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作者：Hussain, I
作者单位：University of London; University College London
摘要：In this article I test empirically whether intratemporal preferences between (1) nondurables and labour supply and (2) nondurables and housing are separable. In doing so, careful attention is paid to the potential endogeneity of the total budget, labour supply and housing. For housing I offer two separate solutions to the problem of correlation between house size, proxied by number of rooms, and unobserved heterogeneity: first, instrument with a children's sex composition dummy and second, sel...
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作者：Smith, S
作者单位：University of Bristol
摘要：This article uses data from the British Household Panel Survey (BHPS) to shed further light on the fall in consumption at retirement (the 'retirement-consumption puzzle'). Comparing food spending of men retiring involuntarily early (through ill health or redundancy) with spending of men who retire voluntarily, it finds a significant fall in spending only for those who retire involuntarily. This is consistent with the observed fall in spending being linked to a negative wealth shock for some re...
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作者：Khan, T
作者单位：University of Oxford
摘要：This study investigates the relationship between dividends and ownership structure for a panel of 330 large quoted UK firms. Controlling for unobserved firm-specific effects, results indicate a negative relationship between dividends and ownership concentration. Ownership composition also matters, with a positive relationship observed for shareholding by insurance companies, and a negative one for individuals. These results are consistent with agency models in which dividends substitute for po...
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作者：Gibbons, S; Machin, S
作者单位：University of London; London School Economics & Political Science; University College London
摘要：School quality is capitalised in house prices if access to schools is rationed by residential location. We generate empirical predictions from three different theoretical approaches linking house prices to school performance, distance to school and capacity. These are respectively based upon admission constraints, school popularity and congestion effects. We find that test-score-based school performance significantly increases property prices, but only the best one in ten schools generate high...
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作者：Walker, I; Zhu, Y
作者单位：University of Warwick; University of Kent
摘要：This article studies the determinants of partnership dissolution and focuses on the role of child support. We exploit the variation in child support liabilities and entitlements driven, in part, by the introduction of a new set of complex rules that determined child support liability in the UK, and by their interaction with welfare rules. Our panel has the virtue that the post 1993 variation in child support liability for all couples in partnerships formed prior to 1993 is unanticipated. We fi...
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作者：West, MR; Peterson, PE
作者单位：Harvard University
摘要：Targeted stigma and school voucher threats under a revised 2002 Florida accountability law have positive impacts on school performance as measured by the test score gains of their students. In contrast, stigma and public school choice threats under the US federal accountability law, No Child Left Behind, do not have similar effects in Florida. Estimation relies upon individual-level data and is based upon regression analyses that exploit discontinuities within the accountability regimes. Choic...
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作者：Trivedi, K; Young, G
作者单位：Bank of England
摘要：This article examines the role of defined benefit company pensions in amplifying the effect of common shocks to companies' stock market valuations. It identifies and evaluates the significance of two channels of amplification: cross-holdings of equities in pension scheme assets and leverage induced by pension liabilities. Econometric analysis of weekly stock market data for a sample of FTSE 350 UK companies confirm that these effects are statistically significant and robust to outlying observa...
