We add to the debate about whether empirical models of earnings dynamics should allow for unobservable heterogeneity in expected earnings growth rates by considering the consequences for estimating the variance of earnings shocks. Several tests are proposed, some that extend and augment earlier evidence, and some entirely new. In every case, empirical evidence from the Panel Study on Income Dynamics favors models lacking such heterogeneity. Such models invariably indicate workers face greater risk of permanent earnings shocks, implying much of the dispersion in lifetime earnings may not be predictable ex-ante.
{"title":"Earnings Risk and Heterogeneous Expected Earnings Profiles","authors":"Scott Drewianka, P. Oberg","doi":"10.2139/ssrn.3630330","DOIUrl":"https://doi.org/10.2139/ssrn.3630330","url":null,"abstract":"We add to the debate about whether empirical models of earnings dynamics should allow for unobservable heterogeneity in expected earnings growth rates by considering the consequences for estimating the variance of earnings shocks. Several tests are proposed, some that extend and augment earlier evidence, and some entirely new. In every case, empirical evidence from the Panel Study on Income Dynamics favors models lacking such heterogeneity. Such models invariably indicate workers face greater risk of permanent earnings shocks, implying much of the dispersion in lifetime earnings may not be predictable ex-ante.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126075187","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We provide novel estimates of gender differences in the allocation of time by Italian adults and document their trends over the span 2002-2014, pooling three time-use surveys run by the Italian National Institute of Statistics (ISTAT). The positive gap (females-males) in time devoted to Household work and the negative gap in Market work and Leisure are found to have narrowed over the observed period, mainly due to changes in women’s time allocation, while the positive gap in time devoted to Child care remained substantially constant. In 2014, the sharing of family duties appears still heavily unbalanced even when we look at the subsample of full-time working parents. Full-time working mothers devote to Market work about 4 hours per week less than their partners, but they devote 14 hours per week more to Household work and 3 hours and a half more to Basic child care. This translates in 13 hours per week more total (paid and unpaid) work and 11 hours per week less Leisure. On the positive side, the gender gap in time devoted to Quality child care exhibits a reversed sign in 2014. The change is driven by weekend days, when partners of full-time working mothers become the main provider of this type of care.
{"title":"Italian Families in the 21st Century: Gender Gaps in Time Use and their Evolution","authors":"F. Barigozzi, Cesare Di Timoteo, C. Monfardini","doi":"10.2139/ssrn.3627007","DOIUrl":"https://doi.org/10.2139/ssrn.3627007","url":null,"abstract":"We provide novel estimates of gender differences in the allocation of time by Italian adults and document their trends over the span 2002-2014, pooling three time-use surveys run by the Italian National Institute of Statistics (ISTAT). The positive gap (females-males) in time devoted to Household work and the negative gap in Market work and Leisure are found to have narrowed over the observed period, mainly due to changes in women’s time allocation, while the positive gap in time devoted to Child care remained substantially constant. In 2014, the sharing of family duties appears still heavily unbalanced even when we look at the subsample of full-time working parents. Full-time working mothers devote to Market work about 4 hours per week less than their partners, but they devote 14 hours per week more to Household work and 3 hours and a half more to Basic child care. This translates in 13 hours per week more total (paid and unpaid) work and 11 hours per week less Leisure. On the positive side, the gender gap in time devoted to Quality child care exhibits a reversed sign in 2014. The change is driven by weekend days, when partners of full-time working mothers become the main provider of this type of care.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132859065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper explores gender differences in the career paths of immigrant and native parents before and after childbirth using Spanish administrative data and an event study specification. I find an important gender pay gap emerging after childbirth for both immigrants and natives, and that the drivers of these gender pay gaps strongly differ between natives and immigrants: while children generate higher gender gaps in labour participation and part-time work for natives, the gender gaps in employment and permanent employment are greater for immigrants. I investigate whether the deterioration of mothers’ careers originates from workers’ or employers’ decisions, and show that the main reason for native mothers is to temporarily stop working, while for immigrant mothers is being dismissed. Finally, I show that the educational background of parents is an important determinant of the native-immigrant differences I find in the effect of children on the gender pay gap, while the cultural background is not.
