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Life-Cycle Portfolio Choice with Stock Market Loss Framing: Explaining the Empirical Evidence
Get PDFWe develop a life-cycle model with optimal consumption, portfolio choice, and flexible work hours for households with loss-framing preferences giving them disutility if they experience losses from stock investments. Structural estimation using U.S. data shows that the model tracks the empirical age-pattern of stock market participants’ financial wealth, stock shares, and work hours remarkably well. Including stock market participation costs in the model allows us to also predict low stock market participations rates observed in the overall population. Allowing for heterogeneous agents further improves explanatory power and accounts for the observed discrepancy in wealth accumulation between stockholders and non-stockholders
Sandvik LPCVD and anneal tubes standard operating procedure
Get PDFhttps://repository.upenn.edu/scn_sop/1021/thumbnail.jp
Care Labor Demand Shocks and Inequality: How Childcare Costs Exacerbate Inequality among American Families
Get PDFThis article argues that care infrastructures can shape family income inequality and examines access to childcare services in the US as a case study. We propose that market-priced childcare systems generate inequalities in how births impact mothers’ income contributions to families and aggravate family income inequality as a result. Using the Survey of Income and Program Participation (SIPP) merged with state-level childcare prices, we estimate individual fixed effects regression models for the consequences of births on family income and on its proximate determinants: mothers’ labor supply and earnings, and partners’ labor supply and earnings. Our models include state and year fixed effects and identify the impact of childcare costs from within-state variation in childcare prices. Our analyses show that births increase family income inequality due to the negative impact of births on mothers’ earnings and that the negative impact of births on mothers’ earnings is not compensated by increases in partners’ earnings or income transfers. We find that higher childcare costs accentuate birth earnings penalties for mothers without college degrees, but not for mothers with college degrees. In all, we show that childcare costs exacerbate family income gaps between women without and with a college degree by 29 percentage points
Fewer, Better Pathways For All? Intersectional Impacts of Rural School Consolidation in China’s Minority Regions
Get PDFPrimary school consolidation—-the closure of small community schools or their mergers into larger, better-resourced schools—-is emerging as a significant policy response to changing demographics in middle income countries with large rural populations. In China, large-scale consolidation took place in the early 21st century. Because officially-recognized minority populations disproportionately reside in rural and remote areas, minority students were among those at elevated risk of experiencing school consolidation. We analyze heterogeneous effects of consolidation on educational attainment and reported national language ability in China by exploiting variations in closure timing across villages and cohorts captured in a 2011 survey of provinces and autonomous regions with substantial minority populations. We consider heterogeneous treatment effects across groups defined at the intersections of minority status, gender, and community ethnic composition and socioeconomic status.
Compared to villages with schools, villages whose schools had closed reported that the schools students now attended were better resourced, less likely to offer minority language of instruction, more likely to have Han teachers, farther away, and more likely to require boarding. Much more than Han youth, ethnic minority youth were negatively affected by closure, in terms of its impact on both educational attainment and written Mandarin facility. However, for both outcomes, significant penalties accruing to minority youth occurred only in the poorest villages. Penalties were generally heavier for girls, but in the most ethnically segregated minority villages, boys from minority families were highly vulnerable to closure effects on educational attainment and written Mandarin facility. Results show that intersections of minority status, gender, and community characteristics can delineate significant heterogeneities in policy impacts
The Role of IMF Austerity Policy in Causing the Jamaican Financial Crisis of the 1990s
