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International Risk Sharing in the Short Run and in the Long Run
Baxter, Marianne - 2011
International risk-sharing has far-reaching implications both for economic policy and for basic research in economics. When countries do not share risk, individuals in those countries experience fluctuations in their consumption levels that are undesirable and possibly unnecessary. This paper...
Persistent link: https://www.econbiz.de/10013129220
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Worker Absence and Productivity : Evidence from Teaching
Herrmann, Mariesa A - 2010
A significant amount of work time is lost each year due to worker absence, but evidence on the productivity losses from …
Persistent link: https://www.econbiz.de/10013136022
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On the Timing and Pricing of Dividends
van Binsbergen, Jules H. - 2010
We recover prices of dividend strips on the aggregate stock market using data from derivatives markets. The price of a k-year dividend strip is the present value of the dividend paid in k years. The value of the stock market is the sum of all dividend strip prices across maturities. We study the...
Persistent link: https://www.econbiz.de/10013137025
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Investing in Our Young People
Cunha, Flavio - 2010
This paper reviews the recent literature on the production of skills of young persons. The literature features the multiplicity of skills that explain success in a variety of life outcomes. Noncognitive skills play a fundamental role in successful lives. The dynamics of skill formation reveal...
Persistent link: https://www.econbiz.de/10013140990
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Competing on Speed
Philippon, Thomas - 2011
Two forces have reshaped global securities markets in the last decade: Exchanges operate at much faster speeds and the trading landscape has become more fragmented. In order to analyze the positive and normative implications of these evolutions, we study a framework that captures (i) exchanges'...
Persistent link: https://www.econbiz.de/10013117526
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Weekends and Subjective Well-Being
Helliwell, John F. - 2011
size and likely determinants of the weekend effects for emotions. Weekend effects are twice as large for full-time paid … differences in the amount of time spent with friends or family between weekends and weekdays (7.1 vs. 5.4 hours). The extra daily … social time of 1.7 hours in weekends raises average happiness by about 2% …
Persistent link: https://www.econbiz.de/10013122657
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Staggered Boards and the Wealth of Shareholders : Evidence from Two Natural Experiments
Bebchuk, Lucian A. - 2011
While staggered boards have been documented to be negatively correlated with firm valuation, such association might be due to staggered boards either bringing about lower firm value or merely reflecting the tendency of low-value firms to have staggered boards. In this paper, we use two natural...
Persistent link: https://www.econbiz.de/10013123700
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Time to Ship During Financial Crises
Berman, Nicolas - 2012
We show that the negative impact of financial crises on trade is magnified for destinations with longer time-to-ship. A … shipping time, those effects are indeed magnified as the probability of default increases as time passes. Some exporters also … decide to stop exporting to the crisis destination, the more so the longer time-to-ship. Using aggregate data from 1950 to …
Persistent link: https://www.econbiz.de/10013102708
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Tipping Points and Ambiguity in the Economics of Climate Change
Lemoine, Derek - 2012
We model welfare-maximizing policy in an infinite-horizon setting when the probability of a tipping point, the welfare change due to a tipping point, and knowledge about a tipping point's trigger all depend on the policy path. Analytic results demonstrate how optimal policy depends on the...
Persistent link: https://www.econbiz.de/10013103801
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Market Design in Cap and Trade Programs : Permit Validity and Compliance Timing
Holland, Stephen P. - 2012
have different validity across time (e.g., banking, borrowing, and seasons) and space (e.g., zonal restrictions), and …
Persistent link: https://www.econbiz.de/10013106300