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on Microeconomic European Issues |
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Issue of 2021‒05‒17
24 papers chosen by Giuseppe Marotta Università degli Studi di Modena e Reggio Emilia |
| By: | Sabine Zinn; Michael Bayer |
| Abstract: | Substantial educational inequalities have been documented in Germany for decades. In this article, we examine whether educational inequalities among children have increased or remained the same since the school closures of spring 2020 due to the COVID-19 pandemic. Our perspective is longitudinal: We compare the amount of time children in secondary schools spent on school-related activities at home before the pandemic, during school closures, and immediately after returning to in-person learning. We operationalize family socio-economic status using the highest parental educational attainment. Based on the theoretical assumption that the pandemic affected everyone equally, we formulate a hypothesis of equalization during the first period of school closures. For the period thereafter, however, we assume that parents with a low level of education had more difficulties bearing the additional burden of supervising and supporting their children’s learning activities. Thus, for that period, we postulate an increase in educational inequality. To study our hypotheses, we use data from the 2019 wave of the SOEP and the SOEP-CoV study, both of which are probability samples. The SOEP-CoV study provides a unique database, as it was conducted during the lockdown of spring 2020 and in the following month. For statistical analysis, we use probit regressions at three measurement points (in 2019, in 2020 during the school closures, and in the month after closures). The comparison of these three time points makes our analysis and findings unique in the research on education during the COVID-19 pandemic, in particular with regard to Germany-wide comparisons. Our results confirm the hypothesis of equalization during the first school closures and the hypothesis of an increase in educational in the subsequent period. Our findings have direct policy implications regarding the need to further expand support systems for children. |
| Keywords: | Educational inequalities, school closures, learning time, secondary-age children, parental education |
| JEL: | I10 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1132&r= |
| By: | Enrico Nano (IHEID, Graduate Institute of International and Development Studies, Geneva); Ugo Panizza (IHEID, Graduate Institute of International and Development Studies, Geneva); Martina Viarengo (IHEID, Graduate Institute of International and Development Studies, Geneva) |
| Abstract: | We examine the role of financial aid in shaping the formation of human capital in economics. Specifically, we study the impact of a large merit-based scholarship for graduate studies in affecting individuals' occupational choices, career trajectories, and labor market outcomes of a generation of Italian economists with special focus on gender gaps and the role of social mobility. We construct a unique dataset that combines archival sources and includes microdata for the universe of applicants to the scholarship program and follow these individuals over their professional life. Our unique sample that focuses on the high end of the talent and ability distribution also allows us to analyze the characteristics of top graduates, a group which tends to be under-sampled in most surveys. We discuss five main results. First, women are less likely to be shortlisted for a scholarship as they tend to receive lower scores in the most subjective criteria used in the initial screening of candidates. Second, scholarship winners are much more likely to choose a research career and this effect is larger for women. Third, women who work in Italian universities tend to have less citations than men who work in Italy. However, the citation gender gap is smaller for candidates who received a scholarship. Fourth, women take longer to be promoted to the rank of full professor, even after controlling for academic productivity. Fifth, it is easier to become a high achiever for individuals from households with a lower socio-economic status if they reside in high social mobility provinces. However, high-achievers from lower socio-economic status households face an up-hill battle even in high social mobility provinces. |
| Keywords: | Human capital formation, Financial aid, Career trajectories, Gender gaps |
| JEL: | I22 I24 J16 J24 |
| Date: | 2021–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:gii:giihei:heidwp08-2021&r= |
| By: | Keller, Wolfgang; Molina, Teresa; Olney, Will |
