To Leave or Not to Leave: The Distribution of Bequest Motives

We examine the effect of observed and unobserved heterogeneity in the desire to die with positive net worth. Using a structural life-cycle model nested in a switching regression with unknown sample separation, we find that roughly three-fourths of the elderly single population has a bequest motive. Both the presence and the magnitude of the bequest motive are statistically and economically significant. On average, households with a bequest motive spend about 25% less on consumption expenditures. We conclude that, among the elderly single households in our sample, about four-fifths of their net wealth will be bequeathed and approximately half of this is due to a bequest motive.     

Parental Leave Policy and Gender Equality in Europe

This article uses data from 2008–10 to analyze parental leave policies in twenty-one European countries and their influence on men's behavior. It examines entitlement characteristics, such as nontransferability, duration, payment, compulsory period, and other policies to assess their effect on the proportion of leave men use out of the total parental leave in each country. The findings, which suggest that a large majority of men take nontransferable and highly paid leave, and a small minority take other types, provide the basis for developing the Parental Leave Equality Index (PLEI). PLEI ranks countries by the degree to which parental leave policies reinforce or diminish the gendered division of labor. Results indicate that although Iceland's parental leave policies do the most to advance gender equity, no country has equal, nontransferable, and well-paid leave for each parent. This policy arrangement would be a precondition to men's and women's equal participation in childcare.     

Paid Maternity Leave and Breastfeeding in Urban China

ABSTRACT

Using data from the 2010 Survey on Chinese Women's Social Status, this contribution estimates the effect of paid maternity leave on breastfeeding duration in urban China during the 1988–2008 period. The analysis applies a policy-based identification strategy to control for the endogenous relationship between paid leave entitlements and breastfeeding decisions. Estimates show that paid maternity leave has a strong positive effect on breastfeeding duration. Specifically, if the length of paid leave increases by thirty days, then the probability of breastfeeding for at least six months increases by 12 percentage points. Between 1988 and 2008, the average length of paid leave for mothers without a college education decreased by twenty-three days, which reduced these mothers’ probability of breastfeeding for at least six months by 9 percentage points. These results support the view that paid maternity leave enhances the ability of employed women to sustain breastfeeding and call for universal paid leave entitlements.     

走出管理咨询的误区

本文通过对目前我国管理咨询过程中存在误区的分析,提出了走出误区的建议,希望通过研究使我国管理咨询业的发展少走弯路。     

C股来了,又走了……

2004年12月15日,上海证券交易所、深圳证券交易所与中国证券登记结算有限责任公司联合颁布了《上市公司非流通股股份转让业务办理规则》。非流通股转让的交易所机制的形成,意味着非流通股的“统一市场”已经形成。它将带给流通股市场两个方面——资金面、比价效应——的影响。     

The Temporary Leave Dilemma: Lone and Partnered Mothers in Sweden

Abstract

Lone mothers have to take care of a sick child with little or no help from the child's other parent and have to carry all costs connected to leave-taking. This paper empirically tests whether lone mothers take more temporary parental leave to care for sick children than partnered mothers and whether parental leave is associated with a signaling cost. The results from this study of Swedish mothers show that lone mothers use more temporary parental leave than partnered mothers. Further, within the group of lone mothers, those with higher socioeconomic status take less temporary parental leave than those with lower socioeconomic status, whereas no such differences are found within the group of partnered mothers. One possible interpretation is that signaling costs negatively influence the utilization of temporary parental leave for lone mothers.     

Causal Effects of Paternity Leave on Children and Parents

Reserving a share of the parental leave period for fathers is considered necessary in order to induce fathers to take leave, and to increase men's participation in child‐rearing. We investigate how a parental leave reform directed towards fathers affected leave‐taking, and, in turn, children's and parents' long‐term outcomes. A paternal leave quota greatly increases the share of men taking paternity leave. We find evidence that children's school performance improves as a result, particularly in families where the father has higher education than the mother. We find no evidence that paternity leave counters the traditional allocation of parents' labor supply.     

When Do Employees Leave Their Job for Entrepreneurship?*

Existing firms are argued to be an important source of new entrepreneurs. Yet, relatively little is known about the characteristics of firms that breed new entrepreneurs. We use a large linked employee–employer dataset to trace and characterize the types of firms which generate new entrepreneurs in Finland. We find that such transitions are rare and that smaller firms spawn new entrepreneurs more frequently than larger firms. We also find that firms' R&D intensity and, to a lesser extent, their productivity are negatively related to the probability that employees transit into entrepreneurship. These results are robust to controlling for a number of employee and employer attributes.     

Leave it in the ground? Oil sands development under carbon pricing

We evaluate the impact of internalizing the carbon emissions externality on new oil sands projects. Using data from recent oil sands projects and estimates of both the social costs of carbon and carbon prices consistent with meeting global climate change targets, we estimate the potential impact of action on climate change on the economic viability of oil sands investments. Our results indicate that oil sands are a marginal resource before they incur any carbon costs. Incorporating carbon costs, we find that the viability of oil sands depends on the coverage of carbon pricing across the life cycle emissions from oil sands and on the equilibrium incidence of carbon prices on producers. We show an important interaction between resource royalties and carbon charges that implies that the impact carbon pricing depends on not only the stringency and coverage of the carbon price but also its point of application of a carbon price. Finally, we explore the potential for technological change to mitigate the impacts of carbon pricing on oil sands investment viability.     

