Labor Market Trajectories for Community College Graduates: How Returns to Certificates and Associate's degrees Evolve Over Time

2020 ◽  
pp. 1-62
Author(s):  
Veronica Minaya ◽  
Judith Scott-Clayton
Keyword(s):  
Labor Market ◽  
Fixed Effects ◽  
College Graduates ◽  
Community College Graduates ◽  
Labor Market Outcome ◽  
Associate's Degree ◽  
Prior Literature ◽  
Post Entry ◽  
Earnings Trends ◽  
Over Time

We estimate labor market returns to terminal associate's degrees and certificates, with a particular focus on how returns for different credential types evolve over a longer period of time (11 years post entry) than most of the prior literature. We also explore how returns vary depending on labor market conditions and on which labor market outcome metric is used. Using administrative data from Ohio and an individual fixed-effects approach, we find that the value of an associate's degree grows substantially after graduation, and this finding is robust to choice of specification and outcome. The returns to a long-term certificate are flat over time in our main specification, but more sensitive to assumptions about individual-specific earnings trends. Returns to associate's degrees are notably higher in recession years versus pre-recession years. Finally, we find that associate's degrees lead to improved outcomes relative to non-completion across a range of metrics, including higher paying jobs, more stability in employment over time, and a greater likelihood of earning a living wage, while certificates generally pay off via the employment margin and a reduced likelihood of claiming unemployment insurance.

The Effect of Engagement Auditors on Financial Statement Comparability

2021 ◽  
Author(s):  
Liuchuang Li ◽  
Baolei Qi ◽  
Jieying Zhang
Keyword(s):  
Fixed Effects ◽  
Financial Statement ◽  
Industry Specialization ◽  
Personal Traits ◽  
Audit Firm ◽  
Audit Firms ◽  
Prior Literature ◽  
Client Firm ◽  
Industry Peers ◽  
Over Time

Prior literature finds that audit firm style shapes client firm financial statement comparability (Francis, Pinnuck, and Watanabe 2014). We expect that engagment partners also shape financial statement comparability, and find that two clients audited by the same engagement auditor have more comparable accruals than two clients audited by different auditors. We also find that engagement auditor past comparability style explains new client comparability with industry peers, suggesting that engagement auditor style persists over time. We uncover that auditor personal traits such as gender, experience, qualification, and industry-specialization are associated with higher comparability. Finally, we find that adding the audit-firm, audit-office and engagement-auditor fixed effects sequentially increases the adjusted R2 of our accrual comparability model by 0.6%, 1.9%, and 10%, respectively. Taken together, our findings suggest that the engagement auditors have a distinguishable effect on financial statement comparability that is incremental to the effect of audit firms and offices.

scholarly journals Changes in Early Labor Market Outcomes among Young College Graduates in South Korea

2020 ◽  
Vol 688 (1) ◽  
pp. 115-136
Author(s):  
Jaesung Choi ◽  
Hannah Bae
Keyword(s):  
Labor Market ◽  
South Korea ◽  
College Graduates ◽  
Labor Market Outcomes ◽  
Market Uncertainty ◽  
College Entrance ◽  
Market Outcomes ◽  
Using Data ◽  
Critical Policy ◽  
Over Time

The unemployment rate among youths (age 20–29) in South Korea has increased sharply from 6.6 percent in 2002 to 9.8 percent in 2016. At the same time, the college entrance rate remains around 70 percent, and skill mismatch among college goers is a critical policy concern. Little attention has been paid to temporal change in labor market outcomes among college graduates or to the kinds of graduates who are particularly vulnerable to labor market uncertainty. We investigate how labor market experiences for college graduates have changed over time using data from nine different graduating cohorts of the Graduate Occupational Mobility Survey (GOMS). The results reveal that the proportion of those searching for a job has increased over time, and that even for those who were employed, job quality deteriorated. We also find a growing gap in labor market outcomes by reputation of graduating universities and college major.

Board Members With Style: The Effect of Audit Committee Members and Their Personal Styles on Financial Reporting Choices

2018 ◽  
Vol 35 (3) ◽  
pp. 530-557
Author(s):  
Charlotte Tianshu Qu
Keyword(s):  
Earnings Management ◽  
Financial Reporting ◽  
Fixed Effects ◽  
Audit Committee ◽  
Board Members ◽  
Reporting Practices ◽  
Accounting Choices ◽  
Prior Literature ◽  
Specific Factors ◽  
Over Time

This article studies whether audit committee members and chairpersons exhibit individual-specific “styles” that affect corporate financial reporting practices. I track 2,941 audit committee members and 683 chairpersons across firms over time, and test whether member (chair)-specific factors explain firms’ accounting choices. I find that member and chairperson “style” (captured by fixed effects) is significant in explaining a firm’s probability of accounting misstatements and earnings management, and the effects are not explained away by observable member (chairperson) characteristics found by prior literature, or by the effects of CEOs or CFOs.

scholarly journals 77 The effect of naturally occurring levels of multiple mycotoxins on growth performance and carcass parameters of grow-finish pigs

2020 ◽  
Vol 98 (Supplement_3) ◽  
pp. 54-55
Author(s):  
Leigh Ruckman ◽  
Stacie Gould ◽  
John Patience
Keyword(s):  
Growth Performance ◽  
Economic Impact ◽  
Environmental Conditions ◽  
Fixed Effects ◽  
Control Diet ◽  
Naturally Occurring ◽  
Carcass Parameters ◽  
Low Levels ◽  
Dietary Treatments ◽  
Over Time

