I. Introduction, 551. — II. The autocorrelation of earnings and the variance of human capital, 553. — III. Applications of the variance of present values, 559. — IV. Conclusions, 564.

Journal Article Intergenerational Wealth Transfers and the Educational Decisions of Male Youth: The Mother's Home Time Hypothesis Get access Donald O. Parsons Donald O. Parsons Ohio State University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 92, Issue 3, August 1978, Pages 521–524, https://doi.org/10.2307/1883158 Published: 01 August 1978

[This paper gives a constructive existence proof of a general equilibrium for a local public goods economy in which consumers are free to move among regions. The proof is based upon the Scarf algorithm for the computation of fixed points.]

[A choice function C on X identifies, for each subset Y of X, a set C(Y) of "best" alternatives in Y. A. computationally viable choice function is one for which a member of the choice set C(Y) can be located by a computational procedure which does not waste time, generates reasonably satisfactory intermediate alternatives, and adjusts easily as new alternatives become available. Computational viability is defined precisely and the class of computationally viable choice functions is neatly characterized. In addition, the various types of binary choice functions are distinguished in terms of computational criteria.]

Implicit here is the argument that the owners of the corporation and hence the economy as a whole gain from allowing management to reinvest past profits on their behalf. This must be, true if it is assumed that managers always act in the interest of the owners. If, however, managers act in their own interest, their retention and reinvestment of past profits can be a source of inefficiency. Mueller (1969) has observed that, although the investment opportunities of the stockholders may be better than those which management can internalize,

Donald W. Green, Capital Formation in the USSR, 1959-1974: An Econometric Investigation of Bureaucratic Intervention in the Process of Capital Construction, The Review of Economics and Statistics, Vol. 60, No. 1 (Feb., 1978), pp. 39-46

The Black-Scholes option pricing model, as generalized for dividend payments by Merton, is used to calculate implied variances of future stock returns. These variances are found to be better predictors of future stock return variances than those obtained from historic stock price data. A trading strategy is developed that exploits the informational content of the implied variances. The trading strategy, contrary to the efficient market hypothesis, produces abnormally high returns.

Abstract Reviews the book "Social Auditing," by David H. Blake , William C. Frederick, Mildred S. Myers, Rogene A. Bucholz and Donald E. Wygal.

The commercial banking industry has been buffeted by a variety of forces in recent years. Alternating periods of intense monetary restraint and the severity of the 1973–74 economic contraction (especially as it affected the real estate industry), huge losses on loan portfolios, a heavy commitment of funds to less developed countries on the part of a few major banks, and the failures of a number of individual banks have created considerable discussion about the stability of the banking system. Questions have been raised about the risk involved in committing funds to the securities of banking organizations. Moreover, the importance of these questions has been underscored for bank management by the necessity for many banking organizations to raise substantial amounts of external funds to prevent further depletion of existing capital ratios.