Bringing About Changes to Corporate Social Policy through Shareholder Activism: Filers,Issues, Targets,and Success

We examine shareholder initiated social policy proposals' capacity to exert pressure on management to force it to adopt the suggested changes in policy. We show that social proposals, filed under the U.S. Securities and Exchange Commission's Rule 14a‐8, have a more limited capacity to change corporate social policy than it has been previously reported. However, the capacity to exert pressure on firms can be substantially higher for some types of filers, notably pension funds and mutual funds. The analysis also suggests that the capacity to influence management is higher for some types of issues presented in the resolution, such as those related to board diversity, energy and environment, and international laborand human rights. We also provide suggestions explaining why shareholder activism is a persistent practice despite its limited results.     

THE WELFARE EFFECT OF ACCESS TO CREDIT

I present a model in which credit and outside money can be used as means of payment in order to analyze how access to credit affects welfare when credit markets feature limited participation. Allowing more agents to use credit has an ambiguous effect on welfare because it may make consumption‐risk sharing more inefficient. I calibrate the model using U.S. data on credit‐card use and show that the increase in access to credit from 1990 to the near present has had a slightly negative impact on welfare. (JEL E51, E41)     

Technologie,délocalisations et tâches constitutives des professions au Royaume‐Uni

Les auteurs examinent l'évolution des tâches accomplies par les travailleurs au Royaume‐Uni entre 1997 et 2006, qu'elle soit due à une reconfiguration des professions elles‐mêmes (marge intensive) ou à une variation de leur part respective dans l'emploi (marge extensive). Ils se fondent notamment dans cet examen sur des données de la Skills Survey, enquête britannique sur les compétences. Leur analyse montre que la variation à la marge intensive est notable et aussi importante que la variation à la marge extensive. Une analyse économétrique fait ressortir en outre que le progrès technique joue un rôle dans l'évolution à la marge intensive, mais pas les délocalisations.     

Technology,offshoring and the task content of occupations in the United Kingdom

The authors analyse change in employment levels and in the task content of occupations, both within occupations (i.e. at the intensive margin) and between occupations (i.e. at the extensive margin) in the United Kingdom over the period 1997–2006 using data from the national Skills Survey, which has comparable within‐occupation task data for three waves: 1997, 2001 and 2006. They find that within‐occupation task content changed significantly, and that the magnitude of change was similar to that found at the extensive margin. Their econometric results suggest that these intensive‐margin shifts can be explained by technological improvements but not by offshoring.