Abstract Mycotoxins may not be an issue every year, but the proper environmental conditions can cause a spike in contaminated grains and cause severe economic impact on pork producers. The objective of this study was to determine the effect of naturally occurring infections of deoxynivalenol, zearalenone and fumonisins (DZF) on growth performance and carcass parameters in grow/finish pigs. One hundred pigs (BW 34.0 ± 0.9 kg; L337 × Camborough, PIC, Hendersonville, TN) were randomly assigned to 1 of 2 dietary treatments with 10 split-sex pens/treatment. The control diet (CTL) contained low levels of DZF and the CTL+DFZ diet contained high levels of DZF. Diets were fed in 4 phases over the 126-d experiment period. The CTL diet contained 1.6, 1.6, 1.8 and 1.2 mg deoxynivalenol/kg and CTL+DZF contained 9.2, 6.9, 5.8 and 3.8 mg deoxynivalenol/kg in the 4 diet phases, respectively. The CTL contained 0.30, 0.32, 0.51 and 0.32 mg zearalenone/kg and 0.7, 0.8, 0.8 and 0.9 mg total fumonisins/kg; CTL+DFZ contained 0.59, 0.72, 0.86 and 0.57 mg zearalenone/kg and 1.0, 1.1, 1.2 and 0.9 mg total fumonisins/kg for phases one through four, respectively. Data were analyzed using PROC MIXED of SAS (9.4) with treatment, sex, and their interaction as fixed effects. Compared to CTL, feeding CTL+DFZ decreased final BW (130.3 vs 120.5 kg; P< 0.001), ADG (0.95 vs 0.79 kg/d; P< 0.001), ADFI (2.73 vs 2.49 kg/d; P=0.016), and G:F (0.35 vs 0.32; P=0.043). Feeding CTL+DFZ decreased HCW (92.3 vs 89.4 kg; P=0.024) and increased dressing percentage (70.9 vs 74.3%; P=0.009) and tended to reduce loin depth (7.0 vs 6.8 cm; P=0.057) compared to CTL. Diet did not affect backfat depth or lean percentage (P >0.10). In conclusion, diets naturally contaminated with multiple mycotoxins reduced growth performance and adversely affected carcass parameters; pigs did not adapt over time to the mycotoxins.

scholarly journals OPTIMAL CONTROL OF THE DECUMULATION OF A RETIREMENT PORTFOLIO WITH VARIABLE SPENDING AND DYNAMIC ASSET ALLOCATION

2021 ◽  
pp. 1-34
Author(s):  
Peter A. Forsyth ◽  
Kenneth R. Vetzal ◽  
Graham Westmacott
Keyword(s):  
Asset Allocation ◽  
Asset Returns ◽  
Retirement Savings ◽  
Allocation Strategy ◽  
Investment Portfolio ◽  
Dynamic Asset Allocation ◽  
Dynamic Strategy ◽  
Prior Literature ◽  
Weighted Combination ◽  
Over Time

Abstract We extend the Annually Recalculated Virtual Annuity (ARVA) spending rule for retirement savings decumulation (Waring and Siegel (2015) Financial Analysts Journal, 71(1), 91–107) to include a cap and a floor on withdrawals. With a minimum withdrawal constraint, the ARVA strategy runs the risk of depleting the investment portfolio. We determine the dynamic asset allocation strategy which maximizes a weighted combination of expected total withdrawals (EW) and expected shortfall (ES), defined as the average of the worst 5% of the outcomes of real terminal wealth. We compare the performance of our dynamic strategy to simpler alternatives which maintain constant asset allocation weights over time accompanied by either our same modified ARVA spending rule or withdrawals that are constant over time in real terms. Tests are carried out using both a parametric model of historical asset returns as well as bootstrap resampling of historical data. Consistent with previous literature that has used different measures of reward and risk than EW and ES, we find that allowing some variability in withdrawals leads to large improvements in efficiency. However, unlike the prior literature, we also demonstrate that further significant enhancements are possible through incorporating a dynamic asset allocation strategy rather than simply keeping asset allocation weights constant throughout retirement.

Labor Market Concentration and Worker Contributions to Health Insurance Premiums

2021 ◽  
pp. 107755872110129
Author(s):  
Mark K. Meiselbach ◽  
Matthew D. Eisenberg ◽  
Ge Bai ◽  
Aditi Sen ◽  
Gerard F. Anderson
Keyword(s):  
Labor Market ◽  
Health Insurance ◽  
Labor Markets ◽  
Health Plan ◽  
Fixed Effects ◽  
Health Benefits ◽  
Market Concentration ◽  
Medical Expenditure ◽  
Insurance Premiums ◽  
Health Insurance Premiums

In concentrated labor markets, where workers have fewer employers to choose from, employers may exploit their monopsony power by contributing less to workers’ health benefits. This study examined if labor market concentration was associated with higher worker contributions to health plan premiums. We combined publicly available data from the Census to calculate labor market concentration and the Medical Expenditure Panel Survey Insurance/Employer Component to determine premium contributions from 2010 to 2016 for metropolitan areas. After controlling for year fixed-effects and market characteristics, we found that higher labor market concentration was associated with higher worker contributions to health plan premiums, lower take-home income, and no change in employer contributions to premiums, consistent with the hypothesis that greater labor market concentration is associated with less generous health benefits. When evaluating the effects of mergers and acquisitions on labor markets, regulatory agencies should critically assess worker contributions to health insurance premiums.

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