This study explores the following question: Does a worker's relationship to technology and degree of job specialization influence in a predictable way his integration into or alienation from work? The book shows that the degree of differentiation in the division of labor is related to technology in a similar manner in both the office and factory and that automated technology reduces the levels of alienation among both office employees and factory workers. The author samples three man-machine relationships in the office and factory: (1) workers in non-mechanized production systems; (2) machine operators in mechanized production systems; and (3) operators or monitors in automated production systems. In addition to separate chapters on office and factory workers, one chapter compares degrees and types of alienation among office employees as compared to factory workers.This book is one of the last in a series of research studies on the impact of computers completed by the Industrial Relations Section of the Alfred P. Sloan School of Management at M.I.T. In a foreword to the book, Charles A. Myers notes that important study puts to rest extreme fears about the alienation of workers as a consequence of automation. Professor Shepard's study provides new insights about the impact of advanced mechanization and automation in offices, which computers and allied information technology are invading at a rapid rate...As a sociologist among economists, [he] has brought fresh perspective to this series of research reports.

We develop metrics to assess the complexity of a bank holding company (BHC), based on its ownership structure. Large BHCs have intricate ownership hierarchies involving hundreds or even thousands of legal entities that may contribute to increased operational risk and greater opacity. Our measures are mathematically grounded, intuitive, and easy to implement. They may be particularly useful in the context of resolution, where regulators often face significant time pressure and coordination challenges. We use regulatory filing data from the Federal Reserve to validate the measures, demonstrating that they provide a useful complement to balance sheet information in assessing BHC complexity. Notably, the proposed measures are highly correlated with existing complexity indicators that are not based on organizational structure and are less correlated with size than these existing complexity measures. We show that the proposed measures provide additional explanatory power for the regulatory indicators, even after controlling for size.

This paper studies how firms from developed and developing countries have used domestic and international corporate bond markets since the 1990s. We find that debt issues in domestic and international markets have different characteristics. International issues tend to be larger, of shorter maturity, denominated in foreign currency, include more fixed rate contracts, and entail lower yields. These patterns persist even when analyzing issues by firms from countries with more developed domestic markets and higher financial integration and when comparing issues conducted by the same firm in different markets. These findings are consistent with the existence of frictions that segment domestic and international corporate bond markets and with these markets providing distinct financial services.