Human capital contracts give private investors the right to share of students' future earnings in return for a financial contribution during their studies. Although still rarely used, human capital contracts could not only help to completement limited public funding for higher education but...

Human capital contracts give private investors the right to a share of students' future earnings in return for a fi nancial contribution during their studies. Although still rarely used, human capital contracts could not only help to complement limited public funding for higher education but...

Risk averse investors have to be compensated in higher expected returns when facing investments with higher risk. Education is an important investment therefore we use the results for 16 countries to test the positive relationship between return to education and the risk involved in this...

Structural identification schemes are of essential importance to vector autoregressive (VAR) analysis. This paper tests a commonly used structural parameter identification scheme to assess whether it can properly capture fundamental and non-fundamental shocks to stock prices. In particular, five...

In order to capture observed asymmetric dependence in international financial returns, we construct a multivariate regime-switching model of copulas. We model dependence with one Gaussian and one canonical vine copula regime. Canonical vines are constructed from bivariate conditional copulas and...

We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality...

We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality...

Medical innovation enhances labor health, promotes human capital productivity, and influences asset prices. Using a manually collected dataset on drug approvals to identify medical innovation, I first confirm its direct impact on human capital -- a higher medical innovation shock predicts a...

This paper estimates economic returns to physical capital and inherent ability among Indonesian fishermen using a natural experiment. By exploiting the quasi-random variation in the length of fishing boats generated by an aid program among survivors of the 2004 Indian Ocean tsunami, it is found...

Using the Great Recession of 2007-2009 as a quasi-natural experiment, we find that CEOs' work experience is significantly related to firm stock performance while their endowed traits play a limited role in the recession. No CEO characteristics matter during the pre-recession period. CEOs who...