| Abstract: | This paper examines gender differences among top business executives using a large executive-employer matched data set spanning the last quarter century. Female executives make up 6.2% of the sample and we find they exhibit more labor market churning - both higher entry and higher exit rates. Unconditionally, women earn 26% less than men, which decreases to 7.9% once executive characteristics, firm characteristics, and in particular job title are accounted for. The paper explores the extent to which firm-level temporal flexibility and corporate culture can explain these gender differences. Although we find that women tend to select into firms with temporal flexibility and a female-friendly corporate culture, there is no evidence that this sorting drives the gender pay gap. However, we do find evidence that corporate culture affects pay gaps within firms: the within-firm gender pay gap disappears entirely at female-friendly firms. Overall, while both corporate culture and flexibility affect the female share of employment, only corporate culture influences the gender pay gap. |
| Keywords: | Corporate culture; Executive compensation; Gender pay gap; Women |
| JEL: | F16 J16 J24 J33 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:15552&r= |
| By: | Caselli, Francesca; Grigoli, Francesco; Sandri, Damiano; Spilimbergo, Antonio |
| Abstract: | Overall mobility declined during the COVID-19 pandemic because of government lockdowns and voluntary social distancing. Yet, aggregate data mask important heterogeneous effects across segments of the population. Using unique mobility indicators based on anonymized and aggregate data provided by Vodafone for Italy, Portugal, and Spain, we find that lockdowns had a larger impact on the mobility of women and younger cohorts. Younger people also experienced a sharper drop in mobility in response to rising COVID-19 infections. Our findings, which are consistent across estimation methods and robust to a variety of tests, warn about a possible widening of gender and inter-generational inequality. |
| Keywords: | age; COVID-19; Gender; lockdown; mobility |
| JEL: | E1 H0 I1 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:15592&r= |
| By: | Natalia Soboleva (National Research University Higher School of Economics) |
| Abstract: | Work forms one of the important spheres of life and is one of the main determinants of subjective well-being in general and life satisfaction in particular (Argyle 2001; Sousa-Poza & Sousa-Poza 2000). The study aims to disclose the impact of work values and socio-demographic characteristics upon the link between life satisfaction and job satisfaction. The European Values Study 2008-2009 is used as dataset. The sample is limited to those who have jobs (28 653 cases). The results confirm findings from the literature that intrinsic motivation increases life satisfaction (Vansteenkiste 2007). It is in line with self-determination theory according to which pursuit of intrinsic motivation facilitates satisfaction of the basic psychological needs for autonomy, competence and relatedness (Deci & Ryan, 2000; Kasser, 2002). Sharing extrinsic values decreases life satisfaction. The association between life satisfaction and job satisfaction is stronger for higher educated individuals and self-employed and weaker for women, married individuals, religious individuals and those of younger age. These results are due to the different of job in life of people with different characteristics. The link between life satisfaction and job satisfaction is the same in countries with low and high GDP per capita |
| Keywords: | life satisfaction, job satisfaction, subjective well-being, work values, European Values Study |
| JEL: | I31 J28 J01 Z13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:96/soc/2021&r= |
| By: | Daniel S. Hamermesh; Michał Myck; Monika Oczkowska |
| Abstract: | By age 77 a plurality of women in wealthy Western societies are widows. Comparing older (aged 70+) married women to widows in the American Time Use Survey 2003-18 and linking the data to the Current Population Survey allow inferring the short- and longer-term effects of an arguably exogenous shock—husband’s death—and measuring the paths of adjustment of time use to it. Widows differ from otherwise similar married women, especially from married women with working husbands, by cutting back on home production, mainly food preparation and housework, mostly by engaging in less of it each day, not doing it less frequently. French, Italian, German, and Dutch widows behave similarly. Widows are alone for 2/3 of the time they had spent with their spouses, with a small increase in time with friends and relatives shortly after becoming widowed. Evidence from the European countries shows that widows feel less time stress than married women but are also less satisfied with their lives. Following older women in 18 European countries before and after a partner’s death shows that widowhood reduces their feelings of time pressure. U.S. longitudinal data demonstrate that it increases feelings of depression. Most of the adjustment of time use in response to widowhood occurs within one year of the husband’s death; but feelings of reduced time pressure and of depression persist much longer. |
