Publications des institutions partenaires

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Corporate Transparency and Bond Liquidity

To answer the question what causes an asset to be illiquid, we analyze the impact that transparency of corporate accounting information has on the liquidity of its traded bonds. In particular, we focus on how this relationship depends on aggregate liquidity and the financial state of the firm. We use an extensive panel data set comprising more than 40,000 quarterly bond observations…

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English / 01/01/2014

Does preschool boost the development of minority children? The case of young Romas in Eastern and Central Europe

Does universal preschool constitute an effective policy tool to promote the development and integration of children from minority groups? In the light of rising cross border migration and increasing ethnic variation in many developed countries, we address this question for the children of the Roma - the largest and most disadvantaged minority in Europe. To tackle the issue of non-…

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English / 01/01/2014

Direct and indirect treatment effects: Causal chains and mediation analysis with instrumental variables

This paper discusses the nonparametric identification of causal direct and indirect effects of a binary treatment based on instrumental variables. We identify the indirect effect, which operates through a mediator (i.e. intermediate variable) that is situated on the causal path between the treatment and the outcome, as well as the unmediated direct effect of the treatment using…

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English / 01/01/2014

Should Welfare Administration be Centralized or Decentralized? Evidence from a Policy Experiment

The 2005 reform of the German welfare system introduced two competing organizational models for welfare administration. In most districts, a centralized organization was established where local welfare agencies are bound to central directives. At the same time, 69 districts were allowed to opt for a decentralized organization. We evaluate the relative success of both types in terms…

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English / 01/01/2014

Sharp bounds on causal effects under sample selection

In many empirical problems, the evaluation of treatment effects is complicated by sample selection so that the outcome is only observed for a non-random subpopulation. In the absence of instruments and/or tight parametric assumptions, treatment effects are not point identified, but can be bounded under mild restrictions. Previous work on partial identification has primarily focused…

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English / 01/01/2014

Deposit Withdrawals from Distressed Banks: Client Relationships Matter

We study retail deposit withdrawals from commercial banks which were
differentially exposed to distress during the 2007-2009 financial crisis. We show that the propensity of households to withdraw deposits increases with the severity of bank distress. Withdrawal risk is, however, substantially mitigated by strong bank-client relationships. Considering the most distressed bank…

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English / 01/01/2014

Trust of second-generation immigrants: intergenerational transmission or cultural assimilation?

This paper studies the respective influences of intergenerational transmission and the environment in shaping individual trust. Focusing on second generation immigrants in Australia and the United States, we exploit the variation in the home country and in the host country to separate the effect of cultural transmission from that of the social and economic conditions on individual…

Institution partenaire

Université de Genève

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Français / 01/01/2014

Adaptation to climate change in Sub-Saharan agriculture: assessing the evidence and rethinking the drivers

In this paper, after a review of the evolution of the literature on climate change economics in agriculture, I present some evidence of the impact of different moments of the distribution of rainfall on farmers risk aversion. It is found that while more rainfall is negatively associated with the probability of observing risk aversion, rainfall variability is positively correlated.…

Institution partenaire

Université de Genève

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English / 01/01/2014

Den Familien-Abzug gibt es längst

Die SVP-Familieninitiative schafft neue Ungerechtigkeit. Die faire Lösung wäre simpel: Der Abzug für die Fremdbetreuung von Kindern wird nur gewährt, wenn beide Eltern arbeiten.

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Deutsch / 03/11/2013

Die ewige Angst vor dem Abstieg

Obwohl es dem Schweizer Mittelstand bessergeht denn je, fürchtet er um seine Privilegien. Neben den gefühlten Nöten gibt es aber durchaus reale - und die Politik weiss darauf keine vernünftige Antwort.

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Deutsch / 01/10/2013

A simple test for the ignorability of non-compliance in experiments

This papers proposes a simple method for testing whether non-compliance in experiments is ignorable, i.e., not jointly related to the treatment and the outcome. The approach consists of (i) regressing the outcome variable on a constant, the treatment, the assignment indicator, and the treatment/assignment interaction and (ii) testing whether the coefficients on the latter two…

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English / 01/09/2013

Testing exclusion restrictions and additive separability in sample selection models

Standard sample selection models with non-randomly censored outcomes assume (i) an exclusion restriction (i.e., a variable affecting selection, but not the outcome) and (ii) additive separability of the errors in the selection process. This paper proposes tests for the joint satisfaction of these assumptions by applying the approach of Huber and Mellace (2011) (for testing instrument…

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English / 01/09/2013

Identifying causal mechanisms (primarily) based on inverse probability weighting

This paper demonstrates the identification of causal mechanisms of a binary treatment under selection on observables, (primarily) based on inverse probability weighting. I.e., we consider the average indirect effect of the treatment, which operates through an intermediate variable (or mediator) that is situated on the causal path between the treatment and the outcome, as well as the…

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English / 30/06/2013

Es stimmt etwas nicht mit der Betreuung unserer Kinder

Warum braucht eine Kinderkrippe viel mehr Personal als ein Kindergarten?

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Deutsch / 16/06/2013

Treatment Evaluation in the Presence of Sample Selection

Sample selection and attrition are inherent in a range of treatment evaluation problems such as the estimation of the returns to schooling or training. Conventional estimators tackling selection bias typically rely on restrictive functional form assumptions that are unlikely to hold in reality. This paper shows identification of average and quantile treatment effects in the presence…

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English / 16/06/2013

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