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This study estimates the earnings losses associated with workplace injuries that lead to permanent partial disability. Using unique administrative data from California, injured workers are matched to their co-workers with similar pre-injury earnings. Earnings loss is estimated as the difference in earnings between these two groups following injury. It is found that earnings losses are large. Mo...

Labor Market Assimilation and the Self-Employment Decision of Immigrant Entrepreneurs This paper uses data from the 1980 and 1990 U.S. Censuses to study labor market assimilation of self-employed immigrants. Separate earnings functions for the self-employed and wage/salary workers are estimated. To control for endogenous sorting into the sectors, models of the self-employment decision are estim...

Despite the recovery of economic growth in Latin America during the 1990s, rising unemployment, high informality rates and sluggish wages lie at the root of high inequality and poverty. This paper looks at changes in hourly earnings from the early 1990s to the early 2000s in three relatively stable countries: Brazil, Chile and Mexico. Using econometric techniques, the paper decomposes the chang...

Long historical averages of real earnings help forecast present values of future real dividends. With aggregate U.S. stock market data (1871-1986), a vector-autoregressive forecast of the present value of future dividends is, for each year, roughly a weighted average of moving-average arnings and current real price, with between two thirds and three fourths of the weight on the earnings measure...

In this paper, we use the definition of residual income to develop a framework that decomposes changes in net income into different components. The two components we focus on are the change in net income driven by investment (investment-driven growth), and the change in net income driven by improvements in the productivity of existing assets (productivity-driven growth). Building on the vast li...

Behavioral Finance aims to explain empirical anomalies by introducing investor psychology as a determinant of asset pricing. Two kinds of anomalies, namely underreaction and overreaction, have been established by an impressive record of empirical work. While underreaction defines a slow adjustment of prices to corporate events or announcements, overreaction deals with extreme stock price reacti...

Conditions in the market for lawyers have been remarkably turbulent over the course of the last forty years, both in terms of the size of the legal industry and the earnings of attorneys. Similarly, law school demand has been in a state of constant flux, oscillating between cycles of boom and bust. This study examines the appeal of law school over the same period, using administrations of the L...

This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from...