| JEL: | I31 J14 J22 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:28752&r= |
| By: | Wang, Zhiling; Pastore, Francesco; Karreman, Bas; van Oort, Frank |
| Abstract: | International study programmes are increasing in number worldwide, but little is known about the impact on local students' job prospects, especially in a non-English speaking countries. Using rich administrative data from Statistics Netherlands, we analyse labour market outcomes of native graduates in master programmes of Dutch universities between 2006 to 2014 within 5 years after graduation. A coarsened exact matching analysis within cohort-university-detailed field of study group addresses the self-selection issue by generating a matched sample of students with similar characteristics. We find that graduates from international programmmes obtain a wage premium of 2.3% starting from the 1st year after graduation, ceteris paribus. The wage premium keeps increasing by about 1% every year. We investigate the mechanisms through which the wage premium operates. The wage premia can neither be explained by wage increase via cross-firm mobility, nor by faster upward mobility within a firm. Instead, evidence point towards the differential characteristics of the first job upon graduation. Graduates from international programmes are much more likely to choose large firms that have a higher share of foreign-born employees and have business of trade for the first job. They get a head start in wage level and the initial wage advantages persist in the long-run. |
| Keywords: | international programme,native students,wage premium,coarsened exact matching |
| JEL: | I23 J24 F22 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:839&r= |
| By: | Silvia H. Barcellos; Leandro Carvalho; Patrick Turley |
| Abstract: | This paper investigates whether education weakens the relationship between early-life disadvantages and later-life SES. We use three proxies for advantage that we show are independently associated with SES in middle-age. Besides early, favorable family and neighborhood conditions, we argue that the genes a child inherits also represent a source of advantages. Using a regression discontinuity design and data for over 110,000 individuals, we study a compulsory schooling reform in the UK that generated exogenous variation in schooling. While the reform succeeded in reducing educational disparities, it did not weaken the relationship between early-life disadvantages and wages. This implies that advantaged children had higher returns to schooling. We exploit family-based random genetic variation and find no evidence that these higher returns were driven by genetically-influenced individual characteristics such as innate ability or skills. |
| JEL: | I24 I26 J31 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:28750&r= |
| By: | Anton, Jose-Ignacio; Fernandez-Macias, Enrique; Winter-Ebmer, Rudolf |
| Abstract: | Whereas there are recent papers on the effect of robot adoption on employment and wages, there is no evidence on how robots affect non-monetary working conditions. We explore the impact of robot adoption on several domains of non-monetary working conditions in Europe over the period 1995â??2005 combining information from the World Robotics Survey and the European Working Conditions Survey. In order to deal with the possible endogeneity of robot deployment, we employ an instrumental variables strategy, using the robot exposure by sector in other developed countries as an instrument. Our results indicate that robotization has a negative impact on the quality of work in the dimension of work intensity and no relevant impact on the domains of physical environment or skills and discretion. |
| Keywords: | Europe; job quality; Regional Labour Markets; robotization; working conditions |
| JEL: | J24 J81 O33 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:15586&r= |
| By: | Dario Bertocchi (Department of Economics, University Of Venice Cà Foscari); Nicola Camatti (Department of Economics, University Of Venice Cà Foscari); Luca Salmasi (Catholic University, Department of Economics and Finance, Roma, Italy); Jan van der Borg (Department of Economics, University Of Venice Cà Foscari) |
