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Three Essays On Earnings Dynamics
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Book Synopsis Three Essays on Earnings Dynamics by :
Download or read book Three Essays on Earnings Dynamics written by and published by . This book was released on 2015 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays that use modern econometric methods to empirically study earnings dynamics in the United States using samples drawn from the Panel Study of Income Dynamics (PSID). In Chapter 2, I study a non-linear parametric model that allows an agent's future earning to depend on the earning quantile he occupies in the current period. Such dynamics reflect a different set of opportunities opened up to an agent once he changes position in the earning distribution. Chapter 3 extends the model presented in Chapter 2 to take into account the accumulation of agents' past experiences by allowing an agent's earning process to depend on both his current quantile position and the average of his previous quantiles. The current quantile position represents an agent's current opportunity or luck whereas the average of his previous quantiles assumes the role of his past experiences. I estimate the models using a method of indirect inference called simulated minimum distance. I find that the underlying process differs across the earning distribution. In particular, individuals in the bottom quantile have a unit root process whereas individuals in upper quantiles have a stationary process with the top quantile workers having the lowest autoregressive coefficients. Chapter 3 shows that a model specification with a higher weight assigned to luck, the current quantile position, has better predictions for the earning mobility presented from the data. This result implies that luck certainly plays a role in the earning process. In Chapter 4, I study the earning mobility of US households using nonparametric quantile regressions. I estimate future earning quantiles for individuals from every initial earning level. I find that earning mobility tends to improve in more recent years or over a longer time span. Moreover, the substantial non-linearity found in upper earning distribution suggests that relatively higher earners face more earning uncertainty than others. In addition, the slopes of quantiles as a function of initial earnings are flatter in the long run. Therefore, more than half of high earners experience an earning decline whereas the majority of low earners experience an earning increase in the long run.
Book Synopsis Three Essays on the Dynamics of Earning Management by : Xiao Zhang
Download or read book Three Essays on the Dynamics of Earning Management written by Xiao Zhang and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Earnings Dynamics by : Manuel Antonio Sanchez Garcia
Download or read book Essays on Earnings Dynamics written by Manuel Antonio Sanchez Garcia and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Mobility and Income Distribution Dynamics by : Sean Hove
Download or read book Three Essays on Mobility and Income Distribution Dynamics written by Sean Hove and published by . This book was released on 2002 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Labor Supply and Wage Dynamics by : Eric Baird French
Download or read book Three Essays on Labor Supply and Wage Dynamics written by Eric Baird French and published by . This book was released on 1999 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: In my third essay, I estimate a learning-by-doing model using PSID data. By working longer hours in the present, an individual receives higher wages in the future. Estimates reveal that by increasing hours worked in a given year by 10%, next year's wage should increase by 1%.
Book Synopsis Three Essays on Real Earnings Management by : Zhaohui Xu
Download or read book Three Essays on Real Earnings Management written by Zhaohui Xu and published by . This book was released on 2007 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Dynamics of Income Distribution by : Liming Cai
Download or read book Three Essays on the Dynamics of Income Distribution written by Liming Cai and published by . This book was released on 1998 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Economic growth is a fascinating subject. It has been under increasingly close examination over the last decade from both theoretical and empirical perspectives. A growing portion of the literature has devoted its attention to the way economies (countries, states, regions, etc.) evolve over time. Many important questions have been brought up and addressed in numerous researches.
