A
recent ONS survey of well-being in the UK has produced some interesting
findings. Northern Irish people are
‘happier’ than people from other parts of the UK on nearly every measure of
subjective well-being (click here for the details). This is despite the fact that using standard
economic measures of well-being, such as GVA per capita, Northern Ireland is
the worst region in the UK apart from Wales.
This is also despite the continuing legacy of the ‘troubles’. So why is subjective well-being so high in Northern
Ireland compared to other parts of the UK?
Is there something different about our culture compared to the rest of
the UK? Is Northern Ireland a less
congested and more pleasant place to live?
Is Northern Ireland more egalitarian and less socially divided than
other parts of the UK?
Daron Acemoglu, Simon Johnson, Amir Kermani, James Kwak and Todd Mitton have written a paper on whether firms connected to Timothy Geithner benefited from these connections. They do so by looking at how stocks of these firms reacted to the announcement that he was a nominee for Treasury Secretary in November 2008. They find that there were large abnormal returns for connected firms. Below is the paper's abstract and the full paper is available here . The announcement of Timothy Geithner as nominee for Treasury Secretary in November 2008 produced a cumulative abnormal return for financial firms with which he had a connection. This return was about 6% after the first full day of trading and about 12% after ten trading days. There were subsequently abnormal negative returns for connected firms when news broke that Geithner's confirmation might be derailed by tax issues. Excess returns for connected firms may reflect the perceived impact of relying on the advice of a small ne...