Insurance of the Unemployed Get access John Graham Brooks John Graham Brooks Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 10, Issue 3, April 1896, Pages 341–351, https://doi.org/10.2307/1882590 Published: 01 April 1896

Journal Article “Philosophy and Political Economy.” Get access John Graham Brooks John Graham Brooks Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 8, Issue 1, October 1893, Pages 93–97, https://doi.org/10.2307/1882879 Published: 01 October 1893

Journal Article The Unemployed in German Cities Get access John Graham Brooks John Graham Brooks Freiburg (Baden) Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 7, Issue 3, April 1893, Pages 353–358, https://doi.org/10.2307/1884007 Published: 01 April 1893

Journal Article Old Age Pensions in England Get access John Graham Brooks John Graham Brooks Berlin, 1892 Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 6, Issue 4, July 1892, Pages 417–435, https://doi.org/10.2307/1882512 Published: 01 July 1892

Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the executives’ 80% confidence intervals only 36% of the time. We show that executives reduce the lower bound of the forecast confidence interval during times of high market uncertainty; however, ex post miscalibration is worst during periods of high uncertainty. We also find that executives who are miscalibrated about the stock market show similar miscalibration regarding their own firms’ prospects. Finally, firms with miscalibrated executives seem to follow more aggressive corporate policies: investing more and using more debt financing.

Using data from the 1976 and 1978 National Longitudinal. Surveys of young men and young women, this study examines racial differences in the magnitude and composition of wealth and the reasons for them. On average, young black families hold 18 percent of the wealth of young white families, and hold their wealth in proportionately different forms. Even after controlling for racial differences in income and other demographic factors, as much as three-quarters of the wealth gap remains unexplained. We speculate on the causes for this, concluding that racial differences in intergenerational transfers most likely play an important role.