A general stochastic model of optimal job separation behavior is developed in the paper. The model nests both the job training and the job-matching hypotheses of the wage-tenure relationship as special cases. The purpose of the paper is to compare the implications of the two hypotheses for job turnover. That expected wealth-maximizing separation strategies are qualitatively identical under the two hypotheses is the principal theoretical result. Although the empirical implications of the two hypotheses for observations on the distribution of completed job-spell lengths are similar as a consequence, they are not quite identical.

Previous work by Atiase (1985) indicates that the information content of quarterly earnings releases is inversely related to firm size. This study explores the firm‐size related differential information content of earnings releases by focusing on annual earnings, assuming that the role of firm size as a proxy for the availability of predisclosure information may differ between annual versus quarterly earnings. In addition, it also investigates how abnormal return reactions to annual earnings releases as a function of firm size change around the date of annual earnings releases. The results show that the firm‐size related differential information content of earnings releases exists with annual earnings. Specifically, the extent of common stock return reactions on (around) the annual earnings release date is inversely related to firm size, while market reaction to some early predisclosure dates is positively associated with firm size. The inverse relationship begins to show up a week prior to the earnings release date, and the positive relationship exists for days prior to that week. This latter finding is different from that reported by Atiase in that he did not detect similar evidence with quarterly earnings. No appreciable pattern of association between return reactions and firm size is detected during the week following the release date. Résumé. Les travaux précédents d'Atiase (1985) révèlent que le contenu informatif des renseignements trimestriels publiés relatifs aux bénéfices est inversement proportionnel à la taille de l'entreprise. L'auteur analyse le contenu marginal en information des renseignements relatifs aux bénéfices par rapport à la taille de l'entreprise, et plus particulièrement les bénéfices annuels, en supposant que le rôle de la taille de l'entreprise à titre d'agent d'information trimestrielle peut varier selon qu'il s'agit de bénéfices annuels ou trimestriels. L'auteur analyse en outre comment les réactions anormales du rendement à la publication des bénéfices annuels en fonction de la taille de l'entreprise changent à proximité de la date de publication des bénéfices annuels. Les résultats révèlent que le contenu marginal en information des bénéfices publiés est lié à la taille de l'entreprise dans le cas des bénéfices annuels. En particulier, l'étendue de la réaction du rendement des actions ordinaires à la date (ou près de la date) de publication des bénéfices annuels est en relation inverse avec la taille de l'entreprise, alors que la réaction du rendement à une publication trimestrielle est en relation positive avec la taille de l'entreprise. La relation inverse commence à se manifester une semaine avant la date de publication des bénéfices, alors qu'elle est positive pendant les jours qui précèdent cette semaine. Ce résultat diffère de celui rapporté par Atiase, qui n'a rien décelé qui permette d'en venir à la même conclusion dans le cas des bénéfices trimestriels. Aucune relation mesurable entre la réaction à la publication et la taille de l'entreprise ne se manifeste au cours de la semaine qui suit la date de la publication.

This study examines the joint effect of perquisite disclosure regulations and enforcement policies on changes in cash salary and bonus compensation paid to chief executive officers. It is hypothesized that the combined effect of an SEC perquisite disclosure requirement and the IRS policy of taxing perquisites as income causes a shift from perquisites to monetary compensation. A regression model is used to assess the changes in real compensation. The findings support the hypothesis that a change in the chief executive officers' compensation occurred as a result of the disclosure requirement and tax policies.

[This study examines the joint effect of perquisite disclosure regulations and enforcement policies on changes in cash salary and bonus compensation paid to chief executive officers. It is hypothesized that the combined effect of an SEC perquisite disclosure requirement and the IRS policy of taxing perquisites as income causes a shift from perquisites to monetary compensation. A regression model is used to assess the changes in real compensation. The findings support the hypothesis that a change in the chief executive officers' compensation occurred as a result of the disclosure requirement and tax policies.]

William T. Ziemba, The Buying and Selling Behavior of Individual Investors at the Turn of the Year: Discussion, The Journal of Finance, Vol. 43, No. 3, Papers and Proceedings of the Forty-Seventh Annual Meeting of the American Finance Association, Chicago, Illinois, December 28-30, 1987 (Jul., 1988), pp. 717-719

Dissatisfaction occasionally has been expressed with traditional measures of duration for immunization on conceptual grounds. However, more elegant duration measures have not been found to be superior to the traditional ones in empirical tests of immunization efficacy. Under the assumption that the term structure of continuously compounded interest rates can be expressed as a polynomial, Chambers and Carleton (1981) demonstrate that the finite and noninstantaneous return of a default-free bond can be expressed as a vector product of a duration vector and a shift vector. This study derives immunization strategies from the model and tests them. The results of the portfolio tests indicate that the traditional duration approach of Macaulay provides enhanced immunization relative to maturity approaches or naive approaches. However, the duration vector approach produces further improvements.