Auditing, Internal control judgement, Meta Analysis

The behavior of time-weighted bid-ask spreads over the trading day are examined. The plot of minute-by-minute spreads versus time of day has a crude reverse J-shaped pattern. Schwartz identifies four determinants of spreads: activity, risk, information, and competition. Using a linear regression model, a significant relationship between these same factors and intraday spreads is demonstrated, but dummy variables for time of day have a reverse J-shape. For given values of the activity, risk, information, and competition measures, spreads are higher at the beginning and end of the day relative to the interior period.

This article uses very detailed information on graduates of the University of Michigan Law School to examine male-female pay differences in that population. Men and women in this population have virtually identical human capital on graduation from law school, allowing us to examine carefully the different impact of children and work history on men's and women's careers and earnings. Taking time from work in order to care for children reduces wages significantly, but a rich set of controls, including childcare, work history, school performance, and job setting measures, still leave one-fourth to one-third of the earnings gap unexplained.

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ABSTRACT The behavior of time‐weighted bid–ask spreads over the trading day are examined. The plot of minute‐by‐minute spreads versus time of day has a crude reverse J ‐shaped pattern. Schwartz identifies four determinants of spreads: activity, risk, information, and competition. Using a linear regression model, a significant relationship between these same factors and intraday spreads is demonstrated, but dummy variables for time of day have a reverse J ‐shape. For given values of the activity, risk, information and competition measures, spreads are higher at the beginning and end of the day relative to the interior period.