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1. Does Competition among Schools Encourage Grade Inflation?

Author

University of Arkansas, Education Working Paper Archive and Walsh, Patrick

Abstract

This paper considers whether high schools in competitive environments use grade inflation to attract and retain families, perhaps in addition to more constructive responses. Two measures of grade inflation are used: the cutoffs used by each school to assign a letter grade to a percent score; and high school GPA after controlling for test scores, a rich set of student and school characteristics, and (for a subset) college GPA. Two measures of competition are used: the enrollment-based concentration of school districts in metropolitan areas, and an instrument for this concentration. In both OLS and IV, increased competition significantly affects grade cutoffs: a one standard deviation increase in competition results in about a 0.12 to 0.18 standard deviation fall in the grade cutoffs (ceteris paribus, lower cutoffs yield higher grades). However, in both OLS and IV, competition does not significantly affect the actual assigned grades as measured by GPA. This pattern of results suggests that school administrators under competitive pressure may ease grade standards, but that teachers may re-adjust their scoring to leave actual grades relatively unchanged. (Contains 7 tables, 1 figure and 4 footnotes.)

Published
2010

2. Is Teacher Pay 'Adequate?'

Author

University of Arkansas, Education Working Paper Archive and Podgursky, Michael

Abstract

In school finance lawsuits plaintiffs often claim that pay levels are not sufficient to recruit teachers who can deliver constitutionally-mandated levels of educational services. In this paper I consider several ways in which one might bring economic theory and data to bear on that question. I conclude that at present, and at least for the near term, education research cannot prescribe an "adequate" level of school spending on teachers, whether in the form of pay, benefits, or professional training, that can reliability predict a target level of student performance. If courts are predisposed to intervene in this matter, a more reasonable standard for "adequacy" is whether available revenues, when spent in an efficient manner, are sufficient to staff classrooms with appropriately-certified teachers in a flexible licensing regime that satisfies both state and federal teacher quality standards. (Contains 6 figures, 7 tables and 15 endnotes.)

Published
2006

3. Drugs, Showrooms and Financial Products: Competition and Regulation When Sellers Provide Expert Advice

Author

Bardey, David, Gromb, Denis, Martimort, David, Pouyet, JJrrme, Ecole des Hautes Etudes Commerciales (HEC Paris), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), HEC Paris Research Paper Series, Bauer, Caroline, Toulouse School of Economics (TSE), Université Toulouse 1 Capitole (UT1), Université Fédérale Toulouse Midi-Pyrénées-Université Fédérale Toulouse Midi-Pyrénées-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-Centre National de la Recherche Scientifique (CNRS), Universidad de los Andes [Bogota] (UNIANDES), Paris Jourdan Sciences Economiques (PJSE), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), École des hautes études en sciences sociales (EHESS)-Institut National de la Recherche Agronomique (INRA)-Centre National de la Recherche Scientifique (CNRS)-Université Toulouse 1 Capitole (UT1), Universidad de los Andes [Bogota], Université Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS Paris)-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS), Archéologie, Terre, Histoire, Sociétés [Dijon] (ARTeHiS), and Ministère de la Culture et de la Communication (MCC)-Université de Bourgogne (UB)-Centre National de la Recherche Scientifique (CNRS)

Subjects
JEL: G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G24 - Investment Banking • Venture Capital • Brokerage • Ratings and Ratings Agencies, JEL: L - Industrial Organization/L.L1 - Market Structure, Firm Strategy, and Market Performance/L.L1.L13 - Oligopoly and Other Imperfect Markets, Competition, Mis-Selling, JEL: L - Industrial Organization/L.L5 - Regulation and Industrial Policy/L.L5.L51 - Economics of Regulation, Drugs, JEL: L - Industrial Organization/L.L1 - Market Structure, Firm Strategy, and Market Performance/L.L1.L15 - Information and Product Quality • Standardization and Compatibility, Expertise, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, JEL: I - Health, Education, and Welfare/I.I1 - Health/I.I1.I18 - Government Policy • Regulation • Public Health, JEL: D - Microeconomics/D.D1 - Household Behavior and Family Economics/D.D1.D12 - Consumer Economics: Empirical Analysis, JEL: I - Health, Education, and Welfare/I.I1 - Health/I.I1.I11 - Analysis of Health Care Markets, Asym- metric Information, ComputingMilieux_COMPUTERSANDSOCIETY, [SHS.GESTION]Humanities and Social Sciences/Business administration, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, JEL: D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D82 - Asymmetric and Private Information • Mechanism Design, Asymmetric Information Keywords Mis-Selling, Retailing, decriminalization, Regulation
Abstract

