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Family Heterogeneity, Human Capital Investment, and College Attainment 家庭异质性、人力资本投资与大学成就
Pub Date : 2020-09-14 DOI: 10.2139/ssrn.3692407
A. Blandin, Christopher Herrington
From 1995 to 2015 the aggregate US college completion rate increased almost 50 percent, but completion trends differed markedly by family background. We consider whether changing college preparedness contributed to growth in aggregate completion and differences by family background. We first document parallel empirical trends in precollege investments, college preparedness, and completion. We use these moments to discipline a quantitative model of intergenerational human capital investment with heterogeneous families. Within the model, investment trends generate half of the empirical increase in college completion. The model implies that subsidizing precollege investments increases college completion and lifetime earnings more than college tuition subsidies. (JEL I23, I26, J12, J24, J31)
从1995年到2015年,美国大学毕业率增加了近50%,但毕业趋势因家庭背景而明显不同。我们考虑改变大学准备是否有助于总体完成率和家庭背景差异的增长。我们首先在大学前投资、大学准备和完成方面记录了平行的经验趋势。我们利用这些时刻来约束异质性家庭代际人力资本投资的定量模型。在该模型中,投资趋势产生了大学毕业率增长的一半。该模型表明,与大学学费补贴相比,补贴大学预科投资更能提高大学毕业率和终身收入。(j23, j26, j12, j24, j31)
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引用次数: 6
The Major Issues Facing Staff in Islamic Banking Industry and its Impact on Productivity 伊斯兰银行业员工面临的主要问题及其对生产力的影响
Pub Date : 2020-09-01 DOI: 10.5709/ce.1897-9254.412
Harith Yas Khudhair, A. Mardani, A. Alfarttoosi
The main concern of the research were the challenges faced by the staff working in the Islamic banking Industry. The study was conducted on Islam based banks between the 5th and 22nd of March 2020 to identify the challenges faced by the staff. Again, the results obtained aided in ascertaining the correlation between the staff challenges and its unique model of operation from conventional banks. Research objectives included generating results that assisted in developing staff skills. Additionally, investigating the nature and increase in sales and implementing methods of attracting customers to the banks were the last objectives of the study. In the methodological part, the quantitative data collection focused on questionnaires, whereas qualitative concentrated on interviews with the aid of descriptive statistics and observation. The sample used was composed of 200 participants. A total number of 8 Islamic banks were engaged in retrieving the necessary information from staff. The findings acquired through the SEM approach confirm that misdemeanor and personal problems have shown their negatively insignificant impact on the productivity of the employees. Whereas, financial rewards contributed to the positive and significant impact on the productivity factor. Banking sector management, specifically in Islamic banks, would greatly benefit from acquainting themselves with the current study’s findings to increase the productivity of their employees. However, significant attention is required to control the adverse influence from the miscellaneous factors, and personal problem which are causing lower employee productivity.
研究的主要关注点是伊斯兰银行业工作人员所面临的挑战。该研究于2020年3月5日至22日期间对伊斯兰银行进行,以确定员工面临的挑战。再一次,获得的结果有助于确定员工挑战与其传统银行独特的运营模式之间的相关性。研究目标包括产生有助于发展工作人员技能的结果。此外,调查销售的性质和增长以及吸引客户到银行的实施方法是研究的最后一个目标。在方法部分,定量数据收集侧重于问卷调查,而定性集中于借助描述性统计和观察的访谈。使用的样本由200名参与者组成。共有8家伊斯兰银行正在从工作人员处获取必要的资料。通过扫描电镜方法获得的研究结果证实,轻罪和个人问题对员工的生产力产生了不显著的负向影响。而财务奖励对生产率因子有显著的正向影响。银行部门的管理,特别是伊斯兰银行的管理,将从了解当前的研究结果中受益匪浅,从而提高其员工的生产率。然而,需要注意控制各种因素的不利影响,以及导致员工生产力下降的个人问题。
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引用次数: 8
Can Human Capital and Asset Management Improve the Financial Performance of Older Age Groups? Evidence from Europe 人力资本和资产管理能改善老年群体的财务绩效吗?来自欧洲的证据
Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3711155
I. Ehrlich, J. Shin
Extending Ehrlich et al.’s (2008, 2011) labor-theoretic, rational-expectations model of asset management (AM), we investigate the interplay between AM and portfolio choices of older-age households in a sample of 11 European countries plus Israel over 5 waves of the SHARE longitudinal data in the period 2004-2015. Our analysis shows that education, health, and other components of human capital, generally determine the reduced-form demand for, or portfolio shares of, risky assets, the derived-demand for asset management time, and the household’s portfolio returns. Moreover, we find that education and underlying health conditions affect these portfolio outcomes largely through proxies of time household heads devote to asset management. Our key findings hold up against a battery of robustness and internal validation tests based on reduced-form and structural IV regressions, alternative regression specifications, and alternative groups of investors. We also find that the effects of education on the demand for AM time, risky financial assets, and portfolio returns, become larger as the opportunity costs of AM fall with age, which supports the mechanism of the asset management hypothesis.
