The interaction between the various departments of a full-service brokerage firm can have positive effects. An asset management department operates the firm’s mutual funds and has a need for high-quality information. Thus, the firm’s sell-side analysts in the research department are motivated to gather information about particular securities and to use the asset management department as an addi...

This paper surveys the literature on the determinants and consequences of securities class action lawsuits against firms and auditors from a financial reporting quality perspective. The survey is motivated by the important role that law plays in protecting stakeholders’ interests against managerial misdeed. Litigation is, thus, an important topic and numerous studies investigate the determinant...

This paper investigates the nature and consequences of sample attrition in a unique longitudinal survey of medical doctors. We describe the patterns of non-response and examine if attrition affects the econometric analysis of medical labour market outcomes using the estimation of physician earnings equations as a case study. We compare the econometric gestimates obtained from a number of differ...

We develop a quantitative theory of human capital investment in order to evaluate the magnitude of cross-country differences in total factor productivity (TFP) that explains the variation in per-capita incomes across countries. We build a heterogeneousagent economy with cross-sectional variation in ability, schooling, and expenditures on schooling quality. In our theory, the parameters governin...

This study provides evidence on the role of public firms’ financial reports in state-bond secondary market. I investigate informational corporate earnings announcements and find that monthly signals aggregated to state level are positively associated with contemporaneous returns. Further analyses reveal predict traditional economic indicators contain incremental information is independent indic...

The Changing Distribution of Job Satisfaction The distribution of job satisfaction widened across cohorts of young men in the U.S. between 1978 and 1988, and between 1978 and 1996, in ways correlated with changing wage inequality. Satisfaction among workers in upper earnings quantiles rose relative to that of workers in lower quantiles. An identical phenomenon is observed among men in West Germ...

T he U.S. government subjects corporate dividends to double taxation: It first taxes corporate income, then taxes the same income again when shareholders receive dividends paid out of corporate income. Until 2003, individuals were taxed on dividend income at the same rates as on other forms of income, resulting in overall taxes on dividends much higher than those in most other countries (PriceW...

While recent research has found that birth order affects outcomes such as education and earnings, the evidence for effects on health is more limited. This paper uses a large Norwegian dataset to focus on the relationship between birth order and a range of health and health-related behaviors, outcomes not previously available in datasets of this magnitude. Interestingly, we find complicated effe...

resource limitation in zero time may cause to some profitable projects not to be selected in project selection problem, thus simultaneous project portfolio selection and scheduling problem has received significant attention. in this study, budget, investment costs and earnings are considered to be stochastic. the objectives are maximizing net present values of selected projects and minimizing v...