{"title":"Native-Immigrant Differences in the Effect of Children on the Gender Pay Gap","authors":"Adrian Nieto Castro","doi":"10.2139/ssrn.3624746","DOIUrl":"https://doi.org/10.2139/ssrn.3624746","url":null,"abstract":"Abstract This paper explores gender differences in the career paths of immigrant and native parents before and after childbirth using Spanish administrative data and an event study specification. I find an important gender pay gap emerging after childbirth for both immigrants and natives, and that the drivers of these gender pay gaps strongly differ between natives and immigrants: while children generate higher gender gaps in labour participation and part-time work for natives, the gender gaps in employment and permanent employment are greater for immigrants. I investigate whether the deterioration of mothers’ careers originates from workers’ or employers’ decisions, and show that the main reason for native mothers is to temporarily stop working, while for immigrant mothers is being dismissed. Finally, I show that the educational background of parents is an important determinant of the native-immigrant differences I find in the effect of children on the gender pay gap, while the cultural background is not.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130551259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Guilherme Lichand, E. Bettinger, Nina Cunha, Ricardo A. Madeira
Poverty focuses attention on present needs. Does that mean that poor parents respond inefficiently to future returns on investments in their children's human capital - even when they would have the financial means to invest optimally? We study this question in the context of an educational program in Brazil whose predicted child-specific returns are known to the researchers, allowing us to compute optimal decisions. Using a lab-in-the-field experiment to make some parents worry more than others about pressing financial needs, we find that those in the treatment condition offered the opportunity to invest in that program misallocate resources relative to the control group: they not only invest significantly less when the program has high returns, but also, significantly more when predicted returns are low. We show that such inefficient responses are driven by poverty-induced attention misa/Jocation, since (1) parents in the treatment condition perform better in cognitive tests that yield small but immediate returns, and (2) increasing the salience of returns before the experiment eliminates differential responses by those parents. Our results suggest that poiicy instruments to boost human capital investments among the poor, such as credit lines earmarked for education, may be insufficient to spark such investments when returns are high, and even lead to over-investment by those not expected to benefit from it.
{"title":"The Psychological Effects of Poverty on Investments in Children’s Human Capital","authors":"Guilherme Lichand, E. Bettinger, Nina Cunha, Ricardo A. Madeira","doi":"10.2139/ssrn.3633815","DOIUrl":"https://doi.org/10.2139/ssrn.3633815","url":null,"abstract":"Poverty focuses attention on present needs. Does that mean that poor parents respond inefficiently to future returns on investments in their children's human capital - even when they would have the financial means to invest optimally? We study this question in the context of an educational program in Brazil whose predicted child-specific returns are known to the researchers, allowing us to compute optimal decisions. Using a lab-in-the-field experiment to make some parents worry more than others about pressing financial needs, we find that those in the treatment condition offered the opportunity to invest in that program misallocate resources relative to the control group: they not only invest significantly less when the program has high returns, but also, significantly more when predicted returns are low. We show that such inefficient responses are driven by poverty-induced attention misa/Jocation, since (1) parents in the treatment condition perform better in cognitive tests that yield small but immediate returns, and (2) increasing the salience of returns before the experiment eliminates differential responses by those parents. Our results suggest that poiicy instruments to boost human capital investments among the poor, such as credit lines earmarked for education, may be insufficient to spark such investments when returns are high, and even lead to over-investment by those not expected to benefit from it.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133207237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We investigate the education polygenic score (PGS), an index based on genetic data that predicts years of formal education. Based on the National Longitudinal Study of Adolescent to Adult Health, we find that an education PGS has a beneficial effect on multiple health-related outcomes in young adulthood both indirectly though education and directly. In addition, we find that socioeconomic status (SES) moderates the relationship between the PGS and health outcomes so that individuals with particularly low SES typically do not experience health benefits from the education PGS. We decompose the effect of the PGS with respect to education, early health, and cognitive and noncognitive skills and find that the beneficial effects of PGS work through formal education, early health, and early skills, among other channels. Finally, after controlling for education PGS and unobserved heterogeneity on top of more traditional controls, we still find that education is associated with better health outcomes, which adds evidence to the debate about the causal link between education and health.
