Search results for "Economic growth"
showing 10 items of 1004 documents
Heritability of Lifetime Income
2013
Using 15 years of data on Finnish twins, we find that 24% (54%) of the variance of women’s (men’s) lifetime income is due to genetic factors and that the contribution of the shared environment is negligible. We link these figures to policy by showing that controlling for education reduces the variance share of genetics by 5-8 percentage points; by demonstrating that income uncertainty has a genetic component half the size of its variance share in lifetime income; and by exploring how the genetic heritability of lifetime income is related to the macroeconomic environment, as measured by GDP growth and the Gini-coefficient of income inequality.
2019
Abstract This paper examines the relationship between health endowment and later-life outcomes in the labour market. The analysis is based on reduced-form models in which labour market outcomes are regressed on genetic variants related to the increased risk of cardiovascular diseases. We use linked Finnish data that have many strengths. Genetic risk scores constitute exogenous measures for health endowment, and accurate administrative tax records on earnings, employment and social income transfers provide a comprehensive account of an individual’s long-term performance in the labour market. The results show that although the direction of an effect is generally consistent with theoretical re…
Motivations for Business Start-up: Are There any Differences Between Disabled and Non-disabled Microfinance Clients?
2015
We use an Ecuadorian sample to investigate if there are differences in motivations for business start-up between persons with and without disabilities. Generally, we do not document significant differences. The reason might be that we use a sample selected among customers of the microfinance bank Banco D-MIRO. Without targeted incentives, disabled microfinance customers must resemble non-disabled customers. Copyright © 2015 John Wiley & Sons, Ltd.
A competing risks tale on successful and unsuccessful fiscal consolidations
2019
Abstract This paper analyses the transitions out of fiscal consolidations using annual data for 17 industrial countries over the period 1975-2013 and applying a discrete-time competing risks duration model. Our approach allows us to distinguish the factors behind a successful or an unsuccessful end of fiscal consolidation episodes. The results show that economic and political factors, the size and typology of fiscal adjustments and the occurrence of crises explain the differences in the length and the success/failure of fiscal consolidations. Moreover, while fiscal adjustment programmes that end successfully display positive duration dependence, those that end in an unsuccessful manner are …
Les managers de proximité face aux compétences : une approche située
2013
Line managers and qualifications: a situated approachQualifications have seldom been analyzed as closely as possible to the operational level, a possibility of special interest to line managers and a genuine issue for research and management. Supervisors are continually in the position of making judgments about the qualifications of the persons and work teams whose activities they organize to reach the objectives set. Starting from observations conducted in several situations at the workplace, the concept of a “qualification oriented toward the situation” is drawn up around three dimensions : situation, qualification and performance. Its usefulness is empirically illustrated in the case of …
The Impact of Lbos on Investment Policies and Operations of Acquired French Firms
2002
This paper evaluates the extent that French LBO targets’ investment policy and operations can account for their overperformance discrepancy. Our empirical study has been carried out on 132 French LBOs between 1989 and 1994. The results show that the abnormal plunge in economic return cannot be explained by overinvestments or by inefficient working capital management. Nevertheless, abnormal increases in wages, supplies and/or sales price reductions appear to be prominent.
La construction de la théorie financière moderne : de la finance néoclassique à la finance néoinstitutionnelle et comportementale. Une introduction a…
2017
2e édition; National audience
A Dynamic Analysis of S&P 500, FTSE 100 and EURO STOXX 50 Indices Under Different Exchange Rates
2017
The persistence analysis of short- and long-term interaction and causality in the international financial markets is a key issue for policy makers and portfolio investors. This paper assesses the dynamic evolution of short-term correlation, long-term cointegration and Error Correction Model (hereafter referred to as ECM)-based long-term Granger causality between each pair of US, UK, and Eurozone stock markets over the period of 1980--2015 using the rolling-window technique. A comparative analysis of pairwise dynamic integration and causality of stock markets, measured in common and domestic currency terms, is conducted to evaluate comprehensively how exchange rate fluctuations affect the ti…
L'efficacité des privatisations françaises : une vision dynamique à travers la théorie de la gouvernance
2004
International audience; A reading of the process of privatization through the corporate governance theory leads to propose a model taking into account, on the one hand, the time dimension of the process of privatization, on the other hand, the contextual, organizational, governance and strategic variables which influence this process. After replicating some traditional tests, we test this model on a sample of French privatized firms and on a seven years horizon. The positive effect traditionally attributed to privatizations is not confirmed. The importance of the effect is subordinated to some of the suggested variables.; Une lecture du processus de privatisation à travers la théorie de la …
The Impact of Board Internationalization on Earnings Management
2016
Prior literature shows that choices regarding board composition are associated with earnings management. We add to this literature by examining the effects of the presence of a foreign board member on earnings management. Using a sample of 3,249 firm-year observations representing 586 non-financial listed Nordic firms during 2001-2008, we find that the presence of a non-Nordic, foreign director is associated with significantly higher levels of earnings management. Moreover, we provide preliminary evidence that differences in accounting knowledge drive this effect. Our results suggest that it may not necessarily be beneficial to appoint a foreign director to the board.