Search results for "Econometric"
showing 10 items of 3780 documents
Long term effect of teenage birth on earnings: Evidence from a British cohort study
2016
We use data from the 1970 British Cohort Study and evaluate the effect of teenage motherhood on hourly earnings at age 30, 34, 38, and 42 using alternative non-experimental estimation methods including linear regression, matching methods, and Heckman sample selection models. We conclude that teenage motherhood has a significant negative long-term effect on hourly wages. At age 42, teenage mothers earn 12% less than other women and 29% less than women who have not had any children. When compared to non-teenage mothers, the pay penalty reduces over time and becomes insignificant on the long term.
On the distribution of education and democracy
2006
This paper empirically analyzes the influence of the distribution of education on democracy by controlling for unobservable heterogeneity and by taking into account the persistency of some of the variables. The most novel finding is that increase in the education attained by the majority of the population is what matters for the implementation and sustainability of democracy, rather than the average years of schooling. We show this result is robust to issues pertaining omitted variables, outliers, sample selection, or a narrow definition of the variables used to measure democracy.
Corruption-Related Disclosure in the Banking Industry: Evidence From GIPSI Countries
2022
This paper empirically investigates corruption-related disclosure in the banking industry, aiming to identify the most relevant theories which explain why financial institutions disclose corruption-related information to the public in their annual financial reports.Using a total sample of 88 banks from the GIPSI countries during the period 2011-2019, our results reveal that, on average, banks involved in corruption issues disclose less on corruption-related information than banks not involved in any corruption scandal. Moreover, banks not involved in corruption cases disclose even more information after other banks’ corruption events become public. These basic relationships, however, are sh…
Unequal access to food during the nutritional transition: evidence from Mediterranean Spain †
2020
Unequal access to food is one of the main issues in nutritional history, but scarcity of sources has hampered the quantification of this phenomenon. This study uses hospital diets to address this gap. It uses records from between 1852 and 1923 concerning hospital diets in the psychiatric section of the Hospital General de Valencia (Spain), from which it is possible to infer the actual intake of nutrients for six groups of patients and members of staff. The results reveal considerable differences in terms of diet and nutrition. While the most favoured groups (nuns and well‐off patients) had by 1852 reduced their relative intake of cereals and increased that of meat, in line with the general …
Does the Pension System’s Income Statement Really Matter? A Proposal for An NDC Scheme with Disability and Minimum Pension Benefits
2019
This paper develops a full accounting model for monitoring the solvency of a notional defined contribution (NDC) pension scheme with disability and minimum pension benefits. Using the annual report of the Swedish pension system as a benchmark (TSPS, 2019), we extend the “Swedish” actuarial balance developed by Perez-Salamero et al. (2017) by adding an income statement which fully explains the reasons behind the changes in the system’s solvency by type of benefit. In line with the reference model, assets and liabilities are measured at present value at each reporting date, and changes in present value are reported in each period as income or expenses and are included on the income statement.…
DECENTRALISATION AS AN INCENTIVE SCHEME
1987
Recent changes have introduced more decentralization in a number of traditionally centralized countries.1 In the case of France, it is sometimes claimed that the 1982-1983 reform of subcentral government is of historical importance. Although the principles of that reform are not contested any more by the new majority elected in 1986, opinions still differ on a number of policy issues. Some of the issues are presented in this introductory section. But the main purpose of this paper is not to expose or discuss in detail the problems of decentralization in France. As argued in the second part of the introductory section, the theoretical framework in which the policy issues of decentralization …
Determinants of net interest margin: the effect of capital requirements and deposit insurance scheme
2019
This paper analyzes the determinants of net interest margin with a focus on the impact of capital regulation and deposit insurance. We extend the Ho and Saunders (1981) family of models to explicit...
Market Timing with a Robust Moving Average
2015
In this paper we entertain a method of finding the most robust moving average weighting scheme to use for the purpose of timing the market. Robustness of a weighting scheme is defined its ability to generate sustainable performance under all possible market scenarios regardless of the size of the averaging window. The method is illustrated using the long-run historical data on the Standard and Poor's Composite stock price index. We find the most robust moving average weighting scheme, demonstrates its advantages, and discuss its practical implementation.
A “Swedish” actuarial balance for a notional defined contribution pension scheme with disability and minimum pension benefits
2017
This article proposes a “Swedish” type actuarial balance sheet (ABS) for a notional defined contribution (NDC) scheme with disability and minimum pension benefits. The proposed ABS splits the pension system in two parts: the pure NDC part and the redistributive part, which includes the assets and liabilities originating from non-contributory rights. The article contains a numerical example that sheds light on the real applicability of our proposal. The model has practical implications that could be of interest to policy-makers, given that it integrates actuarial and social aspects of public pensions and discloses the real cost of redistribution through minimum pensions.
Dynamic Risk Taking with Bonus Schemes
2014
This paper studies dynamic risk taking by a risk-averse manager who receives a bonus; the company may default on its contractual obligations (debt and fixed compensation). We show that risk taking is time independent, and is summarized by the so-called risk aversion of derived utility. We highlight the importance of dynamic aspects and provide a foundation for common qualitative discussions that are based on characteristics of bonus functions. The paper cautions that deferral of fixed compensation may increase risk taking. Finally, we motivate a new bonus scheme that incentivizes the manager to implement the socially optimal risk level.