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"1984-2005"
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Enough! : 20 protesters who changed America
\"From Samuel Adams to the students from Parkland, march through history with the heroic revolutionary protesters who changed America. These heroic protesters were not afraid to stand up for what they believed in. They are among the twenty change-makers in this book who used peaceful protests and brave actions to rewrite American history\"--Jacket.
BOOK
Scarring or Scaring? The Psychological Impact of Past Unemployment and Future Unemployment Risk
We reassess the 'scarring' hypothesis which states that unemployment experienced in the past reduces a person's current life satisfaction even after the person has become reemployed. Our results suggest that the scar from past unemployment operates via worsened expectations of becoming unemployed in the future, and that it is future insecurity that makes people unhappy. Hence the terminology should be altered by one letter: past unemployment 'scars' because it 'scares'.
Journal Article
Empirical Analysis of Corporate Credit Lines
Since bank credit lines are a major source of corporate funding, we examine the determinants of their usage with a comprehensive database of Spanish corporate credit lines. A line's default status is a key factor driving its usage, which increases as firm financial conditions worsen. Firms with prior defaults access their credit lines less, suggesting that bank monitoring influences firms' usage decisions. Line usage has an aging effect that causes it to decrease by roughly 10% per year of its life. Lender characteristics, such as the length of a firm's banking relationships, as well as macroeconomic conditions, affect usage decisions.
Journal Article
Investor Sentiment and Mutual Fund Strategies
We show that mutual funds employ portfolio strategies based on market sentiment. We build a proxy for the degree of a fund’s sentiment beta (or FSB). The low-FSB funds outperform high-FSB funds, even after controlling for standard risk factors and fund characteristics. This effect is sizable and delivers a net-of-risk performance of 3.8% per year. Funds with a lower FSB follow more idiosyncratic strategies, suggesting that FSB is a deliberate, active choice of the fund manager. A sentiment contrarian strategy leads to high flows due to its superior performance, whereas a sentiment catering strategy fails to attract significant investor flows.
Journal Article
How does heterogeneity shape the socioeconomic gradient in health satisfaction?
Individual heterogeneity plays a key role in explaining variation in self-reported health and its socioeconomic gradient. It is hypothesised that the influence of this heterogeneity varies over levels of health and increases over the life cycle. These hypotheses are tested by applying a threshold-specific alternative to the conditional fixed-effects logit and longitudinal data from Germany. Our results suggest that income influences health at the lower end, but not at the higher end of the health distribution, once unobservable factors are controlled for. The underlying assumptions of the statistical model matter for this conclusion, in particular for the older age groups.
Journal Article
The economic impact of migration: productivity analysis for Spain and the UK
Over the past 20 years labour has become increasingly mobile and whilst employment and earnings effects in host countries have been extensively analysed, the implications for firm and industry performance have received far less attention. This paper explores the direct economic consequences of immigration on host nations' productivity performance at a sectoral level in two very different European countries, Spain and the UK. Whilst the UK has traditionally seen substantial immigration, for Spain the phenomenon is much more recent. Our findings from a growth accounting analysis show that migration has made a negative contribution to labour productivity growth in Spain and a negative but negligible contribution in the UK. This difference is driven by a positive impact from migrant labour quality in the UK. This finding broadly holds across all sectors, but we note considerable variation in magnitudes. Labour productivity growth has a neutral contribution from migrant labour in construction and personal services in the UK, whilst in every case in Spain the effect is negative, most strongly in agriculture. Using an econometric approach to production function estimation we observe a positive long term effect on total factor productivity from migrant workers in the UK and a negative effect in Spain. Our findings suggest that either the UK is better at assimilating migrants or is more selective in terms of who is permitted to migrate.
Journal Article
Social class in Europe
This timely volume introduces a new social class schema, the European Socio-economic Classification (ESeC), which has been specifically developed and tested for use in EU comparative research. Social Class in Europe aims to introduce researchers to the new classification and its research potential. Since socio-economic classifications are so widely used in official and academic research, this collection is essential reading for all users of both government and academic social classifications. While primarily aimed at researchers who will be using the ESeC, the book's contents will also have a wider appeal as it is suitable for students taking substantive courses in European studies or as a supplementary text for undergraduates studying the EU, Sociology and Economics. Because of its inherent methodological interest, the book should prove a valuable tool for undergraduate and graduate courses that discuss how social scientists construct and validate basic measures. It will also be required reading for policy makers and analysts concerned with social inequality and social exclusion across Europe.
eBook
Marginal Productivity of Expanding Highway Capacity
This paper examines the contribution of highway capacity expansions towards regional economic development in the US. Using data for the forty-eight contiguous US states from 1984 to 2005, the dynamic production function estimates reveal that increases in overall highway capacity in
states can have a positive, long-lasting effect on private sector output. However, both short-run and long-run output elasticities of highways are small. The data suggests further investments in highway infrastructure may not produce sizable economic returns. The estimates of the long-term
productivity benefits of capacity expansion appear to be even smaller for lane-mile additions of lower functional road categories.
Journal Article