EXAM SCHEDULING AND STUDENT PERFORMANCE

This paper uses data from a single School of a UK university to estimate the impact of a switch from end‐of‐semester to end‐of‐year final exams on student performance. The identification strategy exploits the fact that while the timing of final exams changed, the timing of mid‐term exams remained the same. Estimates are based on a difference‐in‐differences methodology that compares final and mid‐term exam scores after the switch, with final and mid‐term exam scores before the switch. The empirical findings suggest that the shift of final exams to the end of the academic year had a negative effect on student achievement. Many changes in higher education are often done on the basis of financial, administrative or ideological considerations, underestimating the magnitude of their effect on student learning and student performance.     

Entry strategies into China: The choice between Joint Ventures and Wholly Foreign-Owned Enterprises: An application to the Italian manufacturing sector

We investigate the entry choice between Joint Ventures and Wholly Foreign-Owned Enterprises in the Chinese market. The analysis is based on Italian firms, thus allowing to evaluate the behaviour of also small-medium sized companies — usually less focused on by the literature on entry modes. The data, mainly from a questionnaire, supply detailed enterprise-level information and make possible to properly measure and evaluate the impact on entry modes of several variables such as innovation, internationalization, and, new in the empirical literature on this issue, corporate capital structure.     

Are output growth‐rate distributions fat‐tailed? some evidence from OECD countries

This work explores some distributional properties of aggregate output growth‐rate time series. We show that, in the majority of OECD countries, output growth‐rate distributions are well approximated by symmetric exponential power densities with tails much fatter than those of a Gaussian (but with finite moments of any order). Fat tails robustly emerge in output growth rates independently of: (i) the way we measure aggregate output; (ii) the family of densities employed in the estimation; (iii) the length of time lags used to compute growth rates. We also show that fat tails still characterize output growth‐rate distributions even after one washes away outliers, autocorrelation and heteroscedasticity. Copyright © 2008 John Wiley & Sons, Ltd.     

The rise of obesity in Europe: an economic perspective

Obesity in Europe is rising. This paper investigates the economic rationales for public intervention to control obesity. We present new empirical evidence showing that family background is related to obesity among young European adults. This evidence provides a strong basis for intervention on equity grounds, particularly targeted towards children. The case for intervention on efficiency grounds is less clear-cut and in most cases the evidence is relatively weak. We find insufficient evidence that information deficiencies are important, as the majority of Europeans appear to be aware of the bad consequences of obesity on health. We also find that the potential health insurance externality -- non-obese effectively subsidizing obese individuals -- is small. In support of policy intervention, we show that there are product and labour market imperfections. Obese employees earn less than the non-obese. We also find that there is a remarkably high proportion of individuals with self-control problems, who fail to stick to their self-declared weight-related plans. Regulations that affect fast food advertisements and the location and access to fast food vending machines and establishments may help these individuals in controlling their weight.
--- Giorgio Brunello, Pierre-Carl Michaud and Anna Sanz-de-Galdeano     

Training subsidies and the wage returns to continuing vocational training: Evidence from Italian regions

We use the regional and time variation of training grants in Italy to identify the causal effect of (formal continuing vocational) training on earnings. We estimate log-linear earnings regressions with constant marginal returns to training and find that one additional week of training increases monthly net earnings by 1.36%, substantially less than the 3% or more often found in the literature. Estimated returns vary significantly by firm size, and range from 0.40% in firms with more than 100 employees to 2.51% in smaller firms, the bulk of the Italian private sector. A simple back of the envelope comparison of the marginal costs and benefits of training policy suggests that the latter are higher than the former.     

The Effect on Financial Reporting Quality of an Exemption from the SEC Reporting Requirements for Foreign Private Issuers

We test for differences in financial reporting quality between companies that are required to file periodically with the SEC and those that are exempted from filing reports with the SEC under Rule 12g3-2(b). We examine three earnings quality measures: conservatism, abnormal accruals, and the predictability of earnings. Our results, for all three measures, show different financial reporting quality for companies that file with the SEC than for companies exempt from the filing requirements. This paper provides empirical evidence of a link between filing with the SEC and financial reporting quality for foreign firms.     

A new model of income distribution: the κ-generalized distribution

This paper proposes a three-parameter statistical model of income distribution by exploiting recent developments on the use of deformed exponential and logarithm functions as suggested by Kaniadakis (Phys A 296:405–425, 2001; Phys Rev E 66:056125, 2002; Phys Rev E 72:036108, 2005). Formulas for the shape, moments and standard tools for inequality measurement are given. The model is shown to fit remarkably well the personal income data for Great Britain, Germany and the United States in different years, and its empirical performance appears to be competitive with that of other existing distributions.