"Quantile regression estimates of returns to education are used to address the relation between schooling and wage inequality. Empirical evidence for male workers from 16 countries for the mid-1990s ...suggests a robust stylised fact: Returns to schooling are higher for the more skilled individuals, conditional on their observable characteristics. This suggests that schooling has a positive impact upon within-levels wage inequality. Factors such as over-education, ability-schooling interactions and school quality or different fields of study may be driving this result." Die Untersuchung enthält quantitative Daten. Forschungsmethode: empirisch-quantitativ; empirisch. Die Untersuchung bezieht sich auf den Zeitraum 1993 bis 1995. (author's abstract, IAB-Doku).
The authors show that spatial dependence and spatial heterogeneity matter in the estimation of the β-convergence process among 138 European regions over the 1980 to 1995 period. Using spatial ...econometrics tools, the authors detect both spatial dependence and spatial heterogeneity in the form of structural instability across spatial convergence clubs. The estimation of the appropriate spatial regimes spatial error model shows that the convergence process is different across regimes. The authors also estimate a strongly significant spatial spillover effect: the average growth rate of per capita GDP of a given region is positively affected by the average growth rate of neighboring regions.
We examine the effects of bank M&As on small business lending using data on over 6000 recent U.S. bank M&As. We are the first to decompose the impact of M&As into the static effects from simply ...melding the antecedent institutions and the dynamic effects associated with post-M&A refocusing of the consolidated institution. We are also the first to estimate the dynamic reactions of other local banks. We find that the static effects of consolidation reduce small business lending, but are mostly offset by the reactions of other banks, and in some cases also by refocusing efforts of the consolidating institutions themselves.
The rapid expansion of organized equity exchanges in both emerging and developed markets has prompted policymakers to raise important questions about their macroeconomic impact, yet the need to focus ...on recent data poses implementation difficulties for econometric studies of dynamic interactions between stock markets and economic performance in individual countries. This paper overcomes some of these difficulties by applying recent developments in the analysis of panels with a small time dimension to estimate vector autoregressions for a set of 47 countries with annual data for 1980–1995. After describing recent theories on the role of stock markets in growth and considering a pure cross-sectional empirical approach, our panel VARs show leading roles for stock market liquidity and the intensity of activity in traditional financial intermediaries on per capita output. The findings underscore the potential gains associated with developing deep and liquid financial markets in an increasingly global economy.
We examine pairs of large, `Siamese twin’ companies whose stocks are traded around the world but have different trading and ownership habitats. Twins pool their cash flows, so, with integrated ...markets, twin stocks should move together. However, the difference between the prices of twin stocks appears to be correlated with the markets on which they are traded most, i.e., a twin's relative price rises when the market on which it is traded relatively intensively rises. We examine several explanations of this phenomenon including: the discretionary use of dividend income by parent companies: differences in parent expenditures; voting rights; currency fluctuations; ex-dividend date timing issues; and tax-induced investor heterogeneity. Only the last hypothesis can explain some, but not all, of the empirical facts. We conjecture that: (a) country-specific sentiment shocks might affect share intensity, (b) investors are rational, but markets are segmented by frictions other than international transactions costs, such as agency problems.
The aim of this paper is to study the space-time dynamics of European regional per capita GDP. A sample of 138 European regions over the 1980-1995 period provides clear evidence of global and local ...spatial autocorrelation as well as spatial heterogeneity in the distribution of regional per capita GDP. The detection of spatial clusters of high and low per capita GDP throughout the period is an indication of the persistence of spatial disparities among European regions. The dynamism of European regions is investigated by exploring the spatial pattern of regional growth. Implications for applied econometric work on the convergence of European regions are then suggested.
This paper provides evidence of a credit channel and a bank lending channel of monetary policy in the United States from 1980 to 1995. We test for bank loan supply shifts by segregating banks ...according to asset size and capital leverage ratio. The loan growth of small (under $300M) undercapitalized (capital-asset ratio <8%) banks, small (under $100M) adequately capitalized (8%<capital-asset ratio< 10%) banks, and small (under $50M) well-capitalized (capital-asset ratio > 10%) banks is significantly affected by policy. This has important implications for the strength and distributional effects of monetary policy, and for the link between stabilization and regulatory policy.
The purpose of this article is to study the evolution of GDP disparities among 138 European regions over the period from 1980 to 1995. Regional per capitaGDPcross-sectional distribution is ...characterized by means of nonparametric estimations of density functions, and the growth process is modeled as a first-order stationary Markov chain. Spatial effects are then introduced within the Markov chain framework using regional conditioning and spatial Markov chains. The results of the analysis indicate the persistence of regional disparities, a progressive bias toward a poverty trap, and the importance of geography in the convergence process.
We use data on all the new restaurants opened in Texas between 1980 and 1995 by seven of the largest nationally franchised fast-food chains to examine empirically the extent of multi-unit ownership ...in franchised chains and the way in which franchisors allocate the ownership of units among franchisees. We find that individual franchisees are much more likely to be assigned the ownership of a particular new unit the closer their existing units are geographically to the new unit. Further, given distance, franchisees are more likely to be allocated a new franchised unit if they already own units whose markets are contiguous and demographically similar to that of the new unit. Finally, contrary to implications from some explanations for company ownership, we find that franchisors use similar criteria when they decide to retain units under company ownership as when they choose among franchisees.
This paper studies the non-market effects of education on crime using a panel dataset for the 20 Italian regions over the period 1980–1995. Our empirical results suggest that education reduces crime ...over and above its effect through labour market opportunities (employment rate and wage rate). Because of the absence of a credible instrumental variable for education for Italy, our empirical strategy is to include in our econometric specification region fixed effect, year fixed effects and region-specific time trends together with an extensive set of socioeconomic and deterrence variables. Our results are robust to model specification, changes in the typology of crimes and finally, to alternative definitions of education.
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