1,721,228 research outputs found
Be Careful What You Switch For: An Investigation of Differential Returns to Employer Changes for Men and Women
No full textI use modified difference-in-difference and panel event study techniques on NLSY97 data to investigate if women see lower earnings growth relative to men when they change employers over two-year periods. I find that while voluntary employer changes are associated with increases in wage growth for men in the period of the job switch, women do not absorb the same benefits of job switching. However, the differential returns to job changes for men and women seem to be driven by a baseline gender difference in wage growth rather than a specific difference in the treatment effect of changing employers for women. This suggests that women see lower wage increases than men at both existing employers and prospective employers, meaning that the disadvantage seen among women when changing jobs is likely driven by a systematic undervaluation of female talent as well as differences in work patterns and preferences between men and women rather than scenarios specific to job changing, such as recruitment or job search processes
It¿s Not Who You Know, But What You Know: The Performance and Strategies of Affiliated and Unaffiliated Firms Amidst India¿s Institutional Transition
No full text
The Other Side of the Japanese Economy: An Empirical Analysis of the Post-Issue Operating Performance of Small Businesses on the Japanese OTC Market
No full textA Baby Boomer¿s Piggy Bank: a Historical Analysis of the Baby Boomer Generation¿s Savings Behavior and Asset Allocation
No full text“Full House”: An Examination of Initial Public Offerings and Housing Market Outcomes in Proximity to Firm Headquarters
No full textAn initial public offering (IPO) is often considered the pinnacle of wealth creation in the U.S. With each year, analysts rave over the latest multi-billion-dollar company and their stock listing on public exchanges for the first time. In 2018, Wall Street Journal and New York Times journalists gushed over the 82.4 billion IPO of ride-hailing giant Uber. However, this overwhelming enthusiasm relating to IPOs has allowed the externalities they produce to go unnoticed, particularly those in the housing market. This paper implements an event study methodology to estimate the effects of an IPO event on housing market outcomes. Among the principal findings are that IPOs cause statistically significant home price and rent growth in housing markets near firm headquarters. Furthermore, we find that price growth after the listing date results in tangible welfare losses for in-place renters. However, we find that these results are most apparent after the listing date rather than the unlock date, as stock prices may be unfavorable for insider selling after the unlock date. We propose multiple justifications for the significance of the relationship. First, post-IPO liquidity of firm insiders allows them to purchase real estate near firm headquarters, placing upward pressure on prices in the process. Second, post-IPO hiring draws entry-level workers to local housing markets, raising demand for rental units and driving up rents as well. Finally, in- place renters, who are already financially vulnerable, bear an outsized burden from growth in their monthly payments
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