ECONOMISTS have shown considerable interest in the relationship between productmarket competition and wage rates. Most of the analysis has centered on manufacturing, where the less competitive industries often have larger firms and larger plants. This paper presents evidence that differences in plant size are at least as important as differences in market structure when we try to account for wage differentials among manufacturing industries.

The objectives of this paper are to derive the relationship of the geometric mean of a distribution of positive values to the conventional first four moments — arithmetic mean, variance, absolute skewness, and absolute kurtosis — and to empirically evaluate certain approximations involving these four moments for estimating the geometric means of monthly and annual holding period returns for individual stocks and for portfolios. The geometric mean is shown to be positively related to the arithmetic mean and absolute skewness and negatively related to variance and absolute kurtosis. In the case of a normal distribution a very good approximation to the geometric mean is revealed to be a function of just the arithmetic mean and variance. Additionally, empirical evidence indicates that even though a number of the monthly and annual distributions deviate significantly from normality, the approximation involving only the mean and variance produces quite accurate estimates of the geometric means of these distributions.

The purpose of this paper is to construct a model for the computation of an optimal cash balance for a bank, although it could be adapted to any organization. By a bank we mean to include both commercial banks and savings banks (mutual savings banks and savings and loan associations). One might also be able to adapt the model to an “international bank” such as the United States holdings of gold and foreign exchange.

Robert H. Strawser, John M. Ivancevich, Herbert L. Lyon, A Note on the Job Satisfaction of Accountants in Large and Small CPA Firms, Journal of Accounting Research, Vol. 7, No. 2 (Autumn, 1969), pp. 339-345

I. Some determinants of union growth, 435. — II. Empirical results, 439. — III. Consideration of some subperiods, 445. — IV Conclusion, 447.

G. Hanoch, H. Levy; The Efficiency Analysis of Choices Involving Risk1, The Review of Economic Studies, Volume 36, Issue 3, 1 July 1969, Pages 335–346, htt

1. SUMMARY IN two previous papers [1] [12], a family of normative models of the individual's economic decision problem under risk were presented. At the same time certain implications of these models with respect to individual behavior were deduced for a class of utility functions. In a separate article [7], it was demonstrated that these models also give rise to an induced theory of the formation and operation of firms under risk for the aforementioned class of utility functions. In the present paper, it will be shown that the same models, developed with the individual in mind, have as further off-spring an induced theory of accounting for all firms so formed. In Section 2, the basic approach of the present study to the development of normative accounting theory is discussed. This section also considers some of the relationships of the present paper to other studies concerned with the development of prescriptive theories of accounting. In Section 3, the various components of the basic decision model used in the present paper are constructed. The individual's objective is postulated to be the maximization of expected utility from consumption as long as he lives and from the bequest left upon his death; his lifetime is presumed to be a random variable. The individual's resources are assumed to consist of an initial capital position (which may be negative) and a noncapital income stream. The latter, which may possess any time-shape, is assumed to be known with certainty and to terminate upon his death. In addition to insurance available at a "fair" rate, the individual faces both financial opportunities (borrowing and lending) and an arbitrary number of productive investment opportunities. The interest rate is presumed to be known but may have any time-shape. The returns from the productive opportunities are assumed to be random variables, whose probability distributions may differ from period to period but are assumed to satisfy the...