{"title":"Understanding the Education Polygenic Score and Its Interactions with SES in Determining Health in Young Adulthood","authors":"A. Bolyard, P. Savelyev","doi":"10.2139/ssrn.3397735","DOIUrl":"https://doi.org/10.2139/ssrn.3397735","url":null,"abstract":"We investigate the education polygenic score (PGS), an index based on genetic data that predicts years of formal education. Based on the National Longitudinal Study of Adolescent to Adult Health, we find that an education PGS has a beneficial effect on multiple health-related outcomes in young adulthood both indirectly though education and directly. In addition, we find that socioeconomic status (SES) moderates the relationship between the PGS and health outcomes so that individuals with particularly low SES typically do not experience health benefits from the education PGS. We decompose the effect of the PGS with respect to education, early health, and cognitive and noncognitive skills and find that the beneficial effects of PGS work through formal education, early health, and early skills, among other channels. Finally, after controlling for education PGS and unobserved heterogeneity on top of more traditional controls, we still find that education is associated with better health outcomes, which adds evidence to the debate about the causal link between education and health.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129596084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
E. Avraamova, Anastasia V. Karavay, Dmitriy Loginov, V. Titov
Russian Abstract: Целью исследования является выявление, с одной стороны, основных и наиболее распространенных типов социально-экономического и демографического поведения российской молодежи, а, с другой – новых типов поведения, которые зарождаются в молодежной среде, с тем, чтобы впоследствии тиражироваться в других возрастных когортах. Информационной базой исследования является анкетный опрос молодежных групп (в возрасте 18-35 лет), проведенный по общероссийской репрезентативной выборке. Анализ эмпирических данных позволил выявить модели экономической активности миллениалов. Исследованы традиционные и новые модели трудового и финансового поведения. Выявлены базовые и новые модели демографического поведения. Проанализированы социальные практики, распространенные в молодежной среде, а также формы солидарности поколений.
English Abstract: The aim of the study is, on the one hand, to identify the main and the most widespread types of socio-economic and demographic behavior of the Russian youth and, on the other hand, to find out new types of behavior that appear in the youth environment that will consequently spread among other age cohorts.
The informational base of the study is the survey among groups of young people (in the age from 18 to 35) conducted basing on the representative sample all over Russia. The analysis of empirical data allowed to reveal the models of ’Millennials’ economic activity. The new and traditional models of labor and financial behavior are studied. The basic and new models of demographic behavior are found out. The social practices common for young people as well as the forms of solidarity among generations are analyzed.
俄罗斯Abstract:研究的目的是识别俄罗斯青年社会经济和人口行为的基本和最常见类型，另一方面是在青年环境中产生的新行为，以便以后在其他年龄群体中传播。该研究的信息数据库是一份关于全俄罗斯代表性样本的青年团体调查问卷(18-35岁)。对经验数据的分析揭示了千禧年经济活动的模式。研究传统和新模式的劳动和金融行为。人口行为的基本和新模式已经被发现。分析了在青年环境中普遍存在的社会实践以及世代团结的形式。抽象:The aim of The English研究is on The one hand to identify The main and The most widespread types of socio - economic and demographic behavior of The俄罗斯youth and on The other hand, to find out new types of behavior that appear in The youth环境that will consequently spread《other age cohorts。在18到35岁的时候，人们的生活基础是建立在俄罗斯的基础上。这是对实验数据的分析，这是对千禧年活动模型的分析。labor和finavior工作室的新交易模型。比哈维奥的基础和新模式是开放的。社会传统的社区与年轻人的社区是一致的，因为他们是独立的传统形式。
{"title":"Дифференциация молодежных групп: экономическая активность, демографическое поведение, социальные практики (Differentiation of Youth Groups: Economic Activity, Demographic Behavior, Social Practices)","authors":"E. Avraamova, Anastasia V. Karavay, Dmitriy Loginov, V. Titov","doi":"10.2139/ssrn.3710497","DOIUrl":"https://doi.org/10.2139/ssrn.3710497","url":null,"abstract":"<b>Russian Abstract:</b> Целью исследования является выявление, с одной стороны, основных и наиболее распространенных типов социально-экономического и демографического поведения российской молодежи, а, с другой – новых типов поведения, которые зарождаются в молодежной среде, с тем, чтобы впоследствии тиражироваться в других возрастных когортах.<br>Информационной базой исследования является анкетный опрос молодежных групп (в возрасте 18-35 лет), проведенный по общероссийской репрезентативной выборке.<br>Анализ эмпирических данных позволил выявить модели экономической активности миллениалов. Исследованы традиционные и новые модели трудового и финансового поведения. Выявлены базовые и новые модели демографического поведения. Проанализированы социальные практики, распространенные в молодежной среде, а также формы солидарности поколений.<br><br><b>English Abstract:</b> The aim of the study is, on the one hand, to identify the main and the most widespread types of socio-economic and demographic behavior of the Russian youth and, on the other hand, to find out new types of behavior that appear in the youth environment that will consequently spread among other age cohorts.