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Mean Reversion in Stock Prices: Evidence and Implications
This paper analyzes the statistical evidence bearing on whether transitory components account for a large fraction of the variance in common stock returns. The first part treats methodological issuesExpand
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Capital budgets, borrowing rules, and state capital spending
This paper uses cross-section data on the U.S. states to test the hypothesis that budgeting and borrowing rules affect the level and composition of public spending. It employs a 1963 data set withExpand
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The Asset Cost of Poor Health
This paper examines the correlation between poor health and asset accumulation for households in the first nine waves of the Health and Retirement Survey. Rather than enumerating the specific costsExpand
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Venture Capital and Capital Gains Taxation
This paper investigates the links between capital gains taxation and the level of venture capital activity. I examine two explanations of how reducing the personal capital gains tax rate may spurExpand
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Income Inequality and the Incomes of Very High-Income Taxpayers: Evidence from Tax Returns
This paper uses tax return data for the period 1951-1990 to investigate the rising share of adjusted gross income (AGI) that is reported on very high income tax returns. We find that most of theExpand
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Do After-Tax Returns Affect Mutual Fund Inflows?
This paper explores the relationship between the after-tax returns that taxable investors earn on equity mutual funds and the subsequent cash inflows to these funds. Previous studies have documentedExpand
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Financial Well-Being in Late Life: Understanding the Impact of Adverse Health Shocks and Spousal Deaths
This paper uses data on the over-65 population drawn from ten waves of the Health and Retirement Study (HRS) to explore the role of health shocks in contributing to the draw-down of retirementExpand
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Tax Subsidies to Employer-Provided Health Insurance
This paper investigates the current tax subsidy to employer- provided health insurance, and presents new evidence on the economic effects of various tax reforms. It argues that previous analyses haveExpand
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Joint Life Annuities and Annuity Demand by Married Couples
This paper explores the value of purchasing joint life annuities for married couples. It describes the existing market for joint life annuities, and summarizes the range of annuity products that areExpand
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Family Status Transitions, Latent Health, and the Post-Retirement Evolution of Assets
We consider the evolution of assets after retirement. We ask whether total assets--including housing equity, personal retirement accounts, and other financial assets--tend to be husbanded for a rainyExpand
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