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Changing Times, Changing Values : A Historical Analysis of Sectors within the US Stock Market 1872-2013

Bunn, Oliver D. - 2014

We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads … in the sector markets over more than a century, we investigate the forecasting power of the Cyclically Adjusted Price-Earnings …

Persistent link: https://www.econbiz.de/10012458297

Pharmaceutical Profits and the Social Value of Innovation

Dranove, David - 2014

Prior research has shown that exogenous shocks to the demand for medical products spur additional product development. These studies do not distinguish between breakthrough products and those that largely duplicate the performance of existing products. In this paper, we use a novel data set to...

Persistent link: https://www.econbiz.de/10012458453

High Discounts and High Unemployment

Hall, Robert E. - 2014

In recessions, all types of investment fall, including employers' investment in job creation. The stock market falls more than in proportion to corporate profit. The discount rate implicit in the stock market rises, and discounts for other claims on business income also rise. According to the...

Persistent link: https://www.econbiz.de/10012458792

Have Financial Markets Become More Informative?

Bai, Jennie - 2013

The finance industry has grown, financial markets have become more liquid, information technology has undergone a revolution. But have market prices become more informative? We derive a welfare-based measure of price informativeness: the predicted variation of future cash flows from current...

Persistent link: https://www.econbiz.de/10012458935

Estimating Earnings Adjustment Frictions : Method and Evidence from the Social Security Earnings Test

Gelber, Alexander M. - 2013

Recent literature has documented that individuals face frictions in adjusting their earnings with respect to policy …, but this literature has not yet developed a method for estimating earnings adjustment costs. We introduce a method for … estimating the cost of adjusting earnings, as well as the elasticity of earnings with respect to the incentive to earn. Our …

Persistent link: https://www.econbiz.de/10012459171

Forecasting Profitability

Rosenzweig, Mark - 2013

We use newly-available Indian panel data to estimate how the returns to planting-stage investments vary by rainfall realizations. We show that the forecasts significantly affect farmer investment decisions and that these responses account for a substantial fraction of the inter-annual...

Persistent link: https://www.econbiz.de/10012459327

The Labor Market Returns to a For-Profit College Education

Cellini, Stephanie Riegg - 2012

estimate the earnings gains to for-profit college attendance using restricted-access data from the 1997 National Longitudinal … experience earnings gains of about 10 percent relative to high school graduates with no college degree, conditional on employment …

Persistent link: https://www.econbiz.de/10012460321

Does it Matter if Your Health Insurer is For-Profit? Effects of Ownership on Premiums, Insurance Coverage, and Medical Spending

Dafny, Leemore - 2012

The majority of private health insurance in the U.S. is administered or issued by for-profit insurers, but little is known about how for-profit status affects outcomes. We find that plausibly exogenous increases in local for-profit market share induced by conversions of Blue Cross and Blue...

Persistent link: https://www.econbiz.de/10012460395

Does Federal Student Aid Raise Tuition? : New Evidence on For-Profit Colleges

Riegg Cellini, Stephanie; Goldin, Claudia - National Bureau of Economic Research - 2012

We use administrative data from five states to provide the first comprehensive estimates of the size of the for-profit higher education sector in the U.S. Our estimates include schools that are not currently eligible to participate in federal student aid programs under Title IV of the Higher...

Persistent link: https://www.econbiz.de/10012460831

Does Linking Worker Pay to Firm Performance Help the Best Firms Do Even Better?

Kruse, Douglas L. - 2012

This paper analyzes the linkages among group incentive methods of compensation, labor practices, worker assessments of workplace culture, turnover, and firm performance in a non-representative sample of companies: firms that applied to the "100 Best Companies to Work For in America" competition...

Persistent link: https://www.econbiz.de/10012460913