| Abstract: | Sustainability in the tourism sector has become a principal goal for destination management and for the strengthening of the competitiveness and attractiveness of destinations (Bell & Morse, 2012). There is, however, no absolute scale of spatial analysis for sustainability. In this paper, we propose regions as a unit of analysis. Our empirical approach aims to assign regional variability to an already existing and commonly used national indicator, making it possible to achieve a good compromise between data availability and the need to have access to universally comparable data while embracing the value of scaling down the monitoring process to consider detail at a more local level. The advantage of such an approach is that it combines the rich set of information from existing indicators with the wide availability of quantitative regional indicators freely obtainable from official statistical sources, such as Eurostat or ESPON (European Spatial Planning European Network). Our paper develops an application using the Tourism & Travel Competitiveness Index framework as a starting point, creating regional sustainability indicators for the 281 NUTS-2 regions (territorial units for statistics) in Europe. The first contribution of this approach is the regionalisation of a national indicator that allows monitoring of not only the individual level of sustainability of a destination, but also its standing among every other European region. The second is the creation of a practical tool that is able to continuously monitor and benchmark the sustainable development of EU regions, thereby supporting stakeholders in their decision-making processes |
| Keywords: | Tourism Sustainability Indicators, Regional Sustainability, Environmental Indicators, Regionalisation, NUTS-2 |
| JEL: | L83 Q01 Q56 R11 R58 Z32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2021:17&r= |
| By: | Daniel Goller; Stefan C. Wolter |
| Abstract: | This study is, to the best of our knowledge, the first analysis of apprenticeship supply that allows us to analyse the effects of the shutdowns triggered by the COVID-19 pandemic before, during and after these shutdowns by means of daily searches for vacant apprenticeships. Analysing over 10 million search queries on the national administrative platform for apprenticeship offers from February 2020 until April 2021 we find a sharp reduction of up to 40% in the daily number of search queries associated to the first shutdown in March 2020, followed by some catch-up effect thereafter. Although we find a strong relationship between the intensity of the politically imposed restrictions due to the COVID-19 pandemic and daily search queries, this relationship weakens over time as the pandemic progresses. Finally, we find a large heterogeneity of effects, but all regions and occupational groups studied show a statistically significant negative effect of the measures on the search intensity for apprenticeships. |
| Keywords: | Covid-19, Switzerland, stringency index, apprenticeship |
| JEL: | I20 J22 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9060&r= |
| By: | Giuseppe Coco (Università degli Studi di Firenze); Daniele Di Simone (Università degli Studi di Bari "Aldo Moro"); Laura Serlenga (Università degli Studi di Bari "Aldo Moro"); Sabrina Molinaro (Istituto di Fisiologia Clinica, Consiglio Nazionale delle Ricerche) |
| Abstract: | Gambling is widespread among teenagers, requiring intervention to protect especially problem gamblers. The primary aim of the present study is to understand whether young problem gamblers are aware of the economic risks associated with gambling. Secondly, we introduce two gambling indicators that are new in the literature and are useful to public policy assessment: a measure of popularity of different gambling products in Italy and a gambling-pattern index. We analyzed 4025 students aged 15 to 19 years in a large-scale survey from the ESPAD®_Italia 2018 project (European School Survey Project on Alcohol and Other Drugs). An Ordinal Logit Regression is applied considering the SOGS-RA problem gambling indicator together with socio-behavioural sphere, gambling context and family related variables and a specific indicator pertinent to economic risk perception. The gambling context variables have been created using the bipartite network and complexity measures defined by Hidalgo-Haussman (2009), considering the number of games played by each student and how popular these gambling products are among the players. The results show that problem gamblers are aware of the economic risks associated with gambling, and at the same time tend to play more games and more unpopular games than non-problem gamblers. The likely effectiveness of different policies is discussed in the light of this evidence. |
| Keywords: | Gambling risks, Risk awareness, Complexity, Network analysis |
| JEL: | D81 D83 I12 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:bai:series:series_wp_01-2021&r= |
| By: | Barrenho, Eliana; Gautier, Eric; Miraldo, Marisa; Propper, Carol; Rose, Christiern |
