This paper documents a strong link between firm level total factor productivity (TFP) and several firm characteristics that are known to predict future stock returns, such as size, the book to market ratio, investment, and hiring rate. TFP is positively related to contemporaneous stock returns...

This paper studies the role of social security and tax and transfer programs for understanding cross-country differences in labor supply late in the life cycle. First, we use the Survey of Health, Ageing, and Retirement in Europe (SHARE) as well as the U.S. Health and Retirement Study (HRS) to...