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2018

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Articles 1141 - 1170 of 1742

Full-Text Articles in Economics

Research Note: Investor Perceptions Of Comparable-To-Industry Versus Higher-Than-Industry Pay Ratio Disclosures, Khim Kelly, Jean Lin Seow Mar 2018

Research Note: Investor Perceptions Of Comparable-To-Industry Versus Higher-Than-Industry Pay Ratio Disclosures, Khim Kelly, Jean Lin Seow

Research Collection School Of Accountancy

The usefulness of the CEO-to-employee pay ratio disclosure to investors is subject to significant debate. Our experiment examines participant responses to higher-than-industry and comparable-to-industry pay ratio disclosures in a company. A prior experiment by Kelly and Seow (2016) (hereafter KS) found that incrementally disclosing a higher-than-industry pay ratio on top of higher-than-industry CEO pay had indirect negative effects on the company’s perceived investment potential, via negative perceptions about the fairness of the CEO pay and workplace climate. We find that the negative indirect effects of pay ratio disclosures on perceived investment potential in KS are replicable in our study, and …

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Degrees Of Poverty: The Relationship Between Family Income Background And The Returns To Education, Timothy J. Bartik, Brad J. Hershbein Mar 2018

Degrees Of Poverty: The Relationship Between Family Income Background And The Returns To Education, Timothy J. Bartik, Brad J. Hershbein

Upjohn Institute Working Papers

Drawing on the Panel Study of Income Dynamics, we document a startling empirical pattern: the career earnings premium from a four-year college degree (relative to a high school diploma) for persons from low-income backgrounds is considerably less than it is for those from higher-income backgrounds. For individuals whose family income in high school was above 1.85 times the poverty level, we estimate that career earnings for bachelor’s graduates are 136 percent higher than earnings for those whose education stopped at high school. However, for individuals whose family income during high school was below 1.85 times the poverty level, the career …

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The Effectiveness Of Central Bank Forward Guidance Under Inflation And Price-Level Targeting, Stephen J. Cole Mar 2018

The Effectiveness Of Central Bank Forward Guidance Under Inflation And Price-Level Targeting, Stephen J. Cole

Economics Faculty Research and Publications

This paper examines the effectiveness of central bank forward guidance under inflation and price-level targeting monetary policies. The results show that the beneficial effects of forward guidance increase if a central bank pursues price-level targeting instead of inflation targeting. Output and inflation respond more favorably to forward guidance with price-level targeting than inflation targeting. A monetary policy rule that aggressively reacts to inflation and includes interest rate inertia narrows the performance gap between the two policy regimes. However, forward guidance with price-level targeting is still preferred to forward guidance with inflation targeting after performing multiple robustness checks.

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The Trillion-Dollar Question Mar 2018

The Trillion-Dollar Question

DePaul Magazine

DePaul alumni Carolyn Leonard and Monika Black work to help the financial services industry better understand and serve female investors. The pair uses Leonard's background in stock-option trading and Black's training in community psychology to help women understand their investing style and help the financial services industry develop investment plans that reflect the care networks women maintain.

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A Letter To Dr. Sacha Walicord, Chris Gousmett Mar 2018

A Letter To Dr. Sacha Walicord, Chris Gousmett

Pro Rege

Editor's Note: Dr. Chris Gousmett's letter is a response to Dr. Sacha Walicord's review of Gary North's book, Christian Economics in One Lesson in Pro Rege, vol. 46, no. 1, September 2017.

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House Price And Co-Residence With Older Parents: Evidence From China, Daichun Yi, Xiaoying Deng, Gang-Zhi Fan, Seow Eng Ong Mar 2018

House Price And Co-Residence With Older Parents: Evidence From China, Daichun Yi, Xiaoying Deng, Gang-Zhi Fan, Seow Eng Ong

Research Collection Lee Kong Chian School Of Business

Numerous Chinese families choose to reside together with their elderly parents due to the considerable impacts of conventional values such as filial duty in Chinese society. However, as house prices rocketed up in major Chinese cities over the past decade, this arrangement is facing a sizeable challenge, therefore also raising new research question about it. This paper attempts to investigate the phenomenon of co-residence of adult children with their elderly parents in China. Using the 2013 data of China Household Finance Survey (CHFS), we document that house price is indeed a significant determinant for the pattern of intergenerational co-residence. Our …

