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When the Market Drives You Crazy : Stock Market Returns and Fatal Car Accidents
Giulietti, Corrado - 2018
The stock market influences some of the most fundamental economic decisions of investors, such as consumption, saving, and labor supply, through the financial wealth channel. This paper provides evidence that daily fluctuations in the stock market have important - and hitherto neglected -...
Persistent link: https://www.econbiz.de/10012912252
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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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Stock Market Returns and Consumption
Di Maggio, Marco - 2018
This paper employs Swedish data on households' stock holdings to investigate how consumption responds to changes in stock market returns. We instrument the actual capital gains and dividend payments with past portfolio weights. Unrealized capital gains lead to a marginal propensity to consume...
Persistent link: https://www.econbiz.de/10012925516
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Decomposing Excess Returns in Stochastic Linear Models
Lin, Carl - 2012
We present a theorem helpful in estimating the mean and variance of a linear function with arbitrary multivariate randomness in its coefficients and variables. We derive a generalized decomposition result from two random linear functions in which the result can be applied to most models using...
Persistent link: https://www.econbiz.de/10013113072
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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 … evidence against Sharpe-Lintner CAPM is found mainly during the recent financial crisis. Furthermore, a strong negative …
Persistent link: https://www.econbiz.de/10013107698
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Wealth, Portfolios, and Unemployment Duration
Fontaine, François - 2020
We use administrative data on individual balance sheets in Denmark to document how an individual's financial position affects job search behavior. We look at the effect of wealth at the entry into unemployment on the exit rate from unemployment as well as the effect on the subsequent match...
Persistent link: https://www.econbiz.de/10012829227
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Trust and the Choice between Housing and Financial Assets : Evidence from Spanish Households
El-Attar, Mayssun - 2010
composition, including the share of real estate. Using data from the European Social Survey, we estimate individual-level trust as …
Persistent link: https://www.econbiz.de/10013136779
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To Own or Not to Own? Household Portfolios, Demographics and Institutions in a Cross-National Perspective
Sierminska, Eva - 2014
Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the U.S. and Canada. We find that younger households' participation decisions in assets are more responsive...
Persistent link: https://www.econbiz.de/10013061937
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Do Board Gender Quotas Matter? Selection, Performance and Stock Market Effects
Ferrari, Giulia - 2018
higher share of female board directors, higher levels of education of board members, and a lower share of older members ….We then use the reform period as an instrument for the share of female directors and find no significant impact on firms …' performance. Interestingly, the share of female directors is associated with a lower variability of stock market prices. We also …
Persistent link: https://www.econbiz.de/10012920456
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Who Cares About Stock Market Booms and Busts? Evidence from Data on Mental Health
Ratcliffe, Anita - 2012
This paper investigates the relationship between share prices and mental health, exploiting the availability of … interview dates in the British Household Panel Survey to match the level and changes in the FTSE All Share price index to … respondents over the period 1991-2008. We present evidence that the level, 6 month and yearly changes in the share price index are …
Persistent link: https://www.econbiz.de/10013098468