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We use a new empirical strategy to test various measures of school effectiveness in England. Our approach exploits discontinuities in attendance probabilities that occur at unpredictable distance cutoffs used as tiebreakers in admissions processes for oversubscribed schools. We show that raw,...
Persistent link: https://www.econbiz.de/10014381369
In this paper we analyze the relative importance and mutual behavior of two competing base-load electricity generation options that each are capable of contributing significantly to the abatement of global CO2 emissions: nuclear energy and coal-based power production complemented with CO2...
Persistent link: https://www.econbiz.de/10008824510
This paper shows that the framework proposed by Barberis and Huang (2009) to incorporate narrow framing and loss aversion into dynamic models of portfolio choice and asset pricing can be extended to also account for probability weighting and for a value function that is convex on losses and...
Persistent link: https://www.econbiz.de/10003970464
We address the problem of choosing a portfolio of policies under "deep uncertainty." We introduce the idea of belief dominance as a way to derive a set of non-dominated portfolios and robust individual alternatives. Our approach departs from the tradition of providing a single recommended...
Persistent link: https://www.econbiz.de/10011504367
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Mutual funds are mandated by the Securities and Exchange Commission (SEC) to disclose information on their investment … that regular content-based updates of the disclosed risks provide relevant information in predicting future fund … performance. Investors, however, do not react to this new information but rather to the content's informativeness. Finally, using …
Persistent link: https://www.econbiz.de/10012271034
We study optimal securitization of defaultable assets in a continuous time setting. A financial intermediary can create a portfolio of defaultable assets and then sell it to outside investors. The default risk of the assets in the portfolio is determined by the unobservable costly effort exerted...
Persistent link: https://www.econbiz.de/10009375121
effects on either recent or intended future compliance. We attribute these null results to high baseline levels of information …
Persistent link: https://www.econbiz.de/10012586181
This paper is the first to use program administrative data from Brazil's National Employment System (SINE) to assess the impact of SINE job interview referrals on labor market outcomes. Data for a five-year period (2012-2016) are used to evaluate the impact of SINE on employment probability,...
Persistent link: https://www.econbiz.de/10011992106