A realistic budget: What Clinton and Congress Leave Out

Revised version of a talk delivered at a “Presidential Roundtable on President Clinton’s First Year” at the annual meetings of the Association for Social Economics on January 3, 1994 in Boston.     

Does Fathers’ Care Spill Over? Evaluating Reforms in the Swedish Parental Leave Program

The aim of reserving months for fathers in the Swedish parental leave system was to increase fathers’ use of leave as well as encourage gender equality in the home and labor market. Using data from the Swedish Social Insurance Agency, this study investigates the effects of the reform – reserving one month of leave for fathers in 1995 and a second month in 2002 – on gender equality in the home. The study uses the take up of the parental benefit for the care for sick children (CFSC) as a proxy for gender equality and follows parents’ use of CFSC for twelve years for the first reform and ten years for the second reform. Results indicate the first reform led to more equal leave sharing, mainly because use of the benefit decreased among mothers with low education, and at least in part fulfilled the aim of increasing gender equality in the home.     

The effect of the federal Family and Medical Leave Act upon employee benefits

FMLA will substantially influence the administration of employee benefits. The plan sponsor, trustees, plan administrator and collective bargaining parties must make a number of policy decisions. These include employer reporting and contribution procedures, settlement of eligibility questions, delinquency procedures, coordination with COBRA, substitution of vacation and sick leave rights and procedures, restrictions on participants working during leave, procedures for the non-forfeiture of accrued benefits and restoration of benefits. After the policy decisions are made and the procedures are established, the proper notices and caveats must be communicated to plan participants, and the plan must update the SPD. Each of the policy decisions, administrative procedures and participant communications must be carefully thought out before implementation. Plan sponsors, trustees and plan administrators should seek the help, advice and assistance of the plan's professional advisers.     

Leave the Lemons at Home: Towards a Political Ecology of Border Space

This paper presents a political ecology approach to the study of borders through consideration of a lemon's travels in contemporary North American border space. Following discussion of recent work on the dynamic, multi-scalar, and process-based character of modern borders, I suggest that such critical approaches could be usefully augmented by drawing on ideas about socio-material networks advanced by Bruno Latour. By adopting a political ecology framework, border scholars would be able to consider more fully the materiality of borders and bordering processes. Through the example of the lemon, I demonstrate that in constructing the fruit as a particular socio-material artifact that embodies multiple threats to US national space, it and its carrier become implicated in the regulation of political-economic and geopolitical networks that are seemingly far removed from the object of concern.     

Do Germans Save to Leave an Estate? An Examination of the Bequest Motive

I investigate whether a bequest motive for savings influences the post-retirement wealth trajectories of German households. Two measures of the bequest motive are studied: the existence of children as the main group of potential heirs and the respondents' declared intention to bequeath. While having children has no significant impact on households' wealth trajectories, stated bequest intentions are associated with considerable heterogeneity in wealth holdings. The main conclusion from this study is that both the pure life-cycle model and the life-cycle model with bequest motives provide a valid basis for a theory of household wealth accumulation once the heterogeneity of preferences is acknowledged.
JEL classification : D 91; J 14     

Why do Households Leave Money on the Table? The Case of Subsidized Pension Products

Abstract

Many individuals only save money in their savings account for their old-age provision rather than investing in more profitable asset classes. That is despite the existence of subsidized pension products, for which smallest contributions can be made monthly, which guarantee the capital preservation, and which offer higher expected returns than saving money in bank deposits. We investigate the determinants that affect individuals’ decision to leave money on the table by not investing in subsidized pension products. Our results show that financial literacy and financial advice are positively related to holding such pension products. In that, our results emphasize the role of financial literacy and financial advisors for sound financial decision-making in increasingly complex financial markets.     

干部人事制度改革：从“能下”方向实施突破

各级干部要“能上能下”是我们说了多年，喊了多年，却又是多年干部人事制度改革难以突破的难点。中央关于《深化干部人事制度改革纲要》和《党政领导干部选拔任用工作暂行条例》作出了干部人事制度改革的战略部署，把“建立起能上能下、能进能出、有效激励、严格监督、竞争择     

我国房地产税制的现状及改革构想

房地产税制是维护房地产市场公平竞争，实现国家对房地产业宏观调控的有力杠杆。然而，我国现行的房地产税制却存在税费不分、税制不统一、税制结构不合理等诸多问题。严重影响了其对房地产业应有的宏观调控作用。因此，适时地推进房地产税制的改革应是当务之急，应统一内外税制，合理界定税费的范围，建立统一、规范、合理的房地产税收体系。     

The Change in Productive Efficiency in Telecommunications in the United States

The question addressed here is whether the adoption of incentive regulation, which has become an important regulatory tool in the telecommunications industry in the USA, has resulted in a change in the technical efficiency of local exchange carriers in the USA. After providing an overview of the nature of incentive regulation, a methodology for measuring technical efficiency and its change is introduced. This is a multiple-output/multiple-input distance function approach to measuring technical efficiency. The results of implementing this approach for 19 local exchange carriers for the 1988-2001 period indicate that in the production of local service, intrastate toll/access service, and interstate access to local loops, there was no change in technical efficiency between the 1988-1990 period and the 1991- 2001 period, something that incentive regulation was specifically designed to promote.