This article investigates cyclicality in real wages between 1969 and 1982, using Panel Study of Income Dynamics data. There is little evidence that movements in and out of the labor market induced aggregate wage cyclicality during these years. However, cyclicality in the movement of workers between heterogeneous labor-market sectors affected aggregate wage cyclicality. While sector location is important, sector selectivity is not correlated with wages. Yet, even within sectors, cyclicality is present in real wages over this time period and is the result of cyclicality in overall wage levels, as well as in the coefficients associated with particular worker characteristics.

Auditing, Audit planning, Risk hypothesis generation, Cognitive computational model

Human capital models have mainly focused on the rate of return to investment in a homogeneous stock of capital. Yet individuals have different initial attributes that determine comparative advantage in producing different types of human capital. We find that mathematical ability is an important determinant of field choice for college students and that differences in earnings across fields are largely explained as a return to the use of scarce quantitative abilities in the production of each type of human capital. The model successfully accounts for the observed male-female differences in earnings and occupational choices of recent college graduates.

Empirical analysis reveals that investment-banker advisory fees in tender offers average 1.29% of the value of a completed transaction, far below the levels often alluded to in the business press. Most fees are contingent on offer outcome, with target-firm fees typically contingent on transaction value and bidding-firm fees on the number of shares purchased. Although these contingent contracts motivate investment bankers to satisfy some client objectives, many also create conflicts of interest between banker and firm. These incentive problems are apparent in offer evaluation, in hostile offers, and in the price paid by bidding firms.

Journal Article Household Equivalence Scales: Reply Get access Franklin M. Fisher Franklin M. Fisher Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 57, Issue 2, April 1990, Pages 329–330, https://doi.org/10.2307/2297386 Published: 01 April 1990 Article history Received: 01 June 1989 Accepted: 01 June 1989 Published: 01 April 1990

This paper examines multiperiod corporate financial policy in a world where the only market imperfection is taxation. The optimal financial policy determines the firm's capital structure and debt maturity structure. Two implications of this policy are: (1) there can be a set of debt-asset ratios that is consistent with firm value maximization, and (2) debt maturity structure is irrelevant to firm value.

Theodore M. Barnhill, Quality Option Profits, Switching Option Profits, and Variation Margin Costs: An Evaluation of Their Size and Impact on Treasury Bond Futures Prices, The Journal of Financial and Quantitative Analysis, Vol. 25, No. 1 (Mar., 1990), pp. 65-86