This paper investigates the link between the optimal level of nonfinancial firms' short-term leverage and macroeconomic and idiosyncratic sources of uncertainty. We develop a structural model of a firm's value maximization problem that predicts a negative relationship between uncertainty and optimal levels of borrowing. This proposition is tested using a panel of nonfinancial U.S. firms drawn from ...
We study the labor supply effects of a change in child-subsidy policy designed to both increase fertility and shorten birth-related employment interruptions. The reform yields most of the intended effects.
The accumulation of the human capital stock plays a key role to explain the macroeconomic performance across regions. However, despite the strong theoretical support for this claim, empirical evidence has been not very convincing, probably because of the low quality of the data. This paper provides a robustness analysis of alternative measures of human capital available at the level of EU NUTS1 and ...
Complementing prior research on income mobility and educational transmission, we provide evidence on the intergenerational transmission of cognitive abilities using data from the German Socio-Economic Panel Study. Our estimates suggest that individuals' cognitive skills are positively related to the abilities of their parents, even when educational attainment and family background is controlled for. ...
The percentage of children attending private school in Germany has increased sharply in recent years. According to data of the German Socio-Economic Panel (SOEP), 7% of all students now attend private school. The SOEP, which contains a range of household data, shows that the children of parents with a university entry degree ("Abitur") are more likely to attend private school than those with less educated ...
This paper analyzes the influence of child health and maternal physical and mental health on female labor force participation after childbirth in Germany. Our analysis is based on data from the German Socio-Economic Panel (SOEP) study, which enables us to measure child health based on the occurrence of severe health problems including mental and physical disabilities, hospitalizations, and preterm ...
We use newly available data from Germany to study the relationship between parental income and child health. We find a strong gradient between parental income and subjective child health as has been documented earlier in the US, Canada and the UK. The relationship in Germany is about as strong in the US and stronger than in theUK. However, in contrast to US results, we do not find that the disadvantages ...
Der vorliegende Beitrag untersucht auf Basis von Daten des Sozio-oekonomischen Panels für Deutschland (SOEP), inwieweit selbständige Ausländer in Deutschland überdurchschnittlich hohe Einkommen erzielen. Die Untersuchung zeigt, dass ausländische Selbständige insgesamt höhere Einkommen erzielen als angestellt tätige Ausländer und dass der Unterschied größer ist als bei Selbständigen deutscher Nationalität. ...
