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Fama and French [2002. The equity premium. Journal of Finance 57, 637–659] estimate the equity premium using dividend growth rates to measure expected rates of capital gain. We apply their method to study the value premium. From 1945 to 2005, the expected value premium is on average 6.1% per annum, consisting of an expected dividend growth component of 4.4% and an expected dividend price ratio ...

Museums have many different goals beyond efficiency such as social equity, financial revenue, attracting donors and gaining international, regional or local prestige. Various pricing schemes are being discussed with the aim of reaching these goals. The classical ones are entry prices and free entry. The museum club solution or exit donations allow for various additional goals. Each scheme has c...

This paper uses proprietary data on the employment histories of a large fraction of the U.S. labor force to show that labor market outcomes can be partly explained by previous employers’ technology investment decisions. Exploiting leveraged buyouts as shocks to firms’ production technologies, we find that workers employed when a private equity acquisition occurs realize longer subsequent employ...

An urgent need to broaden diversity and support the preparation of students and faculty members along proactive pathways to research and success can be facilitated by targeted faculty development and formalization of policies built on institutional commitment, engagement, and accountability. Involvement of the faculty in building institutional diversity will recognize equity-building initiative...

Both researchers and practitioners seek to understand how to leverage brand equity to create value. Adopting " the theoretical separation of brand equity and brand value " framework originally proposed in the Journal of Brand Management by Raggio and Leone 1 , this conceptual article looks more closely at the brand value construct and the implications of the proposed theoretical separation. The...

This study investigates the effect on stock prices of seasoned equity offerings. The results demonstrate that the announcement of equity otlerings reduces stock prices significantly. For industrial issues, regression results indicate that announcement day price reduction is significantly and negatively related to the size of the equity offering. The results appear not to be explained by changes...

Most research in economics models agents somehow motivated by outcomes. Here, we model agents motivated by procedures instead, where procedures are defined independently of an outcome. To that end, we design procedures which yield the same expected outcomes or carry the same information on other’s intentions while they have different outcomeinvariant properties. Agents are experimentally confir...

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Recent literature suggests that stock market liberalisation has positive effects on macroeconomic growth and private investment. However, econometric relations are largely dependent on the inclusion of higher income countries in such samples, which quite conceivably limits the relevance for lower income nations. Indeed, some evidence in this study indicates that stock market development has a m...