| Abstract: | We examine the effect of a physician network on medical innovation using novel matched patient-physician-hospital panel data. The data include every relevant physician and all patients in the English NHS for 15 years and physicians' workplace histories for more than 20. The dynamic network arising from physician mobility between hospitals over time allows us to separate unobserved physician and hospital heterogeneity from the effect of the network. We build on standard peer-effects models by adding cumulative peer behaviour and allow for particularly influential physicians ('key players'), whose identities we estimate. We find positive effects of peer innovation take-up, number of peers, and proximity in the network to both pioneers of the innovation and key players. Counterfactual estimates suggest that early intervention targeting young, connected physicians with early take-up can significantly increase aggregate take-up." |
| Keywords: | Innovation; medical practice; networks; peer-effects |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:15515&r= |
| By: | Boneva, T.; Kaufmann, K.; Rauh, C. |
| Abstract: | We design a new survey to elicit quantifiable, interpersonally comparable beliefs about pecuniary and non-pecuniary benefits and costs to maternal labor supply decisions, to study how beliefs vary across and within different groups in the population and to analyze how those beliefs relate to choices. In terms of pecuniary returns, mothers’ (and fathers’) later-life earnings are perceived to increase the more hours the mother works while her child is young. Similarly, respondents perceive higher non-pecuniary returns to children’s cognitive and non-cognitive skills the more hours a mother works and the more time her child spends in childcare. Family outcomes on the other hand, such as the quality of the mother-child relationship and child satisfaction, are perceived to be the highest when the mother works parttime, which is also the option most respondents believe their friends and family would like them to choose. There is a large heterogeneity in the perceived availability of full-time childcare and relaxing constraints could substantially increase maternal labor supply. Importantly, it is perceptions about the non-pecuniary returns to maternal labor supply as well as beliefs about the opinions of friends and family that are found to be strong predictors of maternal labor supply decisions, while beliefs about labor market returns are not. |
| Keywords: | Labor supply, childcare, beliefs, child penalties |
| JEL: | J22 J13 I26 |
| Date: | 2021–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2138&r= |
| By: | Paul Lavery; Jose-Maria Serena; Marina-Eliza Spaliara; Serafeim Tsoukas |
| Abstract: | We analyse the impact of private equity buyouts on firm exports, on a panel of UK non-financial firms over 2004-2017. Using difference-in-differences estimations, we show that private equity ownership increases the probability of exporting, the value of exports, and the export to sales ratio. We further show that the positive impact of private equity ownership on exports holds only after private-to-private buyouts, or acquisitions of small or young target firms. Our findings suggest that private equity investors mitigate the credit constraints faced by their portfolio companies, hence boosting their exports. |
| Keywords: | Private equity buyouts; exporting; credit constraints; transactions |
| JEL: | G34 G32 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:gla:glaewp:2021_06&r= |
| By: | Michlbauer, Theresa; Zwick, Thomas |
| Abstract: | This paper shows that inventors with an early patenting success have a higher inventive productivity during their remaining career. We use European patent data for a period of 32 years for 1240 German inventors. The patent data are linked with survey data that provide information on an extensive list of individual inventor characteristics and time variant information on work environment characteristics for the same period. We define an early success as being in the fastest quartile of inventors applying for the first patent after completing education or being in the highest quartile of citations received for the first patent. The higher career productivity seems to be a consequence of higher individual ability rather than cumulative advantage. Inventors with high productivity early in their career cannot increase their productivity further but instead experience a regression to the mean. Inventors with a fast or high-quality first patent also experience this regression, albeit at a lower rate. In addition, these inventors do not obtain better resources, such as a higher share of research and development time, larger employers, more voluntary job moves, or more co-inventors, during their remaining career than inventors without early success. |
| Keywords: | Inventive Productivity,Early Patenting Success,Ability,Cumulative Advantage |
| JEL: | J24 M54 O31 O32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21041&r= |
| By: | Juliane Hennecke; Clemens Hetschko |
