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It is standard practice in applied work to rely on linear least squares regression to estimate the effect of a binary variable ("treatment") on some outcome of interest. In this paper I study the interpretation of the regression estimand when treatment effects are in fact heterogeneous.I show...
Persistent link: https://www.econbiz.de/10013012020
exploit a natural experiment, i.e. the reform of parental leave benefits. By exploiting and combining the advantages of the … different methods, i.e the internal validity of the natural experiment and the external validity of the structural model, we can … go beyond evaluation studies restricted to one particular methodology. Our findings suggest that a combination of …
Persistent link: https://www.econbiz.de/10010259541
exploit a natural experiment, i.e. the reform of parental leave benefits. By exploiting and combining the advantages of the … different methods, i.e the internal validity of the natural experiment and the external validity of the structural model, we can … go beyond evaluation studies restricted to one particular methodology. Our findings suggest that a combination of …
Persistent link: https://www.econbiz.de/10010345617
In the practice of program evaluation, choosing the covariates and the functional form of the propensity score is an … model averaging as a statistical decision problem in a limit experiment, and derive an averaging scheme that is Bayes …
Persistent link: https://www.econbiz.de/10011309717
Persistent link: https://www.econbiz.de/10001507503
In this world of 'big data', having the right data available at the right time is crucial; and it is an imperative that has moved far beyond the remit of IT alone. The dreamt IT3G (Information Technology Generated Global Governance) village is facing some of the challenge in the IT enabled...
Persistent link: https://www.econbiz.de/10014124508
In this world of 'big data', having the right data available at the right time is crucial; and it is an imperative that has moved far beyond the remit of IT alone. The dreamt IT3G (Information Technology Generated Global Governance ) village is facing some of the challenge in the IT enabled...
Persistent link: https://www.econbiz.de/10012979907
Persistent link: https://www.econbiz.de/10012989347
We model EU countries' bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our aim is to assess whether "old" and "new" EU countries are rated differently and to determine whether "new" ones are assigned lower ratings, ceteris paribus, than "old" ones. We...
Persistent link: https://www.econbiz.de/10013141115
We study risk and return characteristics of CDOs using the market standard models. We find that fair spreads on CDO tranches are much higher than fair spreads on similarly-rated corporate bonds. Our results imply that credit ratings are not sufficient for pricing, which is surprising given their...
Persistent link: https://www.econbiz.de/10013113864