We examine how a student’s major and the institution attended contribute to the labor market outcomes of young graduates. Administrative panel data that combine student transcripts with matched employer-employee records allow us to provide the first decomposition of premia into individual...

This paper examines if a portfolio of firms with the best training program consistently outperforms the market. This study constructs an equally-weighted portfolio of top 10 companies ranked in the Training Top 125 each year from 2001 to 2010. In particular, this study compares the performance...

Ljungqvist and Sargent (2017) (LS) show that unemployment fluctuations can be understood in terms of a quantity they call the "fundamental surplus." However, their analysis ignores risk premia, a force that Hall (2017) shows is important in understanding unemployment fluctuations. We show how...

This paper examines if firms in the United States with quality training programs can enjoy above-the-market-average benefits and performance by analyzing risk premiums and risk-adjusted excess returns of a portfolio of public firms in the United States, which are ranked consecutively from 2006...

We formulate a price discovery model in which the price discovery measures vary either locally, say, for instance, at intervals of 30 minutes or at a daily frequency. Given the empirical and theoretical evidence that price discovery measures relate to highly persistent fundamentals, we adopt a...