COLUMBUS, Ohio – A new national study suggests that adults who receive an inheritance save only about half of what they receive, while spending, donating or losing the rest. (more…)
ANN ARBOR, Mich.— America’s economy will continue its recovery this year and next as it adds nearly 5 million jobs and unemployment falls below 8 percent, say University of Michigan economists.
“The performance of the U.S. economy during much of 2011 did nothing to alter the perception that we were mired in a sluggish recovery,” said U-M economist Joan Crary. (more…)
A multi-year report says the UA is a driver in the state’s economic development, but more coordination is needed among schools, business and the Legislature.
The University of Arizona and the state’s other colleges and universities have what it takes to produce the expertise needed to improve Arizona’s economy, says an international agency that has been monitoring the region for several years. (more…)
ANN ARBOR, Mich.— When faced with job loss, people who consider themselves poor may limit employment prospects by believing they have a smaller social network than they actually do, says a University of Michigan business professor.
“Social networks help explain people’s outcomes in the labor market by determining how people seek help,” said Ned Smith, assistant professor of strategy at the Michigan Ross School of Business. “Network contacts offer two primary resources for job search—information, which provides job seekers with knowledge about where to find employment, and influence, whereby network contacts affect people’s success in actually securing employment by swaying the hiring process.” (more…)
Russia was ready to sign a contract with China to supply 48 multi-role Su-35 fighter jets. However, Russia put forward a condition to the Celestial Empire. Moscow demands guarantees that the aircraft will not be further copied for sale.
According to Kommersant, the amount of the expected transaction could reach $4 billion, or approximately $85 million per unit. If the contract is signed, it will be the largest arms contract of the last decade. (more…)
In Guardians of Finance, economists Ross Levine, James R. Barth, and Gerard Caprio Jr. argue that the financial meltdown of 2007 to 2009 was no accident — it was negligent homicide. Levine speaks with Deb Baum about how that happened, what can be done, and why the home team always seems to win.
A new book co-authored by Brown University economist Ross Levine argues that the reason the United States suffers financial crises time and time again is because the major regulatory agencies — the so-called “guardians of finance” — do not work for the public. Instead, they frequently work in the best interests of the financial services industry, the very entities they are supposed to be regulating. Guardians of Finance: Making Regulators Work for Us, published in February by MIT Press, goes beyond telling us what went wrong. The authors also suggest reforms needed to prevent the next crisis. (more…)
The number of people living in China’s cities, which last year for the first time surpassed 50 percent of the national population, is considered a boon for the consumer goods market. That is based on the assumption that there will be more families with more disposable income when poor farmers from China’s countryside move to cities and become middle-class industrial and office workers. (more…)
New research into how the stock market perceives the capabilities of female company directors finds that an initial negative response by investors is overturned in the longer term, once markets respond to corporate performance rather than stereotypes.
The study analysed the stock market response to male and female directors’ purchases of their own company shares, examining both the short-run and long-run stock market reaction response to directors’ trades.
Results suggest that the price reaction to male directors’ share activity is initially faster and larger than that for female directors, showing that the short-term market reaction retains a gender bias reflecting the prevalence of negative stereotypes; where the market reacts to beliefs rather than performance. (more…)
