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The extent of and changes in inter-generational mobility of wealth are central to understanding dynamics of wealth … inequality but hard to measure. Using estate tax returns data, we observe that the share of women among the very wealthy (top 0 ….01%) in the United States peaked in the late 1960s, reaching almost 50%. Three decades on, women's share had declined to one …
Persistent link: https://www.econbiz.de/10012753907
altering the terms of the marital contract these legal changes impacted the incentives for women to enter and remain in the … critically on laws governing property division, I show that these results are not robust to alternative specifications and … participation, regardless of the pre-existing laws regarding property division …
Persistent link: https://www.econbiz.de/10012758356
models to deal with measurement error in wealth reports. Our various results show that men and women in the U.S. marry … marriage market on the basis of parental wealth. We estimate a variety of models, including transition matrices, OLS and TSLS … spouses whose parents have wealth similar to that of their own parents; and are very unlikely to marry persons from very …
Persistent link: https://www.econbiz.de/10013093909
married women's property from seizure in the case of insolvency, amending the common law default which vested a wife …'s property in her husband and thus allowed it to be seized for the repayment of his debts. Importantly, these laws only applied … wealth came from the husband (wife), the law led to an increase (decrease) in investment. This is consistent with a simple …
Persistent link: https://www.econbiz.de/10012999467
Property rights are the most fundamental institution in any society. They determine who has decision-making authority … over assets and who bears the costs and benefits of those decisions. They assign ownership, wealth, political influence … historians have long recognized the importance of secure property rights for economic outcomes. Other political economy …
Persistent link: https://www.econbiz.de/10012920373
We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to internalize externalities. A key feature of the measure is that it allows for the possibility that not all investors are attentive to whether a manager's actions benefit the...
Persistent link: https://www.econbiz.de/10012890898
Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free enterprise. The great economists of the 1930s and 1940s...
Persistent link: https://www.econbiz.de/10013239155
We study two parties who desire a smooth trading relationship under conditions of value and cost uncertainty. A rigid contract fixing price works well in normal times since there is nothing to argue about. However, when value or cost is exceptional, one party will hold up the other , damaging...
Persistent link: https://www.econbiz.de/10012759758
armed actors' property rights over stealing from that economy are secure. By 2009, armed actors taxed, administered, and … violently expropriating the same villages. The findings suggest that the security of property rights over stealing, hence the …
Persistent link: https://www.econbiz.de/10014264760
power between secular and religious elites: secular authorities acquired enormous amounts of wealth from monasteries closed …, especially the building of palaces and administrative buildings, which reflected the increased wealth and power of secular lords …
Persistent link: https://www.econbiz.de/10012945605