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Resource Scarcity, Effort, And Performance In Physically Demanding Jobs: An Evolutionary Explanation, Marko Pitesa, Stefan Thau Mar 2018

Resource Scarcity, Effort, And Performance In Physically Demanding Jobs: An Evolutionary Explanation, Marko Pitesa, Stefan Thau

Research Collection Lee Kong Chian School Of Business

Based on evolutionary theory, we predicted that cues of resource scarcity in the environment (e.g., news of droughts or food shortages) lead people to reduce their effort and performance in physically demanding work. We tested this prediction in a 2-wave field survey among employees and replicated it experimentally in the lab. In Study 1, employees who perceived resources in the environment to be scarce reported exerting less effort when their jobs involved much (but not little) physical work. In Study 2, participants who read that resources in the environment were scarce performed worse on a task demanding more (carrying books) …

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Extremal Quantile Regressions For Selection Models And The Black-White Wage Gap, Xavier D'Haultfoeuille, Arnaud Maurel, Yichong Zhang Mar 2018

Extremal Quantile Regressions For Selection Models And The Black-White Wage Gap, Xavier D'Haultfoeuille, Arnaud Maurel, Yichong Zhang

Research Collection School Of Economics

We consider the estimation of a semiparametric sample selection model without instrument or large support regressor. Identification relies on the independence between the covariates and selection, for arbitrarily large values of the outcome. We propose a simple estimator based on extremal quantile regression and establish its asymptotic normality by extending previous results on extremal quantile regressions to allow for selection. Finally, we apply our method to estimate the black-white wage gap among males from the NLSY79 and NLSY97. We find that premarket factors such as AFQT and family background play a key role in explaining the black-white wage gap.

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Deadlier Road Accidents? Traffic Safety Regulations And Heterogeneous Motorists’ Behavior, Christine Ho, Madhav S. Aney Mar 2018

Deadlier Road Accidents? Traffic Safety Regulations And Heterogeneous Motorists’ Behavior, Christine Ho, Madhav S. Aney

Research Collection School Of Economics

In 2003, China enacted the Road Traffic Safety Law in an attempt to promote traffic safety.We employ a difference-in-differences strategy on province level data, where fire accidentsare used as a control group for road accidents, to estimate the effects of the law on road accidents and casualties. Our findings suggest that while the law was successful in decreasing thenumber of accidents and casualties, the ratio of deaths to accidents and injuries to accidentsincreased. Exploring the potential channels, we find no evidence that “hit-and-kill” incentives,that is, incentives for motorists to kill the pedestrians that they hit due to China’s peculiar personal …

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Time Allocation, Sleep, And Academic Achievement In The Student Population, Patrick F. Ryan Feb 2018

Time Allocation, Sleep, And Academic Achievement In The Student Population, Patrick F. Ryan

Undergraduate Economic Review

I analyze survey data from the American Time Use Survey and expand the field of research on sleep behaviors and time use in the student population. In my sample, I include respondents with ages ranging from 15-25 years to capture the high school and college populations. Sleep loss, increased stress, and greater extracurricular participation in student populations warrants further research into quantity and perceived quality of sleep in these groups. My analysis utilizes regression models to determine what activities take away the most time from human capital accumulation.

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The Great Recession And Life Satisfaction: The Unique Decline For Americans Approaching Retirement Age, John Ifcher, Homa Zarghamee, Amanda Cabacungan Feb 2018

The Great Recession And Life Satisfaction: The Unique Decline For Americans Approaching Retirement Age, John Ifcher, Homa Zarghamee, Amanda Cabacungan

Economics

During the 2007-09 Great Recession, the American economic environment was bleak: unemployment roughly doubled, median household incomes fell 5 per cent, average household net worth declined by a third, and consumer spending dropped markedly. Each month, the Bureau of Labor Statistics reported massive lay-offs, disappointing job creation numbers, and a dismal outlook for future job growth. The literature studying the impact of the Great Recession on American households finds that those nearing retirement age were particularly hard hit. For example, using data from the American Life Panel, Hurd and Rohwedder (2010) find that 25 per cent of respondents aged 50-59 …

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Financially Successful Farms In Nebraska, What Matters?, Matthew C. Stockton, Robert Tigner Feb 2018

Financially Successful Farms In Nebraska, What Matters?, Matthew C. Stockton, Robert Tigner

Cornhusker Economics

The 2012 record high cash receipts for corn brought much optimism among corn farmers and associated businesses. However, more recent years have fostered feelings of concern with many reflections about other challenging times, such as those experienced in the 1980’s. Among producers such feelings are usually negative, but when properly channeled can lead to positive business actions, such as cost reductions and increased efficiencies.