| Abstract: | Work as well as family life are crucial sources of human wellbeing, which however often interfere. This is especially so if partners work in the same occupation or industry. At the same time, being work-linked may benefit their career success. Still, surprisingly little is known about the wellbeing of work-linked couples. Our study fills this gap by examining the satisfaction differences between work-linked and non-work-linked partners. Using data from the German Socio-Economic Panel (SOEP, 2019), we estimate the effect of working in the same occupation and/or industry on life satisfaction as well as satisfaction with four areas of life: income, work, family and leisure. In the process, we employ pooled OLS estimations and instrumental variable strategies, for instance based on the gender disparity in industries and occupations. Our results suggest that being work-linked increases satisfaction with life as well as income and job satisfaction. These findings are consistent with positive assortative matching and mutual career support between work-linked partners. Our conclusions concern hiring couples as a means of recruiting exceptional talent. |
| Keywords: | work-linked couples, wellbeing, assortative matching, relationship quality, work-life balance, copreneurs, occupational gender disparity, dual career support |
| JEL: | I31 J12 J21 J44 M51 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1127&r= |
| By: | Herzog-Stein, Alexander; Nüß, Patrick; Peede, Lennert; Stein, Ulrike |
| Abstract: | We analyse measures of internal flexibility taken to safeguard employment during the Coronavirus Crisis in comparison to the Great Recession. Cyclical working-time reductions are again a major factor in safeguarding employment. Whereas during the Great Recession all working-time instruments contributed to the reduction in working time, short-time work (STW) now accounts for almost all of the working-time reduction. STW was more rapidly extended, more generous, and for the first time a stronger focus was put on securing household income on a broad basis. Still, the current crisis is more severe and affects additional sectors of the economy where low-wage earners are affected more frequently by STW and suffered on average relatively greater earnings losses. A hypothetical average short-time worker had a relative income loss in April 2020 that was more than twice as large as that in May 2009. Furthermore, marginal employment is affected strongly but not protected by STW. |
| Keywords: | Internal Flexibility Short-Time Work,Business Cycles,Great Recession,Coronavirus Crisis |
| JEL: | E24 E32 J08 J20 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:840&r= |
| By: | Ghazala Azmat; Katja Kaufmann |
| Abstract: | We exploit a large exogenous shock to study the determinants of college attendance and the role played by one's environment. We analyze whether, and how quickly, adolescents' college plans are adapted, explore factors leading to the adjustment, and examine how these factors ultimately impact later educational attainment. Using differences across East German cohorts induced by the timing of the German Reunification (a change for the East from state socialism to capitalist democracy), we show that shortly after relative to before that time, college plans among high-school students increased substantially, which was followed by sizable increases in the completion of the college entrance certificate five years later. Our analysis sheds light on the elasticity of beliefs and preferences of different cohorts of youths in the case of a large shock. Perceived educational returns, economic preferences ("consumerism") and sociopolitical attitudes ("individualism") adapt quickly in response to the shock and are directly linked to changes in plans and outcomes. Cohorts closer to critical educational junctions at the time of Reunification, however, adjusted their plans to a much lesser extent. While they similarly updated the expected returns to education, they exhibited a slower adjustment in their preferences relative to younger cohorts. |
| Keywords: | college plans, perceived returns, economic, social and political preferences |
| JEL: | I21 D91 Z1 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1765&r= |
| By: | Wolfgang Frimmel; Martin Halla; Jörg Paetzold; Julia Schmieder |
| Abstract: | We estimate the impact of parental health on adult children's labor market outcomes. We focus on health shocks which increase care dependency abruptly. Our estimation strategy exploits the variation in the timing of shocks across treated families. Empirical results based on Austrian administrative data show a significant negative impact on labor market activities of children. This effect is more pronounced for daughters and for children who live close to their parents. Further analyses suggest informal caregiving as the most likely mechanism. The effect is muted after a liberalization of the formal care market, which sharply increased the supply of foreign care workers. |
