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  • Other Sources  (21)
  • Amsterdam and Rotterdam: Tinbergen Institute  (21)
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  • Other Sources  (21)
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  • 1
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2013-11-13
    Description: Firms have not historically called their convertible bonds as soon as they could force conversion. Various explanations for the delay rely on the size of the dividends that bondholders forgo so long as they do not convert. We investigate an important change in convertible security design, namely that more than 95 percent of recent convertible bond issues are dividend-protected. Dividend protection means that the conversion value of the shares into which a bond is convertible is unaffected by dividend payments and dividendrelated rationales for call delay become moot. We document that dividend-protectedconvertibles are called as soon as conversion can be forced.
    Keywords: G2 ; G32 ; ddc:330 ; Call policy ; Dividend protection ; Convertible securities ; Security design ; Wandelanleihe ; Dividende ; Unternehmensfinanzierung ; Welt
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2013-11-13
    Description: We apply the theory of inequality in opportunity to measure inequity in mortality. Ourempirical work is based on a rich dataset for the Netherlands (1998-2007), linking informationabout mortality, health events and lifestyles. We show that distinguishing between differentchannels via which mortality is affected is necessary to test the sensitivity of the results withrespect to different normative positions. Moreover, our model allows for a comparison of theinequity in simulated counterfactual situations, including an evaluation of policy measures.We explicitly make a distinction between inequity in mortality risks and inequity in mortalityoutcomes. The treatment of this difference - “luck”- has a crucial in‡uence on the results.
    Keywords: D63 ; I12 ; I14 ; ddc:330 ; equity ; equality of opportunities ; mortality ; lifestyles ; Sterblichkeit ; Soziale Ungleichheit ; Lifestyle ; Niederlande
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2019-10-31
    Description: This paper examines the effect of incentives on the performance of darts players. We analyze four data sets comprising a total of 123,402 darts matches of professional, amateur, and youth players. The game of darts offers an attractive natural research setting, because performance can be observed at the individual level and without the obscuring effects of risk considerations and the behavior of others. We find that amateur and youth players perform better under moderately higher incentives, but choke when the incentives are really high. Professional players similarly display better performance under higher incentives, but appear less susceptible of choking. These results speak to a growing literature on the limits of increasing incentives as a recipe for better performance.
    Keywords: D01 ; D91 ; Z20 ; ddc:330 ; incentives ; choking under pressure ; performance ; darts
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2016-04-21
    Description: This paper is concerned with the analysis of the determinants of unemploymentdurations of French Young People. The data used are extracted from the EnqueteEmploi 1990-1992 and the Module Jeunes 1992, both carried out by INSEE.A reduced form approach has been adopted and it is based on the estimation of adiscrete-time hazard model which derives from the extension of the Cox model(1972) as in Prentice and Gloecker (1978). The baseline rate is piecewiseconstant in each interval of two months. A discrete-time hazard model withunobserved heterogeneity has been estimated, too. In it the unobservedheterogeneity has been modelled by means of a gamma distribution.Estimations have been performed separately on men and women durations. Various explanatory variables have beenintroduced in the analysis; they are significant in most cases, but their effects vary according the population ofreference. The conditions to access the labour market will then seem to be very different for the two groups studied.Only the education level and the french nationality of the individual's father have a positive effect on the hazard rate ofboth the two subgroups studied. It is also worthwhile to remark that the variables introduced to take account for thedate of entry in the unemployment spell, have a significant negative effect on the probability of leaving unemploymentboth for men and women showing that this is very sensitive to the economic situation.
    Keywords: ddc:330 ; Jugendarbeitslosigkeit ; Frankreich
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2016-04-21
    Description: This paper investigates the age-dependency of participation andunemployment by integrating job search with intertemporal optimizing behaviorof finitely-lived households. We find that search frictions and tax ratesdistort the decisions of older workers to a much larger extent than that ofyoung workers. This finding provides an explanation of the observed fall ofparticipation rates of elder workers as a result of the post-war increase intax rates and replacement rates. We show that the age pattern of searchunemployment does not match observed unemployment and we propose a new conceptof 'voluntary' unemployment that agrees well with observations.
