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Permanent Earnings (permanent + earning)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	60%

Selected Abstracts

Aggregate Dividend Behavior and Permanent Earnings Hypothesis

FINANCIAL REVIEW, Issue 1 2001
Ming-Shiun Pan
G35 Abstract The study examines the aggregate dividend behavior of U.S. corporations based on the permanent earnings hypothesis. Using annual data of aggregate earnings and dividends from 1871,1993, I find that although managers change dividends proportional to permanent earnings changes, they make revisions with a larger percentage change in dividends than in permanent earnings. The results from the post-war data show that firms follow a partial adjustment policy with a long-term dividend payout target in mind and make revisions with a delay. The quarterly data analysis yields results similar to those of the post-war annual data. [source]

Medical demography and intergenerational inequalities in general practitioners' earnings

HEALTH ECONOMICS, Issue 9 2008
B. Dormont
Abstract This article examines the link between restrictions on the number of physicians and general practitioners' (GPs) earnings. Using a representative panel of 6016 French self-employed GPs over the years 1983,2004, we estimate an earnings function to identify experience, time and cohort effects. The estimated gap in earnings between ,good' and ,bad' cohorts can be as large as 25%. GPs who began their practices during the eighties have the lowest permanent earnings: they belong to the large cohorts of the baby-boom and face the consequences of an unlimited number of places in medical schools. Conversely, the decrease in the number of places in medical schools led to an increase in permanent earnings of GPs who began their practices in the mid-nineties. A stochastic dominance analysis shows that unobserved heterogeneity does not compensate for average differences in earnings between cohorts. These findings suggest that the first years of practice are decisive for a GP. If competition between physicians is too intense at the beginning of their careers, they will suffer from permanently lower earnings. To conclude, our results show that the policies aimed at reducing the number of medical students succeeded in buoying up physicians' permanent earnings. Copyright © 2008 John Wiley & Sons, Ltd. [source]

How Credit Access Has Changed Over Time for U.S. Households

JOURNAL OF CONSUMER AFFAIRS, Issue 2 2003
ANGELA C. LYONS
The financial industry made a number of efforts throughout the 1990s to provide additional borrowing opportunities to households traditionally constrained by the credit markets. Using data from the Survey of Consumer Finances (SCF), this study investigates the degree to which household liquidity constraints relaxed between 1983 and 1998. The gap between actual and desired borrowing is estimated. The findings indicate that the ability of all households to obtain their desired debt levels increased after 1983 and most dramatically between 1992 and 1998. The findings hold true across all households regardless of permanent earnings, age, gender, or race. Those experiencing the greatest gains in credit access were black households and households with low permanent earnings. [source]