| Keywords: | informal care, formal care, aging, health, labor supply, labor migration |
| JEL: | J14 J22 I11 I18 R23 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp13774&r= |
| By: | Cornelli, Giulio; Doerr, Sebastian; Gambacorta, Leonardo; Merrouche, Ouarda |
| Abstract: | Policymakers around the world are adopting regulatory sandboxes as a tool for spurring innovation in the financial sector while keeping alert to emerging risks. Using unique data for the UK, this paper provides first evidence on the effectiveness of the world's first sandbox in improving fintechs' access to finance. Firms entering the sandbox see a significant increase of 15% in capital raised post-entry, relative to firms that did not enter; and their probability of raising capital increases by 50%. Our results suggest that the sandbox facilitates access to capital through two channels: reduced asymmetric information and reduced regulatory costs or uncertainty. Our results are similar when we exploit the staggered introduction of the sandbox and compare firms in earlier to those in later sandbox cohorts, and when we compare participating firms to a matched set of comparable firms that never enters the sandbox. |
| Keywords: | Fintech; regulatory sandbox; Startups; venture capital |
| JEL: | G32 G38 M13 O3 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:15502&r= |
| By: | Blesse, Sebastian |
| Abstract: | Taxpayers often view tax rules and filing processes as complicated. In this paper I study whether the perceived tax uncertainty among peers leads to a reduction of voluntary tax compliance. I find strong supportive evidence for this hypothesis using a survey experiment for a large representative sample of the German population. Providing randomized information that others are uncertain about how to file their taxable income decreases individual tax morale. This suggests that subjects use negative peer signals as an excuse in order to opt-out of tax compliance. Studying related heterogeneous treatment effects, I find that both older and left-wing subjects are more responsive to tax uncertainty of others. I also show persistent treatment effects among very honest taxpayers in a follow-up survey. |
| Keywords: | Tax Complexity,Taxpayer Uncertainty,Tax Morale,Survey Experiments |
| JEL: | H26 Z13 K42 C9 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21040&r= |
| By: | Boneva, T.; Golin, M.; Rauh, C. |
| Abstract: | To understand students' motives in obtaining postgraduate qualifications, we elicit intentions to pursue postgraduate education and beliefs about its returns in a sample of 1,002 university students. We find large gaps in perceptions about the immediate and later-life benefits of postgraduate education, both between first- and continuing-generation students and within the latter group. Differences in student beliefs about returns can account for 70% of the socioeconomic gaps in intentions to pursue postgraduate studies. We document large differences in students' current undergraduate experiences by socioeconomic background and find these to be predictive of perceived returns to postgraduate education. |
| Keywords: | Higher education, beliefs, socioeconomic inequality, intergenerational mobility, postgraduate education |
| JEL: | I24 I26 J13 J24 J62 |
| Date: | 2021–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2140&r= |
| By: | Sauveur Giannoni (LISA - Lieux, Identités, eSpaces, Activités - UPP - Université Pascal Paoli - CNRS - Centre National de la Recherche Scientifique); Daniel Brunstein (LISA - Lieux, Identités, eSpaces, Activités - UPP - Université Pascal Paoli - CNRS - Centre National de la Recherche Scientifique); Florian Guéniot (LISA - Lieux, Identités, eSpaces, Activités - UPP - Université Pascal Paoli - CNRS - Centre National de la Recherche Scientifique); Johan Jouve (LISA - Lieux, Identités, eSpaces, Activités - UPP - Université Pascal Paoli - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The literature on the peer-to-peer hospitality market largely assumes that Airbnb hosts are loyal to the platform. However, similar to hoteliers, Airbnb hosts have access to various platforms to diversify their distribution channels. In cases where hosts significantly diversify their distribution channels, they should be considered rather as professional competitors mimicking hoteliers. Proposing an original image-recognition approach to obtain a proxy of the number of platforms used by Airbnb hosts, this paper assesses the probability that a home-sharer practices multichannel distribution. Drawing on a sample of more than 3900 hosts from the region of Corsica in France, we show that a multichannel distribution strategy is commonly adopted. Furthermore, a significant fraction of small hosts uses three or more channels. |
| Keywords: | Multichannel,Home-sharing,Airbnb,Zero-inflated models,Endogeneity |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03216572&r= |