This paper documents earnings dynamics over the life-cycle and income level using a large administrative database from … normality. For the bottom earners, large income changes are driven equally by hours and wages which is consistent with … German tax records. I find that labor earnings display important deviations from the typical assumptions of linearity and …

Using a sample of firms that have consecutive earnings growth for more than 20 quarters (earnings strings), I assess … the relationship between earnings persistence and the extent to which investors are able to anticipate breaks of earnings … strings. I find that firm-specific earnings persistence exhibits a concave trend during earnings strings. Stock returns are …