Showing 1 - 10 of 314
This paper examines governance explanations for the discount of preferred shares to common shares in the Russian market. conflicts between shareholder classes may help explain the discount. However, for this to be the sole explanation the estimated models suggest that the magnitude of future...
Persistent link: https://www.econbiz.de/10012469234
Good data on the size and composition of the independent contractor workforce are elusive, with household survey and administrative tax data often disagreeing on levels and trends. We carried out a series of focus groups to learn how self-employed independent contractors speak about their work....
Persistent link: https://www.econbiz.de/10014247917
Career opportunities and expectations shape people's decisions and can diminish over time. In this paper, we study the career implications of automation and robotization using a novel data set of resumes from approximately 16 million individuals from the United States. We calculate the lifetime...
Persistent link: https://www.econbiz.de/10014635618
The paper discusses the consequences for the functioning of different pension systems of various types of socioeconomic changes, mainly demographic developments, variations in productivity growth and changes in real interest rates. Two of the pension systems have exogenous and four have...
Persistent link: https://www.econbiz.de/10012470980
With fixed costs of participating in the stock market, consumers with high income will participate in the stock market, but consumers with lower income will not participate. If a fully-funded defined-contribution social security system tries to exploit the equity premium by selling a dollar of...
Persistent link: https://www.econbiz.de/10012471011
This paper describes how three money's worth measures the benefit-to-tax ratio, the internal rate of return, and the net present value are calculated and used in analyses of social security reforms, including systems with privately managed individual accounts invested in equities. Declining...
Persistent link: https://www.econbiz.de/10012471081
Many advocates of social security privatization argue that rates of return under a defined contribution individual account system would be much higher for all than they are under the current social security system. This claim is false. The mistake comes from ignoring accrued benefits already...
Persistent link: https://www.econbiz.de/10012471082
It has long been suggested that trade unions take actions and favor public policies that reduce the quantity of labor so that union members might enjoy greater labor incomes. Can this explain the prevalence of generous public pension programs inducing retirement? I suggest not, by formalizing...
Persistent link: https://www.econbiz.de/10012471087
Does Social Security redistribute across cohorts? Or is it a program for purchasing the jobs' of the elderly? I formalize both models, showing how they have some predictions in common the most important of which is that generational accounts have the appearance of a pyramid scheme.' I also...
Persistent link: https://www.econbiz.de/10012471088
We present a detailed analysis of the incentives that Social Security provides for continued work at older ages. We do so using information on older males from the Health and Retirement Study over the 1980-1997 period to calculate the changes in the present discounted value of Social Security...
Persistent link: https://www.econbiz.de/10012471116