Are there asymmetries in the effects of training on the conditional male wage distribution?

Recent studies have used quantile regression (QR) techniques to estimate the impact of education on the location, scale and shape of the conditional wage distribution. We conduct a similar investigation of the role of work-related training. We utilise both ordinary least squares and QR techniques to estimate associations between work-related training and wages for private sector men in ten European Union countries. For the majority of countries, the association between training and hourly wages varies little across the conditional wage distribution. However, there are considerable differences across countries in mean associations between training and wages.     

The unaccountable risks of LIBOR

One of the on‐going consequences of recent financial crises seems to be that the conventional ‘anchor’ measures of global finance (such as the US dollar, treasury bonds and AAA rated securities) are no longer playing the anchoring role once believed of them. LIBOR now needs to be added to this list and not just because it has been tarnished by illegal practices, but because it is looking increasingly surpassed by financial market practices. LIBOR was believed to provide a risk‐free rate of interest, but has been revealed to be risk‐laden. Moreover, LIBOR is a measure of the costs of borrowing, whilst market concern is increasingly with measures of interest rate volatility. This paper looks at why, in the context of crisis, financial market focus on interest rates is turning towards other benchmarks, notably the overnight indexed swap (OIS) market, and what this shift might be telling us about the anchoring requirements of global financial markets.     

Regulating private monopolies and promoting competition

This article describes developments in the British telecommunications industry in its transition from the public to the private sector. These developments are not particular to this industry alone. The 1980s are seeing a movement away from direct government control in large organizations in the public sector and towards privatization, for reasons that are both political and economic. The experience of the telecommunications industry has both particular and general relevance.     

移民:文明交流、融合和征服的工具

20世纪后半期,帝国主义时代的海外文明的冲突被国内的第二条战线所替代,这个第二条战线的特点就是文化的敌对和文明的冲突,而且是由于移民问题而引起并愈演愈烈的暴力性的敌对和冲突。21世纪将告诉人们移民政策是如何以一种"文明"的方式去应对文明的碰撞而无须发生诸如暴力、种族灭绝和文化霸权事件。日本、英国及加拿大这三个典型国家的经验表明,移民政策有助于解释移民问题怎样影响了文化的融合。     

Rule learning transfer across linguistic and visual modalities in 7-month-old infants

Rule learning (RL) refers to infants’ ability to extract high-order, repetition-based rules from a sequence of elements and to generalize them to new items. RL has been demonstrated in both the auditory and the visual modality, but no studies have investigated infants’ transfer of learning across these two modalities, a process that is fundamental for the development of many complex cognitive skills. Using a visual habituation procedure within a cross-modal RL task, we tested 7-month-old infants’ transfer of learning both from speech to vision (auditory-visual—AV—condition) and from vision to speech (visual-auditory—VA—condition). Results showed a transfer of learning in the AV condition, but only for those infants who were able to efficiently extract the rule during the learning (habituation) phase. In contrast, in the VA condition infants provided no evidence of RL. Overall, this study indicates that 7-month-old infants can transfers high-order rules across modalities with an advantage for transferring from speech to vision, and that this ability is constrained by infants’ individual differences in the way they process the to-be-learned rules.     

GROWTH OPPORTUNITIES,STRATEGIC SAVINGS,AND THE DOT‐COM BOOM AND BUST

Data from the dot‐com boom‐bust episode suggest that growth opportunities played an important role in explaining firms' financing strategy during this understudied episode. The low leverage of this sector was mainly driven by high growth firms which increased their leverage following the crash despite suffering a much larger fall in their market value. We present a parsimonious dynamic firm financing model where growth opportunities alone can generate the heterogeneous patterns in the financing and performance between high and low growth information technology firms prior to and following the market crash. The calibrated model also sheds light on the role played by monetary policy during that episode. (JEL G32, E22, E5)     

An Inductive Analysis of Young Adults’ Conceptions of Femininity and Masculinity and Comparison to Established Gender Inventories

This study provides an analysis of the content of feminine and masculine characteristics/behaviors described in writing by 366 young women and 289 young men from the U.S. Emergent characteristics/behaviors were placed into domains. For both femininity and masculinity, the domains of “physical differences related to sex” and “emphasized physical differences” emerged. For masculinity, additional domains were: “activities and interests focused on the body,” “powerful or oriented toward power,” and “emotion-control or emotionally-limited.” For femininity, additional domains were “lacking power,” “orientation to other people,” and “emotional.” We then compared the characteristics/behaviors and domains we discovered to gender inventories that are commonly used in the contemporary period. The masculine domains focused on physical differences, activities, and interests that emerged from the present study are mostly absent from these masculinity inventories. The domains focused on power and restricted emotion are evident in these inventories, but these inventories do not cover all of the characteristics within our domains. The feminine domains that emerged from the present study are more often covered in these inventories, but some of the specific feminine characteristics we found are not evident in these inventories. Results are discussed in terms of gender role theory, gender inequality, and potential application for qualitative and quantitative inquiries into the construction of gender.