We consider a setting in which insiders have information about income that outside shareholders do not, but property … rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent … with outsiders' expectations based on publicly available information rather than true income, resulting in an observed …

Business income is important in the upper tail of the personal income distribution, but the extent to which it is … captured by measures of personal income varies substantially across tax regimes. Using linked individual and firm data from … Norway, we are able to attribute business income to personal owners as it accrues rather than when it is realized. This …

and the more limited the pledgeability of corporate income; they crowd investment in (out) when liquidity is abundant …

According to the standard model, advertising is remarkably sensitive to profit margins. Firms advertise to stimulate … macroeconomics, variations in profit margins over the business cycle have a key role. A widening of margins can explain the rise in …-and-matching map a decline in wages to higher unemployment. But a rise in profit margins should expand advertising by a lot. Really a …

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 …-invariant unobservable characteristics of students, we find that students who enroll in associate's degree programs in for-profit colleges …

The majority of private health insurance in the U.S. is administered or issued by for-profit insurers, but little is … known about how for-profit status affects outcomes. We find that plausibly exogenous increases in local for-profit market … results suggest that the welfare effects of subsidies for new not-for-profit insurers, such as those in the Affordable Care …