Publications des institutions partenaires
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...
Institution partenaire
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-...
Institution partenaire
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...
Institution partenaire
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...
Institution partenaire
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...
Institution partenaire
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...
Institution partenaire
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
Français / 01/01/2014
The exchange rate effect of multi-currency risk arbitrage
Institution partenaire
English / 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
English / 01/01/2014
Regional Agreements and Welfare in the South: When Scale Economies in Transport Matter
Institution partenaire
English / 01/01/2014
La francophonie apporterait une stabilité non négligeable en période de crise
Institution partenaire
Français / 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.
Institution partenaire
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.
Institution partenaire
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...
Institution partenaire
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...
Institution partenaire
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...
Institution partenaire
English / 30/06/2013
Es stimmt etwas nicht mit der Betreuung unserer Kinder
Warum braucht eine Kinderkrippe viel mehr Personal als ein Kindergarten?
Institution partenaire
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...
Institution partenaire
English / 16/06/2013
Bildung bringt nicht mehr Lohngleichheit : Drei Gründe für die unterschiedlichen Einkommen in der Schweiz
Institution partenaire
Deutsch / 19/05/2013
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