Suchergebnisse

Abstract
This paper presents results from an impact analysis of the Ticket to Work (TTW) program, as implemented by the Social Security Administration (SSA) from 2002 through 2007. For new, young Social Security Disability beneficiaries, we use exogenous variation in the month of Ticket mailing to rigorously estimate impacts of TTW on beneficiary outcomes over a 48-month period following the start of Ticket mailings in the beneficiary's state. We find substantial impacts on enrollment for employment services with TTW-qualified providers, but no consistent evidence of impacts on the number of months in which beneficiaries did not receive benefits because of work, or on other outcomes.

JEL classification

H55; I38

AbstractWe show that geographical variation in the level of investor sophistication influences local asset prices. Investors in less sophisticated regions exhibit stronger trading correlations, and correspondingly, the returns of firms headquartered in less sophisticated areas are more strongly correlated. Furthermore, we show that local economic conditions have a greater ability to predict local stock returns in the U.S. states with less sophisticated retail investors. These asset pricing results are driven by the sophistication of actual local investors, and not by the characteristics of the broader local population.