Miracle-dz/UniFAR-FTUs huggingface dataset:
Consumption Insurance Against Wage Risk: Family Labor Supply and Optimal Progressive Income Taxation

We show that a calibrated life cycle two-earner household model with endogenous labor supply can rationalize the extent of consumption insurance against shocks to male and female wages, as estimated empirically by Blundell, Pistaferri, and Saporta-Eksten (2016) in US data. In the model, 35 percent of male and 18 percent of female permanent wage shocks pass through to consumption, compared to the empirical estimates of 32 percent and 19 percent. Most of the consumption insurance against permanent male wage shocks is provided through the presence and labor supply response of the female earner. Abstracting from this private intrahousehold income insurance mechanism strongly biases upward the welfare losses from idiosyncratic wage risk as well as the desired extent of public insurance through progressive income taxation. Relative to the standard one-earner life cycle model, the optimal degree of tax progressivity is significantly lower and the welfare gains from implementing the optimal system are cut roughly in half. (JEL D15, H21, H24, J16, J22, J31)
Structural diversity as a predictor of ecosystem function

Biodiversity is believed to be closely related to ecosystem functions. However, the ability of existing biodiversity measures, such as species richness and phylogenetic diversity, to predict ecosystem functions remains elusive. Here, we propose a new vector of diversity metrics, structural diversity, which directly incorporates niche space in measuring ecosystem structure. We hypothesize that structural diversity will provide better predictive ability of key ecosystem functions than traditional biodiversity measures. Using the new lidar-derived canopy structural diversity metrics on 19 National Ecological Observation Network forested sites across the USA, we show that structural diversity is a better predictor of key ecosystem functions, such as productivity, energy, and nutrient dynamics than existing biodiversity measures (i.e. species richness and phylogenetic diversity). Similar to existing biodiversity measures, we found that the relationships between structural diversity and ecosystem functions are sensitive to environmental context. Our study indicates that structural diversity may be as good or a better predictor of ecosystem functions than species richness and phylogenetic diversity.
Impacts of educational mismatches on job satisfaction

Purpose Education-job mismatches, especially overeducation or vertical mismatch, are generally found to lower the worker’s job satisfaction, which may generate the counter-productive behaviors, such as high rates of absenteeism and turnover in developed countries. The purpose of this paper is to examine the impacts of educational mismatches from their both forms and dimensions (match, overeducation, horizontal mismatch and double mismatch) on the job satisfaction among university graduates in Cambodia. Design/methodology/approach To deal with the sample selection bias owing to the unobserved job satisfaction of unemployed graduates, this paper applies the Heckman probit model on a survey conducted with 19 higher education institutions in Cambodia. Findings Results indicate that a half of graduates suffer at least one type of educational mismatch and the both forms of mismatches adversely affect the job satisfaction with the strongest impact from the double mismatch case. Research limitations/implications The authors take into account the sample selection bias, but are not able to deal with the unobserved heterogeneity, such as individual competences and preferences. With the panel data, it would be possible to isolate those individual fixed effects. Practical implications The findings underline the importance of improvement in the quality of higher education in Cambodia that seems to play a main role in this education-job mismatch problem. Creating the occupational counseling for the high school students would be also helpful to orientate students to the majors strongly needed by the labor market. Originality/value This paper focuses on all forms and dimensions of mismatches and takes into account the sample selection bias in the context of a low-income country where the increasing rate of enrollment in higher education seems to be accompanied by an increasing rate of education-job mismatches. Previous research works focused mostly on overeducation and in developed countries.
The Financial Knowledge Scale: New Analyses, Findings, and Development of a Short Form

We use data from the Understanding America Study (UAS) internet panel to build upon the Knoll and Houts Financial Knowledge Scale (FKS). Specifically, we provide practitioners with a shorter 10‐item scale, describe additional analyses on both the full‐ and short‐form versions of the scales, and explore the relationship between FKS scores and a variety of retirement‐related outcome variables. Importantly, the full‐ and short‐form scales are developed using a statistical model that accounts for guessing, which allows us to provide more accurate estimates of financial knowledge than similar scales that do not account for guessing. The paper also provides conversion tables that can aid in the analysis and interpretation of FKS scores in practice. With the development of a 10‐item short form that accounts for guessing, we hope to provide practitioners and researchers with a tool that will enable them to reliably measure financial knowledge more parsimoniously and accurately than other measures currently in use.
Friends like this: The impact of the US–China trade war on global value chains

