Fama und French (1992, 1993) haben erstmals gezeigt, dass Portfolios aus Unternehmen miteinem hohem Buch-/Marktwertverhältnis (sog. Value Stocks) eine signifikant höheredurchschnittliche Rendite erzielen als Portfolios aus Unternehmen mit einem niedrigenBuch-/Marktwertverhältnis (sog. Growth...

We use data on the employment histories of CEOs to examine the relation between the CEO's labor-market mobility and the CEO-firm match. Mobile CEOs match with firms that exhibit poor performance, face revenue shocks, and offer risk-sensitive compensation. At these firms, mobile CEOs increase...

Using the transtheoretical model of behavior change (TTM), employee contributions to defined contribution (DC) plans were examined. The data came from the 2001 Survey of Consumer Finances (SCF). Households were categorized into one of four TTM stages: precontemplation, contemplation,...

Using the Great Recession of 2007-2009 as a quasi-natural experiment, we find that CEOs' work experience is significantly related to firm stock performance while their endowed traits play a limited role in the recession. No CEO characteristics matter during the pre-recession period. CEOs who...

We analyze how changes in labor market conditions influence the relation between a firm's debt level and employee productivity. We document that better (worse) outside employment opportunities create a more negative (positive) relation between employee productivity and debt at both the firm and...

Using four decades of data, we provide novel evidence that the increasing interstate synchronization of house price growth leads to higher business cycle alignment across U.S. states. The relation is stronger between states with similar banking development and in non-tradable sectors, and is...

We use firms’ discretionary choices in the CEO pay ratio disclosure to examine corporate decisions under social pressure. Reported pay ratios are significantly lower when firms use complex methods to identify the median employee, whose total pay is the denominator in the ratio. Firms choose...

Consistent with predictions from the psychology literature, we find that stock prices co-move more (less) in culturally tight (loose) and collectivistic (individualistic) countries. Culture influences stock price synchronicity by affecting correlations in investors' trading activities and a...