We identify the causal effect of teacher qualifications on parents' investments in their children. Exploiting a unique, high-stakes educational setting in which teachers are randomly assigned to classes, we show that parents react to more qualified teachers by increasing their financial...

We use unique survey data linked to nearly a decade of administrative welfare data to examine the relationship between early marijuana use (at age 14 or younger) and young people's educational outcomes. We find evidence that early marijuana use is related to educational penalties that are...

Suspension from school is a commonly-used, yet controversial, school disciplinary measure. This paper uses unique survey data to estimate the impact of suspension on the educational outcomes of those suspended. It finds that while suspension is strongly associated with educational outcomes, the...

This paper reviews the existing evidence on workplace training in Europe in different data sources--the CVTS, OECD data and the European Community Household Panel. We outline the differences in training incidence and relate these differences to the private costs and benefits of training, and to...

We study whether the combined significant reduction in the pupil-teacher ratio and increase in parental education observed in Italy between the end of World War II and the end of the 1980s have had a significant impact on the educational attainment and the labor market returns of a...

This paper examines the impact of capital market integration (CMI) on higher education and economic growth. We take into account that participation in higher education is non-compulsory and depends on individual choice. Integration increases (decreases) the incentives to participate in higher...

We model individual careers in sports and games from initial entry to eventual exit or success as a discrete-choice, finite-horizon optimization problem. We apply this model to the international game of chess and study cross-country differences in the relative success of players. While we find...

We provide the first estimates of the impact of managers' risk preferences on their training allocation decisions. Our conceptual framework links managers' risk preferences to firms' training decisions through the bonuses they expect to receive. Risk-averse managers are expected to select...

We analyze workers' risk preferences and training investments. Our conceptual framework differentiates between the investment risk and insurance mechanisms underpinning training decisions. Investment risk leads risk-averse workers to train less; they undertake more training if it insures them...

This paper extends standard models of work-related training by explicitly incorporating workers' locus of control into the investment decision. Our model both differentiates between general and specific training and accounts for the role of workers and firms in training decisions. Workers with...