Papers Containing Tag(s): 'Alfred P Sloan Foundation'
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Viewing papers 61 through 70 of 110
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Working PaperModeling Endogenous Mobility in Wage Determiniation
June 2015
Working Paper Number:
CES-15-18
We evaluate the bias from endogenous job mobility in fixed-effects estimates of worker- and firm-specific earnings heterogeneity using longitudinally linked employer-employee data from the LEHD infrastructure file system of the U.S. Census Bureau. First, we propose two new residual diagnostic tests of the assumption that mobility is exogenous to unmodeled determinants of earnings. Both tests reject exogenous mobility. We relax the exogenous mobility assumptions by modeling the evolution of the matched data as an evolving bipartite graph using a Bayesian latent class framework. Our results suggest that endogenous mobility biases estimated firm effects toward zero. To assess validity, we match our estimates of the wage components to out-of-sample estimates of revenue per worker. The corrected estimates attribute much more of the variation in revenue per worker to variation in match quality and worker quality than the uncorrected estimates.View Full Paper PDF
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Working PaperNOISE INFUSION AS A CONFIDENTIALITY PROTECTION MEASURE FOR GRAPH-BASED STATISTICS
September 2014
Working Paper Number:
CES-14-30
We use the bipartite graph representation of longitudinally linked em-ployer-employee data, and the associated projections onto the employer and em-ployee nodes, respectively, to characterize the set of potential statistical summar-ies that the trusted custodian might produce. We consider noise infusion as the primary confidentiality protection method. We show that a relatively straightfor-ward extension of the dynamic noise-infusion method used in the U.S. Census Bureau's Quarterly Workforce Indicators can be adapted to provide the same confidentiality guarantees for the graph-based statistics: all inputs have been modified by a minimum percentage deviation (i.e., no actual respondent data are used) and, as the number of entities contributing to a particular statistic increases, the accuracy of that statistic approaches the unprotected value. Our method also ensures that the protected statistics will be identical in all releases based on the same inputs.View Full Paper PDF
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Working PaperENFORCING COVENANTS NOT TO COMPETE: THE LIFE-CYCLE IMPACT ON NEW FIRMS
June 2014
Working Paper Number:
CES-14-27
We examine the impact of enforcing non-compete covenants (CNC) on the formation and performance of new firms using matched employer-employee data on 30 US states. To identify the impact of CNC, we exploit the inter-state variation in CNC enforcement along with the fact that courts do not enforce such covenants between law firms and departing lawyers in any state. Using a difference-in-difference-in-difference specification with law firms and firms that are not withinindustry spinouts as the baseline, we find states with stricter CNC enforcement have fewer, but larger within-industry spinouts that are more likely to survive their nascent years, and conditional on survival, grow faster during those years. These results are consistent with CNC enforcement having a selection effect on within-industry spinouts. Particularly, with stricter enforcement, only founders with higher-quality ideas and resources choose to overcome CNC-related barriers, which reduces entry rate but increases observed short-term performance of these spinouts.View Full Paper PDF
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Working PaperLEHD Infrastructure files in the Census RDC - Overview
June 2014
Working Paper Number:
CES-14-26
The Longitudinal Employer-Household Dynamics (LEHD) Program at the U.S. Census Bureau, with the support of several national research agencies, maintains a set of infrastructure files using administrative data provided by state agencies, enhanced with information from other administrative data sources, demographic and economic (business) surveys and censuses. The LEHD Infrastructure Files provide a detailed and comprehensive picture of workers, employers, and their interaction in the U.S. economy. This document describes the structure and content of the 2011 Snapshot of the LEHD Infrastructure files as they are made available in the Census Bureaus secure and restricted-access Research Data Center network. The document attempts to provide a comprehensive description of all researcher-accessible files, of their creation, and of any modifcations made to the files to facilitate researcher access.View Full Paper PDF
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Working PaperTHE OPTION TO QUIT: THE EFFECT OF EMPLOYEE STOCK OPTIONS ON TURNOVER
January 2014
Working Paper Number:
CES-14-06
We show that in the years following a large broad-based employee stock option (BBSO) grant, employee turnover falls at the granting firm. We find evidence consistent with a causal relation by exploiting unexpected changes in the value of unvested options. A large fraction of the reduction in turnover appears to be temporary with turnover increasing in the 3rd year following the year of the adoption of the BBSO plan. We also find that the effect of BBSO plans is larger at market leaders, identified as firms with high industry-adjusted market-to-book ratios, market share or industry-adjusted profit margins, as measured at the time of the grant.View Full Paper PDF