This paper examines the evolution of drug use in Colombia over the past years. Our analysis, based on surveys from the Dirección Nacional de Estupefacientes, shows that drug consumption grew substantially between 1996 and 2013. The growth occurred for both genders, all ages, socioeconomic strata and types of occupation. The results also suggest that men of high socioeconomic strata who regularly consume alcohol and cigarettes and who are between 18 and 24 years of age are more likely to use drugs. Finally, the paper presents some indirect evidence that contradicts the alleged effects of the judgment of the Constitutional Court (Sentencia C-221 of May 1994) that decriminalized the personal dose on the consumption of drugs in Colombia.

Published
2016

4. Eucalyptus and Acacia tree growth over entire rotation in single- and mixed-species plantations across five sites in Brazil and Congo

Author

Maureen Voigtlaender, Florence Tardy, Louis Mareschal, Philippe Deleporte, Daniel Epron, Joseph Levillain, Jean-Paul Laclau, José Leonardo de Moraes Gonçalves, Yann Nouvellon, André Mabiala, José Luis Gava, Jean-Pierre Bouillet, Fernando Palha Leite, Rodrigo Hakamada, Ecologie fonctionnelle et biogéochimie des sols et des agro-écosystèmes (UMR Eco&Sols), Institut national d’études supérieures agronomiques de Montpellier (Montpellier SupAgro), Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Centre international d'études supérieures en sciences agronomiques (Montpellier SupAgro)-Centre de Coopération Internationale en Recherche Agronomique pour le Développement (Cirad)-Institut de Recherche pour le Développement (IRD)-Institut National de la Recherche Agronomique (INRA), Dept Ciencias Florestais, University of São Paulo (USP), Universidade Estadual Paulista Júlio de Mesquita Filho = São Paulo State University (UNESP), Escola Superior de Agricultura 'Luiz de Queiroz' (ESALQ), Universidade de São Paulo (USP), Dept Forest Sci, ESALQ USP, International Paper do Brasil, Centre de Recherche sur la Durabilité et la Productivité des Plantations Industrielles (CRDPI), Laboratoire de Lyon [ANSES], Agence nationale de sécurité sanitaire de l'alimentation, de l'environnement et du travail (ANSES), Systèmes de Cultures Bananes, Ananas, et Plantains (Cirad-FLHOR-UPR 26 Systèmes bananes et ananas), Département Productions fruitières et horticoles (FLHOR), Centre de Coopération Internationale en Recherche Agronomique pour le Développement (Cirad)-Centre de Coopération Internationale en Recherche Agronomique pour le Développement (Cirad), Ecologie et Ecophysiologie Forestières [devient SILVA en 2018] (EEF), Institut National de la Recherche Agronomique (INRA)-Université de Lorraine (UL), Institut National de la Recherche Agronomique (INRA)-Institut de Recherche pour le Développement (IRD)-Centre de Coopération Internationale en Recherche Agronomique pour le Développement (Cirad)-Centre international d'études supérieures en sciences agronomiques (Montpellier SupAgro)-Institut national d’études supérieures agronomiques de Montpellier (Montpellier SupAgro), Universidade Estadual Paulista Júlio de Mesquita Filho [São José do Rio Preto] (UNESP), and Laboratoire de Lyon

