the china model withering institutional roots of china s local developmentalism china s new development wave since the mid 1990s is distinguishable by its strong urbanism urban governments particularly at municipal and county levels rushed to build industrial parks urban l

is there a glass ceiling in sweden using 1998 data we show that the gender log wage gap in sweden increases throughout the wage distribution and accelerates in the upper tail we interpret this as a strong glass ceiling effect we use quantile regression decompositions to examine whether this pattern can be ascribed primarily to gender differences in labor market characteristics or in the rewards to those characteristics even after extensive controls for gender differences in age education both level and field sector industry and occupation we find that the glass ceiling effect we see in the raw data persists to a considerable extent

parenthood and the gender gap in pay we compare the income and wage trajectories of women to those of their male partners before and after parenthood focusing on the within couple gap allows us to control for both observed and unobserved attributes of the spouse and to estimate both short and long term effects of entering parenthood we find that 15 years after the first child has been born the male female gender gaps in income and wages have increased by 32 and 10 percentage points respectively in line with a collective labor supply model the magnitude of these effects depends on counterfactual relative incomes or wages within the family

china and global macroeconomic interdependence china is transitioning towards more inward focussed growth causing adverse changes in the product and financial terms of trade in the advanced economies at the same time international financial markets tussle between tightening forces associated with the us recovery on the one hand and unconventional monetary expansion in europe and japan on the other the way these shocks interact is examined in this paper using a global macromodel with national portfolio rebalancing and asset differentiation and a representation of unconventional monetary policy results are found to be sensitive to the contributions of productivity and capital accumulation to china s growth when these are offered in realistic combination the effects are deflationary in the united states and china militating against contractionary us monetary policy monetary responses in the united states and china then combine with price targeting regimes in the eu and japan to expand liquidity globally amplifying impacts on financial markets and the global distribution of real investment

the determinants of an environmentally responsive firm an empirical approach abstract our empirical results indicate that a firm s formulation of an environmental plan is positively influenced by customer pressure shareholder pressure government regulatory pressure and neighborhood and community group pressure but negatively influenced by other lobby group pressure sources and a firm s sales to asset ratio firms which view environmental issues as important in the next 5 years are also more likely to have a plan relative to the manufacturing sector firms in the natural resource sector are more likely to formulate environmental plans while firms in the service sector are less likely to have plans our results provide insight into how firms react to environmental issues they also offer policymakers a list of determinants which can be used either as an alternative or complement to environmental regulation

pay and productivity differences between male and female veterinarians the author uses data from annual wage surveys conducted in 1994 and 1995 by medical economics research group to study differences in pay and productivity between male and female veterinarians in the wage salary sector the gender gap in average earnings was 15 when controls for various observable characteristics are added to the analysis the earnings gap narrows to 9 based on the most conservative estimates using unique revenue production measures in an analysis holding other factors constant the author finds that women s productivity was not statistically different from men s together the findings of gender differences in earnings but not in productivity are consistent with the presence of wage discrimination but the author explores other possible explanations as well

is there a glass ceiling over europe exploring the gender pay gap across the wages distribution using harmonised data from the european union household panel we analyse gender pay gaps by sector across the wages distribution for ten countries we find that the mean gender pay gap in the raw data typically hides large variations in the gap across the wages distribution we use quantile regression qr techniques to control for the effects of individual and job characteristics at different points of the distribution and calculate the part of the gap attributable to differing returns between men and women we find that first gender pay gaps are typically bigger at the top of the wage distribution a finding that is consistent with the existence of glass ceilings for some countries gender pay gaps are also bigger at the bottom of the wage distribution a finding that is consistent with sticky floors third the gender pay gap is typically higher at the top than the bottom end of the wage distribution suggesting that glass ceilings are more prevalent than sticky floors and that these prevail in the majority of our countries fourth the gender pay gap differs significantly across the public and the private sector wages distribution for each of our eu countries

the renminbi and poor country growth discussions on how best to exit from global imbalances to create a more balanced world economy have ignored the impact on poor countries of proposals to redress these imbalances this paper aims at filling that gap it gauges the degree of renminbi rmb undervaluation presents evidence on rmb undervaluation and china s gdp growth rate surveys the role of the real effective exchange rate both its level and its stability over time for underpinning growth in developing countries especially in large dual economies such as china and india finally the paper presents new evidence on growth linkages between china and poor countries for the last two decades and surveys literature on potential displacement effects of rmb appreciation the analysis allows broad conclusions to be drawn about the potential developing country beneficiaries and losers from various renminbi adjustment scenarios in the forthcoming years