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Networks Of Survival In Kinshasa, Mumbai, Detroit, And Comparison Cities; An Empirical Perspective, Beryl S. Powell Feb 2018

Networks Of Survival In Kinshasa, Mumbai, Detroit, And Comparison Cities; An Empirical Perspective, Beryl S. Powell

Ph.D. Dissertations (Open Access)

People in impoverished cities, for example in Kinshasa, lend small quantities of food to neighbors when requested, to prevent starvation. In Mumbai, they share their living space with others who are homeless. In Detroit, churches and the Detroit Urban League have helped poor residents to obtain jobs, meals, and housing. Rather than mere self-interest, this expression of generosity is an outstanding human quality. Networks of survival also include the lessons of history, good economic and political policies, human rights, equal opportunity, and culture.

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The Economic Impact Of Pilgrimage: An Economic Impact Analysis Of Pilgrimage Expenditures In Galicia, Elisabeth J.E Graave, Jeroen Klijs, Wim Heijman Feb 2018

The Economic Impact Of Pilgrimage: An Economic Impact Analysis Of Pilgrimage Expenditures In Galicia, Elisabeth J.E Graave, Jeroen Klijs, Wim Heijman

International Journal of Religious Tourism and Pilgrimage

In this article, we calculate the economic impact of pilgrimage to Santiago de Compostela in the NUTS 2 region Galicia (Spain) in 2010. This economic impact is relevant to policymakers and other stakeholders dealing with religious tourism in Galicia. The analysis is based on the Input-Output model. Location Quotient formulas are used to derive the regional Input-Output table from the national Input-Output table of Spain. Both the Simple Location Quotient formula and Flegg’s Location Quotient formula are applied. Furthermore, a sensitivity analysis is carried out. We found that pilgrimage expenditures in 2010 created between €59.750 million and €99.575 million in …

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Demand, Values And Prices In Marx: Contrasting Simultaneous And Temporal Approaches, David Kristjanson-Gural Feb 2018

Demand, Values And Prices In Marx: Contrasting Simultaneous And Temporal Approaches, David Kristjanson-Gural

Faculty Journal Articles

In this article I briefly contrast two single-system approaches to the integration of demand with a diachronic approach that integrates two meanings Marx develops for the term “socially necessary labor-time. I develop a one-commodity model of simple reproduction and use the model to illustrate how a change in aggregate demand from one period to the next affects the determination of value and exchange-value. I use the model to contrast the simultaneous single-system interpretation of the relationship between values and prices, which distinguishes market prices from prices of production, with the temporal single-system interpretation, which argues that market prices from the …

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Marriage, Labor Supply And The Dynamics Of The Social Safety Net, Hamish Low, Costas Meghir, Luigi Pistaferri, Alessandra Voena Feb 2018

Marriage, Labor Supply And The Dynamics Of The Social Safety Net, Hamish Low, Costas Meghir, Luigi Pistaferri, Alessandra Voena

Cowles Foundation Discussion Papers

The 1996 US welfare reform introduced limits on years of welfare receipt. We show that this reduced program participation, raised employment for single mothers, and reduced divorce. A limited commitment, lifecycle model of labor supply, marriage and divorce, estimated on pre-reform data, replicates these effects. A large part of the responses occur in anticipation of benefit exhaustion, impacting primarily women with low potential earnings. The reform reduces lifetime utility of women, even allowing for the government savings, but has negligible effects on men. The expectation of marriage attenuates the losses for women and an increased probability of single-motherhood raises them.

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The Plough, Gender Roles, And Corruption, Gautam Hazarika Feb 2018

The Plough, Gender Roles, And Corruption, Gautam Hazarika

School of Economics and Finance Faculty Publications

Cross-country empirical studies of corruption using ordinary least squares commonly find that nations in which women play a greater role in economic and public life suffer less corruption. This has been a controversial finding since measures of women’s participation in the economy and politics are likely endogenous. This study uses an aspect of national ancestral geography as a novel instrumental variable in the estimation of the true causal effects of gender upon corruption. It thereby finds that ordinary least squares estimates of the effects of gender upon corruption are biased. This conclusion is upheld in time-series fixed-effects estimation.

