We study ex post efficient policy responses to a run on the banking system and the ex ante incentives these responses create. We show that the efficient response to a run is typically not to freeze ...all remaining deposits, since doing so imposes heavy costs on some individuals. Instead, once a run is underway, (benevolent) government institutions would allow additional deposit withdrawals, placing further strain on the banking system. When depositors anticipate these extra withdrawals, their incentive to participate in the run increases. In fact, ex post efficient interventions can generate the conditions necessary for a self-fulfilling run to occur. (JEL G21, G8)
This paper reports on a randomized field experiment in which first-year university students could earn financial rewards for passing all first-year requirements within one year. Financial incentives ...turn out to have positive effects on achievement of high-ability students, whereas they have a negative impact on achievement of low-ability students. After three years these effects have increased, suggesting dynamic spillovers. The negative effects for less-able students are consistent with results from psychology and behavioral economics showing that external rewards may be detrimental for intrinsic motivation.
Bullying in elementary school Eriksen, Tine Louise Mundbjerg; Nielsen, Helena Skyt; Simonsen, Marianne
The Journal of human resources,
10/2014, Letnik:
49, Številka:
4
Journal Article
Recenzirano
Bullying is a widespread social phenomenon that is thought to have detrimental effects on life outcomes. This paper investigates the link between bullying and later school performance. We rely on ...rich survey and registerbased data for children born in a region of Denmark during 1990–92, which allows us to carefully consider possible confounders including psychological factors. We implement an IV strategy inspired by Carrell and Hoekstra (2010) where we instrument victim status with the proportion of peers from troubled homes in one's classroom. We show that bullied children suffer in terms of GPA and effects tend to increase with severity.
In this book, Nye returns to the business of critically appraising America's role in the present and future. While many contemporary 'realist' scholars view China as America's most likely competitor, ...or envisage a Russia-China-India coalition, Nye feels that the real challenges to America's power come in the form of the very things that have made the last ten years so prosperous: the information revolution and globalization. In Nye's view, while these phenomena at first helped to increase America's 'soft power' (its ability to influence the world through cultural, political, and other non-military means), they will soon threaten to dilute it. As technology spreads the Internet will become less US-centric, transnational corporations and non-governmental actors will gain power, and 'multiple modernities' will mean that 'being number 1 ain't gonna be what it used to be'. Nye includes chapters on American power, the information revolution, globalization, American culture and politics, and 'defining the national interest', along the way considering what the lessons of history have to tell us about what we should do with out unprecedented power - while we still have it. This book will include a sharp analysis of the terrorist attacks on the US in 2000, and will argue that the US cannot fight terrorism by itself.
This paper analyses Italian interregional migration flows. The approach taken is to decompose labour mobility flows into short distance and long distance migration and to model the effects of ...economic variables, social capital and quality of life variables, and amenity variables, on the mobility behaviour of individuals. We estimate these different types of migration flows using a negative binomial model, augmented with instruments to control for potential endogeneity issues. Our findings demonstrate that long distance migration reflects a disequilibrium model of migration whereas short distance migration largely reflects an equilibrium model of migration. As such, attempts to model interregional migration in general will be mis-specified as the simultaneously-operating underlying mobility systems are quite different in nature.
Migration éloignée et rapprochée en Italie : rôle de facteurs économiques, sociaux et environnementaux
Résumé
La présente communication analyse les flux migratoires interrégionaux en Italie. Le principe adopté consiste à décomposer les flux de mobilité de la main-d'æuvre en migrations rapprochée et migration éloignée, puis de modéliser les effets de variables économiques, de variables propres au capital social et à la qualité de vie, et de variables sur le plan de l'agrément sur le comportement de la mobilité des particuliers. Nous effectuons une estimation de ces différents types de flux migratoires en utilisant un modèle binomial négatif, renforcé par des instruments pour le contrôle de questions d'endogénéité potentielles. Nos conclusions démontrent que la migration éloignée reflète un modèle de déséquilibre de la migration, alors que la migration rapprochée reflète en grand partie un modèle déséquilibre de la migration. De cette façon, toutes tentatives de modélisation de migrations interrégionales seront spécifiées de façon erronée, du fait de la nature différente des systèmes de mobilité sous-jacents agissant simultanément.
