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Articles 1 - 30 of 69
Full-Text Articles in Business
The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang
The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang
Ting Zhang
This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in …
An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang
An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang
Ting Zhang
This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …
An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang
An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang
Nancy Mohan
This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …
Aggression In Mixed Martial Arts: An Analysis Of The Likelihood Of Winning A Decision, Trevor Collier, Andrew Johnson, John Ruggiero
Aggression In Mixed Martial Arts: An Analysis Of The Likelihood Of Winning A Decision, Trevor Collier, Andrew Johnson, John Ruggiero
Trevor Collier
Within the last decade, mixed martial arts has become one of the most popular sports worldwide. The Ultimate Fighting Championship (UFC) is the largest and most successful organization within the industry. In the USA, however, the sport is not sanctioned in all states because some politicians view the sport as too violent. The sport consists of many fighting forms and, unlike boxing, winning a decision requires judging in multiple facets including wrestling, boxing, kickboxing, and jiu-jitsu. In this study, we estimate the likelihood of winning a decision in the UFC. Using data on individual fights, we estimate the probability of …
Measuring Technical Efficiency In Sports, Trevor Collier, Andrew Johnson, John Ruggiero
Measuring Technical Efficiency In Sports, Trevor Collier, Andrew Johnson, John Ruggiero
Trevor Collier
Standard economic production theory is the basis for measuring technical efficiency in sports. Using programming or regression models, efficiency is defined as the distance of a given team observation from the technology. In this article, the authors show that the standard measures of efficiency using deterministic models are biased downward due to serial correlation with respect to the efficiency measure. In particular, if the number of observed wins for a given team is affected by the team’s inefficiency, it is necessarily true that another team is able to produce outside of the technology. As a result, the observed frontier is …
The Impact Of Institutional Arrangements On Educational Efficiency, Trevor Collier
The Impact Of Institutional Arrangements On Educational Efficiency, Trevor Collier
Trevor Collier
Per-pupil expenditures on education in the United States have grown immensely in recent decades, yet student achievement has been stagnant. An abundance of research has sought to solve this enigma, much of it centered on the incentive structure facing administrators. Some recent papers use TIMSS data to analyze the relationship between institutional arrangements—that typically do not vary within a single country—and student achievement. Similarly, we utilize TIMSS 1999 to determine if there is an indirect relationship between institutional arrangements and student achievement, via a relationship with school efficiency. Our results show that the specified link between institutional arrangements and student …
Teacher Qualifications And Student Achievement: A Panel Data Of Analysis, Trevor Collier
Teacher Qualifications And Student Achievement: A Panel Data Of Analysis, Trevor Collier
Trevor Collier
Recent academic research suggests that teacher quality plays an important role in student achievement: however, empirical research on the efficacy of policies requiring teachers to obtain certain degrees is inconclusive, particularly in elementary education. This paper models a panel data production function with fixed effects using the Early Childhood Longitudinal Study (ECLS-K) to asses the relationship between different undergraduate and graduate majors and elementary student test scores. Specifcally, we aim to discern if there is a difference in teacher efficacy within the different education related majors (e.g. early childhood education and elementary education) and between education and non-education related majors.
Estimation Of Multi-Output Production Functions In Commercial Fisheries, Trevor Collier, Andrew Mamula, John Ruggiero
Estimation Of Multi-Output Production Functions In Commercial Fisheries, Trevor Collier, Andrew Mamula, John Ruggiero
Trevor Collier
Measuring the productivity of vessels in a multi-species fishery can be problematic. Typical regression techniques are not capable of handling multiple outputs while Data Envelopment Analysis (DEA) tends to ignore the stochastic nature of production. Applied economists have devoted considerable time to this problem and have developed several methods of dealing with the issue of multiple output technologies in commercial fisheries. Our paper contributes to this literature by providing another method for estimating production functions of vessels operating in multi-species fisheries. We utilize a two-stage model – with data from the West Coast Limited Entry Groundfish Trawl Fishery – using …
Tobin, James, Tony Caporale
Tobin, James, Tony Caporale
Tony Caporale
James Tobin was born in Champaign, Illinois, in 1918. He received his bachelor's degree in 1939 and his master's degree in 1940, both from Harvard. Following naval service during the years 1942-6, he returned to his graduate studies and received his PhD from Harvard in 1947. In 1950, he joined the economics department at Yale University, and he has largely remained at Yale and has been identified with this institution throughout his career. He twice directed the Cowles Foundation for Research in Economics, first from 1955 to 1961, and then from 1964 to 1965. He also served for two years, …
The Relationship Between Output Variability And Growth: Evidence From Post War U.K. Data, Tony Caporale, Barbara Mckiernan
The Relationship Between Output Variability And Growth: Evidence From Post War U.K. Data, Tony Caporale, Barbara Mckiernan
Tony Caporale
The paper investigates the relationship between output variability and economic growth using a GARCH-M model with industrial production in post-war Great Britain. The data reveals a positive relationship between variability and growth rates.
