NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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30 September 2014

Working with Stars Improves Performances Broadly

Based on a study of a rich data set on national teams and players in the professional soccer industry, Casey Ichniowski and Anne Preston find that the talent of an individual’s co-workers helps explain differences in rates of human capital accumulation on the job. Empirical results consistently show that performance improves more after an individual has been a member of an elite team than when he has been a member of lower-level teams.

29 September 2014

Strategic News Releases Boost CEOs' Equity Income

CEOs strategically time corporate news releases to coincide with months in which their equity vests, according to research by Alex Edmans, Luis Goncalves-Pinto, Yanbo Wang, and Moqi Xu. This generates a temporary run-up in stock prices and market liquidity, and the executives take advantage of these effects by cashing out shortly after the news releases, the researchers find. Five percent more discretionary news is released in vesting months than in other months, but there is no difference in the flow of non-discretionary news.

26 September 2014

Insurance Market Competition and the Consumer Benefits from Medicare Advantage

Marika Cabral, Michael Geruso, and Neale Mahoney study how variation in the capitation payments from the federal government to insurers operating Medicare Advantage programs affected premiums charged to participants. While on average, a one dollar increase in such payments reduced premiums by 45 cents and increased the actuarial value of benefits by 8 cents, for a 53 cent "pass-through," the degree of pass-through varied from 13 percent in the least competitive markets to 74 percent in the most competitive.
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