This paper considers the indirect impact the recent tariff increases between the US and China can have in third countries through links in global supply chains. We combine data from input-output relationships, imports and tariffs, to calculate the impact of the tariff increases by both the US and China on cumulative tariffs for other countries and thus hurt trade partners further downstream in global supply chains. We also show that this is particularly important for tariff increases on Chinese imports in the US. These are likely to be used as intermediates in production in the US, which are then re-exported to third countries. The most heavily hit third countries are the closest trade partners, namely Canada and Mexiko. We estimate that the tariffs impose additional burden of around 500 to 600 million US dollars on these two countries. China's tariffs on US imports have less of an effect.
Farming for System Change: The Politics of Food Sovereignty and Climate Change in Canada

In this dissertation, I explore the overlap between climate change and food production, focusing on the concept of food sovereignty and the potential for ecological farming to help mitigate greenhouse gas emissions. I unveil how the concepts of food sovereignty and agroecology are (and are not) being taken up by Canadian farmers, farmers’ organizations and others who have a stake in climate change debates. Based on two years of scholar-activist-oriented research, including interviews with farmers and ethnographic engagements on farms and at events focused on agricultural politics and practices, I describe the opportunities and constraints for agroecological approaches to contribute to mitigating climate change, as well as the significant political, geographical and socio-cultural challenges that are generally inhibiting the actualization of food sovereignty in Canada. Focusing on the work of La Vía Campesina’s two member organizations in this country, the National Farmers Union (NFU) and Union Paysanne, I am concerned with the basic problem of how tensions between systemic and pragmatic changes are articulated through agroecology initiatives and food sovereignty advocacy. My essential claim is that a broad counterhegemonic movement will be required in order for there to be a significant shift in climate and food politics in Canada. Food sovereignty and agroecology have the potential to be incorporated into a system change agenda, I argue, but any serious effort to move them forward, and tackle climate change, will require
Materiality analysis in sustainability and integrated reports

This paper aims to assess the disclosure on materiality analysis in sustainability and integrated reports through the lenses of legitimacy and stakeholder theory. The following three research questions are addressed: to what extent do companies report on their materiality analysis, what are the methods used for the analysis of the stakeholders and their topics/aspects and is there a higher disclosure of information of materiality assessment because of G4. ,The paper uses an archival research approach and deploys content analysis. Thus, a binary disclosure index was developed that indicates whether materiality related information are mentioned and explained in detail. The sample contains 132 reports from 33 companies of the German 110 HDAX stock market index between 2014 and 2017. ,The paper reveals that materiality analysis is a growing phenomenon. Nevertheless, companies disclose only a small amount of related information and fail to explain the methods for the stakeholder and topics/aspects identification. Thus, the underlying processes to define the report content remains unclear. Through the lenses of legitimacy theory, the study indicates that materiality analysis can strategically be misused to define report content without considering the interests of legitimized stakeholder groups and thus, does not improve the reports to those groups. ,Managers are urged to regard the importance of reporting about ongoing materiality assessments, as otherwise, concerns about the overall reliability of the information presented may arise. ,Poor reporting about materiality assessments might lead to potential conflicts with stakeholders that do see their important topics not sufficiently reflected in the sustainability or integrated report. ,This study contributes to the literature regarding materiality in sustainability and integrated reporting and uses the assumptions of disclosure theories to evaluate the disclosure of a specific disclosure item.
Intergenerational mobility of education in Vietnam: Evidence from the Vietnam War

Vietnam's education system has recently attracted international attention for exceptional learning outcomes and success in improving schooling outcomes over a short period, despite being a lower-middle-income country. One potential explanation is the substantial increase in parental schooling after the Vietnam War ended in 1975, which might have led to better educational outcomes for the next generation. This study examines the causal effect of parental schooling on children's educational attainment in Vietnam.
Sustainability’s forgotten third E: what influences local government actions on social equity?

ABSTRACT What differentiates communities that emphasise social equity in their sustainability policy? We use a 2015 survey of 1899 cities and counties across the United States and find only 26% of local governments report prioritising social equity. We use a distributional justice lens to create measures of social equity policy, and a procedural justice lens to assess processes for community engagement. We find that both distributive and procedural justice are important in local sustainable development. Our regression models find that plans and organisational capacity are important, but what differentiates municipalities that engage in more social equity policy is procedural justice – formal citizen engagement through a citizen task force and cross agency collaboration, as well as explicit links to economic development actors – notably, municipal ownership of utilities, and pressure from local businesses. A more engaged governance that incorporates the public, business, with cross-sectoral government agencies may mitigate the conflicts between three Es and help localities pursue a more balanced local sustainability agenda.
Analysis of the emergence of two Chilean Conditional Cash Transfer programmes

