discussion Papers - 2003

managerial turnover, and it establishes a link between bureaucracy, incentive schemes, and leverage in a cross-section of firms. …

Persistent link: https://www.econbiz.de/10005504447

Do Funds Make More When They Trade More?

Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian - C.E.P.R. Discussion Papers - 2014

We find that active mutual funds perform better after trading more. This time-series relation between a fund’s turnover … to scale, we find evidence of industry-level decreasing returns: The positive turnover-performance relation weakens when …

Persistent link: https://www.econbiz.de/10011083863

Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience

Campbell, John Y; Ramadorai, Tarun; Ranish, Benjamin - C.E.P.R. Discussion Papers - 2014

investment performance. High trading profits increase turnover, while high returns to equity styles have a short-term negative … Indian stocks with an experienced and low-turnover investor base. …

Persistent link: https://www.econbiz.de/10011084250

A Flexible Economy? Entrepreneurship and Productivity in New Zealand

McMillan, John - C.E.P.R. Discussion Papers - 2004

This Paper (a) provides a framework for quantifying any economy’s flexibility, and (b) reviews the evidence on New Zealand firms’ birth, growth and death. The data indicate that, by and large, the labour market and the financial market are doing their job.

Persistent link: https://www.econbiz.de/10005656446