This paper estimates the impact of peer achievement and variance on math achievement growth. It exploits exogenous variation in peer characteristics generated at the transition to upper-secondary school in a sample of Berlin fifth graders. Parents and schools are barely able to condition their...

We estimate time series of option implied Probabilities of Default (PoDs) for 19 major US financial institutions from 2002 to 2012. These PoDs are estimated as mass points of entropy based risk neutral densities and subsequently corrected for maturity dependence. The ob- tained time series are...