Rebalancing alpha is the excess return of a fixed-weight portfolio, which is regularly rebalanced, over its buy-and-hold counterpart. Two kinds of effects, both results of portfolio rebalancing, contribute to rebalancing alpha. The first is a volatility effect that arises from randomness of...

This paper studies the consequences of a curriculum reform of the last two years of high school in one of the German federal states on the share of male and female students who complete degrees in STEM subjects and who later work in STEM occupations. The reform had two important aspects: (i) it...