Book Synopsis Investment, Dynamics and Development by : Aashish Sunil Mehta
Download or read book Investment, Dynamics and Development written by Aashish Sunil Mehta and published by . This book was released on 2004 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Use of Earnings Dynamics as an Earnings Benchmark by Financial Market Participants by : Yin Yu
Download or read book Essays on the Use of Earnings Dynamics as an Earnings Benchmark by Financial Market Participants written by Yin Yu and published by . This book was released on 2010 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation theory (Ohlson and Juettner-Nauroth (OJ), 2005) demonstrates that Abnormal Earnings Growth AEG drives firm value. There are three implications. First, a firm ought to grow at the rate of cost of capital net of dividends paid out, similar to a savings bank account. This characterization has been labeled as earnings dynamics (ED) in Ohlson (1991). Second, Abnormal earnings growth forecast ought to translate previous knowledge of past earnings and dividend into earnings growth potential beyond the firms's expected return and firm value as well. The last, if the market does not completely adjust to abnormal earnings growth information, portfolio created based on abnormal earnings growth ought to produce arbitrage returns. Those three implications are developed into papers as follows: the first paper tests whether the market recognizes the forecast of abnormal growth in earnings as benchmark for performance when analysts announce their earnings forecasts. The second paper examines whether higher abnormal growth expectation in the current year will yield higher future accounting and stock performances. Results indicate that the market uses the ED information asymmetrically to interpret bad news from the first analyst earnings forecasts and seem to punish dividend payouts if it leads to the ED forecast to be lower than the past earnings. The evidence in the second paper shows that higher abnormal earnings growth leads to higher future accounting performance over following two years and continue to persist up to four years. Arbitrage profit based on abnormal earnings growth is profitable and significant in 23 out of 23 years. After control for expected abnormal earnings growth and the cost of capital, regression results show that B/M and E/P anomaly does not go away. Results indicate that abnormal earnings growth is another valuation anomaly separate from B/M and E/P. A hedge test provides the evidence that abnormal earning growth strategy can be refined by controlling B/M or E/P effect, to make even greater arbitrage return.
Book Synopsis Three Essays on Income Inequality by : Gulgun Bayaz Ozturk
Download or read book Three Essays on Income Inequality written by Gulgun Bayaz Ozturk and published by . This book was released on 2010 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Earnings Quality by : Trí Tri Nguyễn
Download or read book Three Essays on Earnings Quality written by Trí Tri Nguyễn and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Earnings Management by : Kōstas Pappas
Download or read book Three Essays on Earnings Management written by Kōstas Pappas and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ph. D. Thesis written by Sean Hove and published by . This book was released on 2001 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Life-cycle Labor Supply and Human Capital Formation by :
Download or read book Three Essays in Life-cycle Labor Supply and Human Capital Formation written by and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three independent essays on earnings dynamics, educational production function, and retirement. Each chapter explains labor supply and human capital formation from a life-cycle perspective. In the first chapter, I investigate how two different kinds of uncertainty jointly affect young workers' decisions. This paper introduces the possibility of multidimensional learning about worker ability and job match quality into a model of work decisions. This mechanism has a unique prediction, negative sorting into job mobility that fades away over time, which is verified in the NLSY79 data if the AFQT score carries over some information unused by workers and employers. I estimate the structural model, which also has flexible skill accumulation, by indirect inference. From simulation results on earnings dynamics, I find that the contribution of job shopping to average earnings growth is higher than previous estimates; also, individual heterogeneity in earnings growth is mostly explained by the process of resolving uncertainties. In the second chapter, which is joint work with Keunkwan Ryu, we estimate the effects of high school class size on college entrance exam scores, using Korean administrative data. For the identification, we exploit quasi-experimental variation in class size arising from distinct institutional settings in Korea: especially, students are separately educated by major from grade 11 with different class sizes between majors. By using multi-level differencing and instrumental variable techniques, we find the effects of high school class size reduction on the test scores are positive but small. In the third chapter, I examine the effects of life expectancy on retirement and related decisions. I construct a structural model which has a realistic description of complicated dynamic incentives facing the elderly, including Social Security. Furthermore, individual heterogeneity in survival beliefs are flexibly modeled, directly using subjective survival probabilities in the Health and Retirement Study (HRS) data. The estimated model suggests that many people in the data believed their wealth was over-annuitized; they would have chosen to work and save less if their average life expectancy had increased. This result partially explains the early retirement puzzle in the last century.
