Do financial markets properly reflect leverage? Unlike Gomes and Schmid (2010) who examine this question with a structural approach (using long-term monthly stock characteristics), my paper examines it with a quasi-experimental approach (using short-term a discrete event). After a firm has...

The covariance of asset returns with economic states of the world is a fundamental input to asset pricing models. Using a semi-annual survey of forecasts by a panel of U.S. economists over more than 70 years, we infer forecaster beliefs about covariance between the S&P index and macro-economic...

There are 420 million young people in Africa today. Understanding how youth search for jobs and what affects their ability to find good jobs is of paramount importance. We do so using a field experiment tracking young job seekers for six years in Uganda's main cities. We examine how two standard...

A critical impediment to research on school-to-work programs has been the absence of large representative data sets with information on such programs. In contrast, the new NLSY (NLSY97) offers researchers opportunities to analyze direct evidence on school-to-work programs. In the NLSY97,...

The relationship between teachers' characteristics and their pupils' achievement has been the subject of many studies. Most of this research focuses on the impact of teacher salaries, experience, and measures of teachers' pre-service training such as educational background. The effect of...

In this paper we study how aggregate output responds to the arrival of a new General Purpose Technology (GPT) by looking at adjustment mechanisms that operate through labor markets. We show that under a wide set of circumstances the arrival of a new GPT that raises long-run output can trigger a...

This paper uses longitudinal data from the National Longitudinal Survey of Youth to examine whether acquisition of a GED increases the probability that male and female school dropouts obtain training, post-secondary education, or military service. Random effects probit models are used to account...

Using data from the German Socio Economic Panel, I describe the incidence, attributes, and outcomes of continuous training received by workers in Germany between 1986 and 1989. Further training is primarily a white collar phenomenon, is concentrated among the more highly educated, and in the...

This paper seeks to provide new insight into how school and post school training investments are linked to employer workplace practices and outcomes using a unique nationally representative survey of establishments in the U.S., the Educational Quality of the Workforce National Employers Survey...

Using the National Longitudinal Survey of Youth (NLSY) and six proxies for industry rates of technological change, we study the impact of technological change on skill accumulation among young male workers in the manufacturing sector during the time period 1987 through 1992. Production workers...