<br><br>The informational base of the study is the survey among groups of young people (in the age from 18 to 35) conducted basing on the representative sample all over Russia. The analysis of empirical data allowed to reveal the models of ’Millennials’ economic activity. The new and traditional models of labor and financial behavior are studied. The basic and new models of demographic behavior are found out. The social practices common for young people as well as the forms of solidarity among generations are analyzed.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114168595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Female labour force participation has increased tremendously since World War II in developed countries. Prior research provides piecemeal evidence identifying some drivers of change but largely fails to present a consistent story. Using a rare combination of data and modelling capacity available in Australia, we develop a new decomposition approach to explain rising female labour force participation since the mid-1990s. The approach allows us to identify, for the first time, the role of tax and transfer policy reforms as well as three other factors that have been shown to matter by earlier studies. These are (i) changes in real wages, (ii) population composition changes, and (iii) changes in labour supply preference parameters. A key result is that –despite the ongoing emphasis of public policy on improved work incentives for women in Australia and elsewhere– changes in financial incentives due to tax and transfer policy reforms have contributed relatively little to achieve these large increases in participation. Instead, the other three factors drive the increased female labour force participation.
{"title":"Understanding the Rising Trend in Female Labour Force Participation","authors":"N. Hérault, G. Kalb","doi":"10.2139/ssrn.3636580","DOIUrl":"https://doi.org/10.2139/ssrn.3636580","url":null,"abstract":"Female labour force participation has increased tremendously since World War II in developed countries. Prior research provides piecemeal evidence identifying some drivers of change but largely fails to present a consistent story. Using a rare combination of data and modelling capacity available in Australia, we develop a new decomposition approach to explain rising female labour force participation since the mid-1990s. The approach allows us to identify, for the first time, the role of tax and transfer policy reforms as well as three other factors that have been shown to matter by earlier studies. These are (i) changes in real wages, (ii) population composition changes, and (iii) changes in labour supply preference parameters. A key result is that –despite the ongoing emphasis of public policy on improved work incentives for women in Australia and elsewhere– changes in financial incentives due to tax and transfer policy reforms have contributed relatively little to achieve these large increases in participation. Instead, the other three factors drive the increased female labour force participation.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121981875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Dhanushka Thamarapani, Marc Rockmore, Willa Friedman
An emerging literature finds that childhood exposure to adverse events determines adult outcomes and behavior. We extend this research to understand the influence of witnessing a sibling death as a child on subsequent educational and fertility outcomes in Indonesia. Using panel data and a sibling fixed effects model, we identify this relationship based on variation in the age of surviving children within the same family. Our findings strongly support the importance and persistence of adverse childhood experiences. In particular, for surviving sisters, witnessing a sibling death reduces the years of completed education and the likelihood of completing secondary schooling. The effect on surviving brothers is more muted. A potential channel for this result is that women respond by changing their fertility behavior. While surviving the death of a sibling has little effect on desired fertility levels, we find evidence that surviving sisters start a family about 3-4 years earlier. This suggests that interventions targeted at early-life outcomes may have important ripple effects and that the full impact of health interventions may not be visible until decades afterwards
{"title":"The Educational and Fertility Effects of Sibling Deaths","authors":"Dhanushka Thamarapani, Marc Rockmore, Willa Friedman","doi":"10.2139/ssrn.3172537","DOIUrl":"https://doi.org/10.2139/ssrn.3172537","url":null,"abstract":"An emerging literature finds that childhood exposure to adverse events determines adult outcomes and behavior. We extend this research to understand the influence of witnessing a sibling death as a child on subsequent educational and fertility outcomes in Indonesia. Using panel data and a sibling fixed effects model, we identify this relationship based on variation in the age of surviving children within the same family. Our findings strongly support the importance and persistence of adverse childhood experiences. In particular, for surviving sisters, witnessing a sibling death reduces the years of completed education and the likelihood of completing secondary schooling. The effect on surviving brothers is more muted. A potential channel for this result is that women respond by changing their fertility behavior. While surviving the death of a sibling has little effect on desired fertility levels, we find evidence that surviving sisters start a family about 3-4 years earlier. This suggests that interventions targeted at early-life outcomes may have important ripple effects and that the full impact of health