|
|
How much does intelligence predict lifetime income? A Meta-Analysis
Nguyenová, Van Anh ; Havránková, Zuzana (advisor) ; Bortnikova, Kseniya (referee)
Despite growing interest and extensive empirical research in economic returns to ability, a consensus regarding the true impact of intelligence on financial outcomes remains elusive. While psychology literature has made e orts to unify divergent findings, economics is yet to produce a comprehensive meta- analysis addressing this issue. Addressing this gap, our thesis utilizes cutting- edge meta-analytic techniques to analyze a unique dataset of 765 estimates drawn from 38 studies, providing a clearer picture of intelligence's impact on income. We uncover a notable positive publication bias, which, after correction, yields a diminished yet statistically significant e ect. Specifically, our results indicate that a standard deviation increase in cognitive ability results in a less than 10% increase in financial outcomes. Leveraging over 30 variables in our Bayesian and frequentist averaging models, we identify key determinants of this e ect, including the data collection year, outcome specifications, methodologi- cal choices, country-specific factors, and the number of estimates reported per study. Additionally, when adjusting for factors such as gender, residential loca- tion, work experience, and family attributes, we observe substantial variations in e ect size. JEL Classification J24, J31, D31, C11...
|
|
|
Standing Tall Pays Off: A Meta-Analysis of Height Premium
Juračková, Martina ; Havránková, Zuzana (advisor) ; Polák, Petr (referee)
As has been demonstrated by empirical research, height is an important physical feature impacting various aspects of the life of an individual. This thesis deals with the relationship between height and income, also referred to as height premium. With the help of modern meta-analytic methods, we aim to quantitatively summarize the empirical evidence on the impact of height on income. After introducing the topic of height premium, data collection and methodological framework, we test for publication bias. The analysis is conducted on 1084 height premium estimates collected from 67 studies. The results of publication bias testing indicate that height premium literature contains positive publication bias which persists even after we control for additional variables capturing study characteristics or, in other words, the heterogeneity of collected estimates. Based on Bayesian Model Averaging results, we conclude that geographical factors, the longitudinal nature of the dataset, restriction of the dataset with respect to gender, or adding a gender control variable into the regression are the most important factors explaining the variability of height premium effects.
|
|
|
The Causal Effect of Parents' Schooling on Children's Schooling: A Meta-Analysis
Pokorná, Anastasia ; Havránková, Zuzana (advisor) ; Kukačka, Jiří (referee)
One of the topics concerning education's improvement is the intergenerational transmission of education. The main goal of our study is to analyse the causal efect of parents' education on children's education. We collect 387 estimates of the causal efects from 23 studies. Using our dataset and meta-analytic methods, we test for the presence of publication bias in the literature and try to explain the heterogeneity in the results of the primary studies. After correction for publication bias, the mean becomes smaller than the mean reported in the literature and varies from 0.044 to 0.185. For exploring the heterogeneity of the estimates we use Bayesian Model Averaging and Frequentist Model Averaging. Our results suggest that there is a country heterogeneity in the estimates of the causal efect. Moreover, controlling for the size of a household in the original regression is important for the explanation of the diferences in the results of the primary studies. In addition to it, we collect 605 estimates of the non- causal associations from 39 studies and analyse the publication bias and the heterogeneity of results also using this sample. 1
|
|
|
Essays in Behavioural and Experimental Economics
Matoušek, Jindřich ; Havránek, Tomáš (advisor) ; Miklánek, Tomáš (referee) ; Rachinger, Heiko (referee) ; Gechert, Sebastian (referee)
CHARLES UNIVERSITY FACULTY OF SOCIAL SCIENCES Institute of Economic Studies Essays in Behavioural and Experimental Economics Abstract for Dissertation thesis Author: Mgr. Jindřich Matoušek Study program: Economics and Finance Supervisor: prof. PhDr. Tomáš Havránek, Ph.D. Year of defense: 2022 Abstract The dissertation consists of three papers presenting applications of experimen- tal as well as statistical methods to the topics of behavioural economics. The first paper introduces a series of laboratory experiments in which I apply the experimental methods to a complex decision making problem. The second and third papers present quantitative syntheses of the literature on the classi- cal topics of behavioural economics. The general introduction connects these chapters together. Detailed abstracts for individual papers are presented at the beginning of each chapter. In the first paper, I experimentally examine two complex multi-unit auc- tion mechanisms with an opportunity to communicate and thus collude while comparing these mechanisms in terms of efficiency. Strikingly, allowing for communication increases efficiency in examined auction formats. A cheap-talk collusive agreement resulted in a better allocation compared to the treatments without communication. I hypothesize that complex auction formats makes...
|
|
|
The Impact of Student Employment on Educational Outcomes: A Meta-Analysis
Kroupová, Kateřina ; Havránek, Tomáš (advisor) ; Schwarz, Jiří (referee)
Despite the extensive body of empirical research, the discussion on whether student employment impedes or improves educational outcomes has not been resolved. Using meta-analytic methods, we conduct a quantitative review of 861 effect estimates collected from 69 studies describing the relationship between student work experience and academic performance. After outlining the theo- retical mechanisms and methodological challenges of estimating the effect, we test whether publication bias permeates the literature concerning educational implications of student employment. We find that researchers report negative estimates more often than they should. However, this negative publication bias is not present in a subset of studies controlling for the endogeneity of student decision to take up employment. Furthermore, after correcting for the negative publication bias, we find that the student employment-education relationship is close to zero. Additionally, we examine heterogeneity of the estimates using Bayesian Model Averaging. Our analysis suggests that employment intensity and controlling for student permanent characteristics are the most important factors in explaining the heterogeneity. In particular, working long hours re- sults in systematically more negative effect estimates than not working at...
