Using a 40-year panel of public school teachers and principals in New York State, we explore how female principals affect rates of teacher turnover-an important determinant of school quality. We find ...that male teachers are about 12 percent more likely to leave their schools when they work under female principals than under male principals. In contrast, we find no such effects for female teachers. Furthermore, when male teachers request transfers, they are more likely to request schools with male principals. These results suggest that opposition from male subordinates could inhibit female progress in leadership.
Inflation Risk in Corporate Bonds KANG, JOHNNY; PFLUEGER, CAROLIN E.
The Journal of finance (New York),
February 2015, Letnik:
70, Številka:
1
Journal Article
Recenzirano
Odprti dostop
We argue that corporate bond yields reflect fears of debt deflation. When debt is nominal, unexpectedly low inflation increases real liabilities and default risk. In a real business cycle model with ...optimal but infrequent capital structure choice, more uncertain or procyclical inflation leads to quantitatively important increases in corporate log yields in excess of default-free log yields. A panel of credit spread indexes from six developed countries shows that credit spreads rise by 14 basis points if inflation volatility or the inflation-stock correlation increases by one standard deviation.
Although past research has found that recessions reduce contemporaneous mortality, workers nearing retirement age may experience reduced longevity attributable to lengthy unemployment spells and lost ...health insurance at a particularly vulnerable time. To test this hypothesis, we generate age-specific cohort survival probabilities using 1965-2008 Vital Statistics mortality data and link them to labor market conditions at earlier ages. Our results indicate that experiencing a recession in one's late 50s reduces longevity. We also find that it leads to several years of reduced employment, health insurance coverage, and health care utilization, which may contribute to the lower long-term likelihood of survival.
This research investigates the internationalization of engineering consulting firms. The study draws on the elements of the strategy tripod (industry factors, resources and capabilities, and ...institutional factors). The internationalization process is examined using a longitudinal single case study of a New Zealand-based engineering consulting firm with 40 years of international experience. The research identifies five phases through which the case firm passed during that period, and highlights the different strategies that were apparent. It is shown that individual actors lead to an adjustment of the modes of operation and overall play a significant role for the internationalization of engineering consulting firms.
The departure from the traditional concern with the central tendency is in line with the increasing recognition that an assessment of the degree of uncertainty surrounding a point forecast is ...indispensable (Clements 2004). We propose an econometric model to estimate the conditional density without relying on assumptions about the parametric form of the conditional distribution of the target variable. The methodology is applied to the U.S. unemployment rate and the survey of professional forecasts. Specification tests based on Koenker and Xiao (2002) and Gaglianone et al. (2011) indicate that our approach correctly approximates the true conditional density.
In Indonesia's Overseas Labour Migration Programme, 1969-2010, Wayne Palmer offers for the first time a detailed, critical analysis of the way in which Indonesia's Overseas Labour Migration Programme ...is administered and how it fits with other developments within the Indonesian government.
Net migration has become the main factor driving Norwegian population growth. This article explores how changes in regulations and immigration policies have affected gross immigration to Norway. As ...in previous econometric studies, it finds that income differences and income distribution have a bearing on immigration, as well as aspects of the labour market. Various immigration policies have largely had the expected effects, and Norway's membership of the European economic area since 1994 and inclusion in the Schengen area in 2001 have resulted in higher immigration. The enlargement of the EU in 2004 and 2007 substantially increased immigration to Norway. By 2010, the EU‐related changes in regulations increased total immigration by some 20 per cent compared to a counterfactual situation where Norway did not become party to either of these agreements. The partial and accumulated effect on the total population in Norway in 2010 is estimated to be about 2 per cent.
In this paper, the authors construct country-specific chronologies of the house price bubbles for 12 OECD countries over the period 1969:Q1-2009:Q4. These chronologies are obtained using a ...combination of a fundamental approach and a filter approach. The resulting speculative bubble chronology is the one which provides the highest concordance between these two techniques. In addition, the authors suggest an early warning system based on three alternative approaches: A signalling approach, a logit model, and a probit model. It is shown that the latter two models allow much more accurate predictions of house price bubbles than the signalling approach. Furthermore, the predictive accuracy of the logit and probit models is high enough to make them useful in forecasting future speculative bubbles in housing market. Thus, this method can be used by the policymakers in their attempts to quickly detect house price bubbles and attenuate their devastating effects on the domestic and world economy.
Comparative estimation of sociodemographic risks in the Baikalian Asia is given based on various data. Social risks in Buryatia and Mongolia are depopulation, growing mortality rate, population ...ageing, emigration, changing family and marriage values, and wrong self-protection behavior patterns.
Using the extended Ramsey rule, the socially efficient rate is the difference between a wealth effect and a precautionary effect of economic growth. This second effect is increasing in the degree of ...uncertainty affecting the future. In the literature, it is usually calibrated by estimating the historical volatility of the growth of GDP in a specific country. In this paper, I show that using cross-section data tends to magnify uncertainty, and to reduce the discount rate. Using a data set covering 190 countries over the period 1969-2010, I justify using a much smaller discount rate of approximately 0.7 per cent per year for time horizons exceeding 40 years.
PDF
