The internationalization of financial markets is one of the focal points in the discussion about recent globalization trends. These discussions suggest that capital can move freely between countries. However, there is ample evidence that national borders do matter and that there are many...

The value-added to student achievement model has become a key tool for estimating the effects of individual teachers and their classrooms on students' short-term academic success, and more importantly, on later-life outcomes. We use primary school data from the German National Educational Panel...