Do More Economists Hold Stocks?

A unique data set enables us to test the hypothesis that more economists than otherwise identical investors hold stocks due to informational advantages. We confirm that economists have a significantly higher probability of participating in the stock market than investors with any other education, even when controlling for several background characteristics. We make use of a large register-based panel data set containing detailed information on the educational attainments and various financial and socioeconomic variables. We model the stock market participation decision by the probit model. The results are shown to be highly robust to various assumptions, including unobserved individual heterogeneityInvestor education; Portfolio choice; Stock market participation

Is there a causal effect of high school math on labor market outcomes?

Outsourcing of jobs to low-wage countries has increased the focus on the accumulation of skills - such as Math skills - in high-wage countries. In this paper, we exploit a high school pilot scheme to identify the causal effect of advanced high school Math on labor market outcomes. The pilot scheme reduced the costs of choosing advanced Math because it allowed for at more flexible combination of Math with other courses. We find clear evidence of a causal relationship between Math and earnings for the students who are induced to choose Math after being exposed to the pilot scheme. The effect partly stems from the fact that these students end up with higher education

Analytical evaluation of the X-ray scattering contribution to imaging degradation in grazing-incidence X-ray telescopes

The focusing performance of X-ray optics (conveniently expressed in terms of HEW, Half Energy Width) strongly depend on both mirrors deformations and photon scattering caused by the microroughness of reflecting surfaces. In particular, the contribution of X-ray Scattering (XRS) to the HEW of the optic is usually an increasing function H(E) of the photon energy E. Therefore, in future hard X-ray imaging telescopes of the future (SIMBOL-X, NeXT, Constellation-X, XEUS), the X-ray scattering could be the dominant problem since they will operate also in the hard X-ray band (i.e. beyond 10 keV). [...] Several methods were proposed in the past years to estimate the scattering contribution to the HEW, dealing with the surface microroughness expressed in terms of its Power Spectral Density (PSD), on the basis of the well-established theory of X-ray scattering from rough surfaces. We faced that problem on the basis on the same theory, but we tried a new approach: the direct, analytical translation of a given surface roughness PSD into a H(E) trend, and - vice versa - the direct translation of a H(E) requirement into a surface PSD. This PSD represents the maximum tolerable microroughness level in order to meet the H(E) requirement in the energy band of a given X-ray telescope. We have thereby found a new, analytical and widely applicable formalism to compute the XRS contribution to the HEW from the surface PSD, provided that the PSD had been measured in a wide range of spatial frequencies. The inverse problem was also solved, allowing the immediate evaluation of the mirror surface PSD from a measured function H(E). The same formalism allows establishing the maximum allowed PSD of the mirror in order to fulfill a given H(E) requirement. [...]Comment: 10 pages, 6 figures, published in Astronomy & Astrophysics, sect. "Astronomical Instrumentation". In this version, a typo in two equations has been corrected. After the correction, the other results, formulae and conclusions in the paper remain unchange

Grades and Rank: Impacts of Non-Financial Incentives on Test Performance

How does effort respond to being graded and ranked? This paper examines the effects of non-financial incentives on test performance. We conduct a randomized field experiment on more than a thousand sixth graders in Swedish primary schools. Extrinsic non-financial incentives play an important role in motivating highly skilled students to exert more effort. We find significant differences in test scores between the intrinsically motivated control group and three of four extrinsically motivated treatment groups. The only treatment not increasing test performance is criterion-based grading on an A-F scale, which is the typical grading method. Test performance is significantly higher if employing rank-based grading or giving students a symbolic reward. The motivational strengths of the non- financial incentives differ across the test score distribution, across the skill distribution, with peer familiarity, and with respect to gender. Boys are only motivated by rank-based incentives, while girls are also motivated by receiving a symbolic reward. Rank-based grading and symbolic rewards tend to crowd out intrinsic motivation for students with low skills, while girls also respond less to rank-based incentives if tested with less familiar peers

Math and gender: Is math a route to a high-powered career?

There is a large gender gap in advanced math coursework in high school that many believe exists because girls are discouraged from taking math courses. In this paper, we exploit an institutional change that reduced the costs of acquiring advanced high school math to determine if access is, in fact, the mechanism - in particular for girls at the top of the math ability distribution. By estimating marginal treatment effects of acquiring advanced math qualifications, we document substantial beneficial wage effects from encouraging even more females to opt for these qualifications. Our analysis suggests that the beneficial effect comes from accelerating graduation and attracting females to high-paid or traditionally male-dominated career tracks and to CEO positions. Our results may be reconciled with experimental and empirical evidence suggesting there is a pool of unexploited math talent among high ability girls that may be retrieved by changing the institutional set-up of math teaching

Why do women avoid maths, even if it boosts their careers?

The problem starts in high school, where courses are grouped in restrictive bundles, write Juanna Schrøter Joensen and Helena Skyt Nielse

The risk-return trade-off in human capital investment

In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by using tests for mean-variance spanning. A risk-return trade-off is revealed, which is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may be chosen for consumption purposes