Get PDFThis thesis examines the Jamaican financial crisis which began in the mid-1990s and lasted until approximately the turn of the 21st century. It explores the role of Jamaica’s longer-term economic trajectory in causing the crisis – specifically, its relationship with the International Monetary Fund and the World Bank. After experiencing a balance of payments crisis in 1977, Jamaica sought financial assistance from the IMF. The policies implemented as part of this assistance program wreaked economic havoc in Jamaica and led the government to implement policies that ultimately resulted in the collapse of Jamaica’s financial sector. Scholars over time have focused on shorter-term causes of the crisis such as insufficient financial regulation, poor macroeconomic policymaking by politicians, and mismanagement of financial institutions. From the examination of newspaper archives, government documents, IMF publications, and secondary sources, it is evident that the financial crisis of the 1990s was driven in large part by the longer-term trajectory of the Jamaican economy. This longer-term period was characterized primarily by the policies implemented by the IMF throughout the late 1970s, the 1980s, and the early 1990s. This thesis finds that the IMF’s policies led to a shift in the focus of the government’s economic policies from earning foreign exchange to accessing foreign exchange. This inappropriate focus ultimately resulted in the liberalization of the foreign exchange regime in 1991, which caused the crisis of the mid-1990s
Not a Question of Whether or Not, but Where and How : Crises of Affordable Housing in Montgomery County, Maryland, 1968-1996
Get PDFDespite the passing of the 1968 Fair Housing Act and other federal policies which made racial discrimination in housing illegal, residential segregation persisted in more covert ways in the 1970s and beyond. Neighboring the nation’s capital and home to many of its elites, Montgomery County, Maryland, was at the epicenter of debates about the future of fair housing in American suburbs. Housing activists in Montgomery County recognized that in order to expand access to mortgage markets and make housing available to low-income and minority Americans, it was necessary to create affordable housing. A coalition of suburban liberals, led by the local chapter of the League of Women Voters (LWV) and an organization called Suburban Maryland Fair Housing (SMFH), lobbied for, drafted, and passed the moderately priced dwelling unit (MPDU) law, which mandated that affordable housing be developed and dispersed throughout the county. In the late 1970s and early 1980s, the destabilizing effects of inflation and government deregulation of federal housing programs hindered the progressive potential of Montgomery County’s affordable housing policy. This thesis traces the social, economic, and political factors that complicated the task of creating affordable housing. Ultimately, this thesis reveals how local liberalism contended with and evolved in response to county- and national-level pressures
Elionix ELS-7500EX Electron Beam Lithography Standard Operating Procedure
Get PDFhttps://repository.upenn.edu/scn_sop/1022/thumbnail.jp
Collation Model for Ms. Codex 1098: [Documents of the town of Châtenois].
No full textBook of documents (Copialbuch; Urkundenbuch) of the town of Châtenois (German, Kestenholz), in the département of Bas-Rhin, region of Alsace, France. At the time that the book was begun, in 1478 (f. 1r), the town was in the possession of the archbishop of Strasbourg. The documents include oaths and regulations (Ordnungen) governing citizenship and various offices or professions; several agreements, notices, or petitions; and the recording of supervisors of the fields (Bannwarten, Rebbannwarten) and the prices of wine (Weinschlag), entered annually until 1762 (f. 151v) and 1788 (f. 142v), respectively. The last entries (f. 153r-154r) are mostly in French and record taxes on (or prices of?) wine from 1789 to 1832. Remains of leather finding tabs (f. 30, 47, 94).https://repository.upenn.edu/sims_models/1149/thumbnail.jp
Collation Model for Ms. Codex 260: La vita e ... la conversione del nostro segniore [jhesu] [christo].
Get PDFManuscript containing an account of the life of Jesus. Also contains what appear to be short sayings of Jesus or prayers in a different hand (f. 60r). This text ends abruptly, possibly in mid-sentence.https://repository.upenn.edu/sims_models/1128/thumbnail.jp
Information Avoidance and Image Concerns
Get PDFA rich literature finds that individuals avoid information and speculates that avoidance is driven by image concerns. This paper provides the first direct test of whether individuals avoid information because of image concerns. We build off of a classic paradigm, introducing a control condition that makes minimal changes to eliminate the role of image concerns while keeping other key features of the environment unchanged. Data from 6,421 experimental subjects shows that image concerns play a role in driving information avoidance, but a role that is substantially smaller-less than half of the magnitude-than the common approach in the literature would suggest