ASSESSMENT OF INDIVIDUAL AND INSTITUTIONAL INVESTOR’S INVESTMENT BEHAVIOR DURING COVID-19. A CASE OF EMERGING ECONOMY

In the study of stock investment in capital market by investors in Pandemic Covid-19, it is always carried out rationally. Indeed, the decisions on stock investments are not always rational.The main purpose of this research is to analyze the behavioral factors that affect the preferences of individual’s investors and fund managers in the emerging stock market, Pakistan Stock Exchange. The data of this research were collected through interviews semi structured with the five investor and five fund managers from the stock exchange from Pakistan. The researchers used thematic analysis for data interpretation. The major findings stress that retail investors are more effected by behavioral biases in comparison with fund managers. Further, the results shows that there are some major biases which are effecting both type of investors such as: Herding, Market, Prospect, Overconfidence- gambling errors and Anchoring-ability bias. This study fills a gap in literature on investor psychological response during pandemic epidemic. According to the report, policymakers should devise a strategy to combat COVID-19. To avoid future catastrophes, government should control the health-care budget.

Post-Secondary Education in Canada: Can Ability Bias Explain the Earnings Gap Between College and University Graduates?

Post-Secondary Education in Canada: Can Ability Bias Explain the Earnings Gap Between College and University Graduates? Using the Canadian General Social Survey we compute returns to post-secondary education relative to high-school. Unlike previous research using Canadian data, our dataset allows us to control for ability selection into higher education. We find strong evidence of positive ability selection into all levels of post-secondary education for men and weaker positive selection for women. Since the ability selection is stronger for higher levels of education, particularly for university, the difference in returns between university and college or trades education decreases slightly after accounting for ability bias. However, a puzzling large gap persists, with university-educated men still earning over 20% more than men with college or trades education. Moreover, contrary to previous Canadian literature that reports higher returns for women, we document that the OLS hourly wage returns to university education are the same for men and women. OLS returns are higher for women only if weekly or yearly wages are considered instead, because university-educated women work more hours than the average. Nevertheless, once we account for ability selection into post-secondary education, we generally find higher returns for women than for men for all wage measures as a result of the stronger ability selection for men.

Post-Secondary Education in Canada: Can Ability Bias Explain the Earnings Gap Between College and University Graduates?

Post-Secondary Education in Canada: Can Ability Bias Explain the Earnings Gap Between College and University Graduates?

Post-Secondary Education in Canada: Can Ability Bias Explain the Earnings Gap Between College and University Graduates?

Post-Secondary Education in Canada: Can Ability Bias Explain the Earnings Gap Between College and University Graduates?

Post-Secondary Education in Canada: Can Ability Bias Explain the Earnings Gap Between College and University Graduates?

Post-Secondary Education in Canada: Can Ability Bias Explain the Earnings Gap Between College and University Graduates? Using the Canadian General Social Survey we compute returns to post-secondary education relative to high-school. Unlike previous research using Canadian data, our dataset allows us to control for ability selection into higher education. We find strong evidence of positive ability selection into all levels of post-secondary education for men and weaker positive selection for women. Since the ability selection is stronger for higher levels of education, particularly for university, the difference in returns between university and college or trades education decreases slightly after accounting for ability bias. However, a puzzling large gap persists, with university-educated men still earning over 20% more than men with college or trades education. Moreover, contrary to previous Canadian literature that reports higher returns for women, we document that the OLS hourly wage returns to university education are the same for men and women. OLS returns are higher for women only if weekly or yearly wages are considered instead, because university-educated women work more hours than the average. Nevertheless, once we account for ability selection into post-secondary education, we generally find higher returns for women than for men for all wage measures as a result of the stronger ability selection for men.

ASSESSMENT OF INDIVIDUAL AND INSTITUTIONAL INVESTOR’S INVESTMENT BEHAVIOR DURING COVID-19: A CASE OF EMERGING ECONOMY

In study of stock investment in the capital market by investors in Pandemic Covid-19, it is always carried out rationally. Decisions on stock investments are not always rational. main purpose of research is to analyze behavioral factors that affect preferences of individual’s investors and fund managers in emerging stock market, Pakistan Stock Exchange. The data of this research were “collected through semi-structured interviews with five fund managers and five individual investors” from Pakistan Stock Exchange. The researchers used thematic analysis for data interpretation. The major findings stress that retail investors are more effected by behavioral biases in comparison with fund managers. The results shows that there are some major biases which are affecting both type of investors like overconfidence-gambling, herding, market, prospect, errors and anchoring-ability bias. Data for this study was collected for one time only, for better understanding data may be collected for more than one time in future. Triangulation method may be directed in future for further clarification in existing study.

Revisiting Union Wage and Job Loss Effects Using the Displaced Worker Surveys

Estimates of union wage effects have been challenged by concerns regarding unobserved worker heterogeneity and endogenous job changes. Many economists believe that union wage premiums lead to business failures and other forms of worker displacement. In this article, the authors examine displacement rates and union wage gaps using the 1994–2018 biennial Displaced Worker Survey (DWS) supplements to the monthly Current Population Surveys. For more than two decades, displacement rates among union and non-union workers have been remarkably similar. The authors observe changes in earnings resulting from transitions between union and non-union jobs following exogenous job changes. Consistent with prior evidence from the 1994 and 1996 DWS, findings show longitudinal estimates of average union wage effects close to 15%, which are similar to standard cross-section estimates and suggestive of minimal ability bias. Wage losses moving from union to non-union jobs exceed gains from non-union to union transitions.

Have party premiums disappeared in post-2000 China? The influence of negative ability bias from position conditioning

Communist Party membership is often associated with higher incomes in socialist regimes because it is an important credential for obtaining state-sector jobs and cadre positions. During the first two decades of marketization in China, the income returns to Communist Party membership (the party premium) clearly persisted. However, recent studies have documented an insignificant party premium in post-2000 China. Considering the persistent role of the state in resource allocation, this phenomenon is puzzling and lacks clear interpretation. Drawing on the knowledge of collider conditioning, we hypothesize that this phenomenon stems from a negative ability bias generated by conditioning on endogenous job positions. Using the China General Social Survey 2008, we re-examine the post-2000 party premiums. The results support this hypothesis and demonstrate that this negative ability bias overwhelms the usual positive ability bias and any residual party premiums. Party premiums persist after 2000 and are reflected in positions where the negative ability bias is less influential.

The Individual Benefits of Investing in Skills

This chapter considers returns to the individual from investing in skill. It describes the earnings and employment outcomes of people who have completed different levels of formal education across different countries, and goes on to consider the possible causal mechanisms at work. The methodology for estimating wage returns is critically discussed. Whilst much attention has been devoted to considering ability bias, other issues have received less attention. In particular qualifications or amounts of time spent studying are imperfect proxies for skills produced. Furthermore estimates from wage regressions are almost invariably interpreted through the lens of human capital theory -- the existence of a wage premium indicates that the productivity has increased due to the educational investment. Alternative interpretations are considered. These include the possibility that the premium represents a reward for obtaining a job on a fixed distribution of jobs -- in other words winning a positional competition race. Such possibilities raise several concerns. These include under-utilisation, both of general skills and of skills acquired through work-based training programmes, low marginal returns relative to average returns, and a widening and more risky distribution of payoffs.