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Résumé (français)

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Résumé (anglais)

The probability of dropping out of high school varies considerably with parental education. Using a rich Canadian panel dataset, we examine the channels determining this socio-economic status effect. We estimate an extended version of Carneiro, Hansen and Heckman (2003) factor model, incorporating effects from cognitive and non-cognitive ability, and parental valuation of education (PVE). We find that cognitive ability and PVE have substantial impacts on dropping-out and that parental education has no direct effect on dropping-out after controlling for these factors. Our results confirm the importance of determinants of ability by age 15 but also indicate an important role for PVE during teenage years.