Regional Labour Market Integration In England And Wales, 1850-1913, George R. Boyer, Timothy J. Hatton
Regional Labour Market Integration In England And Wales, 1850-1913, George R. Boyer, Timothy J. Hatton
George R. Boyer
[Excerpt] This chapter examines the integration of labour markets within the rural and urban sectors of England and Wales during the second half of the nineteenth century. Although there is a large literature on internal migration and emigration in Victorian Britain, historians typically have focused on the direction and causes of migration rather than on its consequences for the labour market. Broadly speaking, the literature has found that workers did indeed migrate towards better wage-earning opportunities, that most moves were short-distance moves, and that once certain patterns of migration were established they often persisted. The studies leave the strong impression, …
Higher Education And Income Distribution In A Less Developed Country, Gary S. Fields
Higher Education And Income Distribution In A Less Developed Country, Gary S. Fields
Gary S Fields
[Excerpt] The primary purpose of this paper is to empirically test among both the intra- and the inter-generational version of these three hypotheses for higher (i.e. post-secondary) levels of education for one less developed country, Kenya. A secondary purpose is to investigate other economic aspects of spending on higher education, most notably the question of horizontal equity in school finance. Before proceeding, a methodological point is in order. There is no consensus in the public economics literature on what is a suitable criterion for assessing the equitability of a fiscal programme. At least three criteria may be distinguished (the terminology …
Movimientos Obreros Y Por Los Derechos Humanos En América Latina: Convergencia, Divergencia Y Consecuencias Para La Promoción De Los Derechos Económicos, Sociales Y Culturales [Labor Movements And Human Rights In Latin America: Convergence, Divergence, And The Implications For The Promotion Of Economic, Social And Cultural Rights], Maria Lorena Cook
Maria Lorena Cook
[Excerpt] Los derechos propios del trabajo forman parte de los derechos humanos hace mucho tiempo y gozan del reconocimiento de pactos internacionales. La Declaración Universal de Derechos Humanos, adoptada por la Organización de las Naciones Unidas, en 1948, enumera los derechos a condiciones de trabajo justas y favorables; a igual remuneración por trabajo de igual valor; a una remuneración equitativa y favorable, y a formar sindicatos y afiliarse a ellos. El Pacto Internacional de Derechos Civiles y Políticos (PIDCP) incluye los derechos a la libertad de asociación y a formar sindicatos y afiliarse a ellos. El Pacto Internacional de Derechos …
A History Of Financial Regulation In The Usa From The Beginning Until Today: 1789 To 2011, Gary Richardson
A History Of Financial Regulation In The Usa From The Beginning Until Today: 1789 To 2011, Gary Richardson
Gary Richardson
No abstract provided.
A Theory Without A Movement, A Hope Without A Name: The Future Of Marxism In A Post-Marxist World, Justin Schwartz
A Theory Without A Movement, A Hope Without A Name: The Future Of Marxism In A Post-Marxist World, Justin Schwartz
Justin Schwartz
Just as Marx's insights into capitalism have been most strikingly vindicated by the rise of neoliberalism and the near-collapse of the world economy, Marxism as social movement has become bereft of support. Is there any point in people who find Marx's analysis useful in clinging to the term "Marxism" - which Marx himself rejected -- at time when self-identified Marxist organizations and societies have collapsed or renounced the identification, and Marxism own working class constituency rejects the term? I set aside bad reasons to give on "Marxism," such as that the theory is purportedly refuted, that its adoption leads necessarily …
Finanzkapital And Consumers: How Financialization Shaped Twentieth Century Marketing, Nikhilesh Dholakia
Finanzkapital And Consumers: How Financialization Shaped Twentieth Century Marketing, Nikhilesh Dholakia
Nikhilesh Dholakia
Purpose – By tracing the history of the links of financialization to consumer behaviors and marketer actions in the twentieth century, this paper aims to show that consumer market phenomena are often shaped by the imperatives of finance. Design/methodology/approach – The paper employs selective historical overviews, mainly focusing on the USA, of four tranches of the past century: the run up to the Great Depression; from post-Depression to the Second World War; the post-Second World War Bretton Woods system and its collapse in the 1970s; and the increasingly risk-charged last three post-Bretton Woods decades of the twentieth century. Findings – …
Alternative Estimators Of Cointegrating Parameters In Models With Non-Stationary Data: An Application To Us Export Demand, James Forest, Paul Turner
Alternative Estimators Of Cointegrating Parameters In Models With Non-Stationary Data: An Application To Us Export Demand, James Forest, Paul Turner
James J Forest
This paper presents Monte Carlo simulations which compare the empirical performance of two alternative single equation estimators of the equilibrium parameters in a dynamic relationship. The estimators considered are Stock and Watson’s dynamic ordinary least squares (DOLS) estimator and Bewley’s transformation of the general autoregressive distributed lag model. The results indicate that the Bewley transformation produces a lower mean-square error as well as superior serial correlation properties even with lower truncation lags for the lagged variables included in the estimation equation. An application is then provided which examines the nature of the equilibrium relationship between aggregate US exports, world trade …
