Career mobility theory suggests that given a certain occupation, schooling improves upward mobility in terms of promotion and wage growth. We are the first to test the implications of this theory for over- and under-education by means of direct information about promotions to managerial...

Recent revelations on the use of fiduciary services by the wealthy and political leaders raise concerns regarding the use of such services for tax and creditor evasion. Yet given the secrecy shrouding much of the fiduciary industry, we do not know which fiduciary services are used for such...

We empirically investigate the effect of uncertainty on corporate hiring. Using novel data from the labor market for MBA graduates, we show that uncertainty regarding how well job candidates fit with a firm's industry hinders hiring, and that firms value probationary work arrangements that...

Italy's secondary school system has faced funding constraints for many years which limits availability of new permanent job slots for teachers. When permanent posts do arise they are allocated mostly on seniority while merit only plays a small role. Thus, the age distribution of teachers in...

We analyze the impact of records of denied and withdrawn customer complaints on job separation in a dataset based on FINRA's Broker-Check database with more than 1 mio. financial advisers. Compared to misconduct that actually leads to a conviction of the adviser, denied and withdrawn complaints...

We investigate the influence of personality as measured by the Big Five personality scale on absenteeism using representative data for Germany. In particular, the 2005 wave of the German Socio-Economic Panel provides detailed information on socio-economic background characteristics along with a...

When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's value for two reasons: Updates occur because of the direct effect of the news, and also because news leads investors to update their assessment of the CEO's...

This paper examines whether, when, and why job seekers use firms’ financial information in the job search process. We find first evidence of financial information’s relevance to job seekers by documenting a substantial increase in job search activity around earnings announcements in the...

We evaluate whether management risk, coming from uncertainty about management's value added, affects firms' default risks and debt pricing. We find that, regardless of the reason for the turnover, CDS spreads, loan spreads and bond yield spreads all increase at the time of management turnover,...

A variety of evidence points to significant growth in domestic contracting out over the last two decades, yet the phenomenon is not well documented. In this paper, we pull together data from various sources to shed light on the extent of and trends in domestic outsourcing, the occupations in...