Essays On Human Capital And Finance
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Essays On Human Capital And Finance
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Author : Miguel Palacios
language : en
Publisher:
Release Date : 2009
Essays On Human Capital And Finance written by Miguel Palacios and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Essays On Human Capital And Financial Markets
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Author : Euikyu Choi
language : en
Publisher:
Release Date : 2016
Essays On Human Capital And Financial Markets written by Euikyu Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation examines various aspects of human capital and their linkage to the financial markets. The first chapter empirically shows that the cost of debt is systematically higher for firms that operate in mobile labor markets. We posit two channels through which labor mobility could positively affect firms' cost of debt. First, relates to greater default risk arising from potential loss of key personnel and a corresponding reduction in future cash flows, while the second relates to lower liquidation value (collateral) given that the firms' human capital is more transient, which reduces pledgeable assets. Using across state, cross-sectional variations in the degree of enforceability of non-compete agreements which restrict employee mobility as a proxy for anticipated labor mobility, and state-level reforms to non-compete laws to capture exogenous shocks to labor mobility, we find that labor mobility (inverse of the strength of non-compete enforceability) has a significantly positive effect on the credit spreads of public corporate bonds (our measure of the cost of debt) issued from 1990 - 2014 for large, U.S. industrial firms. Moreover, the analysis reveals that the effect of labor mobility is greater for firms that are located in states which have a higher concentration of industry rivals or for firms that are comprised primarily of professional, knowledge workers, which corroborates the main results. Overall, these findings suggest that creditors price financial contracts by taking into account the risk that arises from labor mobility. The second chapter examines the effect of shareholder monitoring on the relation between human capital and firm value. The extant literature suggests that influential, concentrated ownership facilitates close shareholder monitoring and reduces information asymmetries between shareholders and the firm (Demsetz, 1985; Anderson and Reeb, 2003). Yet, intense monitoring by shareholders can impede employees' initiatives and effort (Shleifer and Vishny, 1988; Burkart, Gromb, and Panunzi, 1997). We argue that such a cost can be significant when firm output relies on specialized - rather than more generic - human capital, which require self-motivation and autonomy to be productive. Consistent with our argument, the empirical evidence indicates that firm value suffers in the presence of highly influential ownership, but only when firm productivity depends on specialized human capital. We do not find such an effect when human capital is more generalized. Specifically, we observe that an equity portfolio that is long on firms with influential ownership and short on firms without influential ownership earns a significantly negative abnormal return from 2002 to 2010, but again, only for firms with specialized human capital. Overall, our results delineate the importance of considering the linkages between human capital and financial markets, which could impact the allocation of capital in the economy, and moreover, on economic growth.
Essays On Human Capital And Financial Economics
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Author : Jialan Wang (Ph.D.)
language : en
Publisher:
Release Date : 2010
Essays On Human Capital And Financial Economics written by Jialan Wang (Ph.D.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This thesis consists of three essays examining issues related to human capital, careers, and financial economics. In the first chapter, I examine how the process of corporate bankruptcy varies by human capital intensity using a sample of 1,493 public firms that filed for Chapter 11 between 1980 and 2003. I document two key patterns. First, human-capital-intensive are more likely to avoid and delay bankruptcy conditional upon entering distress, and they are more likely to use debt issuance to raise funds prior to bankruptcy. Second, human-capital-intensive firms are more likely to be liquidated within bankruptcy. In the second chapter (co-authored with Pierre Azoulay and Joshua Graff Zivin), we estimate the magnitude of human capital spillovers generated by 112 academic "superstars" who died prematurely and unexpectedly, thus providing an exogenous source of variation in the structure of their collaborators' coauthorship networks. Following the death of a superstar, we find that collaborators experience, on average, a lasting 5 to 8% decline in their quality-adjusted publication rates. By exploring interactions of the treatment effect with a variety of star, coauthor and star/coauthor dyad characteristics, we find evidence that spillovers are circumscribed in idea space, but less so in physical or social space. In particular, superstar extinction reveals the boundaries of the scientific field to which the star contributes - the "invisible college." In the third chapter, I examine the role of artistic films in the careers of star actors and directors. Using data from all films released in the United States from 1980 and 2005 and the career histories of 100 star directors and 94 star actors, I document evidence on the interaction between artistic films and the value of stars over their careers. Artistic films make up 12% of star careers, and they are associated both with significantly lower film revenues and lower monetary compensation. The propensity for stars to work on artistic films is relatively constant across their career, although it is slightly higher when stars are under 30 or over 60 relative to middle age. Furthermore, artistic films are significantly associated with Oscar awards.