The present study analyses Solidarity Chile and Ethical Family Income, two Chilean programmes aiming at tackling extreme poverty by means of the Conditional Cash Transfer (CCT) scheme. The general question is: Why did Chilean policy makers choose the particular features of these programmes to tackle extreme poverty in Chile? To a large extent, the literature which has analysed the CCTs has neglected the role of the ideas in the configuration of this programmes, specifically the role played by the concepts of “poverty”. For the analysis of these programmes, this thesis examined two related issues; firstly, the policy making process whereby those features were selected; secondly, the meaning of those selected features. To address those issues in an integrated way, the present research study is informed by the Cultural Political Economy (CPE) framework, developed by Bob Jessop and Ngai-Ling Sum. This study is based on qualitative interviews with policy makers who participated in the design process of Solidarity Chile and Ethical Family Income. This thesis concluded that the policy makers of these two programmes under study, which belong to two different political coalitions in Chile, made two reductions; namely: 1) they understand that poverty depends on the characteristics of the individuals who are in poverty; 2) they set aside other pressing social problems, such as inequality, low salaries among others, placing the focus on extreme poverty. I argue that these two reductions express a particular, albeit hegemonic type of poverty knowledge; therefore, in order to overcome the failures of these two Chilean programmes, it turns out necessary to break away from this limiting perspective of poverty and go beyond an individualist approach. Author’s declaration I declare that the work in this dissertation was carried out in accordance with the requirements of the University's Regulations and Code of Practice for Research Degree Programmes and that it has not been submitted for any other academic award. Except where indicated by specific reference in the text, the work is the candidate's own work. Work done in collaboration with, or with the assistance of, others, is indicated as such. Any views expressed in the dissertation are those of the author. SIGNED: . DATE: 21 February 2019
Social commerce users' optimal experience: Stimuli, response and culture

Social commerce users’ experience is generated during socio-commercial interactions. Therein, users receive utilitarian and hedonic stimuli that form their experience and influence their responses. However, research is needed to understand how this experience is generated. Based on the stimulus–organism–response framework and flow theory, this study analyzes how hedonic stimulus (here called sPassion) and utilitarian stimulus (usability) affect users’ flow experience (organism) to positively impact emotional and behavioral loyalty (users’ responses). Furthermore, as social commerce users are culturally diverse, the moderating effect of cultural background is studied, drawing on Hofstede’s cultural dimensions. Findings show that hedonic stimulus more strongly impacts social commerce users’ flow experience versus utilitarian stimulus. Once users reach the state of optimal experience, their positive responses are reflected in their increased intention to spread social word of mouth, to return to the website and to repurchase on it. Additionally, optimal user experience in social commerce is generated mainly through hedonic stimuli and, while social commerce environments can be culturally diverse, cultural background does not imply changes in users’ behavioral patterns. This study theoretically advances research on social commerce users’ experience. Likewise, the findings guide online retailers in optimizing user experience via hedonic stimuli to enhance loyalty.
The Dollar Denominated Covered Bond Market: A Cross-Country Analysis of Credit Spreads

The authors analyze the determinants of credit spreads of 674 US dollar denominated covered bonds, issued by institutions domiciled in twenty-one countries, over the sample period 1/2001 to 1/2016. Even though covered bond contracts include strong credit enhancements, there is considerable heterogeneity in observed credit spreads through time and in the cross-section. The authors find that measures of sovereign risk and country specific legal frameworks are among the most important explanatory factors for differences in spreads across these bonds. TOPICS: Project finance, statistical methods, credit risk management Key Findings • The authors study the determinants of US dollar denominated covered bond credit spreads for bonds issued in twenty-one countries during the period 1/2001 to 1/2016. • Despite carrying strong credit enhancement features, US dollar denominated covered bonds still exhibit variation in spreads both through time and in the cross-section of issuer country of domicile. • Empirical results suggest sovereign risk and country-level legal frameworks are important determinants of US dollar denominated covered bond credit spreads.
The impact of corporate reporting readability on informational efficiency

