In this paper we propose a method to estimate externality effects in cash transfer programmes, even in cases when the benefit is not randomly assigned. Externality is assessed through the decomposition of the average treatment effect on the treated (ATT) into participation (direct) effect and...

In this paper we propose a method to estimate externality effects in cash transfer programmes, even in cases when the benefit is not randomly assigned. Externality is assessed through the decomposition of the average treatment effect on the treated (ATT) into participation (direct) effect and...

This paper contributes to the literature on welfare programs by estimating the impact of a Conditional Cash Transfer (CCT) on labor supply in Brazil. Unlike other CCT programs that have been studied, Bolsa Família is a widespread program that have taken place not only in rural and isolated...

The 2005 split-share reform in China mandated the conversion of previously non-tradable shares into tradable status. The reform was swift and changed investors' ability to trade corporate equities in a US$400 billion market. This paper examines the effects of the 2005 stock market reform on...

Given a discontinuity in the class assignment of a flagship university in Brazil, we find that the relative disadvantage students face in the better class reduces their absolute performance. Although their future earnings are unaffected, these students are more willing to switch majors and less...

The 2005 split-share reform in China mandated the conversion of nontradable stocks into tradable status. This paper examines the effects of stock markets on corporate outcomes exploiting multiple institutional features of the Chinese conversion program. Using a generalized propensity score...