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Jews: The Makers Of Early Modern Berlin, Conlan Vance Feb 2018

Jews: The Makers Of Early Modern Berlin, Conlan Vance

2018 Symposium

This paper will discuss how Jews fit into the economic policies of Brandenburg-Prussia in the later 16th century. From Frederick William’s decree in 1671 to allow fifty Jewish families to settle in Brandenburg-Prussia to these families and their descendants becoming immersed in the economy of Berlin through their use in courts but more so through their trading, specifically, the ways in which they traded and how they used these to free themselves from some of the constraints of German Christian society. Thusly, this will be shown by looking at Jews in Brandenburg-Prussia in the later 17th century, Jews in …

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Nebraska Monthly Economic Indicators: February 21, 2018, Eric Thompson Feb 2018

Nebraska Monthly Economic Indicators: February 21, 2018, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 rose by 1.18% during January of 2018. The increase in the LEI-N, which is designed to predict economic activity six months into the future, suggests that the Nebraska economy will grow steadily through the summer of 2018. A falling U.S. dollar, which is positive for Nebraska exporters, was one primary reason for the improvement in the leading indicator. The other was business expectations. Respondents to the January Survey of Nebraska Business reported plans to increase sales and employment at their businesses over the next six months. In terms of negative components, there …

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Livestock Air Emission Requirements Delayed For Now, J. David Aiken Feb 2018

Livestock Air Emission Requirements Delayed For Now, J. David Aiken

Cornhusker Economics

Summary. Federal environmental laws require the reporting of emergency releases of hazardous substances to federal, state and local emergency res-ponders. EPA has established a 2008 reporting exemption for livestock operations smaller than large concentrated animal feeding operations (CAFOs). Environmental groups challenged the EPA livestock exemption. On April 11, 2017, the D. C. Court of Appeals invalidated the EPA livestock reporting exemption. Reporting requirements briefly went into effect November 15, 2017 but have now been postponed until May 1, 2018.

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Interpreting Economic Diversity As The Presence Of Multiple Specializations, Jing Chen Feb 2018

Interpreting Economic Diversity As The Presence Of Multiple Specializations, Jing Chen

Regional Research Institute Working Papers

Conventional wisdom indicates that economic specialization can promote economic growth, whereas economic stability is theoretically associated with diversified economies. This conflicting relationship between specialization and diversity has been questioned, as regional scientists have suggested that specialization and diversity can coexist in a regional economy and proposed the concept of diversified specializations. To test this proposition empirically, three Herfindahl Hirschman Indices measuring regional economic diversity were used to examine the relationship between economic structure and regional economic performance among 359 metropolitan statistical areas (MSA) in the contiguous U.S. The first index measures economic diversity across 87 three-digit North American Industry Classification …

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The Day Of The Political Economist, Lewis Karstensson Feb 2018

The Day Of The Political Economist, Lewis Karstensson

Molasky Family Department of Economics and Real Estate Faculty Research

An examination of economic thought in the “natural order.” Primary consideration is given to the economic thought of Adam Smith, the foundation of classical political economy and much of current economic thought.

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Experimental Evidence On The Cyclicality Of Investment, Cortney S. Rodet, Andrew Smyth Feb 2018

Experimental Evidence On The Cyclicality Of Investment, Cortney S. Rodet, Andrew Smyth

ESI Working Papers

We report laboratory experiments investigating the cyclicality of investment. In our setting, optimal investment is counter-cyclical because investment costs fall following market downturns. However, we do not observe counter-cyclical investment. Instead, heuristic investment models where firms invest a fixed percentage of their liquidity, or a fixed percentage of anticipated market demand, better fit our data on average than does optimal investment. We also report a control treatment without cost changes and a treatment with asymmetric investment liquidity. Both of these extensions support our main result.

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The Day Of The Friar, Lewis Karstensson Feb 2018

The Day Of The Friar, Lewis Karstensson

Molasky Family Department of Economics and Real Estate Faculty Research

An examination of economic thought in the “divine order” of Christendom. Considered, in particular, is the economic doctrine suggested in the theology of Saint Thomas Aquinas. Remnants of this doctrine in current economic thought are also examined.

