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Claim three should be testable. If it holds then you should be able to get out-performance over some holding horizon by buying the stocks of the dead CEOs. If you got the dates and the tickers that would be pretty easy to calculate. In many ways I treat this finding as a lower bound on the value of the CEO. For one, I expect CEOs to capture much of their benefits to the firm in the form of higher compensation. For another, the replacement CEOs are also likely to be good, if not as good on average for firms where the last CEO was good. This number is really just the measure of the value lost by the firm by getting their second best CEO instead of their first.
Toggle Commented Jan 18, 2011 on Valuing bosses at Stumbling and Mumbling
If you got rid of the minimum wage we might see much more internships with travel and lunch stipends. By changing the structure of the pay we could see many jobs dropping below the hourly rate of the minimum wage but structured in a face saving way. A lot of desirable entry level jobs in the USA like fashion, music, and journalism are structured in this way.
Have you seen "Super Economy"'s discussion of the spirit level? Haven't read the book, but his discussion seemed confined to a factual critique. 1) 2) They also seem to have a much detailed critique elsewhere:
Toggle Commented Aug 28, 2010 on The Spirit Level mechanism at Stumbling and Mumbling
Ate here on Christmas day. I thought the food was massively over-salted and otherwise blandly seasoned. It was a disappointment. We had the pancake above and a chicken curry plus rice and naan. The nan was more like pita than any other naan I'd ever had before.
Toggle Commented Jan 2, 2010 on The India Palace in Yuma at mmm-yoso!!!
1 reply
The fitness argument assumes a particular kind of genetic fitness, that of maximizing the individual's solo qualities. However, parental investment is itself a genetically determined quantity, at least in part (huge variation by species). Marriage is a social system that helps to select for men with traits that encourage high parental investment, which encourages a child's survival prospects as well as a number of other social traits like cooperation, patience, risk aversion, rate of inter-temporal substitution, and thrift.
Toggle Commented Oct 16, 2009 on Marriage and inequality at Stumbling and Mumbling
I'm surprised at how little income it takes to get into the top 3% in UK. It takes about 50% to get into the top 3% in the USA.
Toggle Commented May 12, 2009 on MPs' wages at Stumbling and Mumbling