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Full-Text Articles in Labor Relations
Unions And The Labor Market For Managers, John Dinardo, Kevin F. Hallock, Jörn-Steffen Pischke
Unions And The Labor Market For Managers, John Dinardo, Kevin F. Hallock, Jörn-Steffen Pischke
Kevin F Hallock
We examine the relationship between the employment and compensation of managers and CEOs and the presence of a unionized workforce. We develop a simple efficiency wage model, with a tradeoff between higher wages for workers and more monitoring, which requires more managers. The model also assumes rent sharing between workers, managers and the owners of the firm. Unions, by redistributing rents towards the workers, lead to lower employment and lower pay for managers. Using a variety of data sets, we examine the implications of the model for the relationship between the employment and wages of managers and unionization. We find …
The Value Of Stock Options To Non-Executive Employees, Kevin F. Hallock, Craig A. Olson
The Value Of Stock Options To Non-Executive Employees, Kevin F. Hallock, Craig A. Olson
Kevin F Hallock
This study empirically investigates the value employees place on stock options using information from the option exercise behavior of individuals. Employees hold options for another period if the value from holding them and reserving the right to exercise them later is higher than the value of exercising them immediately and collecting a profit equal to the stock price minus the exercise price. This simple model implies the hazard describing employee exercise behavior reveals information about the value to employees of holding options another time period. We show the parameters of this model are identified with data on multiple option grants …