Contributions in Merlin

Purpose: The purpose of this paper is to investigate self-competence—the ability to act responsibly on one's own—and likely nonlinear wage returns across different levels of self-competence as part of training curricula. Design/methodology/approach: The authors identify the teaching of self-competence at the occupational level by applying machine-learning methods to the texts of occupational training curricula. Defining three levels of self-competence (high, medium, and low) and using individual labor market data, the authors examine nonlinearities in wage returns to different levels of self-competence. Findings: The authors find nonlinear returns to teaching self-competence: a medium level of self-competence taught in an occupation has the largest wage returns compared to low or high levels. However, in occupations with a high cognitive requirement profile, a high level of self-competence generates positive wage returns. Originality/value: This paper first adds to research on the importance of teaching noncognitive skills for economic outcomes, which recently—in addition to personality traits research—has primarily focused on social skills by introducing self-competence as another largely unexplored but important noncognitive skill. Second, the paper studies not only average but also nonlinear wage returns, showing that the right level of self-competence is crucial, i.e. neither teaching too little nor too much self-competence provides favorable returns because of trade-offs with other skills (e.g. technical or professional skills). Third, the paper also examines complementarities between cognitive skills and noncognitive skills, again pointing toward nonlinear returns, i.e. only in occupations with a high cognitive requirement profile, high levels of self-competence generate positive wage returns.

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Anche se la Svizzera si vanta volentieri di essere un modello di democrazia, né il Parlamento né il popolo hanno avuto voce in capitolo nel salvataggio di Credit Suisse. "Si tratta di un diniego della democrazia", affermano la giornalista economica Myret Zaki e l'economista Marc Chesney nel nostro dibattito.

Software developers spend about a quarter of their workday using the web to fulfill various information needs. Searching for relevant information online can be time-consuming, yet acquired information is rarely systematically persisted for later reference. In this work, we introduce SALI, an approach for semi-automated linking web pages to source code locations inline with the source code. SALI helps developers naturally capture high-quality, explicit links between web pages and specific source code locations by suggesting links for curation within the IDE. Through two laboratory studies, we examined the developer’s ability to both curate and consume links between web pages and specific source code locations while performing software development tasks. The studies were performed with 20 subjects working on realistic software change tasks from widely-used open-source projects. Results showed that developers continuously and concisely curate web pages at meaningful locations in the code with little effort. Additionally, we showed that other developers could use these curations while performing new and different change tasks to speed up relevant information gathering within unfamiliar codebases by a factor of 2.4.

We provide evidence that banks increase cross-border lending in response to higher climate policy stringency in their home countries. Saturating with granular set of fixed effects and including a rich set of control variables, we show that the increase in cross-border lending is not driven by loan demand and/or other bank home country characteristics. In line with banks use cross-border lending as a regulatory arbitrage tool, the increase in cross-border lending occurs only if banks' home countries have more stringent climate policy compared to their borrowers' countries. The effect is stronger for large, lowly capitalized banks with high NPL ratios and for banks with more experience in cross-border lending. Our results suggest that without a global cooperation, cross-border lending can be a channel that reduces the effectiveness of climate policies.

Die Zinssteigerungen schwächen vor allem Regionalbanken, die dann von den Grossbanken – grosszügig gepolstert von staatlichen Einrichtungen – geschluckt werden. In den USA wird dabei wie in der Schweiz geltendes Recht gebrochen.

Workers’ occupational skill sets play a crucial role in successfully handling digital transformation. We investigate whether and how different types of occupational skill sets benefit from digital transformation. We theoretically and empirically analyze wage returns of workers in occupations with more or less specialized skill sets and with more or less social skills when IT increases in their industry. Applying natural language processing methods to the texts of occupational training curricula, we develop measures for occupational specialization and social skills. We use vocational education and training curricula from Switzerland because they cover approx. two-thirds of the working population. Using curricula, industry-level IT data and individual-level administrative wage data, our individual fixed-effects analyses show that IT progress leads to higher wage returns for workers in highly specialized occupations but not for workers in more general occupations. In addition, we find that high levels of social skills cannot make up for this difference when IT advances. However, our results indicate that for workers with high specialization, a combination with high social skills generates additional benefits when IT advances. Overall, our results suggest that, contrary to typical assumptions in educational policy debates, workers with specialized occupational skill sets - possibly in combination with high social skills - appear to be the ones who are particularly well prepared to cope with digital transformation.