People express more prejudice if they have established their "moral credentials." Five studies explored the acquisition of moral credentials through associations with racial minorities, particularly close relationships that are personally chosen. Participants choosing to write about a positive experience with a Black person (Study 1) or Hispanic person (Study 2) subsequently expressed more pref...

This study used data on the total population to examine the longitudinal association between midlife income and mortality and late-life income and mortality in an aging Swedish cohort. We specifically examined the shape of the associations between income and mortality with focus on where in the income distribution that higher incomes began to provide diminishing returns. The study is based on a...

The analyses of the General Social Survey data from 1974 to 2000 replicate earlier findings from the National Longitudinal Survey of Youth that racial disparity in earnings disappears once cognitive ability is controlled for. The results are robust across many alternative specifications, and further show that blacks receive significantly greater returns to their cognitive ability than nonblacks...

I propose a new measure of common, time-varying tail risk for large cross sections of stock returns. Stock return tails are described by a power law in which the power law exponent is allowed to transition smoothly through time as a function of recent data. It is motivated by asset pricing theory and is estimable via quasi-maximum likelihood. Estimates indicate substantial time variation in sto...