First, the ex ante return to starting college for male high school graduates is higher than the ex post return to the first year of college because starting college provides the option to continue.
Dunn, "The Effects of Family Characteristics on the Return to Education, "Review of Economics and Statistics (forthcoming) studies the effects of parental education on the ex post return to a year of school.
Second, for some demographic groups the ex post returns to education are associated largely with completing high school or completing college.
For parameterizations A and B, in which, respectively, there are no works with positive ex post investment returns and the works with positive ex post investment returns have low ex post returns, finitely lived copyright protection is optimal.
We know from earlier that optimal copyright length tends to be long, possibly infinite, when relative ex post returns are high.
Then basically there are two types of projects--those with low or in our specification zero relative ex post returns and those with high relative ex post returns.
The second is that for the projects with positive ex post returns these returns are sufficiently high.
The authors find that the combination of a staggered board and a poison pill nearly doubles the odds that a target firm will fend off a hostile bid, reducing target shareholders' ex post returns by eight to ten percent in the nine months following the appearance of a hostile bidder.
The empirical findings presented by Bebchuk, Coates, and Subramanian do a nice job of undermining the argument that ATDs increase target shareholders' ex post returns by giving target boards bargaining leverage to demand higher premiums from hostile bidders.