Subjects
0106 biological sciences, F08 - Systèmes et modes de culture, Humid subtropical climate, F62 - Physiologie végétale - Croissance et développement, Complementarity, Facteur climatique, 01 natural sciences, Nutrient, Acacia mangium, media_common, Biomass (ecology), Eucalyptus, biology, Wood production, Forestry, 04 agricultural and veterinary sciences, Plantation forestière, Facteur édaphique, Rendement des cultures, Facilitation, F40 - Écologie végétale, Interaction, media_common.quotation_subject, Acacia, Management, Monitoring, Policy and Law, Competition (biology), Culture en mélange, Botany, [SDV.BV]Life Sciences [q-bio]/Vegetal Biology, Croissance, Nature and Landscape Conservation, Competition, Mixed-species plantations, 15. Life on land, biology.organism_classification, K10 - Production forestière, Agronomy, 040103 agronomy & agriculture, 0401 agriculture, forestry, and fisheries, Système de culture, 010606 plant biology & botany
Abstract

International audience; The association of N-2-fixing species (NFS) could be an attractive option for achieving a sustainable increase of Eucalyptus plantations (EP) productivity through a positive balance between facilitative effects and competition between species. A randomised block design was replicated at four sites (Cenibra, USP, Suzano and IP) in Southern Brazil and at one site in Congo. The development of mono-specific stands of Acacia mangium (100A) and Eucalyptus grandis or urophylla x grandis (100E), was compared with N fertilisation treatment (100E + N) and with mixed-species plantations in a 1:1 ratio (50A:50E), and in an additive series with varying densities of acacia for the same density of eucalypt (25A:100E, 50A:100E, 100A:100E). The objectives were to assess the effect of mixtures on tree growth and stand production, and the behaviour of the two species in contrasting soil and climatic conditions. Tree growth was monitored over stand rotation and the biomass of aboveground tree components estimated at mid-rotation and at harvesting age. Eucalyptus height was 13% higher in Brazil than in Congo. Favourable ecological conditions in Congo and Cenibra led to 50% higher Acacia tree height than at the other sites. A depressive effect of Eucalyptus neighbour trees on Acacia height and circumference growth, lower in Congo than in Brazil, was observed in the mixtures from age 1-2 years onwards. Depressive effects of acacia on eucalypt height and circumference growth were low in USP, Suzano and IP, high in Cenibra, and not observed in Congo, in 50A:50E and 25A:100E. A positive though insignificant response to N fertilisation was only found in USP and Congo. Complementarity for light and soil resource capture between Eucalyptus and Acacia trees resulted in mean annual increments in total stand stemwood biomass (MAI) that were 7-15%, 6-12%, and 40% higher in the additive series than for 100E in Cenibra, LISP and Congo, respectively at mid-rotation. Whilst lasting complementarity and facilitation in Congo led to 17-34% higher MAI in mixtures than for 100E at harvesting age, MAIs were not significantly higher in mixtures than for 100E in Brazil. Mixed-species plantations of Eucalyptus and A. mangium might enhance aboveground stand production on poor nutrient soils in warm and humid tropical climates with low water limitations

Published
2013

5. Financing Investment: The Choice between Public and Private Debt

Author

Philip Valta, Erwan Morellec, Alexei Zhdanov, Groupement de Recherche et d'Etudes en Gestion à HEC (GREGH), Ecole des Hautes Etudes Commerciales (HEC Paris)-Centre National de la Recherche Scientifique (CNRS), and HEC Paris Research Paper Series

Subjects
Finance, capital structure, Product market, Capital structure, business.industry, Bond, investment, JEL: G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G33 - Bankruptcy • Liquidation, JEL: D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D83 - Search • Learning • Information and Knowledge • Communication • Belief • Unawareness, Investment (macroeconomics), JEL: G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill, Competition (economics), Bargaining power, Internal financing, Economics, [SHS.GESTION]Humanities and Social Sciences/Business administration, Default, credit supply, debt structure, business, competition, JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G12 - Asset Pricing • Trading Volume • Bond Interest Rates
Abstract

We build a dynamic model of investment and financing decisions to study the choice between bonds and bank loans in a firm's marginal financing decision and its effects on corporate investment. We show that firms with more growth options, higher bargaining power in default, operating in more competitive product markets, and facing lower credit supply are more likely to issue bonds. We also demonstrate that, by changing the cost of financing, these characteristics affect the timing of investment. We test these predictions using a sample of U.S. firms and present new evidence which is strongly supportive of our theory.

Published
2012