The Ohlson model is evaluated using quarterly data from stocks in the Dow Jones Index. A hierarchical Bayesian approach is developed to simultaneously estimate the unknown coefficients in the time series regression model for each company by pooling information across firms. Both estimation and prediction are carried out by the Markov chain Monte Carlo (MCMC) method. Our empirical results show t...

We analyze the changes in earnings of paid workers (wage earners) in rural India from 2004/05 to 2011/12. Real earnings increased at all percentiles, and the percentage increase was larger at the lower end. Consequently, earnings inequality declined. Recentered influence function decompositions show that throughout the earnings distribution, except at the very top, both changes in “worker chara...

Purpose of the article: Of various market anomalies, Value-Glamour anomaly and Post-Earnings Announcement Drifts (PEAD) have consistently attracted attention researchers. Prior studies established that reaction value stocks glamour to earnings announcement differs significantly there is a close relationship between PEAD abnormal returns arising due earning surprises. We studied drift patterns p...

We study the labor supply of South Indian boat-owners using daily data on labor force participation and the value of catches from 2000 to 2007. Our panel is among the most extensive ever used for this purpose and the …rst to pertain to a non-service related occupation in a developing country. Our analysis compares two hypotheses about the response of labor supply to increases in wages and incom...

To answer these questions, we use a confidential panel dataset on earnings histories from the US Social Security Administration (SSA), which allows us to follow workers’ earnings over the business cycle. Our approach is to identify individuals who were in the top 1 percent of the earnings distribution just prior to the economy entering a recession or boom. We ask how the evolution of these work...

This study examines how individual investor trade in response to quarterly earnings surprises and the relation of trades to subsequent returns. Individuals are highly significant net buyers after negative earnings surprises; net buying is weaker after positive surprises. There is no indication that trading by any of our investor subcategories explains the concentration of drift at subsequent ea...

The earnings replacement rates of retired couples, which take into account the earnings and benefits of wives, are important for assessing the adequacy of social security benefits. Using data from the Social Security Administration’s longitudinal Retirement History Study, this article presents the first view of replacement rates for couples. The findings show that, though about half the wives c...

Temporary workers make up a sizeable part of the labor force in many countries, including Korea. This paper uses an extension of a standard efficiency wage model to explain the wage gap between temporary and permanent workers. Temporary workers have a chance to become permanent; this possibility – combined with the existence of an employment rent for permanent workers – gives short-term workers...