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We quantify firm heterogeneity in skill returns and present direct evidence of worker–firm complementarities. Within a model of firms' demand for cognitive and noncognitive attributes we show that identification depends on the availability of skill measures. Linking administrative data to test...
Persistent link: https://www.econbiz.de/10014442305
momentum, while women's is not. This result is robust to different specifications and estimation strategies. Our results are in …
Persistent link: https://www.econbiz.de/10011455776
We find that firms with higher gender and racial diversity of inventors have significantly superior stock returns than firms with more homogeneous inventors. A long-short value-weighted portfolio of firms, ranked on inventor diversity (ID), earned a four-factor alpha of 4.32% per year. The...
Persistent link: https://www.econbiz.de/10012845515
This study investigates the effects of labor costs on firms' capital investments and stock returns. I estimate wage premia across U.S. industries and show that the negative investment-return relation implied by q-theory is steeper for firms paying high wage premia than for firms paying low wage...
Persistent link: https://www.econbiz.de/10012936438
with non-parametric estimation of the pricing kernel (Empirical Pricing Kernel) given by the ratio of the risk …
Persistent link: https://www.econbiz.de/10012966302
with nonparametric estimation of the pricing kernel (Empirical Pricing Kernel) given by the ratio of the risk …
Persistent link: https://www.econbiz.de/10003952791
In this paper, we use event studies to estimate the effects of changes to a public firm's board of trustees on stock returns. The goal is to determine whether the gender of an incoming board member is perceived differently by investors. Scholarly findings on gender and leadership have been mixed...
Persistent link: https://www.econbiz.de/10012889129
This paper examines the private unobserved migration propensity of married individuals using bounds to circumvent the issue of partial observability. Applied to the population of Danish couples aged between 25 to 39, this approach leads to two main results. First, we find convincing evidence...
Persistent link: https://www.econbiz.de/10014144735
Persistent link: https://www.econbiz.de/10003383783
This paper examines whether nonlinear and non-Gaussian features of earnings dynamics are caused by hours or hourly wages. Our findings from the Norwegian administrative and survey data are as follows: (i) Nonlinear mean reversion in earnings is driven by the dynamics of hours worked rather than...
Persistent link: https://www.econbiz.de/10014239718