Essays In Human Capital And Education Finance
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Author : Constantine N. Yannelis
language : en
Publisher:
Release Date : 2016
Essays In Human Capital And Education Finance written by Constantine N. Yannelis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation examines several empirical questions in human capital and education finance. My main research agenda focuses on how to design an efficient system for human capital investments. Student loans exist to alleviate credit constraints, which can arise due to imperfect information. This dissertation focuses on how to design a system for human capital investments by examine key components of educational borrowing. The following chapters focus on the effects of credit constraints, how these arise and document recent trends in educational borrowing in the United States. This has become a key issue in government finance, as student loans are now the largest source of non-mortgage household debt in the United States. Chapter 1 focuses on the whether credit constraints affect demand for higher education. This chapter uses staggered bank branching deregulation across states in the United States to examine the impact of the resulting increase in the supply of credit on college enrollment from the 70s to early 90s. The research design produces estimates that are not confounded by wealth effects. Lifting branching restrictions raises college enrollment by about 2 percentage points (4%). The results rule out alternative interpretations to the credit constraints channel. First, the effects are largest for low and middle income families, while insignificant for upper income families as well as bankrupt families who would have been unaffected by the increased access to private credit. Second, the effect of lifting branching restrictions subsided immediately following periods of increased loan limit through government student loan programs. We also show that household educational borrowing increased as a result of lifting branching restrictions. The results provide novel evidence that credit constraints play an important role in determining household college enrollment decisions in the United States. This chapter is coauthored with my classmate Stephen Teng Sun. Chapter 2 studies information asymmetries in the student loan market. This chapter examines the rise in student loan delinquency and default drawing on administrative data on federal student borrowing, matched to earnings records from de-identified tax records. Most of the increase in default is associated with the rise in the number of borrowers at for-profit schools and, to a lesser extent, community colleges and certain other non-selective institutions, whose students had historically composed only a small share of borrowers. These non-traditional borrowers were drawn from more disadvantaged circumstances, attended institutions with relatively weak educational outcomes, and experienced poor labor market out- comes after entering repayment. In contrast, default rates among borrowers attending most 4-year public and private institutions and graduate borrowers who represent the vast majority of the federal loan portfolio have remained low, despite the severe re- cession and their relatively high loan balances. Their generally high earnings, low rates of unemployment, and greater family resources appear to have enabled them to avoid adverse loan outcomes even during times of hardship. Decomposition analysis results indicate that changes in characteristics of borrowers and the institutions they attended explain much of the doubling in default rates between 2000 and 2010, with changes in the type of schools attended, debt burdens, and labor market outcomes of non-traditional borrowers at for-profit and community colleges explaining the largest share. Chapter 3 examines recent trends in the US student loan market. This chapter examines the rise in student loan delinquency and default drawing on a unique set of administrative data on federal student borrowing, matched to earnings records from de- identified tax records. Most of the increase in default is associated with the rise in the number of borrowers at for-profit schools and, to a lesser extent, 2-year institutions and certain other non-selective institutions, whose students historically composed only a small share of borrowers. These non-traditional borrowers were drawn from lower income families, attended institutions with relatively weak educational outcomes, and experienced poor labor market outcomes after leaving school. In contrast, default rates among borrowers attending most 4-year public and non-profit private institutions and graduate borrowers- borrowers who represent the vast majority of the federal loan portfolio have remained low, despite the severe recession and their relatively high loan balances. Their higher earnings, low rates of unemployment, and greater family resources appear to have enabled them to avoid adverse loan outcomes even during times of hardship. Decomposition analysis indicates that changes in characteristics of borrowers and in the institutions they attended are associated with much of the doubling in default rates between 2000 and 2011. Changes in the type of schools attended, debt burdens, and labor market outcomes of non-traditional borrowers at for-profit and 2-year colleges explain the largest share. This chapter is coauthored with Adam Looney at the US Department of the Treasury.
