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The outflow of high-ability students from regular schools and its long-term impact on those left behind
Federičová, Miroslava
2021 - English
Early tracking school systems, which stream student by ability, are considered a trigger of widening inequality in education. However, more homogenous class composition resulting from ability tracking seem to improve efficiency of teaching and learning. Literature on peer effects shows contradictory findings about these two counteracting effects. This paper contributes to the discussion of the efficacy of ability tracking by examining the effects of the outflow of high-ability students after primary education on the long-term educational outcomes and behaviour of their peers who remain in regular classes. Exploiting a 2009 school reform in Slovakia which postponed tracking by one year, we show that the outflow of high-performing peers results in a weak negative long-run effect on non-tracked student’s math scores and late arrivals at school, and more persistent negative effects on out-of-school study time.\n
Keywords:
early-tracking school system; peer effects; gender effects
Fulltext is available at external website.
The outflow of high-ability students from regular schools and its long-term impact on those left behind
Early tracking school systems, which stream student by ability, are considered a trigger of widening inequality in education. However, more homogenous class composition resulting from ability tracking ...
Asset prices and business cycles with liquidity shocks
Nezafat, M.; Slavík, Ctirad
2021 - English
We develop a production based asset pricing model with financially constrained firms to explain the observed high equity premium and low risk-free rate volatility. Investment opportunities are scarce and firms face productivity and liquidity shocks. A negative liquidity shock forces firms to liquidate a fraction of their assets. We calibrate the model to U.S. data and find that it generates an equity premium and a level and volatility of risk-free rate comparable to those observed in the data. The model also fits key aspects of the behavior of aggregate quantities, in particular, the volatility of aggregate consumption and investment.
Keywords:
general equilibrium; business cycles; production based asset pricing
Fulltext is available at external website.
Asset prices and business cycles with liquidity shocks
We develop a production based asset pricing model with financially constrained firms to explain the observed high equity premium and low risk-free rate volatility. Investment opportunities are scarce ...
Learning about ethnic discrimination from different information sources
Korlyakova, Darya
2021 - English
We experimentally study whether public beliefs about ethnic discrimination, an emotionally loaded issue, are shifted more by information from experts or from ordinary people. We also examine whether people are inclined to choose the most influential sources. For this purpose, we combine, in a novel design, the random provision of information from different sources with endogenous information acquisition from the same sources. We find that individuals update their beliefs most in response to information from experts, namely researchers studying ethnic minorities and human resource managers. Exogenous adjustments in beliefs do not induce changes in attitudes to ethnic minorities. Consistent with the strength of belief updating, more individuals choose information from experts over information from ordinary people. This result suggests that, in the aggregate, people behave rationally as they favor a source that is perceived to be relatively accurate. The findings have implications for information dissemination policies.
Keywords:
ethnic discrimination; beliefs; information sources
Fulltext is available at external website.
Learning about ethnic discrimination from different information sources
We experimentally study whether public beliefs about ethnic discrimination, an emotionally loaded issue, are shifted more by information from experts or from ordinary people. We also examine whether ...
Sequential vote buying
Chen, Y.; Zápal, Jan
2021 - English
To enact a policy, a leader needs votes from committee members with heterogeneous opposition intensities. She sequentially offers transfers in exchange for votes. The transfers are either promises paid only if the policy passes or paid up front. With transfer promises, a vote costs nearly zero. With up-front payments, a vote can cost significantly more than zero, but the leader is better off with up-front payments. The leader does not necessarily buy the votes of those least opposed. The opposition structure most challenging to the leader involves either a homogeneous committee or a committee with two homogenous groups. Our results provide an explanation for several empirical regularities: lobbying of strongly opposed legislators, the Tullock Paradox and expansion of the whip system in the U.S. House concurrent with ideological homogenization of parties. We also discuss several extensions including private histories and simultaneous offers.
Keywords:
vote buying; legislative bargaining; coalition building
Fulltext is available at external website.
Sequential vote buying
To enact a policy, a leader needs votes from committee members with heterogeneous opposition intensities. She sequentially offers transfers in exchange for votes. The transfers are either promises ...
Paternal circular migration and development of socio-emotional skills of children left behind
Adunts, Davit
2021 - English
This study investigates the short-run effect of paternal absence due to circular migration on the socio-emotional skills of their children left behind. To address the endogeneity of the migration decision, and building on previous studies, this study focuses on children whose fathers have all engaged in circular migration. Furthermore, using quasi-exogenous variation in the timing of return migration induced by bilateral migration laws between Ukraine and Poland, I circumvent the bias related to the return migration decision. The findings of this study suggest that current paternal absence due to circular migration negatively affects the socioemotional skills of children left behind. Overall, this result suggests that circular migration is not necessarily a „triple-win“ solution that benefits all involved parties.
Keywords:
circular migration; children left behind; perseverance skills
Fulltext is available at external website.
Paternal circular migration and development of socio-emotional skills of children left behind
This study investigates the short-run effect of paternal absence due to circular migration on the socio-emotional skills of their children left behind. To address the endogeneity of the migration ...
A note on Jain's digital piracy model: horizontal vs vertical product differentiation
Kúnin, Michael; Žigić, Krešimir
2021 - English
We study how private intellectual property rights protection affects equilibrium prices and profits in a duopoly competition between firms that offer a product variety of distinct qualities (vertical product differentiation) in a setup that is closely related to that put forward by Jain (2008), where firms offer the same qualities in equilibrium (horizontal product differentiation). Consumers may make a choice to buy a legal version, use an illegal copy (if they want to and can), or not use a product at all. Using an illegal version violates intellectual property rights protection and is thus punishable when disclosed. Thus, both private and public (copyright) intellectual property rights protection are available on scene.
