A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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Results 324 resources
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Over time, productivity and education have increased, while hours worked have not. Cross-sectionally, higher-wage individuals have more schooling, more hours worked in the market, fewer hours worked at home, and a lower variance of market hours. Over the life cycle, older individuals have higher wages, more hours worked both in the market and at home, a lower variance of market hours, and almost the same amount of education as younger agents. These and other facts are documented, and a simple overlapping-generations model with skill acquisition and home production that delivers most of these properties is constructed. Copyright 1993 by American Economic Association.
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A key question concerning affirmative action is whether the labor-market gains it brings to minorities can continue without it becoming a permanent fixture in the labor market. The authors argue that this depends on how the policy affects employers' beliefs about the productivity of minority workers. They study the joint determination of employer beliefs and worker productivity in a model of statistical discrimination in job assignments. The authors prove that, even when identifiable groups are equally endowed ex ante, affirmative action can bring about a situation in which employers (correctly) perceive the groups to be unequally productive, ex post. Copyright 1993 by American Economic Association.
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While many studies find that option prices lead stock prices, J. A. Stephan and R. E. Whaley (1990) find that stocks lead options. The authors find no evidence that options, even deep out-of-the-money options, lead stocks. After confirming Stephan and Whaley's results, they show their results can be explained as spurious leads induced by infrequent trading of options. The authors show that the stock lead disappears when the average of the bid and ask prices is used instead of transaction prices. Hence, they find no evidence of arbitrage opportunities associated with the stock lead.
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Organizational forms often serve as vehicles for the appropriation of quasi-rent. Capitalist firms typically emerge when production requires noncontractible investments in specific physical assets because worker control would divert quasi-rents away from ass et owners ex post. Conversely, labor-managed firms tend to emerge in niches requiring specialized human capital but general-purpose physi cal assets. A key result is that capitalist firms can persist in competitive markets even when labor-managed firms would yield a larg er total surplus. Copyright 1993 by American Economic Association.
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In this article we break assets' betas with common factors into components attributable to news about future cash flows, real interest rates, and excess returns. To achieve this decomposition, we use a vector autoregressive time-series model and an approximate log-linear present value relation. The betas of industry and size portfolios with the market are largely attributed to changing expected returns. Betas with inflation and industrial production reflect opposing cash flow and expected return effects. We also show how asset pricing theory restricts the expected excess return components of betas.
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