interventions may not be visible until decades afterwards","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131630648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We investigate the role of migration and housing constraints in determining income inequality within and across Chinese cities. Combining microdata and a spatial equilibrium model, we quantify the impact of the massive spatial reallocation of workers and the rapid growth of housing costs on the national income distribution. We first show several stylized facts detailing the strong positive correlation between migration inflows, housing costs, and imputed income inequality among Chinese cities. We then build a spatial equilibrium model featuring workers with heterogeneous skills, housing constraints, and heterogeneous returns from housing ownership to explain these facts. Our quantitative results indicate that the reductions in migration costs and the disproportionate growth in productivity across cities and skills result in the observed massive migration flows. Combining with the tight land supply policy in big cities, the expansion of the housing demand causes the rapid growth of housing costs and enlarges the inequality between local housing owners and migrants. The counterfactual analysis shows that if we redistribute land supply increment by migrant flow and increase land supply toward cities with more migrants, we could lower the within-city income inequality by 14% and the national income inequality by 18%. Meanwhile, we can simultaneously encourage more migration into higher productivity cities.
{"title":"Migration, Housing Constraints, and Inequality: A Quantitative Analysis of China","authors":"Min Fang, Zibin Huang","doi":"10.2139/ssrn.3572838","DOIUrl":"https://doi.org/10.2139/ssrn.3572838","url":null,"abstract":"We investigate the role of migration and housing constraints in determining income inequality within and across Chinese cities. Combining microdata and a spatial equilibrium model, we quantify the impact of the massive spatial reallocation of workers and the rapid growth of housing costs on the national income distribution. We first show several stylized facts detailing the strong positive correlation between migration inflows, housing costs, and imputed income inequality among Chinese cities. We then build a spatial equilibrium model featuring workers with heterogeneous skills, housing constraints, and heterogeneous returns from housing ownership to explain these facts. Our quantitative results indicate that the reductions in migration costs and the disproportionate growth in productivity across cities and skills result in the observed massive migration flows. Combining with the tight land supply policy in big cities, the expansion of the housing demand causes the rapid growth of housing costs and enlarges the inequality between local housing owners and migrants. The counterfactual analysis shows that if we redistribute land supply increment by migrant flow and increase land supply toward cities with more migrants, we could lower the within-city income inequality by 14% and the national income inequality by 18%. Meanwhile, we can simultaneously encourage more migration into higher productivity cities.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"142 23","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141209790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In recent years, firms had been paying increasing attention to its social performance to improve the overall corporate reputation. Another clear trend is that firms are shifting away from defined benefit pension plans (DB plans) which means firms will be bearing less risk and liability, this can be a significant change to household retirement savings and more directly, retiree well being. Moreover, the portion of dividend-paying firms is dropping over the years. This paper studies the relationship between Corporate social responsibility, corporate pension liability, and dividend payout ratio using annual pension data and dividend data from Compustats and Corporate Social Responsibility data from MSCI ESG KLD (formerly KLD and GMI); Firm profitability was also taken into account with annual fundamental data from Compustats.
{"title":"Corporate Social Responsibility, Pension Liability, and Dividend Policy","authors":"Ken Y. Chen","doi":"10.2139/ssrn.3583901","DOIUrl":"https://doi.org/10.2139/ssrn.3583901","url":null,"abstract":"In recent years, firms had been paying increasing attention to its social performance to improve the overall corporate reputation. Another clear trend is that firms are shifting away from defined benefit pension plans (DB plans) which means firms will be bearing less risk and liability, this can be a significant change to household retirement savings and more directly, retiree well being. Moreover, the portion of dividend-paying firms is dropping over the years. This paper studies the relationship between Corporate social responsibility, corporate pension liability, and dividend payout ratio using annual pension data and dividend data from Compustats and Corporate Social Responsibility data from MSCI ESG KLD (formerly KLD and GMI); Firm profitability was also taken into account with annual fundamental data from Compustats.","PeriodicalId":149805,"journal":{"name":"Labor: Demographics & Economics of the Family eJournal","volume":"159 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134050117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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