The Effect Of Treasury Auction Announcements On Interest Rates: 1990-1999, James J. Forest
The Effect Of Treasury Auction Announcements On Interest Rates: 1990-1999, James J. Forest
James J Forest
In this study we examine the secondary-market response of U.S. Treasury interest rates to both the release of pre-auction auction supply announcements and post-auction details from U.S. Treasury auctions during the period of the 1990s. Rate changes are found to differ significantly on auction days. Pre-auction announcements of auction volumes are shown to affect rates significantly, in contrast with the findings of Wachtel and Young (1987) with respect to deficit announcements. We find that surprises in the release of bid-to-cover ratios affect Treasury rates significantly, while the surprises in the volume of noncompetitive bids appears to have little affect on …
Labor Economics, George R. Boyer, Robert Smith
Labor Economics, George R. Boyer, Robert Smith
George R. Boyer
The authors hypothesize that most labor economists "sooner or later had to incorporate at least the appearance of institutional concerns in their papers to avoid indigestion whenever lunching with colleagues outside the field of economics" They add: "If the new interests of modern labor economics are in fact driven by the imperatives of science, then the institutionalist and the neoclassical approaches may well synthesize".
The Union Wage Effect In Late Nineteenth Century Britain, Timothy J. Hatton, George R. Boyer, Roy E. Bailey
The Union Wage Effect In Late Nineteenth Century Britain, Timothy J. Hatton, George R. Boyer, Roy E. Bailey
George R. Boyer
[Excerpt] This paper offers an historical dimension to the impact of trade unions on earnings by estimating the union wage effect in Britain in 1889-90 using data from the US Commissioner of Labor survey conducted at that time. The determinants of union status are also investigated in terms of a probit estimation using individual characteristics which may be correlated with union membership. The results of this first step are used in the computation of selectivity corrected estimates of the union wage effect. It is found that the effect of union membership on earnings at this time was of the order …
Poor Relief, Informal Assistance, And Short Time During The Lancashire Cotton Famine, George R. Boyer
Poor Relief, Informal Assistance, And Short Time During The Lancashire Cotton Famine, George R. Boyer
George R. Boyer
[Excerpt] This paper presents new evidence concerning the importance of poor relief as a source of income assistance for unemployed operatives during the Lancashire cotton famine. My comparison of weekly data on the number of relief recipients in 23 distressed poor law unions with estimates of weekly cotton consumption for the period November 1861 to December 1862 suggests that the average length of time between becoming unemployed and receiving poor relief was less than 2 months. This result is shown to be consistent with available evidence on working class saving. Given the meager amount of informal assistance available to them, …
The Influence Of London On Labor Markets In Southern England, 1830-1914, George R. Boyer
The Influence Of London On Labor Markets In Southern England, 1830-1914, George R. Boyer
George R. Boyer
[Excerpt] Historians have long acknowledged that London, because of its enormous size and rapidly growing demand for labor, acted as a powerful magnet for migrants from throughout southern England. However, while there is a large literature documenting the flow of migrants to London, there have been surprisingly few attempts to determine the consequences of this migration for southern labor markets. This article attempts to redress the imbalance in the literature by examining the influence of London on agricultural labor markets during the nineteenth century. In particular, the article examines the effect of distance from London on wage rates in southern …
Migration And Labour Market Integration In Late Nineteenth-Century England And Wales, George R. Boyer
Migration And Labour Market Integration In Late Nineteenth-Century England And Wales, George R. Boyer
George R. Boyer
[Excerpt] There is a long and well established tradition of studies analysing the pattern and causes of internal migration and assessing the degree of labour market integration in late nineteenth-century Britain. Some studies document the flows of migrants from one area to another and describe migrant characteristics and the directions of the predominant streams of migration. Others analyse the determinants of gross or net migration flows at the region or county level. The questions implicit in these studies are: How mobile was the labour force? What were the major factors which determined individual decisions to migrate? How are these factors …
[Review Of The Book British Labour History, 1815-1914], George R. Boyer
[Review Of The Book British Labour History, 1815-1914], George R. Boyer
George R. Boyer
[Excerpt] One of the most important issues in economic history is the effect of industrialization on workers' living standards and on the development of labor movements and class consciousness. Because Great Britain was the first nation to industrialize, the British workers have been a favorite topic among economic and social historians. Until now, however, there have been no textbooks covering all aspects of British labor history. E. H. Hunt has admirably filled this gap. His book deals with practically every topic of interest concerning British workers from the end of the Napoleonic Wars to the beginning of World War I.
