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Socially responsible investors constitute an important force in today's global financial markets. This paper examines conditions under which socially responsible investors induce companies to behave responsibly. We develop an asset pricing model in which some shareholders are active owners, that is, they engage companies by voting on strategic decisions. Differences of objective among shareholders...
Early development of non‐cognitive skills has long‐lasting benefits for children's subsequent educational attainment and wages. Drawing on a rich, nationally representative longitudinal sample of young children in Ireland, we present new evidence on whether the use of centre‐based childcare (CBC) in infancy and early years promotes non‐cognitive skills by school entry. We focus on the type of non‐parental...
In 1930, Keynes opined that by 2030, people would work only 15 hours per week. As such, this prediction will not be realized. However, expected lifetime hours of leisure and home production in the UK rose by 58% between 1931 and 2011, rather more than Keynes would have expected. This reflects increases in life expectancy at older ages and much longer expected periods of retirement. Leisure in retirement...
Much attention is focused on finding ways to encourage females to study STEM in school and college, but what actually happens once women complete a STEM degree? We use the UK Quarterly Labour Force Survey to trace out gender differences in STEM persistence over the career. We find a continuous process whereby women are more likely to exit STEM than men. Among STEM undergraduate degree holders, women...
This paper develops a world economy growth model to explore the consequences of financial market globalization. The model consists of small open countries that are plagued by domestic credit market imperfection and are connected via knowledge spillovers. When knowledge diffuses from the technology leader to the world as an international public good, the model predicts that financial market globalization...
We use the UK's 2014 Research Excellence Framework (REF) to study the attributes of top‐scoring (four‐star) publications in Economics and Econometrics. Although official documents contain aggregate scores for each institution, we show how these aggregates can be used to infer the score awarded by REF panellists to each publication. We demonstrate that this score responds to journal prestige as measured...
We use census data to show that structural transformation reflects a fundamental reallocation of labour from goods to services, instead of a relabelling that occurs when goods‐producing firms outsource their in‐house service production. The novelty of our approach is that it categorizes labour by occupations, which are invariant to outsourcing. We find that the reallocation of labour from goods‐producing...
This paper presents a model of a competitive labour market where workers vary in firm‐specific and general skills, and firms choose the kind of information to disclose. We show that provision of general training, recruitment, and outplacement are linked. Disclosing general human capital information on bad matches but revealing nothing about good matches (information disclosure that resembles outplacement...
Elite capture is a natural concern regarding decentralization. We highlight the effects of ethnic diversity and social norms on the extent of such capture. Ethnic diversity, through differences in the preference for public goods, facilitates capture. However, this may be counteracted by social norms that promote cooperative behaviour within communities. We test these theoretical predictions using...
Turning a ‘blind eye’ to non‐compliance with minimum wage standards is sometimes presented as a pragmatic way to accommodate higher wages while not harming employment opportunities for workers employed in marginal firms. In this paper, we model firms' wage and employment decisions, and show that there may be a trade‐off between non‐compliance and employment. The main predictions of the model are tested...
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