Purpose Informational efficiency is a fundamental aspect of capital market quality, and therefore, regulators, managers and practitioners attempt to find ways to improve the informational efficiency. Since prior studies primarily focus on the numerical attributes of corporate reporting, it is not yet adequately known whether or not the linguistic attributes of corporate reporting affect informational efficiency. Thus, the purpose of this paper is to examine whether corporate reporting readability (readability), as an important linguistic attribute of corporate reporting, affects informational efficiency. Design/methodology/approach To measure readability, this paper uses Fog index. Moreover, to measure informational efficiency, the paper uses stock return variance ratios. Findings The findings reveal a positive and significant association between readability and informational efficiency. Moreover, the findings show that the association of readability and informational efficiency is stronger for firms facing higher information asymmetry. The findings further document the spillover effect of readability, in the sense that the readability of economically related public firms affects a firm’s informational efficiency. Overall, the results support the arguments that readability enhances informational efficiency. Originality/value This study contributes to the literature by providing evidence on the internalities and externalities of readability in the context of informational efficiency. Thus, the study will be of interest to regulators, managers and practitioners, especially in emerging capital markets, who tend to find practical and easy ways to improve informational efficiency.
Does mentoring make immigrants more desirable? A conjoint analysis

High levels of immigration to Germany have led to increased interests in integration programs. Yet, it is unclear to what extent immigrant participation in integration programs affects attitudes toward immigrants among the host population. This article measures which immigrant attributes German respondents find desirable, and how these features interact with participation in a mentoring program with a local mentor. Mentoring is often employed to aid immigrant integration and typically focuses on psychosocial, social capital, and employment-related goals. Our results show that Germans prefer traits conducive to gainful employment. While migrant ethnicity had no significant effect, migrant religion was salient. Muslim immigrants were preferred less than immigrants of other religions, and this effect was stronger among respondents living in areas with higher support for far-right politics. Participation in a mentoring program increased migrant desirability both directly and indirectly by mitigating the negative effects of having lower levels of education, little work experience, not speaking German and being Muslim.
Risk and return characteristics of the swap spread arbitrage strategy

We conduct a study on the risk and return characteristics of the swap spread arbitrage strategy. Specifically, we investigate the two-year, three-year, five-year, seven-year, ten-year, and an equally-weighted swap spread strategy in the US, the UK, and Japan. We find that there is very little “arbitrage” in this fixed income trading strategy. Furthermore, our findings suggest that the less liquid markets offer better risk and return characteristics than the more liquid markets. This thesis is a part of the MSc programme at BI Norwegian Business School. The school takes no responsibility for the methods used, results found, or conclusions drawn. 0958850 0953856 GRA 19703
Green Infrastructure Solutions to Health Impacts of Climate Change: Perspectives of Affected Residents in Detroit, Michigan, USA

Cities worldwide are incorporating green infrastructure to mitigate climate change and achieve health cobenefits. However, green infrastructure projects are often distributed inequitably based on race and class. Residents’ perspectives are necessary to develop and enact effective and equitable ‘green’ strategies to address climate change and its health impacts. This study reports findings from interviews and ethnographic observations with diverse residents of Detroit, Michigan, USA, who have experience with both green infrastructure projects and intense weather events (flooding). Residents expressed widespread support for green infrastructure solutions, while also sharing concerns about unintended health consequences from unsatisfactory governance of green spaces and climate change itself. Residents also held differing perspectives regarding their responsibility for, and capacity to enact, these solutions compared to businesses, city government, and nonprofit organizations. These findings illuminate key factors that city governments and partnering institutions should incorporate into planning processes with residents to achieve greater environmental justice through green infrastructure strategies to mitigate climate change and related health impacts.
Minimum Wage in a Multi-Tier Search and Wage-Posting Model with Cross-Market Substitutions

While minimum wage policy is widely adopted in the real world, can it effectively raise the average wage of lower paid jobs without having large detrimental consequences for employment? The empirical literature fails to establish robust findings. We develop a general-equilibrium search and wage-posting framework with heterogeneous workers and tasks matching in multi-tier labor markets: abstract, routine high-skilled, routine middle-skilled, manual middle-skilled and manual low-skilled. We incorporate rich cross-market spillovers and compositional effects from individual responses to market thickness. As a result of minimum wage hikes, we show that (i) the unemployment rate at the minimum wage binding market is higher, while all other markets enjoy a lower unemployment rate; (ii) employment in the manual low-skilled jobs is lower, whereas employment in the routine high-skilled and manual middle-skilled markets is higher due to cross-market substitutions; and, (iii) employment in other markets has ambiguous responses due to conflicting effects on potential worker entry and unemployment. By calibrating the model to fit the U.S. data, we evaluate the impacts of the federal minimum wage hike (2007-2009) and the on-going minimum wage increase in Seattle (2017-2021). We find that the minimum wage effects on employment on the binding markets depend crucially on the magnitudes of spillover and compositional effects and that the employment effects may be weak in a nonbinding market. Moreover, our results suggest that, while both minimum wage hikes reduce aggregate output, they only generate small effects on submarket average and overall average wages.