This paper investigates relative earnings of individuals leaving tertiary education without a degree across 18 European countries employing survey data on adult workers. We find that, on average, university dropouts earn 8% more than those never enrolling into tertiary education, but 25% less...

We study the rank of the instantaneous or spot covariance matrix Σ(t) of a multidimensional continuous semi-martingale X(t). Given highfrequency observations X(i=n), i = 0; : : : ;n, we test the null hypothesis rank (Σ(t)) ≤ r for all t against local alternatives where the average (r + 1)st...