Are Educational Mismatches Responsible for the ‘Inequality Increasing Effect’ of Education?

This paper asks whether educational mismatches can account for the positive association between education and wage inequality found in the data. We use two different data sources, the European Community Household Panel and the Portuguese Labour Force Survey, and consider several types of mismatch, including overqualification, underqualification and skills mismatch. We test our hypothesis using two different measurement methods, the ‘statistical’ and the ‘subjective’ approach. The results are robust to the different choices and unambiguously show that the positive effect of education on wage inequality is not due to the prevalence of educational mismatches in the labour market.     

Physical activity is inversely related to drug consumption in elderly patients with cardiovascular events

Elderly patients with cardiovascular events are characterized by high drug consumptions. Whether high drug consumptions are related to physical activity is not known. In order to examine whether physical activity is related to drug consumption in the elderly, patients older than 65 years (n?=?250) with a recent cardiovascular event were studied. Physical activity was analyzed according to the Physical Activity Scale for the Elderly (PASE) score and related to drug consumption. PASE score was 72.4?±?45.0 and drug consumption was 8.3?±?2.2. Elderly patients with greater comorbidity took more drugs (8.7?±?2.1) and are less active (PASE?=?64.4?±?50.6) than patients with Cumulative Illness Rating Scale severity score higher than 1.8 than those with a score lower than 1.8 (76.3?±?41.4, p?<?0.05, and 8.0?±?2.0, p?=?0.006, respectively). Multivariate analysis correlation confirmed that PASE score is negatively associated with drug consumption (β?=??0.149, p?=?0.031), independently of several variables including comorbidity. Thus, physical activity is inversely related to drug consumption in elderly patients with cardiovascular events. This inverse relationship may be attributable to the high degree of comorbidity observed in elderly patients in whom poor level of physical activity and high drug consumption are predominant.     

Open Borders to a Revolution: Culture,Politics and Migration

Susan Migden Socolow, The Bureaucrats of Buenos Aires, 1769–1810: Amor al Real Servicio (1987), xxi + 356 (Duke University Press, Durham, N.C., $45.00).

W. Hamish Fraser, Conflict and Class. Scottish Workers 1700–1838 (1988), 202 (John Donald, £20.00).

Margaret Ripley Wolfe, Kingsport, Tennessee: A Planned American City (1987), xii + 259 (The University Press of Kentucky, Lexington, £24.00).

Carl Chinn, They Worked All Their Lives. Women of the Urban Poor in England, 1880–1939 (1988), xii + 187 (Manchester University Press, Manchester, £22.50).

Linda Bryder, Below the Magic Mountain: A Social History of Tuberculosis in Twentieth‐Century Britain (1988), xv + 298 (Oxford University Press, Oxford, £30.00).

F. B. Smith, The Retreat of Tuberculosis 1850–1950 (1988), 271 (Croom Helm, £25.00).     

Assessing the pattern of covariance matrices via an augmentation multiple testing procedure

This paper extends the scedasticity comparison among several groups of observations, usually complying with the homoscedastic and the heteroscedastic cases, in order to deal with data sets laying in an intermediate situation. As is well known, homoscedasticity corresponds to equality in orientation, shape and size of the group scatters. Here our attention is focused on two weaker requirements: scatters with the same orientation, but with different shape and size, or scatters with the same shape and size but different orientation. We introduce a multiple testing procedure that takes into account each of the above conditions. This approach discloses a richer information on the data underlying structure than the classical method only based on homo/heteroscedasticity. At the same time, it allows a more parsimonious parametrization, whenever the patterned model is appropriate to describe the real data. The new inferential methodology is then applied to some well-known data sets, chosen in the multivariate literature, to show the real gain in using this more informative approach. Finally, a wide simulation study illustrates and compares the performance of the proposal using data sets with gradual departure from homoscedasticity.     

Testing the equality among distribution functions from independent and right censored samples via Cramér–von Mises criterion

The traditional Cramér–von Mises criterion is used in order to develop a test to compare the equality of the underlying lifetime distributions in the presence of independent censoring times. Its asymptotic distribution is proved and a resampling plan, which is valid for unbalanced data situations, is proposed. Its statistical power is studied and compared with commonly used linear rank tests by Monte Carlo simulations and a real data analysis is also considered. It is observed that the new test is clearly more powerful than the traditional ones when there exists no uniform dominance among involved distributions and in the presence of late differences. Its statistical power is also good in the other considered scenarios.     

Aggregating Political Dimensions: Of the Feasibility of Political Indicators

Political indicators are widely used in academic writing and decision making, but remain controversial. This paper discusses the problems related to the aggregation functions they use. Almost always, political indicators are aggregated by weighted averages or summations. The use of such functions is based on untenable assumptions (existence of homogeneous substitution rates, total compensation, and strict monotonicity). We show through concrete examples how these hidden assumptions are likely to produce results that are basically an artifact of ad hoc decisions, which additionally contradict very fundamental notions common to all credible political theories. We suggest, also through example, that some—necessarily partial—solutions are possible.     

The Effect of Firm and Host Country Characteristics on the Choice of Entry Mode: Empirical Evidence from Spanish Firms

When investing abroad firms must choose betweengoing alone or with a partner – the so-calledownership structure decision. Additionally,firms can enter a new country by acquisitionsor by greenfield investments – the foreignestablishment mode decision. These twodecisions have traditionally been analyzedseparately in the literature on entry mode.What is more, this literature has much lessanalyzed hybrid entry modes, like partialacquisitions. The aim of this paper is toanalyze how the different factors analyzed inprior research influence the choice of entrymode when jointly taking into account fouralternative entry modes: greenfield whollyowned subsidiaries, greenfield joint ventures,full acquisitions and partial acquisitions. Theempirical analysis was carried out byestimating a multinomial logit model over asample of FDIs made by Spanish firms. Ourresults also contribute to the knowledge ofspecific patterns in the choice of entry modeby firms from late investor countries, likeSpain.     

An Empirical Analysis of Monitoring Behaviour and Private Benefits of Investors in the Spanish Market

The objective of our study is to look for anequilibrium among three factors: the privatebenefits that main shareholders can obtain fromthe firm, the social benefits derived from acertain ownership structure (such assupervision and alignment of interests) and thecosts derived from ownership concentration(such as loss of liquidity and riskdiversification). Our empirical analysis allowsus to conclude that the supervisory role ofownership is more intense in firms where thepotential conflict of interest betweenshareholders and managers is greater, andtherefore the value of the firm can beincreased through a specific composition of itsshareholders.     

A Corporate Culture Pattern to Manage Business Ethics

Within the general frame of proposals for an adequate management of business ethics, this paper is based on the vision of corporate culture as a pattern to achieve such purpose. If we consider ethics as a specific value of corporate culture, we may resort to the mechanism of cultural change and implementation in order to manage ethics. Despite the difficulties it entails in terms of time and money investment, this procedure is one of the safest ways to reach ethical values which are known, shared and then practiced by all the members of a corporation, whatever the category. From this central standpoint, and basing ourselves on our own proposal for the management of culture, we shall describe which specific steps must be taken in order to achieve a set of ethical values which are both realistic and furthermore shared by all collaborators of an organization. This revised version was published online in July 2006 with corrections to the Cover Date.