scholarly journals Market Thickness and the Impact of Unemployment on Housing Market Outcomes

2017 ◽  
Author(s):  
Li Gan ◽  
Pengfei Wang ◽  
Qinghua Zhang
2018 ◽  
Vol 98 ◽  
pp. 27-49 ◽  
Author(s):  
Li Gan ◽  
Pengfei Wang ◽  
Qinghua Zhang

Author(s):  
Robert F Engle ◽  
Martin Klint Hansen ◽  
Ahmet K Karagozoglu ◽  
Asger Lunde

Abstract Motivated by the recent availability of extensive electronic news databases and advent of new empirical methods, there has been renewed interest in investigating the impact of financial news on market outcomes for individual stocks. We develop the information processing hypothesis of return volatility to investigate the relation between firm-specific news and volatility. We propose a novel dynamic econometric specification and test it using time series regressions employing a machine learning model selection procedure. Our empirical results are based on a comprehensive dataset comprised of more than 3 million news items for a sample of 28 large U.S. companies. Our proposed econometric specification for firm-specific return volatility is a simple mixture model with two components: public information and private processing of public information. The public information processing component is defined by the contemporaneous relation with public information and volatility, while the private processing of public information component is specified as a general autoregressive process corresponding to the sequential price discovery mechanism of investors as additional information, previously not publicly available, is generated and incorporated into prices. Our results show that changes in return volatility are related to public information arrival and that including indicators of public information arrival explains on average 26% (9–65%) of changes in firm-specific return volatility.


2019 ◽  
Vol 35 (4) ◽  
pp. 491-505 ◽  
Author(s):  
Marita Jacob ◽  
Michael Kühhirt ◽  
Margarida Rodrigues

AbstractThe potential benefits of increased international experience abound, ranging from enriching cultural understanding to an improvement of language skills and intercultural competence. At the same time, empirical evidence is mixed, particularly with regards to how well international experience translates into individual returns on the labour market. This article examines the association between studying abroad and early labour market outcomes in a comparative perspective aiming to shed light on why labour market returns differ across countries. We expect labour market returns to vary with specific country characteristics such as demand for international experience and competition among graduates at labour market entry. In our empirical analyses, we use data from 13 European countries that provide information on graduates’ early labour market outcomes. We find a large variation in the impact of studying abroad on both wages and attaining a higher service class position. Generally, the labour market returns to international experience are larger in countries in Eastern and Southern Europe with poorer university quality, higher graduate unemployment, and fewer students abroad.


2017 ◽  
Vol 34 (1) ◽  
pp. 28-64 ◽  
Author(s):  
Nidhiya Menon ◽  
Yana van der Meulen Rodgers

This study examines how employment and wages for men and women respond to changes in the minimum wage in India, a country known for its extensive system of minimum wage regulations across states and industries. Using repeated cross sections of India's National Sample Survey Organization employment survey data for the period 1983–2008 merged with a newly created database of minimum wage rates, we find that, regardless of gender, minimum wages in urban areas have little to no impact on labor market outcomes. However, minimum wage rates increase earnings in the rural sector, especially for men, without any employment losses. Minimum wage rates also increase the residual gender wage gap, which may be explained by weaker compliance among firms that hire female workers.


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