我们扩展了Ehrlich等人(2008,2011)的劳动理论、理性预期资产管理模型(AM),以2004-2015年期间5波SHARE纵向数据的11个欧洲国家和以色列为样本,研究了AM与老年家庭投资组合选择之间的相互作用。我们的分析表明,教育、健康和人力资本的其他组成部分通常决定了对风险资产的缩减形式需求或投资组合份额、对资产管理时间的衍生需求以及家庭的投资组合回报。此外,我们发现教育和潜在的健康状况在很大程度上通过家庭户主投入资产管理的时间来影响这些投资组合的结果。我们的主要发现与基于简化形式和结构IV回归、替代回归规范和替代投资者群体的一系列稳健性和内部验证测试相抗衡。我们还发现,随着资产管理的机会成本随着年龄的增长而下降,教育对资产管理时间需求、风险金融资产和投资组合回报的影响变得更大,这支持了资产管理假说的机制。
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引用次数: 1
The Cross-Section of Non-Professional Analyst Skill 非专业分析师技能的横截面
Pub Date : 2020-08-28 DOI: 10.2139/ssrn.3682490
M. Farrell, Russell Jame, Tian Qiu
We examine the cross-section of skill among non-professional analysts (NPAs) on Seeking Alpha, a prominent crowd-sourced investment research platform. We estimate that 60% of NPAs are skilled, and we document substantial dispersion in skill. Even after accounting for bid-ask spreads and allowing for a three-day investment delay, following NPAs in the top quintile of past skill earns annualized abnormal returns of 10%. In contrast, an unconditional strategy that follows all NPAs earns insignificant returns. An examination of retail and institutional order imbalances following NPA recommendations suggests that neither group recognizes the size-able differences in ability across NPAs.
我们在一个著名的众包投资研究平台Seeking Alpha上研究了非专业分析师(NPAs)的技能横截面。我们估计60%的国家行动纲领是熟练的,我们记录了大量的技能分散。即使考虑到买卖价差并考虑到三天的投资延迟,在过去五分之一以上的不良资产回报率也能获得10%的年化异常回报。相比之下,遵循所有净收益指标的无条件策略只能获得微不足道的回报。根据NPA的建议,对零售和机构订单失衡的检查表明,两组都没有认识到NPA之间能力的巨大差异。
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引用次数: 4
Male Incarceration and Female Labor Market Outcomes 男性监禁和女性劳动力市场结果
Pub Date : 2020-08-27 DOI: 10.2139/ssrn.3709551
Terry-Ann L Craigie
The prevalence of male incarceration in the United States has important unintended consequences for women. Two early studies find positive external effects of male incarceration on female labor market outcomes in general. However, we know very little about the labor market outcomes of women directly affected by male incarceration. This study evaluates how female labor market outcomes change when a male partner is currently incarcerated. It finds substantial and robust evidence that a male partner’s current incarceration lowers female weekly earnings at extensive and intensive margins, while raising female unemployment odds at the extensive margin. These negative consequences on female labor market outcomes warrant further policy attention.
美国男性监禁的盛行对女性产生了意想不到的重要影响。两项早期研究发现,男性监禁总体上对女性劳动力市场结果有积极的外部影响。然而,我们对受男性监禁直接影响的女性的劳动力市场结果知之甚少。这项研究评估了当男性伴侣目前被监禁时,女性劳动力市场结果的变化。它发现了大量有力的证据,表明男性伴侣目前的监禁在很大程度上降低了女性的周收入,同时在很大程度上提高了女性的失业率。这些对女性劳动力市场结果的负面影响值得进一步的政策关注。
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引用次数: 0
Artificial Intelligence and High-Skilled Work: Evidence from Analysts 人工智能和高技能工作:来自分析师的证据
Pub Date : 2020-08-26 DOI: 10.2139/ssrn.3681574
Jillian Grennan, Roni Michaely
Policymakers fear artificial intelligence (AI) will disrupt labor markets, especially for high-skilled workers. We investigate this concern using novel, task-specific data for security analysts. Exploiting variation in AI's power across stocks, we show analysts with portfolios that are more exposed to AI are more likely to reallocate efforts to soft skills, shift coverage towards low AI stocks, and even leave the profession. Analyst departures disproportionately occur among highly accurate analysts, leaving for non-research jobs. Reallocating efforts toward tasks that rely on social skills improve consensus forecasts. However, increased exposure to AI reduces the novelty in analysts' research which reduces compensation.