La migración de larga y corta distancia en Italia: el papel de las características económicas, sociales y ambientales
Resumen
En este trabajo se analizan los flujos migratorios interregionales de Italia. El método adoptado es la descomposición de los flujos de movilidad laboral en migración de corta y migración de larga distancia, y modelar los efectos de las variables económicas, las variables de capital social y de calidad de vida, y las variables de bienestar, con base en el comportamiento de la movilidad de los individuos. Estimamos estos tipos de flujos migratorios diferentes a través de un modelo binomial negativo, ampliado con instrumentos que permiten controlar los posibles problemas de endogeneidad. Nuestras conclusiones demuestran que la migración de larga distancia refleja un modelo desequilibrado de migración, mientras que la migración de corta distancia refleja en gran medida un modelo equilibrado de migración. Como tal, los intentos para modelar la migración interregional, en términos generales, serán tergiversados dado que los sistemas de movilidad subyacentes que funcionan simultáneamente son de naturaleza bastante diferente.
Ugly criminals Mocan, Hüseyin Naci; Tekin, Erdal
The review of economics and statistics,
02/2010, Letnik:
92, Številka:
1
Journal Article
Recenzirano
Being very attractive a young adult's propensity for criminal activity and being unattractive increases it. Being very attractive is also positively associated with wages and with adult vocabulary ...test scores, which implies that beauty may have an impact on human capital formation. The results suggest that a labor market penalty provides a direct incentive for unattractive individuals toward criminal activity. The level of beauty in high school is associated with criminal propensity seven to eight years later, which seems to be due to the impact of beauty in high school on human capital formation, although this avenue seems to be effective for females only.
We build a structural model that captures salient features of personal bankruptcy under Chapter 13. We estimate our model using a novel data set that we construct from bankruptcies filed in Delaware ...between 2001 and 2002. Our estimation results highlight the importance of a debtor's choice of repayment plan length on other Chapter 13 outcomes. We use the estimated model to conduct policy experiments to evaluate the impact of more stringent laws that impose restrictions on the length of repayment plans. We find that these provisions would not materially affect creditor recovery rates and would not necessarily make discharge more likely.
We examine the influence of social responsibility ratings on market returns to Arthur Andersen (AA) clients following the Enron audit failure.
Chaney and Philipich (2002) found that AA’s loss of ...reputation resulted in negative market returns to AA clients following the Enron audit failure. Proponents of social responsibility argue that social responsibility can improve the reputation of the firm, while detractors argue that social responsibility expenditures are a poor use of shareholder money. If social responsibility sends a signal to investors regarding the reputation/ethics of management, social responsibility could mitigate the negative returns to AA clients following the Enron audit failure. Using a matched sample of AA and non-AA firms, we do not find evidence that social responsibility mitigated the negative returns to AA clients following the Enron audit failure. Our results are inconsistent with claims that social responsibility can burnish a firm’s reputation in a time of crisis and with prior research indicating a positive relationship between social responsibility and market value.
Evidence from a data set of federal district judges from 2001 and 2002 suggests that district judges adjust their opinion-writing practices to minimize their workload while maximizing their ...reputation and chance for elevation to a higher court. District judges in circuits with politically uniform circuit judges are better able to predict what opinions will get affirmed by the circuit court, leading to higher publication rates and a higher affirmance rate. In contrast, district judges in circuits with politically diverse circuit judges are less able to predict the preferences of the reviewing circuit court panel, leading district judges to publish fewer but higher-quality opinions in an effort to maximize their affirmance rate.
Malmquist financial efficiency analysis for airlines Pires, Heloisa Márcia; Fernandes, Elton
Transportation research. Part E, Logistics and transportation review,
09/2012, Letnik:
48, Številka:
5
Journal Article
Recenzirano
► We analyze the financial efficiency of international airlines by comparing a year with external shock and one post shock year. ► We apply the Malmquist index to measure capital structure changes in ...the two years. ► The results show that the sustainability of airline companies is related to a conservative leverage.
This article discusses the financial efficiency of 42 airlines from 25 countries, in 2001 (the year of the September 11 terrorist attack in the United States), and their profitability in the following year. The Malmquist index was used to indicate the airlines’ capital structure changes from 2001 to 2002. The results show airline capital structure management and profitability dynamics following the unexpected event of 2001. The main conclusion is that airlines which moved more intensively to reduce their indebtedness showed improved profitability, given their size, fleet and intangible assets.
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