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Risk sharing within and outside the firm: the disparate effects of wrongful discharge laws on expected stock returns

Mahlstedt, Robert; Weber, Rüdiger - 2020

how firms share systematic risk with their employees under the respective laws. Firms in states with WDLs prohibiting … on the exact design of the law. Consistent with rational, risk-based pricing, the effect on returns seems to be linked to … employers from acting in bad faith have more intra-firm risk sharing and lower expected returns. Vaguer legislation that …

Persistent link: https://www.econbiz.de/10012373128

Does employee stock ownership work? : evidence from publicly-traded firms in Japan

Kato, Takao; Miyajima, Hideaki; Ōwan, Hideo - 2018

sample of publicly-traded firms in Japan (covering more than 75% of all firms listed on Tokyo Stock Exchange) over 1989 …

Persistent link: https://www.econbiz.de/10011881507

The coming wave : where do emerging market investors put their money?

Karolyi, G. Andrew; Ng, David Tat-chee; Prasad, Eswar S. - 2015

We examine how emerging market (EM) investors allocate their stock portfolios internationally. Using both country-level and institution-level data, we find that the coming wave of EM investors systematically over- and under-weight their holdings in some target countries. These abnormal foreign...

Persistent link: https://www.econbiz.de/10011347171

On the origins of risk-taking

Black, Sandra E.; Devereux, Paul J.; Lundborg, Petter; … - 2015

Risk-taking behavior is highly correlated between parents and their children; however, little is known about the extent … stronger influence on risk-taking by children, and the evidence of a relationship between stock-holding of biological parents … and their adoptive children becomes very weak. We find similar results when we study the share of financial wealth that is …

Persistent link: https://www.econbiz.de/10011295557

Ownership and pay in Britain

Pendleton, Andrew; Bryson, Alex; Gospel, Howard F. - 2015

Drawing on principal-agent perspectives on corporate governance, this paper examines whether employees' hourly pay is linked to ownership dispersion. Using linked workplace-worker data from the British Workplace Employment Relations Survey (WERS) 2011, we find average hourly pay is higher in...

Persistent link: https://www.econbiz.de/10011307884

Expanding export variety : the role of institutional reforms in developing countries

Sheng, Liugang; Yang, Dennis Tao - 2013

This paper presents theory and evidence showing that institutional reforms in developing countries can effectively expand their product varieties in export. Our model demonstrates that relaxing foreign ownership controls and improving contract enforcement can induce multinational companies to...

Persistent link: https://www.econbiz.de/10010128870

Offshoring and wage inequality : theory and evidence from China

Sheng, Liugang; Yang, Dennis Tao - 2017

We present a global production sharing model that integrates the organizational choices of offshoring into the determination of relative wages in developing countries. The model shows that offshoring through foreign direct investment contributes more prominently than arm's length outsourcing to...

Persistent link: https://www.econbiz.de/10011709828

Tournaments and managerial incentives in China's listed firms : new evidence

Kato, Takao (contributor); Long, Cheryl (contributor) - 2008

The promotion tournament as a potentially important incentive mechanism for top management in transition economies has not been examined by the emerging literature on managerial incentives in transition economies. This paper is the first attempt to fill this important gap in the literature. The...

Persistent link: https://www.econbiz.de/10003759900

Hispanic self-employment : a dynamic analysis of business ownership

Lofstrom, Magnus (contributor); Wang, Chunbei (contributor) - 2006

This paper analyzes causes of the low self-employment rates among Hispanics, which are nearly half of non-Hispanic white self-employment rates. Relatively little is known of the reason for the lower entrepreneurship rates among Hispanics, the fastest growing ethnic group in the U.S. The paper...

Persistent link: https://www.econbiz.de/10003314670

Entrepreneurship, self-employment and business data : an introduction to several large, nationally-representative datasets

Fairlie, Robert W.; Robb, Alicia M. - 2009

Only a few large, nationally-representative datasets include information on both the owner and the business. We briefly describe several of the most respected and up-to-date sources of data on entrepreneurs, the self-employed, and small businesses. More information including estimates of recent...

Persistent link: https://www.econbiz.de/10003824288

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