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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 - 2021
We study the interrelation between two types of risk sharing -- within the firm and on capital markets -- by analyzing … the effect of wrongful-discharge laws (WDLs) on stock returns. Consistent with rational, risk-based pricing, the effect on … returns is linked to how shareholders and workers share systematic risk via distinct channels of employment and wage …
Persistent link: https://www.econbiz.de/10013246408
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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 - 2021
on the exact design of the law. Consistent with rational, risk-based pricing, the effect on returns seems to be linked to … how firms share systematic risk with their employees under the respective laws. Firms in states with WDLs prohibiting … 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/10013314816
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Preferences and Biases in Educational Choices and Labor Market Expectations : Shrinking the Black Box of Gender
Reuben, Ernesto - 2013
competitiveness and risk, this paper investigates whether these behavioral biases and preferences explain gender differences in … and overconfidence, but not risk aversion, is systematically related with expectations about future earnings: individuals …
Persistent link: https://www.econbiz.de/10013076510
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Robust Estimation of Wage Dispersion with Censored Data : An Application to Occupational Earnings Risk and Risk Attitudes
Pollmann, Daniel - 2012
-coded administrative wage data from the German IAB Employment Sample (IABS). We then relate these robust measures of earnings risk to the … risk attitudes of individuals working in these occupations. We find that willingness to take risk is positively correlated …
Persistent link: https://www.econbiz.de/10013107726
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Testing CAPM with a Large Number of Assets
Pesaran, M. Hashem - 2012
This paper is concerned with testing the time series implications of the capital asset pricing model (CAPM) due to Sharpe (1964) and Lintner (1965), when the number of securities, N, is large relative to the time dimension, T, of the return series. In the case of cross-sectionally correlated...
Persistent link: https://www.econbiz.de/10013107698
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Wage Premia for Newly Hired Employees : Theory and Evidence
Kampkötter, Patrick - 2011
We investigate wage differences between newly hired and incumbent employees. We show in a formal model that when employees care for wages as well as match-specific utility, incumbents earn less than new recruits if and only if firm-specific human capital is not too important. The existence and...
Persistent link: https://www.econbiz.de/10013129084
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Policy Uncertainty and Information Flows : Evidence from Pension Reform Expectations
Ciani, Emanuele - 2019
Subjective expectations about future policy play an important role in individuals' welfare. We examine how workers' expectations about pension reform vary with proximity to reforms, information cost, and aggregate information acquisition. We construct a new pan-European dataset of reform...
Persistent link: https://www.econbiz.de/10012862484
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Workers' Perceptions of Earnings Growth and Employment Risk
Koşar, Gizem; van der Klaauw, Wilbert - 2023
In addition to realized earnings and employment shocks, forward-looking individuals are presumed to condition their consumption and labor supply decisions on their subjective beliefs about future labor market risks. This paper analyzes these perceptions of earnings and employment risks using...
Persistent link: https://www.econbiz.de/10014348992
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Intended College Attendance : Evidence from an Experiment on College Returns and Cost
Bleemer, Zachary - 2015
Despite a robust college premium, college attendance rates in the US have remained stagnant and exhibit a substantial socioeconomic gradient. We focus on information gaps – specifically, incomplete information about college benefits and costs – as a potential explanation for these patterns....
Persistent link: https://www.econbiz.de/10013012819
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Competitiveness and the Gender Gap Among Young Business Professionals
Reuben, Ernesto - 2015
Important gender differences in earnings and career trajectories persist. Particularly, in professions such as business. Gender differences in competitiveness have been proposed as a potential explanation. Using an incentivized measure of competitiveness, this paper investigates whether...
Persistent link: https://www.econbiz.de/10013012820