Think this stock market is in a bubble? These earnings numbers say otherwise.

We study how firms and workers adjust when previously restricted migrants gain full and portable work rights in a labor market with substantial informality. We exploit the 2007 EU accession of Bulgaria and Romania, which granted unrestricted work rights to Italy’s largest migrant group. Using matched employer–employee administrative data and an IV-DID design, we find…

This study was reviewed and approved by the “Comitato Etico Per Le Attività Non Biomediche” of the Università degli Studi di Napoli Federico II (PG/2024/0124289) and the Johns Hopkins University Homewood IRB (HIRB00019474). It was pre-registered in the American Economic Association’s RCT Registry (AEARCTR-0016972). We would like to thank Alberto Bisin, Ruth Faden, Jeffrey Kahn,…

The Pound Sterling steadies during the North American session, as the week begins in a risk-off mood, as evidenced by overall US Dollar strength in the FX markets, even though soft jobs data and trimmed hawkish Fed bets for the rest of the year. At the time of writing, the GBP/USD trades at 1.3357 after…

Time: 9am to 10am | Location: Bank of England, Threadneedle Street, London, EC2R 8AH and MS teams Minutes Item 1 – Update on Imagery Selection and Aims The Chair opened the meeting, reminding members about the importance of considering the Bank’s obligations under the Public Sector Equality Duty at every stage of decision-making during the…

Logo of the German multinational insurance and financial services Allianz on top of its headquarters in the city of Madrid, Spain. Cristina Arias | Cover | Getty Images Allianz Group said on Friday it has agreed to acquire HSBC’s Singapore life insurance unit for 2.7 billion Singapore dollars ($2.09 billion), expanding the company’s footprint in…

BECKY QUICK: You said earlier that this is not a tax reform bill. It’s a tax cut. WARREN BUFFETT: A tax cut. BECKY QUICK: What do you think about it? WARREN BUFFETT: Well, I — I don’t think I need a tax cut. But — for example, the current proposal eliminates the estate tax. And…