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Learning About CEO Ability and Stock Return Volatility
Pan, Yihui - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...
Persistent link: https://www.econbiz.de/10013085131
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Forecasting Crashes : Trading Volume, Past Returns and Conditional Skewness in Stock Prices
Chen, Joseph - 2010
This paper is an investigation into the determinants of asymmetries in stock returns. We develop a series of cross-sectional regression specifications which attempt to forecast skewness in the daily returns of individual stocks. Negative skewness is most pronounced in stocks that have...
Persistent link: https://www.econbiz.de/10012763325
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Maximizing Predictability in the Stock and Bond Markets
Lo, Andrew W. - 2010
We construct portfolios of stocks and of bonds that are maximally predictable with respect to a set of ex ante observable economic variables, and show that these levels of predictability are statistically significant, even after controlling for data-snooping biases. We disaggregate the sources...
Persistent link: https://www.econbiz.de/10012763656
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Heterogeneity and Persistence in Returns to Wealth
Fagereng, Andreas - 2016
We provide a systematic analysis of the properties of individual returns to wealth using twenty years of population data from Norway's administrative tax records. We document a number of novel results. First, in a given cross-section, individuals earn markedly different returns on their assets,...
Persistent link: https://www.econbiz.de/10012979360
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The Labor Market Returns to a For-Profit College Education
Cellini, Stephanie Riegg - 2012
A lengthy literature estimating the returns to education has largely ignored the for-profit sector. In this paper, we … estimate the earnings gains to for-profit college attendance using restricted-access data from the 1997 National Longitudinal … Survey of Youth (NLSY97). Using an individual fixed effects estimation strategy that allows us to control for time …
Persistent link: https://www.econbiz.de/10013101505
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Earnings and Dividend Announcements is There a Corroboration Effect?
Kane, Alex - 2008
We examine abnormal stock returns surrounding contemporaneous earnings and dividend announcements in order to determine whether investors evaluate the two announcements in relation to each other.We find that there is a statistically significant interaction effect.The abnormal return...
Persistent link: https://www.econbiz.de/10012774654
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Earnings Quality and Stock Returns
Chan, Konan - 2010
An exclusive focus on bottom-line income misses important information about the quality of earnings. Accruals (the difference between accounting earnings and cash flow) are reliably, negatively associated with future stock returns. Earnings increases that are accompanied by high accruals,...
Persistent link: https://www.econbiz.de/10012763145
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Returns to Apprenticeship Training in Austria : Evidence from Failed Firms
Fersterer, Josef - 2007
Little is known about the payoffs to apprenticeship training in the German speaking countries for the participants. OLS estimates suggest that the returns are similar to those of other types of schooling. However, there is a lot of heterogeneity in the types of apprenticeships offered, and...
Persistent link: https://www.econbiz.de/10012776154
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Returns to Education : The Causal Effects of Education on Earnings, Health and Smoking
Heckman, James J. - 2016
This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the reduced form treatment effect literature. It is an empirically robust middle ground between the two...
Persistent link: https://www.econbiz.de/10012990773
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Zero Returns to Compulsory Schooling in Germany : Evidence and Interpretation
Pischke, Jörn-Steffen; von Wachter, Till - 2021
We estimate the impact of compulsory schooling on earnings using the changes in compulsory schooling laws for secondary schools in West German states during the period from 1948 to 1970. While our research design is very similar to studies for various other countries, we find very different...
Persistent link: https://www.econbiz.de/10013213101