Search results for "cohort effects"

showing 3 items of 3 documents

Life-cycle effects in small business finance

2017

This paper studies the life-cycle profiles of small firms’ cost and use of credit using a panel of Finnish firms. The choice of method matters for the conclusions drawn about the relationship between firm age and financing costs; the cross-sectional age profiles of financing costs are hump-shaped and consistent with hold-up theories, whereas methods that control for cohort fixed effects demonstrate that the financing costs decrease monotonically as the firms mature. The life-cycle profiles of the use of credit also indicate that firms are more dependent on financial intermediaries in the early periods of their lives. Furthermore, the cohorts born during recessions pay higher financing costs…

Economics and Econometricslife-cycle effectsmedia_common.quotation_subjecteducationControl (management)Financial intermediaryRecession0502 economics and businessEarly adulthoodEconomics050207 economicsta512health care economics and organizationsmedia_commonFinance050208 financebusiness.industry05 social sciencescohort effectssmall business financeSmall businessInternal financingCohort effectCohortbusinessFinanceJournal of Banking and Finance
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Secular rise in economically valuable personality traits

2017

Although trends in many physical characteristics and cognitive capabilities of modern humans are well-documented, less is known about how personality traits have evolved over time. We analyze data from a standardized personality test administered to 79% of Finnish men born between 1962 and 1976 (n = 419,523) and find steady increases in personality traits that predict higher income in later life. The magnitudes of these trends are similar to the simultaneous increase in cognitive abilities, at 0.2-0.6 SD during the 15-y window. When anchored to earnings, the change in personality traits amounts to a 12% increase. Both personality and cognitive ability have consistent associations with famil…

kognitiiviset taidottulotMaleParentsPersonality Inventorymedia_common.quotation_subjecttulotasoCROSS-TEMPORAL METAANALYSISSocial Sciences050109 social psychologySTUDENTSBig Five personality traits and cultureDevelopmental psychologyPSYCHOLOGYCognitionGENERATION MEcognitive ability0502 economics and businessPersonalityHumans0501 psychology and cognitive sciences050207 economicsPersonality testBig Five personality traitsta512media_commonMultidisciplinaryta511EarningsIQ GAINSSiblings05 social sciencespersoonallisuuden piirteetcohort effectsCognitionFlynn effectEDUCATIONBIRTH COHORT DIFFERENCESPERFORMANCEABILITYFlynn effectCohort effectIncomepersonality traitsINSTITUTIONS511 EconomicsPsychologyearningsPersonality
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Life-cycle effects in small business finance

2017

This paper studies the life-cycle profiles of small firms’ cost and use of credit using a panel of Finnish firms. The choice of method matters for the conclusions drawn about the relationship between firm age and financing costs; the cross-sectional age profiles of financing costs are hump-shaped and consistent with hold-up theories, whereas methods that control for cohort fixed effects demonstrate that the financing costs decrease monotonically as the firms mature. The life-cycle profiles of the use of credit also indicate that firms are more dependent on financial intermediaries in the early periods of their lives. Furthermore, the cohorts born during recessions pay higher financing costs…

life-cycle effectseducationcohort effectssmall business financehealth care economics and organizations
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