Determinants and effects of formal target agreements: an empirical investigation of German firms

We investigate organizational determinants and performance effects of formal target agreements for employees based on the IAB establishment panel, a representative panel of German establishments. The results show that establishments with a high employee turnover rate, a large proportion of temporary workers, and a highly qualified workforce are significantly more likely to implement target agreements. Also, establishments with works councils installed are more likely to do so, controlling, among others, for firm size. Concerning organizational performance, we apply a first-difference and a fixed effects approach and find that establishments that implement target agreements achieve around 5 % higher total sales compared to firms that did not introduce this practice. Hence, organizations seem to benefit from the implementation of formal target agreements for employees.     

Nationwide Newspaper Coverage of Same-Sex Marriage: A Community Structure Approach

Using the community structure approach to compare coverage of same-sex marriage in leading U.S. newspapers in 35 major cities nationwide, all articles of 250+ words were sampled from a 5-year span of January 1, 2007, to June 23, 2011, for a total of 577 articles. Articles were coded for “prominence” and “direction,” and then combined into a “Media Vector” score for each newspaper, ranging from .4523 to ?.1067. Initial Pearson correlations revealed three clusters had significant relationships: stakeholder (stakeholder proportions correlating with favorable coverage of stakeholder concerns), buffer (privilege correlating with favorable coverage of human rights issues), and vulnerability (vulnerable populations correlating with coverage favoring their perspectives). The stakeholder cluster includes: (percentage 25–44: r = .506, p = .001; gay market index: r = .432, p = .005; percentage 65+: r = ?.397, p = .009; percentage voting Democratic: r = .335, p = .025; percentage voting Republican: r = ?.330, p = .026). The buffer hypothesis was also confirmed (percentage college educated: r = .465, p = .002; percentage family income of $100,000+: r = .383, p = .012; and percentage professional/technical occupations: r = .300, p = .040). One vulnerability indicator, percentage below the poverty line, was also confirmed (r = ?.297, p = .041). A varimax rotated factor analysis and regression yielded 2 factors accounting for more than 29% of the variance: privilege/gay marketing/political identity, 24%, and Evangelicals, 5%.     

拉丁美洲的东亚移民

帝国主义通过扭曲遭受其影响的国家的经济,导致人口迁移与大量移民。19世纪,帝国主义势力渗透到远东的许多国家。在帝国主义与中国的贸易关系中,英国对茶叶的需求量相当大(其次是丝绸),但除了清政府需要的白银外,没有其他可交换的物品。为防止国库的耗尽和平衡贸易条款,英国商人于是寻求扩大中国的鸦片市场。东印度公司首先抢占了这个市场,然后鸦片贸易便被私人企业所垄断。在最大的经销商中,英国的贾丁与马西森公司位列其中(Hanes and Sanello,2002)。中国人的禁烟努力导致了1839—1842年和1856—1860年的两次鸦片战争,中国被迫割让香港给…     

Time‐Varying Risk Premium in Large Cross‐Sectional Equity Data Sets

We develop an econometric methodology to infer the path of risk premia from a large unbalanced panel of individual stock returns. We estimate the time‐varying risk premia implied by conditional linear asset pricing models where the conditioning includes both instruments common to all assets and asset‐specific instruments. The estimator uses simple weighted two‐pass cross‐sectional regressions, and we show its consistency and asymptotic normality under increasing cross‐sectional and time series dimensions. We address consistent estimation of the asymptotic variance by hard thresholding, and testing for asset pricing restrictions induced by the no‐arbitrage assumption. We derive the restrictions given by a continuum of assets in a multi‐period economy under an approximate factor structure robust to asset repackaging. The empirical analysis on returns for about ten thousand U.S. stocks from July 1964 to December 2009 shows that risk premia are large and volatile in crisis periods. They exhibit large positive and negative strays from time‐invariant estimates, follow the macroeconomic cycles, and do not match risk premia estimates on standard sets of portfolios. The asset pricing restrictions are rejected for a conditional four‐factor model capturing market, size, value, and momentum effects.     

A Dynamic Model of Demand for Houses and Neighborhoods

This paper develops a dynamic model of neighborhood choice along with a computationally light multi‐step estimator. The proposed empirical framework captures observed and unobserved preference heterogeneity across households and locations in a flexible way. We estimate the model using a newly assembled data set that matches demographic information from mortgage applications to the universe of housing transactions in the San Francisco Bay Area from 1994 to 2004. The results provide the first estimates of the marginal willingness to pay for several non‐marketed amenities—neighborhood air pollution, violent crime, and racial composition—in a dynamic framework. Comparing these estimates with those from a static version of the model highlights several important biases that arise when dynamic considerations are ignored.     

Testing Hypotheses in Nonparametric Models of Production

Data envelopment analysis (DEA) and free disposal hull (FDH) estimators are widely used to estimate efficiency of production. Practitioners use DEA estimators far more frequently than FDH estimators, implicitly assuming that production sets are convex. Moreover, use of the constant returns to scale (CRS) version of the DEA estimator requires an assumption of CRS. Although bootstrap methods have been developed for making inference about the efficiencies of individual units, until now no methods exist for making consistent inference about differences in mean efficiency across groups of producers or for testing hypotheses about model structure such as returns to scale or convexity of the production set. We use central limit theorem results from our previous work to develop additional theoretical results permitting consistent tests of model structure and provide Monte Carlo evidence on the performance of the tests in terms of size and power. In addition, the variable returns to scale version of the DEA estimator is proved to attain the faster convergence rate of the CRS-DEA estimator under CRS. Using a sample of U.S. commercial banks, we test and reject convexity of the production set, calling into question results from numerous banking studies that have imposed convexity assumptions. Supplementary materials for this article are available online.     

Implicit Valuation of the Near-Miss is Dependent on Outcome Context

Gambling studies have described a “near-miss effect” wherein the experience of almost winning increases gambling persistence. The near-miss has been proposed to inflate the value of preceding actions through its perceptual similarity to wins. We demonstrate here, however, that it acts as a conditioned stimulus to positively or negatively influence valuation, dependent on reward expectation and cognitive engagement. When subjects are asked to choose between two simulated slot machines, near-misses increase valuation of machines with a low payout rate, whereas they decrease valuation of high payout machines. This contextual effect impairs decisions and persists regardless of manipulations to outcome feedback or financial incentive provided for good performance. It is consistent with proposals that near-misses cause frustration when wins are expected, and we propose that it increases choice stochasticity and overrides avoidance of low-valued options. Intriguingly, the near-miss effect disappears when subjects are required to explicitly value machines by placing bets, rather than choosing between them. We propose that this task increases cognitive engagement and recruits participation of brain regions involved in cognitive processing, causing inhibition of otherwise dominant systems of decision-making. Our results reveal that only implicit, rather than explicit strategies of decision-making are affected by near-misses, and that the brain can fluidly shift between these strategies according to task demands.