This paper proposes a semi-parametric method for poverty decomposition, which combines the data-generating procedure of Shorrocks and Wan (2004) with the Shapley value framework of Shorrocks (1999). Compared with the popular method of Datt and Ravallion (1992), our method is more robust to misspecification errors, does not require the predetermination of functional forms, provides better fit to...

OBJECTIVE This study investigates race and gender differences in the demographic and socioeconomic determinants of frequency of binge eating using a population-based sample. METHOD An analysis of self-reported data on 573 women and 360 men (range, 18-97 years) from a cross-sectional, multistage area probability sample of individuals aged 18 years and older residing in the Detroit metropolitan...

Lettau and Ludvigson (2001) argue that a log-linearized approximation to an aggregate budget constraint predicts that log consumption, assets, and labor income will be cointegrated. They conclude that this cointegrating relationship is present in U.S. data, and that the estimated cointegrating residual forecasts future asset growth. This note examines whether the cointegrating relationship sugg...

This paper explores whether a “value” investing strategy based upon different specifications of the residual income valuation model is riskier than a "growth" investing strategy. The paper motivates such an investigation by noting that, consistent with previous empirical work, the Ohlson (1995) model undervalues (overvalues) low (high) book-to-market stocks, whilst the Feltham-Ohlson model unde...

This article presents alternatives for modeling body mass index (BMI) as a continuous variable and the role of residual analysis. We sought strategies for the application of generalized linear models with appropriate statistical adjustment and easy interpretation of results. The analysis included 2,060 participants in Phase 1 of a longitudinal study (Pró-Saúde Study) with complete data on weigh...

Using unique data on the Irish loan funds, a nineteenth-century system of quasi-banks, we show that higher levels of uncontrolled capital, where there is no residual claimant, lead to higher wages. The loan funds relied on deposits, as well as donations and accumulated profits, to finance their lending. We examine the effect of different levels of deposits and capital on managerial salaries and...

Taiwan expanded its college access significantly over the past two decades by converting 2-year junior colleges to 4-year colleges and relaxing entrance standards. The share of college graduates in the 22-24 years old population rose from 12% to 71% between 1990 and 2014. This should have suppressed returns to schooling and lowered inequality, but Taiwan’s Gini coefficient rose steadily over th...

This paper compares different performance metrics used for value-based management in life and non-life insurance business. The goal is to find a consistent basis for performance measurement at the insurance group level. This is an important task since management techniques used in non-life insurance, such as economic value added (EVA) and risk-adjusted return on capital (RAROC), are at first si...

Empirical evidence shows that it is possible to earn abnormal returns by investing in undervalued stocks on the basis of simple fundamental ratios such as PE ratio, PB ratio, or dividend yield. A price-value (PV) ratio calculated with the residual income approach is theoretically better founded as it captures all value-generating aspects. The performance of four model specifications when using ...