That was done in Canada. The second one (done in the US) says: "Another study of M.B.A. students by Stanford economist Paul Oyer to be published in the Journal

That was done in Canada. The second one (done in the US) says: "Another study of M.B.A. students by Stanford economist Paul Oyer to be published in the Journal of Finance, found that having the bad luck of graduating during a bear market could slash lifetime earnings. Oyer estimated that during a bull market, someone who gets an investment banking job upon graduation earned an additional $1.5 million to $5 million throughout their lives when compared to someone who graduated during a bear market. This was in the 1990's, so it's likely to be even higher now. "