Essays On Financial Market Imperfections And Human Capital Accumulation
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Author : Constantinos Panayiotis Christou
language : en
Publisher:
Release Date : 1994
Essays On Financial Market Imperfections And Human Capital Accumulation written by Constantinos Panayiotis Christou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Credit categories.
Essays On Household And Corporate Finance
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Author : Hui Wang
language : en
Publisher:
Release Date : 2020
Essays On Household And Corporate Finance written by Hui Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Commercial loans categories.
This dissertation has two essays which lie at the intersection of household finance and corporate finance. The topics include household leverage and human capital investment, and cross-holding and corporate borrowing. The essays hope to provide empirical analysis to better understand the economic decision made by both individuals and firms in practice. The first essay is “Household Financial Leverage and Human Capital Investment”. In this study, I find that household leverage has a hump-shaped effect on individual’s incentive to invest in human capital. Using the comprehensive information from the National Longitudinal Survey of Youth, I identify human capital investment decision based on whether an individual requests and participates in on-career skill acquisition training, and estimate household leverage based on the detailed debt and asset information. To strengthen causal inferences, I construct an instrumental variable based on changes in household’s mortgage burden relative to home value resulting from plausibly exogenous housing price fluctuations across regions and over time. Overall, this study highlights the effect of household leverage on human capital investment, which provides valuable implications for decisions of both individuals and macro policymakers. The second essay is “Networking Behind the Scenes: Institutional Cross-industry Holdings and Information Frictions in Corporate Loans”, joint with Jie He, Lantian Liang, and Han Xia. In this research, we study the role played by institutional investors in shaping firms’ cost of borrowing through affecting borrowers’ information friction in corporate loan market. We find that borrowers linked to banks other than the existing lenders through cross-holdings enjoy significantly lower loan spreads. This finding is mostly driven by institutions transmitting information between portfolio firms and banks, which mitigates information frictions and thereby reduces firms’ borrowing costs. For identification, we adopt a difference-in-differences method based on the quasi-natural experiment of financial institution mergers. Our evidence highlights an important effect of institutions’ cross-industry holdings on the corporate loan market.
Essays On Human Capital Investments And Microfinance In East African Agriculture
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Author : Rosemary E. Isoto
language : en
Publisher:
Release Date : 2015
Essays On Human Capital Investments And Microfinance In East African Agriculture written by Rosemary E. Isoto and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The second essay explores gender disaggregated effects of microcredit on capital accumulation using a nationally representative dataset from Uganda. The study contributes to the scarce literature on long term impact of microcredit on capital asset accumulation in SSA. Using panel data, issues of selection bias and endogeneity prevalent with microcredit impact evaluations are addressed. The results show that microcredit has a positive and significant effect on physical productive assets and human capital accumulation but no effect on non-productive assets. However, when data is disaggregated by gender, microcredit has a positive and significant effect on productive assets and human capital accumulation for only male-headed households. The study concludes that microcredit increases capital accumulation of men but not of women.
Three Essays On Human Capital And Labor Supply
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Author : Cody Taylor Orr
language : en
Publisher:
Release Date : 2021
Three Essays On Human Capital And Labor Supply written by Cody Taylor Orr and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Electronic dissertations categories.
