This paper uses 1979-85 data on women from the National Longitudinal Survey of Youth to examine the eco-nomic, sociological, and institutional antecedents of adolescent childbearing and high school completion and to analyze the effect of early childbearing on school completion. Fertility and school completion are modeled as dichotomous outcomes, and their determinants are estimated using a bivariate probit specification. The paper finds evidence that adolescent childbearing is an endogenous determinant of high school completion and that failing to account for this endogeneity leads to an over-estimate of the schooling consequences of early childbearing.

Abrtmcr-An important question in the study of aging concerns the rate at which people physically deteriorate with age.HOW much, for example.CB~ be physically expected of, say, a healthy, non-injured 75.year-old man or woman relative to what be or she could do at ape 4% This paper applies econometric techniques to data on men's track and field and road racing remrds by age to estimate the rate at which men sknv down with asc.Eight track.eight field.and eleven road racing events me considered.The main econometric technique usad is a combination of the polytwmial-spline method and the frontier-function method.A number of the evetttr have been pooled to provide more et%cient estimates.1.

This paper analyzes the influence of political systems and rights in patterns of agricultural protection across commodities, countries, and over time. Four political systems and a qualitative index of political rights account for differences in political institutions. The analysis incorporates the effects of development, of constraints on tax collection feasibility, and of comparative advantages and terms of trade. Pluralistic systems are associated with higher agricultural protection levels, although in a nonlinear fashion. Access to pluralism appears to be important, although further democratization partly dissipates protection. Copyright 1994 by MIT Press.

Charles P. Himmelberg, Bruce C. Petersen, R & D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries, The Review of Economics and Statistics, Vol. 76, No. 1 (Feb., 1994), pp. 38-51

Keun Huh, Robin C. Sickles, Estimation of the Duration Model by Nonparametric Maximum Likelihood, Maximum Penalized Likelihood, and Probability Simulators, The Review of Economics and Statistics, Vol. 76, No. 4 (Nov., 1994), pp. 683-694

A controversial aspect of the management buyouts that were popular throughout the 1980s is the potential for a conflict of interest to arise when a manager bids to acquire the firm he manages. This study examines 184 management buyouts and reports three findings. First, returns to prebuyout shareholders are greater when managers must bid against outside acquirers. Second, bid revisions in the face of competition exceed revisions due to shareholder litigation and negotiations with boards. Third, the incidence of competition is negatively related to the prebuyout share holdings of managers. Coauthors are Ronald F. Singer, Anju Seth, and Darla F. Lang. Copyright 1994 by MIT Press.