政策制定者担心人工智能(AI)将扰乱劳动力市场,尤其是对高技能工人。我们为安全分析师使用新颖的、特定于任务的数据来调查这一问题。利用人工智能在不同股票中的力量差异,我们发现,拥有更多人工智能投资组合的分析师更有可能将精力重新分配到软技能上,将投资范围转向低人工智能股票,甚至离开这个行业。分析师离职不成比例地发生在高度准确的分析师中,他们去从事非研究工作。将精力重新分配到依赖社交技能的任务上,可以提高共识预测。然而,增加对人工智能的接触降低了分析师研究的新颖性,从而降低了薪酬。
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引用次数: 20
How Effective Is Social Distancing? 保持社交距离有多有效?
Pub Date : 2020-08-25 DOI: 10.2139/ssrn.3680321
Zhengyang Bao, Difang Huang
We identify the dynamic effects of social distancing policy on reducing the transmission of the COVID-19 spread. We build a model that measures the relative frequency and geographic distribution of the virus growth rate and provides hypothetical infection distribution in the states that enacted the social distancing policy, where we control all time-varying, observed and unobserved, state-level heterogeneities. We apply our model to a panel of weekly COVID-19 infection cases and deaths of all states in the United States from February 20 to April 20, 2020, and find that during our sample period, social distancing intervention is effective in reducing the weekly growth rate in cases by 9.8% and in deaths by 7.0%. We show that the effects are time-varying that range from the weakest at the beginning of policy intervention to the strongest by the end of our sample period. We further demonstrate that the effects are cross-sectional heterogeneous as the states with higher income, higher education, more White people, more democratic voters, and higher CNN viewership have a more considerable reduction in the infection growth rate.
我们确定了社会距离政策对减少COVID-19传播的动态影响。我们建立了一个模型,测量病毒增长速度的相对频率和地理分布,并提供了实施社会距离政策的州的假设感染分布,在这些州,我们控制了所有随时间变化的、观察到的和未观察到的、州一级的异质性。我们将我们的模型应用于2020年2月20日至4月20日期间美国所有州每周COVID-19感染病例和死亡病例的小组,发现在我们的样本期间,社会距离干预有效地将病例的每周增长率降低了9.8%,死亡人数降低了7.0%。我们表明,这些影响是随时间变化的,范围从政策干预开始时最弱到我们样本期结束时最强。我们进一步证明,在收入高、受教育程度高、白人多、民主选民多、CNN收视率高的州,感染增长率的下降幅度更大。
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引用次数: 10
Redeploying the Jockeys: Do VCs Create Internal Labor Markets For Entrepreneurs? 重新配置骑师:风投为企业家创造了内部劳动力市场吗?
Pub Date : 2020-08-21 DOI: 10.2139/ssrn.3679198
Zhongchen Hu
There is an ongoing debate on whether VCs bet on ideas or founders. Prior studies find that successful startups often have kept businesses stable but replaced founders; however, practitioners see founders as more critical. This paper aims to rationalize the two views. I analyze new hand-collected data and find that VCs redeploy founders across portfolio companies, highlighting VCs' emphasis on human capital. I propose that VCs utilize private information to reallocate talent, and I show: (1) former VC partners continue influencing founders' mobility; (2) the redeployment positively predicts VC performance; (3) the redeployment is stronger where information is more asymmetric.