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Capital Budgeting By Cooperatives, Jeffrey S. Royer Feb 2018

Capital Budgeting By Cooperatives, Jeffrey S. Royer

Cornhusker Economics

In capital budgeting, a firm must decide whether or not to invest in a project, such as a new machine, plant, or product. Typically, the firm will invest in the project if the present value of the stream of cash flows the project is expected to generate exceeds the project’s cost. The discount rate used in the present value calculation usually is the weighted average cost of capital for the firm, i.e., the weighted average of the firm’s costs of equity and debt. For publicly traded firms, the capital asset pricing model (CAPM) is the most commonly used means for …

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Indefinitely Repeated Contests: An Experimental Study, Philip Brookins, Dmitry Ryvkin, Andrew Smyth Feb 2018

Indefinitely Repeated Contests: An Experimental Study, Philip Brookins, Dmitry Ryvkin, Andrew Smyth

ESI Working Papers

We experimentally explore indefinitely repeated contests. Theory predicts more cooperation, in the form of lower expenditures, in indefinitely repeated contests with a longer expected time horizon, yet our data do not support this prediction. Theory also predicts more cooperation in indefinitely repeated contests compared to finitely repeated contests of the same expected length, but we find no significant difference empirically. When controlling for risk and gender, we actually find significantly higher long-run expenditure in some indefinite contests relative to finite contests. Finally, theory predicts no difference in cooperation across indefinitely repeated winner-take-all and proportional-prize contests. We find significantly less cooperation …

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Understanding The Effects Of Legalizing Undocumented Immigrants, Joan Monras, Javier Vázquez-Grenno, Ferran Elias Feb 2018

Understanding The Effects Of Legalizing Undocumented Immigrants, Joan Monras, Javier Vázquez-Grenno, Ferran Elias

Upjohn Institute Working Papers

This paper investigates the consequences of the legalization of around 600,000 immigrants by the unexpectedly elected Spanish government of Zapatero following the terrorist attacks of March 2004 (Garcia-Montalvo, 2011). Using detailed data from payroll-tax revenues, we estimate that each newly legalized immigrant increased local payroll-tax revenues by 4,189 euros on average. This estimate is only 55 percent of what we would have expected from the size of the influx of newly documented immigrants, which suggests that newly legalized immigrants probably earned lower wages than other workers and maybe affected the labor-market outcomes of those other workers. We estimate that the …

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Contracts And Hierarchies: A Moral Examination Of Economic Theories Of The Firm, Jooho Lee Feb 2018

Contracts And Hierarchies: A Moral Examination Of Economic Theories Of The Firm, Jooho Lee

All Faculty Open Access Publications

An influential set of economic theories argue that the firm is a nexus of contracts that institute a hierarchy to overcome the problems of incomplete contracting in the market. However, the economic theory of the firm as a hierarchy violates the moral requirement to respect the autonomy of those who contract into the firm. The internal logic of the theory depends on a morally unacceptable abdication of a part of the employee’s capacity to set her own ends in the future. So a different theory is needed to understand the nature and purpose of the firm. The development of such …

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Measuring Health Outcomes Of Uncovered Employment: A Study Of Income, Social Mobility, Equality, And Health Indicators In An Under-Looked Segment Of The Labor Force, Zakariya Kmir Feb 2018

Measuring Health Outcomes Of Uncovered Employment: A Study Of Income, Social Mobility, Equality, And Health Indicators In An Under-Looked Segment Of The Labor Force, Zakariya Kmir

Undergraduate Economic Review

Economists have strongly supported the idea that unemployment causes many undesirable health outcomes. However, how does belonging to a different sector of employment tied closely to changes in minimum wage and inflation relate to overall health? To properly understand the numerical significance of health disparities in the uncovered sector of employment, this research is targeted at quantifying the relationship between the insured and non-insured within the uncovered sector. By substantiating the existence of severe health disparities as a function of the labor force dynamic, this research subsequently estimates the amount of inefficiency and negative health outcomes in the US economy …

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Is There Really A Foreign Language Premium In Canada?: Evaluating The Foreign Language Effect On Canadian Wages, Peter C. Ki Feb 2018

Is There Really A Foreign Language Premium In Canada?: Evaluating The Foreign Language Effect On Canadian Wages, Peter C. Ki

Undergraduate Economic Review

Given the debates on whether knowing a foreign language has a positive or negative effect on wages, there is little or no research conducted on how it fares in Canada, despite extensive studies on French and English. Using the Public Use Microdata Files of the 2011 National Household Survey by Statistics Canada, I find a 2.84% wage penalty for Canadians who know a foreign language and an even greater penalty for Canadians who use these languages at work. I proceed to decompose the results by language and occupation to find varying results. I also attempt to use a religion proxy …

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