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Government Guarantees and the Valuation of American Banks
Atkeson, Andrew - 2018
Banks' ratio of the market value to book value of their equity was close to 1 until the 1990s, then more than doubled during the 1996-2007 period, and fell again to values close to 1 after the 2008 financial crisis. Sarin and Summers (2016) and Chousakos and Gorton (2017) argue that the drop in...
Persistent link: https://www.econbiz.de/10012916621
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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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Accounting for Business Income in Measuring Top Income Shares : Integrated Accrual Approach Using Individual and Firm Data from Norway
Alstadsæter, Annette - 2016
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...
Persistent link: https://www.econbiz.de/10012978093
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Changing Times, Changing Values : A Historical Analysis of Sectors within the Us Stock Market 1872-2013
Bunn, Oliver - 2014
We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads sector from the beginning of the 1870s until the beginning of the year 2013 from primary sources. To infer about mispricings in the sector markets over more than a century, we...
Persistent link: https://www.econbiz.de/10013049370
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Have Financial Markets Become More Informative?
Bai, Jennie - 2014
The finance industry has grown, financial markets have become more liquid, information technology has undergone a revolution. But have market prices become more informative? We derive a welfare-based measure of price informativeness: the predicted variation of future cash flows from current...
Persistent link: https://www.econbiz.de/10013053306
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The Margins of Global Sourcing : Theory and Evidence from U.S. Firms
Antras, Pol - 2014
We develop a quantifiable multi-country sourcing model in which firms self-select into importing based on their productivity and country-specific variables. In contrast to canonical export models where firm profits are additively separable across destination markets, global sourcing decisions...
Persistent link: https://www.econbiz.de/10013039758
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The Effect of the Payroll Tax on Earnings : A Test of Competing Models of Wage Determination
Lang, Kevin - 2021
Under the standard competitive model, a tax change affecting workers with highly inelastic labor supply, will lower earnings by the entire nominal employer share of the tax increase. If wages play a motivational role but the market still clears, the range of possible outcomes is broader but...
Persistent link: https://www.econbiz.de/10013218401
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Wages, Profits and Rent-Sharing
Blanchflower, David G.; Oswald, Andrew J.; Sanfey, Peter - 2021
competitive labor market model. The paper estimates the unemployment elasticity of pay at approximately -0.03, and the profit …
Persistent link: https://www.econbiz.de/10013219306
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Nonprofit Production and Competition
Lakdawalla, Darius N.; Philipson, Tomas - 2021
profit-deviating preferences from the state-defined regulatory status of nonprofit production. We argue that this separation … is crucial in providing predictions about the underlying forces which allow the coexistence of nonprofit and for-profit … separating choice of nonprofit status from profit-deviating preferences, the paper provides predictions about the forces which …
Persistent link: https://www.econbiz.de/10013224865
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Fiscal Policy, Profits, and Investment
Alesina, Alberto F.; Ardagna, Silvia; Perotti, Roberto; … - 2021
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its...
Persistent link: https://www.econbiz.de/10013240622