This study provides the first county-level analysis on the employment and wage effects of medical marijuana laws (MMLs). Since traditional state-level difference-in-differences analysis might not fully capture unobserved heterogeneity in changes in the local labor markets, we employ a border...

The empirical evidence on the cross-sectional relation between idiosyncratic risk and expected stock returns is mixed. We demonstrate that the omission of the previous month's stock returns can lead to a negatively biased estimate of the relation. The magnitude of the omitted variable bias...

This paper investigates the impacts of teacher characteristics on student performance using a nationally representative and randomly assigned teacher-student sample in China. We find that having a more experienced or female homeroom teacher (HRT) with additional classroom management duties...

Using data covering over 100 birth-cohorts in 32 countries, we examine the short- and long-term effects of economic conditions on mortality. We find that small, but not large, booms increase contemporary mortality. Yet booms from birth to age 25, particularly those during adolescence, lower...