We revisit the well-established puzzle that leverage is negatively correlated with measures of profitability. In contrast, we find that at times when firms are at or close to their optimal level of leverage, the cross-sectional correlation between profitability and leverage is positive. At other...

It has long been argued that the legalization of same-sex marriage would have a negative impact on marriage. In this article, I examine how different-sex marriage in the Netherlands was affected by the enactment of two laws: a 1998 law that provided all couples with an institution almost...

We investigate the impact of obstetrician supervision, as opposed to midwife supervision, on the short-term health of low-risk newborns. We exploit a unique policy rule in the Netherlands that creates a large discontinuity in the probability of a low-risk birth being attended by an obstetrician...

It is through a United-Nations initiative and as part of the Millennium Development Goals that Senegal launched in 2000 the "Development Program for Education and Formation" (PDEF). Among others, this educational reform affected the sector of higher education. The purpose of this paper is to...

Many developed countries have recently experienced sharp increases in home birth rates. This paper investigates the impact of home births on the health of low-risk newborns using data from the Netherlands, the only developed country where home births are widespread. To account for endogeneity in...

Many developed countries have recently experienced sharp increases in home birth rates. This paper investigates the impact of home births on the health of low-risk newborns using data from the Netherlands, the only developed country where home births are widespread. To account for endogeneity in...

It has long been argued that the legalization of same-sex marriage would have a negative impact on marriage. In this paper, I examine what happened to different-sex marriage in the Netherlands after the enactment of two laws: in 1998, a law that provided all couples with an institution almost...

Many developed countries have recently experienced sharp increases in home birth rates. This paper investigates the impact of home births on the health of low-risk newborns using data from the Netherlands, the only developed country where home births are widespread. To account for endogeneity in...

While many studies look into the effect of primary school quality on labor market outcomes in developing countries, little is known about the effects at higher education levels. In this paper, we use the experiment provided by a large-scale education reform launched in Senegal in 2000 to examine...

Although Kenya's financial system is by far the largest and most developed in East Africa and its stability has improved significantly over the past years, many challenges remain. This paper assesses the stability, efficiency, and outreach of Kenya's banking system, usingaggregate, bank-level,...