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Working PaperEvery Breath You Take, Every Dollar You'll Make: The Long-Term Consequences of the Clean Air Act of 1970
September 2013
Working Paper Number:
CES-13-52
This paper examines the long-term impacts of in-utero and early childhood exposure to ambient air pollution on adult labor market outcomes. We take advantage of a new administrative data set that is uniquely suited for addressing this question because it combines information on individuals' quarterly earnings together with their counties and dates of birth. We use the sharp changes in ambient air pollution concentrations driven by the implementation of the 1970 Clean Air Act Amendments as a source of identifying variation, and we compare cohorts born in counties that experienced large changes in total suspended particulate (TSP) exposure to cohorts born in counties that had minimal or no changes. We nd a signi cant relationship between TSP exposure in the year of birth and adult labor market outcomes. A 10 unit decrease in TSP in the year of birth is associated with a 1 percent increase in annual earnings for workers aged 29-31. Most, but not all, of this effect is driven by an increase in labor force participation. In present value, the gains from being born into a county affected by the 1970 Clean Air Act amount to about $4,300 in lifetime income for the 1.5 million individuals born into these counties each year.View Full Paper PDF
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Working PaperEARNINGS ADJUSTMENT FRICTIONS: EVIDENCE FROM SOCIAL SECURITY EARNINGS TEST
September 2013
Working Paper Number:
CES-13-50
We study frictions in adjusting earnings to changes in the Social Security Annual Earnings Test (AET) using a panel of Social Security Administration microdata on one percent of the U.S. population from 1961 to 2006. Individuals continue to "bunch" at the convex kink the AET creates even when they are no longer subject to the AET, consistent with the existence of earnings adjustment frictions in the U.S. We develop a novel framework for estimating an earnings elasticity and an adjustment cost using information on the amount of bunching at kinks before and after policy changes in earnings incentives around the kinks. We apply this method in settings in which individuals face changes in the AET bene.t reduction rate, and we estimate in a baseline case that the earnings elasticity with respect to the implicit net-of-tax share is 0.23, and the .xed cost of adjustment is $152.08.View Full Paper PDF
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Working PaperTHE BRIGHT SIDE OF CORPORATE DIVERSIFICATION: EVIDENCE FROM INTERNAL LABOR MARKETS
August 2013
Working Paper Number:
CES-13-40
We estimate the labor market consequences of corporate diversification using worker-firm matched data from the U.S. Census Bureau. We find evidence that workers in diversified firms have greater cross-industry mobility. Displaced workers experience significantly smaller losses when they move to a firm in a new industry in which their former firm alsooperates. We also find more active internal labor markets in diversified firms. Diversified firms exploit the option to redeploy workers internally from declining to expanding industries. Though diversified firms pay higher wages to retain workers, their labor is also more productive than focused firms of the same size, age, and industry. Overall, internal labor markets provide a bright side to corporate diversification.View Full Paper PDF
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Working PaperHUMAN CAPITAL LOSS IN CORPORATE BANKRUPTCY
July 2013
Working Paper Number:
CES-13-37
This paper quantifies the 'human costs of bankruptcy' by estimating employee wage losses induced by the bankruptcy filing of employers using employee-employer matched data from the U.S. Census Bureau's LEHD program. We find that employee wages begin to deteriorate one year prior to bankruptcy. One year after bankruptcy, the magnitude of the decline in annual wages is 30% of pre-bankruptcy wages. The decrease in wages persists (at least) for five years post-bankruptcy. The present value of wage losses summed up to five years after bankruptcy amounts to 29-49% of the average pre-bankruptcy market value of firm. Furthermore, we find that the ex-ante wage premium to compensate for the ex-post wage loss due to bankruptcy can be of similar magnitude with that of the tax benefits of debt.View Full Paper PDF
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Working PaperWHAT DO I TAKE WITH ME?: THE MEDIATING EFFECT OF SPIN-OUT TEAM SIZE AND TENURE ON THE FOUNDER-FIRM PERFORMANCE RELATIONSHIP
April 2013
Working Paper Number:
CES-13-17
Our study examines the mediating effect of spin-out team characteristics on the relationship between founder quality and parent and spin-out performance. Since the ability to transfer or recreate complementary assets is a critical determinant of performance, we theorize and show that founders with greater ability impact both parent firm and spin-out performance by assembling teams that represent strong complementary human capital. Using linked employee-employer US Census data from the legal services industry, we find founding team size and tenure mediate the founder quality effect. Our findings have practical implications for both managers of existing firms and aspiring founders as it relates to their human resource strategies: the factor most salient to performance is not the individual quality per se, but the manner in which it impacts the transfer and spillover of complementary human capital.View Full Paper PDF