|
|
|
Migration and Development: A Meta-Analysis
Palecek Rodríguez, Miroslava María ; Havránek, Tomáš (advisor) ; Šedivý, Marek (referee)
The current literature on international migration is diverse, and there is an ongoing debate as to the size and magnitude of the development-migration nexus, and no consensus about this effect has been reached. In this thesis, I explore quantitatively the effect of GDP (as a measure of development) on migration using a meta-analysis approach by synthesizing the empirical findings on this effect, adjusting for the biases, and controlling for the design of the studies. To examine the phenomenon in a systematic way, I collected 179 regression coefficients from 40 different articles, where the results suggest a weak presence of publication selection. Nevertheless, when correcting for publication bias, the effect of development on migration is rather small. Additionally, to explain the inherent model uncertainty, the Bayesian model averaging (BMA) was conducted. The results suggest that studies controlling for the variables of direct foreign investment and age results in a larger effect of development on migration and that the presence of country- level differences boosts migration inflows, particularly in OECD countries.
|
|
|
Do Central Bank FX Reserves Matter for Inflation?
Keblúšek, Martin ; Havránek, Tomáš (advisor) ; Holub, Tomáš (referee)
01 Abstract Foreign exchange reserves are a useful tool and a buffer but maintaining an amount that is too large can be costly to the economy. Recent accumulation of these reserves points to the importance of this topic. This thesis focuses on one specific part of the effect of FX reserves on the economy - the inflation. I use panel data for 74 countries from the year 1996 to the year 2017. There is a certain degree of model uncertainty for which this thesis accounts for by using Bayesian model averaging (BMA) estimation technique. The findings from my model averaging estimations show FX reserves to not be of importance for inflation determination with close to no change when altering lags, variables, when limiting the sample to fixed FX regimes nor when limiting the sample to inflation targeting regimes. The most important variables are estimated to be a central bank financial strength proxy, exchange rate depreciation, money supply, inflation targeting, and capital account openness. These results are robust to lag changes, prior changes, and for the most part remain the same when Pooled OLS is used.
|
|
|
Determinants of the Mode of Payment in Mergers & Acquisitions in the European Union
Maryniok, Adam ; Kočenda, Evžen (advisor) ; Teplý, Petr (referee)
Topic of mergers and acquisitions (M&A) is popular both in academia and financial circles and press. A great deal of research has been focused on the value creation side of M&A deals, nonetheless factors influencing the particular method of payment used in M&A transactions are equally interesting. This thesis focuses on number of factors influencing the choice of medium of exchange in M&A deals with European Union domiciled bidders. Using Bayesian model averaging and a relatively new dataset of transactions announced between 2010 and 2018, the analysis finds several bidder, target and deal specific characteristics to be of a provable effect on the choice of payment. Finally, several enhancements and research questions for a further research are identified.
|
|
|
Bankruptcy prediction models in the Czech economy: New specification using Bayesian model averaging and logistic regression on the latest data
Kolísko, Jiří ; Princ, Michael (advisor) ; Červinka, Michal (referee)
The main objective of our research was to develop a new bankruptcy prediction model for the Czech economy. For that purpose we used the logistic regression and 150,000 financial statements collected for the 2002-2016 period. We defined 41 explanatory variables (25 financial ratios and 16 dummy variables) and used Bayesian model averaging to select the best set of explanatory variables. The resulting model has been estimated for three prediction horizons: one, two, and three years before bankruptcy, so that we could assess the changes in the importance of explanatory variables and models' prediction accuracy. To deal with high skew in our dataset due to small number of bankrupt firms, we applied over- and under- sampling methods on the train sample (80% of data). These methods proved to enhance our classifier's accuracy for all specifications and periods. The accuracy of our models has been evaluated by Receiver operating characteristics curves, Sensitivity-Specificity curves, and Precision-Recall curves. In comparison with models examined on similar data, our model performed very well. In addition, we have selected the most powerful predictors for short- and long-term horizons, which is potentially of high relevance for practice. JEL Classification C11, C51, C53, G33, M21 Keywords Bankruptcy...
|
|
|
In the Quest of Measuring the Financial Cycle
Plašil, Miroslav ; Konečný, Tomáš ; Seidler, Jakub ; Hlaváč, Petr
The recent financial crisis has demonstrated the importance of the linkages between the financial sector and the real economy. This paper sets out to develop two complementary methods for assessing the position of the economy in the financial cycle in order to identify emerging imbalances in timely manner. First, we construct a composite indicator using variables representing risk perceptions in the financial sector and calibrate this indicator to capture the credit losses the Czech banking sector experienced during the recent crisis. Second, we focus on the transitions of loans from one risk category to another, which allows us to capture the financial cycle from the perspective of the debt-paying ability of non-financial corporations. Both financial cycle measures can be used by policy makers for a wide range of policy decisions, including that on the setting of the countercyclical capital buffer.
Fulltext:  PDF
|
guest ::