关于风投是押注于创意还是押注于创始人,一直存在争论。先前的研究发现,成功的创业公司通常会让企业保持稳定,但会取代创始人;然而,从业者认为创始人更挑剔。本文旨在理顺这两种观点。我分析了新的手工收集的数据,发现风投会在投资组合公司中重新部署创始人,这凸显了风投对人力资本的重视。我建议风投公司利用私人信息来重新分配人才,我证明:(1)前风投合伙人继续影响创始人的流动性;(2)再配置正向预测风险投资绩效;(3)信息不对称越严重,重新部署越强。
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引用次数: 0
The Rural-Urban Divide and Intergenerational Educational Mobility in a Developing Country: Theory and Evidence from Indonesia 发展中国家的城乡差距与代际教育流动:来自印度尼西亚的理论与证据
Pub Date : 2020-08-18 DOI: 10.2139/ssrn.3676626
Naveed Ahsan, M. Emran, Forhad Shilpi
This paper provides an analysis of the rural-urban divide in intergenerational educational mobility in Indonesia with two distinguishing features. First, the estimating equations are derived from theory incorporating rural-urban differences in returns to education and school quality, and possible complementarity between parent’s education and financial investment. Second, the data are suitable for tackling the biases from sample truncation due to coresidency and omitted cognitive ability heterogeneity. The evidence rejects the workhorse linear intergenerational educational persistence equation in favor of a convex relation in rural and urban Indonesia. The rural-urban relative mobility curves cross, with the children of low educated fathers enjoying higher relative mobility in rural areas, while the pattern flips in favor of the urban children when the father has more than nine years of schooling. However, the rural children face lower absolute mobility across the whole distribution of father's schooling. Estimates from the investment equation suggest that, in urban areas, children~^!!^s peers are complementary to financial investment by parents, while the adult role models are substitutes. In contrast, separability holds in villages. Peers and role models are not responsible for the convexity in both rural and urban areas, suggesting more efficient investment by educated parents as a likely mechanism, as proposed by Becker et al. (2015, 2018). The theoretical relation between the intercepts of the mobility and investment equations helps in understand whether school quality is complementary to or a substitute for parental financial investment. This paper finds evidence of substitutability, implying that public investment to improve the quality of rural schools is desirable on both equity and efficiency grounds.
本文分析了印尼代际教育流动中的城乡差异,并提出了两个显著特征。首先,估算方程是根据考虑城乡教育回报和学校质量差异以及家长教育和财政投资之间可能的互补性的理论推导出来的。其次,数据适合解决因样本共住和忽略认知能力异质性而导致的样本截断偏差。证据拒绝了工作马线性代际教育持久性方程,支持凸关系在农村和城市印度尼西亚。城乡相对流动性曲线交叉,父亲受教育程度较低的子女在农村地区享有较高的相对流动性,而当父亲受教育程度超过9年时,格局则反过来有利于城市子女。然而,农村儿童在父亲受教育的整个分布中面临着较低的绝对流动性。从投资方程估计,在城市地区,儿童~^!!孩子的同伴对父母的经济投资是互补的,而成人的榜样是替代的。相比之下,可分离性在村庄中仍然存在。同龄人和榜样对农村和城市地区的凸性都没有责任,这表明受过教育的父母更有效的投资可能是一种机制,正如Becker等人(2015,2018)所提出的那样。流动性和投资方程的截距之间的理论关系有助于理解学校质量是对父母财务投资的补充还是替代。本文发现了可替代性的证据,这意味着公共投资提高农村学校的质量在公平和效率的基础上是可取的。
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引用次数: 2
Impact of Training on Employees’ Performance: A Case Study of Selected Private Sectors Companies in Oman 培训对员工绩效的影响:阿曼选定私营部门公司的案例研究
Pub Date : 2020-08-08 DOI: 10.20431/2349-0349.0808004
S. Abdel-Gadir
This article examines the impact of training on employees’ performance: A Case study of selected private sector companies in Oman. Data was collected through an administered questionnaire with a sample of 46 respondents selected randomly from five companies: Sohar Aluminum, Stomo Company, Suhail Bahwan Group (Holding) LLC, Ooredoo Company, and Oman Formaldehyde Chemical Company.

The findings show the success of the training program on improving the employee‘s abilities, skills, productivity, efficiency. The results also showed that respondents agree with the relevance of the training program to the nature of their work.

The study also showed the employees’ views on company attitudes towards training programs. The respondents confirmed that their companies believe that training is the best way to convey new skills to employees. Additionally, their companies have a clear policy for training shown by implementing a proper mechanism for adjustment, review, and evaluation of all training programs. To sum up, the study recommended that the firm should provide an adequate working environment to ensure that workers have high levels of commitment.
本文考察了培训对员工绩效的影响:阿曼选定私营部门公司的案例研究。数据是通过一份管理问卷收集的,随机选择了来自5家公司的46名受访者:Sohar铝业公司、Stomo公司、Suhail Bahwan集团(控股)有限责任公司、Ooredoo公司和阿曼甲醛化学公司。研究结果表明,培训计划在提高员工的能力、技能、生产力和效率方面取得了成功。调查结果还显示,受访者同意培训计划与其工作性质的相关性。该研究还显示了员工对公司对培训计划的态度的看法。受访者证实,他们的公司认为培训是向员工传授新技能的最佳方式。此外,他们的公司有明确的培训政策,通过实施适当的机制来调整、审查和评估所有的培训计划。综上所述,该研究建议公司应该提供一个适当的工作环境,以确保工人有高水平的承诺。
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引用次数: 1
期刊
Labor: Human Capital eJournal
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