    Keywords: J64 ; D91 ; J31 ; ddc:330 ; search frictions ; labor supply ; life cycle ; unemployment ; retirement. ; Arbeitsangebot ; Arbeitsuche ; Arbeitslosigkeit ; Ältere Arbeitskräfte
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2016-04-21
    Description: This study explores global inequality in health status, and decomposes it into within- andbetween-country inequality. We rely on standardized height indicators as our health indicator sincethey avoid the measurement pitfalls of more traditional measures of health such as morbidity,mortality and life expectancy. They also avoid measurement problems associated with usingincomes across time or place to compare welfare. Our calculation of world height inequalityindicates that in contrast with similar research on income inequality, within-country variation is thesource of most inequality, rather than the differences between countries.NBR〉
    Keywords: ddc:330 ; health ; inequality ; Gesundheitsversorgung ; Kinder ; Lebensstandard ; Sozialer Indikator ; OECD-Staaten
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2016-04-21
    Description: In this paper, we analyze the interaction between an incumbent firm's financial contract with abank and its product market decisions in the face of the threat of entry, in a dynamic model.The main results of the paper are: there exists a separating equilibrium with no limit pricing; thelow-cost incumbent repays more to the bank in the first period, due to the threat of entry; andthere are parameter values for which the bank makes more profits with the threat of entry thanwithout.
    Keywords: ddc:330 ; Entry ; Intermediation ; Limit Pricing ; Banking ; information ; Finanzintermediation ; Markteintritt ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2016-04-21
    Description: Measurement of inequity in health care delivery has focused on the extent to which health care utilisation is or is not distributed according to need, irrespective of income. Studies using cross-sectional data have proposed various ways of measuring and standardizing for need, but inevitably much of the inter-individual variation in needs remains unobserved in cross-sections. This paper exploits panel data methods to improve the measurement by including the time-invariant part of unobserved heterogeneity into the need-standardization procedure. Using latent class hurdle models for GP and specialist visits estimated on 8 annual waves of the European Community Household Panel we compute indices of horizontal equity that partition total income-related variation in use into a need- and a non-need related part, not only for the observed but also for the unobserved but time-invariant component. We also propose and compare a more conservative index of horizontal inequity to the conventional statistic. We find that many of the cross-country comparative results appear fairly robust to the panel data test, although the panel-based methods lead to significantly higher estimates of horizontal inequity for most countries. This confirms that better estimation and control for need often reveals more pro-rich distributions of doctor utilisation.
    Keywords: D30 ; I10 ; ddc:330 ; Inequality ; inequity ; health care utilisation ; panel data ; ECHP ; Soziale Ungleichheit ; Gesundheitsversorgung ; Messung ; Panelforschung ; EU-Staaten
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2016-04-21
    Description: Heterogeneity in reporting of health by socio-economic and demographic characteristics potentially biases the measurement of health disparities. We use anchoring vignettes to identify socio-demographic differences in the reporting of health in Indonesia, India and China. Homogeneous reporting by socio-demographic group is rejected and correcting for reporting heterogeneity tends to reduce slightly estimated disparities in health by education (not China) and to increase those by income. But the method does not reveal substantial reporting bias in measures of health disparities.
    Keywords: D30 ; D31 ; I10 ; I12 ; ddc:330 ; health measurement ; vignettes ; self-reported health ; reporting heterogeneity
    Language: English
    Type: doc-type:workingPaper
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  • 10
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    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2016-04-21
    Description: This paper provides evidence that keiretsu group member firms are subject to lowereffective tax rates than independent firms in Japan. As one explanation for this phenomenon, wedevelop a hypothesis that keiretsu firms strategically shift financially reported income amongaffiliates in order to reduce overall effective tax rates. Empirical evidence supports this income-shifting hypothesis since the positive relationship between pretax return m firm value and marginaltax rate status is significantly mitigated by keiretsu membership. Further, it appears that keiretsuincome shifting activities intensify when Japanese firms face economic recession, contrastingconjecture of weakening strength of keiretsu affiliation during this period. We also find evidencesupporting the view that benefactors of shifted income are compensated via increased dividends.
    Keywords: G32 ; ddc:330 ; Keyretsu ; income shifting ; marginal tax rate. ; Konglomerat ; Konglomerat ; Unternehmensbesteuerung ; Japan
    Language: English
    Type: doc-type:workingPaper
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