Book Synopsis Three Essays in Labour Market Mobility by : Rayhaneh Esmaeilzadeh
Download or read book Three Essays in Labour Market Mobility written by Rayhaneh Esmaeilzadeh and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Labor Economics by : Fanghua Li
Download or read book Three Essays on Labor Economics written by Fanghua Li and published by . This book was released on 2018 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contribute towards the understanding of labor economics and applied econometrics; the thesis is made up of three chapters. The first chapter explores the causal effect of parents' social capital on the intergenerational occupational inertia in addition to individuals' labor market outcomes. A new data extract was constructed by re-weighting and combining the Panel Study of Income Dynamics (PSID) and the Survey of Income and Program Participation (SIPP) to correct the selection biases induced by children's endogenous moving behaviors post-graduation. By exploiting the recent technological revolution and the resulting changes in occupational skill compositions measured by Dictionary of Titles (DOT) and its successor O*NET, it became possible to isolate the effect of inherited social capital from inherited human capital through a regression discontinuity design. Besides, a correction of the selection bias induced by the social capital advantage through children's occupational switching patterns after the first jobs was made. The results indicate that around 30% of individuals choose the same occupation as their parents for their first job; such people rely more on their parents' social connections in job hunting. Also, they enjoy a positive wage premium of about 5% of the percentile ranks of annual labor income for entry-level jobs but this positive effect fades away in the long-run. The second chapter studies the estimation and inference of nonlinear econometric model when the economic variables are contained in different datasets. We show that the unknown structural parameters of interest can be possibly uniquely identified if there are some common conditioning variables in different datasets. The identification result is constructive, which enables us to estimate the unknown parameters based on a simple minimum distance (MD) estimator. We study the asymptotic properties of the MD estimator and provide inference procedure. A simple model specification test on the key identification conditions is also provided. The third chapter provides an application example of the method developed in the second chapter. It is a long-standing problem in the empirical research that the economic variables are contained in different datasets. One well-accepted solution to this problem is the imputation method, which serves as a crucial step in the seminal work, Blundell, Pistaferri, and Preston (2008) studied the dynamic relationship between consumption and income, with consumption data from CEX and income data from PSID. In this chapter, we first prove that the imputation method is biased because they are significantly different from those based on true data, which is the newly available PSID from 1999 which includes both consumption and income data. Furthermore, we investigate the finite sample performance of our new method with this new PSID data and show that our method delivers comparable results with those based on the true data. We conclude that the imputation gives largely biased estimation compared to the real data results and the new estimator developed in Chapter 2 performs better. The three chapters share the same interests in the long-lasting question that how we can deal with the situation in which the economic variables or the study population is contained in different datasets. The first chapter starts off from the simplest scenario that the data set is complete in terms of variables but biased in terms of representativeness. The other two chapters deal with the other more difficult and more usual case that the data set is incomplete in terms of economic variables. We not only contribute methodologically by providing a new estimator but also implement the method in an important application case and discuss the implications.
Book Synopsis Modeling Earnings Dynamics by : Joseph G. Altonji
Download or read book Modeling Earnings Dynamics written by Joseph G. Altonji and published by . This book was released on 2009 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we use indirect inference to estimate a joint model of earnings, employment, job changes, wage rates, and work hours over a career. Our model incorporates duration dependence in several variables, multiple sources of unobserved heterogeneity, job-specific error components in both wages and hours, and measurement error. We use the model to address a number of important questions in labor economics, including the source of the experience profile of wages, the response of job changes to outside wage offers, and the effects of seniority on job changes. We provide estimates of the dynamic response of wage rates, hours, and earnings to various shocks and measure the relative contributions of the shocks to the variance of earnings in a given year and over a lifetime. We find that human capital accounts for most of the growth of earnings over a career although job seniority and job mobility also play significant roles. Unemployment shocks have a large impact on earnings in the short run as well a substantial long long-term effect that operates through the wage rate. Shocks associated with job changes and unemployment make a large contribution to the variance of career earnings and operate mostly through the job-specific error components in wages and hours.