Keywords:
vertical and horizontal product differentiation; software piracy; Bertrand competition
Fulltext is available at external website.
A note on Jain's digital piracy model: horizontal vs vertical product differentiation
We study how private intellectual property rights protection affects equilibrium prices and profits in a duopoly competition between firms that offer a product variety of distinct qualities (vertical ...
Environmental regulations, air pollution, and infant mortality in India: a reexamination
Kyrychenko, Olexiy
2021 - English
This paper reexamines empirical evidence on the effectiveness of environmental regulations in India from a recent study by Greenstone and Hanna (GH, 2014). GH report that air pollution control policies in India were effective in improving air quality but had a modest and statistically insignificant effect on infant mortality. These somewhat counterintuitive findings are likely to stem from the limited availability of ground-based air pollution data used in GH and the absence of critical meteorological confounders. I leverage recent advances in satellite technology and GH’s methodology to test the sensitivity of their findings to revised air pollution outcomes, an extended number of observations, and meteorological controls. Despite striking differences between the two datasets, reexamination using satellite-based data confirms the conclusions drawn from GH’s data. The effects of the policies are, however, substantially weaker. The paper urges further research on the effectiveness of environmental regulations in developing countries and the use of satellite imagery in the examination of this important question.
Keywords:
air pollution; infant mortality; environmental regulation
Fulltext is available at external website.
Environmental regulations, air pollution, and infant mortality in India: a reexamination
This paper reexamines empirical evidence on the effectiveness of environmental regulations in India from a recent study by Greenstone and Hanna (GH, 2014). GH report that air pollution control ...
Air pollution and migration: exploiting a natural experiment from the Czech Republic
Mikula, Š.; Pytliková, Mariola
2021 - English
This paper examines the causal effects of air pollution on migration by exploiting a natural experiment in which desulfurization technologies were rapidly implemented in coal-burning power plants in the Czech Republic in the 1990s. These technologies substantially decreased air pollution levels without per se affecting economic activity. The results based on a difference-in-differences estimator imply that improvements in air quality reduced emigration from previously heavily polluted municipalities by 24%. We find that the effect of air pollution on emigration tended to be larger in municipalities with weaker social capital and fewer man-made amenities. Thus, our results imply that strengthening social capital and investing in better facilities and public services could partially mitigate depopulation responses to air pollution. Finally, we look at heterogeneous migratory responses to air pollution by education and age and find some evidence that the more educated tend to be more sensitive to air pollution in their settlement behavior.
Keywords:
air pollution; migration; natural experiment
Fulltext is available at external website.
Air pollution and migration: exploiting a natural experiment from the Czech Republic
This paper examines the causal effects of air pollution on migration by exploiting a natural experiment in which desulfurization technologies were rapidly implemented in coal-burning power plants in ...
Sick pay and absence from work: evidence from flu exposure
Grossmann, Jakub
2021 - English
The system of sick-pay is critical for balancing the economic and health costs of infectious diseases. Surprisingly, most research on sick-pay reforms does not rely on variation in worker exposure to diseases when investigating absences from work. This paper studies the effects on absences from work of changes in health-insurance coverage of the first three days of sickness. We explore geographic variation in the prevalence of infectious diseases, primarily the seasonal flu, to provide variation in the need for sickness insurance. Estimates based on the Czech Structure of Earnings Survey imply that when sickness insurance is not available, total hours of work missed are not affected, but employees rely on paid and unpaid leave instead of sick-leave to stay home. The substitution effects are heterogenous across occupations and socio-demographic characteristics of employees, and suggest that workers do not spread infectious diseases at the workplace as a result of the absence of sickness insurance coverage in the first three days of sickness.
Keywords:
sickness insurance; exposure to sickness; policy reform
Fulltext is available at external website.
Sick pay and absence from work: evidence from flu exposure
The system of sick-pay is critical for balancing the economic and health costs of infectious diseases. Surprisingly, most research on sick-pay reforms does not rely on variation in worker exposure to ...
Shrinkage for Gaussian and t copulas in ultra-high dimensions
Anatolyev, Stanislav; Pyrlik, Vladimir
2021 - English
Copulas are a convenient framework to synthesize joint distributions, particularly in higher dimensions. Currently, copula-based high dimensional settings are used for as many as a few hundred variables and require large data samples for estimation to be precise. In this paper, we employ shrinkage techniques for large covariance matrices in the problem of estimation of Gaussian and t copulas whose dimensionality goes well beyond that typical in the literature. Specifically, we use the covariance matrix shrinkage of Ledoit and Wolf to estimate large matrix parameters of Gaussian and t copulas for up to thousands of variables, using up to 20 times lower sample sizes. The simulation study shows that the shrinkage estimation significantly outperforms traditional estimators, both in low and especially high dimensions. We also apply this approach to the problem of allocation of large portfolios.
Keywords:
Gaussian copula; t copula; high dimensionality
Fulltext is available at external website.
Shrinkage for Gaussian and t copulas in ultra-high dimensions
Copulas are a convenient framework to synthesize joint distributions, particularly in higher dimensions. Currently, copula-based high dimensional settings are used for as many as a few hundred ...
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