[Review Of The Book The Idea Of Poverty: England In The Early Industrial Age], George R. Boyer
[Review Of The Book The Idea Of Poverty: England In The Early Industrial Age], George R. Boyer
George R. Boyer
[Excerpt] One must have some knowledge of a society's conception of poverty in order to understand the existence of differing methods of poor relief over time and place. In The Idea of Poverty, Gertrude Himmelfarb presents a detailed account of England's poverty problem during the years 1750 to 1850 as seen by contemporary English economists, politicians, journalists, and novelists. She attempts to determine why the image of poverty, and of the poor, changed over those years and how the popular image of the poor influenced society's methods of relieving poverty. The result is a book that anyone concerned with the …
[Review Of The Book Interwar Unemployment In International Perspective], George R. Boyer
[Review Of The Book Interwar Unemployment In International Perspective], George R. Boyer
George R. Boyer
[Excerpt] The book redresses two imbalances in the recent literature on interwar unemployment: its almost exclusive focus on the United States and Britain, and its predominantly macroeconomic nature. To achieve these goals, the editors encouraged the authors of the country studies to address a set of microeconomic issues, including the extent to which the incidence and duration of unemployment varied across economic and demographic groups, and the effect of unemployment on labor force participation and poverty. Two macroeconomic issues also are addressed in several of the papers: the effects of real wages and of unemployment insurance on unemployment. These two …
Editor's Introduction (Review Symposium On Converging Divergences: Worldwide Changes In Employment Systems), George R. Boyer
Editor's Introduction (Review Symposium On Converging Divergences: Worldwide Changes In Employment Systems), George R. Boyer
George R. Boyer
[Excerpt] During the past two decades there have been significant changes in employment systems across industrialized countries. Converging Divergences: Worldwide Changes in Employment Systems, by Harry C. Katz and Owen Darbishire, examines changes since 1980 in employment practices in seven industrialized countries—the United States, the United Kingdom, Australia, Germany, Japan, Sweden, and Italy—with a focus on the automotive and telecommunications industries. Katz and Darbishire find that variations in employment patterns within these countries have been increasing over the past two decades. The increase in variation is not simply a result of a decline in union strength in some sectors of …
Comments On Geraghty, Márquez, And Vizcarra, George R. Boyer
Comments On Geraghty, Márquez, And Vizcarra, George R. Boyer
George R. Boyer
Professor Boyer reviews and comments upon the three dissertations that were finalists for the Alexander Gerschenkron Prize in 2002.
[Review Of The Book Growing Public: Social Spending And Economic Growth Since The Eighteenth Century], George R. Boyer
[Review Of The Book Growing Public: Social Spending And Economic Growth Since The Eighteenth Century], George R. Boyer
George R. Boyer
[Excerpt] Lindert’s discussion of the costs and benefits of the welfare state is only one part, albeit the most eye-catching part, of this wide-ranging work in comparative economic history. Volume 1, written for non-specialists, presents “The Story”; it is tailor-made for upper-level undergraduate courses in economic and social history, public policy, and welfare economics. Volume 2 presents “Further Evidence,” including the regression results that underlie the findings presented in the first volume, and eighty pages of appendices. Graduate students and scholars studying the welfare state will want to read this volume in conjunction with Volume 1. For those who want …
The Economic Role Of The English Poor Law, 1780-1834, George R. Boyer
The Economic Role Of The English Poor Law, 1780-1834, George R. Boyer
George R. Boyer
[Excerpt] Over the 85-year period from 1748/50 to 1832/34, real per capita expenditures on poor relief increased at an average rate of approximately 1 percent per year. There were also important changes in the administration of relief with respect to able-bodied laborers during the period. Policies providing relief outside of workhouses to unemployed and under-employed able-bodied laborers became widespread during the 1770s and 1780s in the grain-producing South and East of England. The so-called Speenhamland system of outdoor relief flourished until 1834, when it was abolished by the Poor Law Amendment Act. The aim of the thesis is to provide …