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Do wages really compensate for risk aversion and skewness affection?
Hartog, Joop; Vijverberg, Wim P. M. - 2002
Utility theory suggests that foreseeable risk should increase the compensation for work. This paper expands on this … notion: on basis of utility theory, people should care not only about risk but also about the skewness in the distribution of …
Persistent link: https://www.econbiz.de/10011405939
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Testing CAPM with a large number of assets
Pesaran, M. Hashem; Yamagata, Takashi - 2012
This paper is concerned with testing the time series implications of the capital asset pricing model (CAPM) due to … evidence against Sharpe-Lintner CAPM is found mainly during the recent financial crisis. Furthermore, a strong negative … during episodes of market inefficiencies. -- CAPM ; testing for alpha ; market efficiency ; long/short equity returns ; large …
Persistent link: https://www.econbiz.de/10009535779
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Are starting wages reduced by an insurance premium for preventing wage decline? : testing the prediction of Harris and Holmstrom (1982)
Hartog, Joop; Raposo, Pedro - 2015
In the model of Harris and Holmstrom (1982) workers pay an insurance premium to prevent a wage decline. As employers are unable to assess the ability of a labour market entrant, they would offer a wage equal to expected productivity of the worker's category and adjust it with unfolding...
Persistent link: https://www.econbiz.de/10011407951
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Business education and portfolio returns
Altmejd, Adam; Jansson, Thomas; Karabulut, Yigitcan - 2024
Using university admission cutoffs that generate exogenous variation in college-major choices, we provide causal evidence that enrollment in a business or economics program leads individuals to invest significantly more in the stock market, earn higher portfolio returns, and ultimately...
Persistent link: https://www.econbiz.de/10014529731
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Labor and the market value of the firm
Merz, Monika (contributor); Yashiv, Eran (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001876629
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Compensation for earnings risk under worker heterogeneity
Berkhout, Peter (contributor); Hartog, Joop (contributor);  … - 2006
We use two large Dutch datasets to estimate the Risk Augmented Mincer equation and test for risk compensation in expected earnings. We replicate earlier findings of a positive premium for risk and a negative premium for skew and add confirmation of the key results if we control for individual...
Persistent link: https://www.econbiz.de/10003309271
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Skewness expectations and portfolio choice
Drerup, Tilman H.; Wibral, Matthias; Zimpelmann, Christian - 2022
Many models of investor behavior predict that investors prefer assets that they believe to have positively skewed return distributions. We provide a direct test of this prediction in a representative sample of the Dutch population. Using individual-level data on return expectations for a broad...
Persistent link: https://www.econbiz.de/10012805556
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Less myth, more measurement : decomposing excess returns from the 1989 minimum wage hike
Lin, Carl - 2012
In the book Myth and Measurement, Card and Krueger (1995) examine the economic impact of the 1989 minimum wage hike on the welfare of 110 firms which employ a disproportionate number of minimum-wage workers. Their results show mixed evidence that excess returns associated with news about the...
Persistent link: https://www.econbiz.de/10009528836
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What do unions do to pension performance?
Even, William E.; Macpherson, David A. - 2010
This study argues that the promotion of union goals could have positive, negative, or neutral effects on risk adjusted return performance. Moreover, the union's ability and incentive to use pension assets to promote union goals will vary with the design of the pension. Using panel data on over...
Persistent link: https://www.econbiz.de/10009153570
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Firm heterogeneity in skill returns
Böhm, Michael; Esmkhani, Khalil; Gallipoli, Giovanni - 2023
We quantify firm heterogeneity in skill returns and present direct evidence of worker–firm complementarities. Within a model of firms' demand for cognitive and noncognitive attributes we show that identification depends on the availability of skill measures. Linking administrative data to test...
Persistent link: https://www.econbiz.de/10014442305