Race and Gender Differences in General Internists' Annual Incomes

BACKGROUND: Specialty, work effort, and female gender have been shown to be associated with physicians' annual incomes; however, racial differences in physician incomes have not been examined. OBJECTIVE: To determine the influence of race and gender on General Internists' annual incomes after controlling for work effort, provider characteristics, and practice characteristics. DESIGN: Retrospective survey-weighted analysis of survey data. PARTICIPANTS: One thousand seven hundred and forty-eight actively practicing General Internists who responded to the American Medical Association's annual survey of physicians between 1992 and 2001. MEASUREMENTS: Work effort, provider and practice characteristics, and adjusted annual incomes for white male, black male, white female, and black female General Internists. RESULTS: Compared with white males, white females completed 22% fewer patient visits and worked 12.5% fewer hours, while black males and females reported completing 17% and 2.8% more visits and worked 15% and 5.5% more annual hours, respectively. After adjustment for work effort, provider characteristics, and practice characteristics, black males' mean annual income was $188,831 or$7,193 (4%) lower than that for white males (95% CI: −$31,054,$16,669; P =.6); white females' was $159,415 or$36,609 (19%) lower (95% CI: −$25,585, −$47,633; P <.001); and black females' was $139,572 or$56,452 (29%) lower (95% CI: −$93,383, −$19,520; P =.003). CONCLUSIONS: During the 1990s, both black race and female gender were associated with lower annual incomes among General Internists. Differences for females were substantial. These findings warrant further exploration

The Determinants of Systematic Risk of Renewable Energy Firms

Conventional asset pricing theory predicts that expected stock returns are driven by systematic risk. In this context, we investigate the determinants of systematic risk of renewable energy firms. To do so, we estimate a dynamic beta model using a cross-country panel data set of 578 renewable energy firms from 52 countries for the period 2005–2016. We employ both global and country-specific factors to explain both variation over time and variation between firms in their systematic risk. The results show that systematic risk of renewable energy firms is negatively influenced by oil returns and that country-level net-imports, environmental policy stringency, and environmental policy stability explain differences in risk at the country level