This dissertation contains three chapters that study individuals' willingness to work, factors that influence their human capital development, and the interaction between their human capital investment decisions and labor supply.Chapter one examines how college students choose their credit hour enrollment, labor supply, and borrowing, paying particular attention to the role of wages, financial resources and beliefs. To formalize these relationships, I construct a dynamic structural model where students choose their credit hours, work hours, and borrowing to maximize lifetime utility. I collect data from two sources to estimate the model: (1) a unique survey of Michigan State undergraduates eliciting their employment history, family financial support, beliefs about the returns to studying and beliefs about earning a high GPA, and (2) administrative data from the University. Estimates of the model suggest that students' credit hour decision is inelastic with respect to changes in financial aid, tuition, beliefs, or wages. Students' labor supply and borrowing decisions are responsive to changes in wages, and for a subset of students, changes in beliefs. I also conduct two counterfactual simulations, increasing the minimum wage and making college tuition free, and evaluate how these policy changes affect student decisions and outcomes.The second chapter studies the relationship between the gender composition of a student's peers and two of their non-cognitive factors: sense of belonging and self-worth. Using data from Add Health and exploiting idiosyncratic variation in the share of female peers across grades within schools, I find positive but small effects of a higher share of female peers for male students. I do not find statistically significant effects for female students, but I can rule out large positive effects.The third chapter, jointly written with Todd Elder and Steven J. Haider, estimates how the wage elasticity of labor supply has changed for single and married men and women over the last two decades. The wage elasticity of labor supply is arguably one of the most fundamental parameters in economics, but despite the central role of this parameter, few studies have examined how it has evolved past the early 2000s. We find robust evidence that the labor supply elasticities for all four demographic groups have increased modestly. For women, this finding is a substantial departure from earlier evidence. We also contribute to the literature on the robustness of discrete choice labor supply models by estimating elasticities under a variety of assumptions and specifications. Our estimated trends are remarkably similar across specifications.
Essays On School District Finance And Human Capital Accumulation
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Author : Frank Stephen Snipes
language : en
Publisher:
Release Date : 2001
Essays On School District Finance And Human Capital Accumulation written by Frank Stephen Snipes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Educational vouchers categories.
Essays On Human Capital Mobility And Asset Pricing
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Author : Andres Francisco Donangelo
language : en
Publisher:
Release Date : 2011
Essays On Human Capital Mobility And Asset Pricing written by Andres Francisco Donangelo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation explores the intersection between labor and financial markets, in which labor mobility plays a fundamental role. Unlike physical assets such as buildings or machines, human capital can actually walk away from the firm as employees and managers switch employers. The interaction between labor mobility, firm risk and human capital has been remarkably under-researched until now. The main question of this broad project is how differences in the flexibility of workers to find employment across different industries--labor mobility--affects the owners of human and physical capital. The three parts of the dissertation look at this question from different angles. The first part, Labor Mobility and the Cross-Section of Expected Returns, focuses on the effect of labor mobility on the degree of operating leverage of a firm and thus on asset returns. I construct a dynamic model where worker's employment decisions affect the productivity of capital and asset prices in predictable ways. The model shows that reliance on a workforce with flexibility to enter and exit an industry translates into a form of operating leverage that amplifies equity-holders' exposure to productivity shocks. Consequently, firms in an industry with mobile workers have higher systematic risk loadings and higher expected asset returns. I use data from the Bureau of Labor Statistics to construct a novel measure of labor supply mobility, in line with the model, based on the composition of occupations across industries over time. I document a positive and economically significant cross-sectional relation between measures of labor mobility, operating leverage, and expected asset returns. This relation is not explained by firm characteristics known in the literature to predict expected returns. The second part, Aggregate Asset-Pricing Implications of Human Capital Mobility in General Equilibrium, extends the model in the first chapter to consider the general equilibrium implications of labor mobility. The setup is based on a multi-industry dynamic economy with production. The extended model shows that mobility of labor affects not only cash-flows, but also aggregate risk, and the equity premium. This part considers two different types of human capital. Generalist human capital can move between industries, while specialized human capital and physical capital cannot. The greater relative mobility of human capital relative to physical capital affects how aggregate risk in the economy is split between these two components of total wealth. The model shows that aggregate consumption and wealth increase when human capital is more mobile. However, at the same time, aggregate risk and the equity risk premium also increase under human capital mobility. I assume that the workforce in the economy is exogenously given in the first two chapters of this dissertation. This assumption is relaxed in the third chapter, Investments in Human Capital and Expected Asset Returns, where I endogenize the composition of occupations to discuss the interaction between human capital investments and labor mobility. This chapter focuses on the decision of workers to acquire different types of costly human capital with different degrees of associated labor mobility. This part introduces a two-sector general-equilibrium model with production and investments in human capital (i.e. education). Ex-ante identical workers face a trade-off between breadth and depth in the acquisition of industry-specific labor productivity. This chapter derives sufficient conditions for the existence of mobile workers. When these conditions are met, a fraction of workers chooses to acquire mobile but less productive generalist skills, even when labor risk can be fully hedged in financial markets.