@TechReport{iza:izadps:dp1382,
            	author={Martins, Pedro S.},
            	title={Firm-Level Social Returns to Education},
            	year={2004},
	month={Nov},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={1382},
            	url={https://www.iza.org/publications/dp1382},
	abstract={Do workers benefit from the education of their co-workers? This question is examined first by
introducing a model of on-the-job schooling, which argues that educated workers may
transfer part of their general skills to uneducated workers and that this spillover is affected by
the degrees of non-excludability, irreversibility and generality of those skills. We then conduct
an empirical analysis drawing on a matched panel of Portuguese firms and their workers.
Schooling endogeneity is tackled by considering firm fixed effects and instruments based on
schooling lags and the lagged share of retirement-age workers. We find evidence of large
firm-level social returns (ranging between 14% and 23% – and thus exceeding standard
estimates of private returns) and of significant returns accruing to less educated workers but
not to their more educated colleagues.},
	keywords={wages;endogenous growth;matched employer-employee data;education;spillovers},
            }