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| 2. |
- Böhm, Michael, J., et al.
(author)
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Replication package for "Since You're So Rich, You Must Be Really Smart": Talent, Rent Sharing, and the Finance Wage Premium - V1
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Other publication (other academic/artistic)abstract
- The package contains the code necessary to reproduce the Tables and Figures in Böhm, Metzger and Strömberg (2022) "'Since You're So Rich, You Must Be Really Smart': Talent, Rent Sharing, and the Finance Wage Premium" Review of Economic Studies.
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| 3. |
- Böhm, Michael, J., et al.
(author)
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Replication package for "Since You're So Rich, You Must Be Really Smart": Talent, Rent Sharing, and the Finance Wage Premium - V2
-
Other publication (other academic/artistic)abstract
- The package contains the code necessary to reproduce the Tables and Figures in Böhm, Metzger and Strömberg (2022) "'Since You're So Rich, You Must Be Really Smart': Talent, Rent Sharing, and the Finance Wage Premium" Review of Economic Studies.
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| 4. |
- Böhm, Michael, et al.
(author)
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"Since you're so rich, you must be really smart": Talent and the Finance Wage Premium
- 2018
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Other publication (other academic/artistic)abstract
- Wages in the financial sector have experienced an extraordinary increase over the last few decades. A proposed explanation for this trend has been that the demand for skill has risen more in finance compared to other sectors. We use Swedish administrative data, which include detailed cognitive and non-cognitive test scores as well as educational performance, to examine the implications of this hypothesis for talent allocation and relative wages in the financial sector. We find no evidence that the selection of talent into finance has improved, neither on average nor at the top of the talent and wage distributions. A changing composition of talent or their returns cannot account for the surge in the finance wage premium. While these findings alleviate concerns about a "brain drain" into finance at the expense of other sectors, they also suggest that finance workers are capturing substantial rents that have increased over time.
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| 5. |
- Böhm, Michael, et al.
(author)
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Since You're So Rich, You Must Be Really Smart': Talent and the Finance Wage Premium
- 2016
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In: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Other publication (other academic/artistic)abstract
- Relative pay in the financial sector has experienced an extraordinary increase over the last few decades. A proposed explanation for this pattern has been that the demand for skilled workers in finance has risen more than in other sectors. We use Swedish administrative data, which include detailed cognitive and non-cognitive test scores as well as performance in high-school and university, to examine the implications of this hypothesis for talent allocation and relative wages in the financial sector. We find no evidence that the selection of talent into finance increased or improved, neither on average nor at the top of the talent distribution. A changing composition of talent or their returns cannot account for the surge in the finance wage premium. These findings alleviate concerns about a “brain drain” into finance at the expense of other sectors, but they also suggest that rents in finance are high, increasing, and largely unexplained.
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| 6. |
- Holzmeister, Felix, et al.
(author)
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Heterogeneity in effect size estimates : Empirical evidence and practical implications
- 2023
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Other publication (other academic/artistic)abstract
- A typical empirical study involves choosing a sample, a research design, and an analysis path. Variation in such choices across studies leads to heterogeneity in results that introduce an additional layer of uncertainty not accounted for in reported standard errors and confidence intervals. We provide a framework for studying heterogeneity in the social sciences and divide heterogeneity into population heterogeneity, design heterogeneity, and analytical heterogeneity. We estimate each type's heterogeneity from multi-lab replication studies, prospective meta-analyses of studies varying experimental designs, and multi-analyst studies. Our results suggest that population heterogeneity tends to be relatively small, whereas design and analytical heterogeneity are large. A conservative interpretation of the estimates suggests that incorporating the uncertainty due to heterogeneity would approximately double sample standard errors and confidence intervals. We illustrate that heterogeneity of this magnitude — unless properly accounted for —has severe implications for statistical inference with strongly increased rates of false scientific claims.
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| 7. |
- Metzger, Daniel, et al.
(author)
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“Since You’re So Rich, You Must Be Really Smart” : Talent, Rent Sharing, and the Finance Wage Premium
- 2022
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Other publication (other academic/artistic)abstract
- Financial sector wages have increased extraordinarily over the last decades. We address two potential explanations for this increase: (1) rising demand for talent and (2) firms sharing rents with their employees. Matching administrative data of Swedish workers, which include unique measures of individual talent, with financial information on their employers, we find no evidence that talent in finance improved, neither on average nor at the top. The increase in relative finance wages is present across talent and education levels, which together can explain at most 20% of it. In contrast, rising financial sector profits that are shared with employees account for up to half of the relative wage increase. The limited labor supply response may partly be explained by the importance of early-career entry and social connections in finance. Our findings alleviate concerns about "brain drain" into finance but suggest that finance workers have captured rising rents over time.
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