Comparison of recent toll road concession transactions in the United States and France

Recent concessions in France and in the US have resulted in a dramatic difference in the valuation placed on the toll roads; the price paid by the investors in France was twelve times current cash flow whereas investors paid sixty times current cash flow for the U.S. toll roads. In this paper we explore two questions: What accounts for the difference in these multiples, and what are the implications with respect to the public interest. Our analysis illustrates how structural and procedural decisions made by the public owner affect the concession price. Further, the terms of the concession have direct consequences that are enjoyed or borne by the various stakeholders of the toll road.

Comparing population distributions from bin-aggregated sample data: an application to historical height data from France

This paper develops a methodology to estimate the entire population distributions from bin-aggregated sample data. We do this through the estimation of the parameters of mixtures of distributions that allow for maximal parametric flexibility. The statistical approach we develop enables comparisons of the full distributions of height data from potential army conscripts across France's 88 departments for most of the nineteenth century. These comparisons are made by testing for differences-of-means stochastic dominance. Corrections for possible measurement errors are also devised by taking advantage of the richness of the data sets. Our methodology is of interest to researchers working on historical as well as contemporary bin-aggregated or histogram-type data, something that is still widely done since much of the information that is publicly available is in that form, often due to restrictions due to political sensitivity and/or confidentiality concerns.

An ex-post view of inequality of opportunity in France and its regions

This paper proposes an ex-post measure of inequality of opportunity in France and its regions by assessing the inequality between individuals exerting the same effort. To this end, we define a fair income that fulfils ex-post equality of opportunity requirements. Unfairness is measured by an unfair Gini based on the distance between the actual income and the fair income. Our findings reveal that the measures of ex-post inequality of opportunity largely vary across regions, and that this is due to di_erences in reward schemes and in the impact of the non responsibility factors of income. We find that most regions have actual incomes closer to fair incomes than to average income, excepted Ile de France where the actual income looks poorly related to effort variables. Finally, we find that income inequality and inequality of opportunity are positively correlated among regions.

Not the right job but a secure one : over-education and temporary employment in France, Italy and Spain

Resorting to four waves of the European Community Household Panel, this research explores the association between temporary employment and the likelihood of being over-educated. Such an association has been largely ignored by the literature explaining over-education, more inclined to attribute such a mismatch to the system of education. Selecting three similarly standarised and stratified systems of education (France, Italy and Spain) and controlling for many other variables likely to affect over-education, like gender, age, tenure, job change, firm size or sector, the paper demonstrates that such an association between temporary employment and over-education exists. Being a stepping stone towards a more stable and adjusted position in the labour market, holding a temporary employment may be associated to a higher likelihood of being over-educated. Such an association is more likely in Italy and France. Yet, the opposite sign prevails where permanent employment becomes such a valuable asset as to make individuals trade human capital by employment security. This is the case of Spain.

Joint determinants of education enrolment and first birth timing in France and West Germany

We examined the reciprocal influence between educational decisions and the timing of first births, using the Family and Fertility Surveys of France and West Germany. Since these two processes are potentially endogenous, we modelled them jointly, using event history models. We hypothesise that the reciprocal impact of educational and fertility careers, as well as the impact of the common determinants of both processes, are gender specific and context specific.The results show a significant endogeneity for women and men in both countries. This endogeneity is stronger for women than for men, while no substantial differences are found between the two countries. Removing this shared and unobserved heterogeneity, the results show a stronger reciprocal impact between the processes for women than for men. A similar impact of being enrolled in education on first birth in both countries is found, while the effect of the birth (and especially of the pregnancy) of the first child on terminating one’s education appeared to be more marked in West Gernany than in France.