Systematic differences along the wealth distribution in investment performance will potentially have large consequences for the level and persistence of wealth inequality. These differences in performance are hard to measure except in a few, select countries with detailed information on household portfolios. In this paper we use a modified version of the Global Capital Asset Pricing Model ...
(together with Thilo Albers (HU Berlin) und Moritz Schularick (Uni Bonn)) This paper provides the first long-run wealth inequality series for Germany. We combine wealth tax data, survey data, national accounts' household balance sheets, and lists of large wealth holders to study the accumulation and distribution of wealth in Germany from 1895 to 2017. We find that wealth concentration in...
The recent debate on the causes and consequences of income inequality shows striking similarity to the debate in many parts of Europe before 1914. Today and back then the focus was on the role of capital share and market concentration as a cause for rising inequality. In this study we analyze the drivers and consequences of...
This paper experimentally examines the impacts of a largescale government program that increased the supply and quality of community preschools in rural Cambodia. The construction of new preschool facilities was paired with two demand-side interventions designed to stimulate additional enrollment into preschools. The newly constructed preschools caused an increase in enrollment rates but the demand-side ...
Devising appropriate policy measures for the integration of refugees is high on the agenda of many governments. This paper focuses on the social integration of families seeking asylum in Germany between 2013 and 2016. Exploiting differences in services availability across counties as an exogenous source of variation, we evaluate the effect of early education attendance by refugee children on their ...
Substantial work has demonstrated that early nutrition and home environments, including the degree to which children receive cognitive stimulation and emotional support from parents, play a profound role in influencing early childhood development. Yet, less work has documented the joint influences of parenting and nutritional status on child development among children in the preschool years living ...
This paper summarises the output of a Nuffield-funded research project exploring inequalities in three aspects of children’s experience in early education in England. The main focus of the project was on ‘peer effects’ in pre-school settings: we examine the extent of clustering by income and language background and explore associations between pre-school peer group and children’s outcomes in early ...
This is the first paper to experimentally examine effects of information provision on beliefs about pecuniary and non-pecuniary returns of postgraduate education, enrollment intentions and realized enrollment. We find that our treatment causally affects beliefs measured six month after treatment. The effects on beliefs differ by gender and academic background, and we find that stated enrollment intentions ...