discrimination in an equilibrium search model i construct an equilibrium search model where some employers have a distaste for hiring minority workers and show that this bias results in economic discrimination against minority workers although only unprejudiced firms hire minority workers minority workers receive lower wages than workers not facing discrimination whenever any employers in the market have a distaste for minority workers one implication of the model is that gender or racial wage differentials understate the utility loss from discrimination in addition the wages of minority workers increase when their proportion increases in the labor market

hoarding of international reserves in china mercantilism domestic consumption and us monetary policy abstract we develop a two country two period model able to reproduce the key qualitative aspects of the us china co dependency and imbalances as the result of the chinese and american authorities pursuing different but complementary objectives we show that a mercantilist reserve hoarding has served well the chinese policy goals fast gdp expansion and labor mobilization and has been compatible with the us ones high households consumption if the us authorities keep monetary policy sufficiently loose thus reducing the real value of the us liabilities held by china this latter finds less tempting to stop financing the us external deficit appreciate the currency and increase consumption on the contrary if the policy goals in china change from the maximization of gdp growth to higher households standards of living a rebalancing process may be ignited we then discuss the model and its theoretical predictions also in light of the five year plans approved by the chinese ruling party

the gender gap in pay in company boards the aim of this study is to analyze whether a gender wage gap exists in the boards of directors bd of companies listed on the madrid stock exchange from 2004 to 2011 we hypothesize that the percentage of female directors on a bd the presence of female directors on the nomination and compensation committee the presence of well qualified independent women directors on bd the sector and the geographical region have an effect on the gender wage gap the results show that the percentage of female directors on a bd and the geographical region have no effect on the gender wage gap on the other hand the finding reports that women s presence on the nomination and compensation committee increases the gender gap in pay and it is reduced when there are independent female directors who have gained a degree on the bd and when the company operates in the finance and real estate services sector in addition the results also demonstrate that the seniority of the female directors decreases the gender gap in pay while there is a rise when the companies are bigger and the size of the bd and the return on assets increase these conclusions should encourage regulatory bodies to adopt forceful rules to mitigate the gender gap in pay

the gender wage gap among recent post secondary graduates in canada a distributional approach using the national graduates survey we examine the trends in the gender wage gap among recent post secondary graduates in canada between 1988 and 2007 female graduates earn on average 6 14 less than males during the period two to five years after graduation decompositions show that observable personal characteristics and job attributes can explain only a small portion of the wage gap we also find that men earn more than women at every point of the distribution interestingly the wage difference shrank in the lower half of the distribution in recent years while it increased in the upper half l ecart salarial entre les sexes chez les nouveaux diplomes postsecondaires une approche distributionnelle a l aide de l enquete nationale aupres des diplomes nous examinons les tendances dans l ecart salarial entre les sexes chez les nouveaux diplomes postsecondaires au canada entre 1988 et 2007 les femmes diplomees gagnent en moyenne de 6 a 14 moins que les hommes durant les 2 a 5 ans suivant l obtention du diplome des decompositions montrent que les caracteristiques personnelles et les attributs de l emploi observables ne peuvent expliquer qu une petite partie de l ecart salarial nous trouvons aussi que les hommes touchent plus que les femmes a chaque point de la distribution salariale de maniere interessante la difference de salaire a diminue dans la moitie inferieure de la distribution lors des annees recentes alors qu elle a augmente dans la moitie superieure

the gender gap in early career wage growth in the uk the gender pay gap on entry to the labour market is approximately zero but ten years after labour market entry there is a gender wage gap of almost 25 log points this article explores the reason for this gender gap in early career wage growth considering three main hypotheses human capital job shopping and psychological theories human capital factors can explain about 11 log points job shopping about 1 5 log points and the psychological theories up to 4 5 log points depending on the specification but a substantial unexplained gap remains women who have continuous full time employment have had no children and express no desire to have them earn about 8 log points less than equivalent men after 10 years in the labour market

why has china succeeded and why it will continue to do so the key factor underlying china s fast development during the last 50 years is its ability to master and accumulate new and more complex capabilities reflected in the increase in diversification and sophistication of its export basket this accumulation was policy induced and not the result of the market and began before 1979 during the last 50 years china has acquired revealed comparative advantage in the export of both labour intensive products following its factor abundance and sophisticated products although the latter does not mean that there was leapfrogging china is exceptionally well positioned especially taking into account its income per capita to continue learning and gaining revealed comparative advantage in the export of more sophisticated products given adequate policies carefully thought out and implemented reforms and skilful management of constraints and risks china has the potential to continue thriving this does not mean however that high growth will continue indefinitely

female leadership and gender equity evidence from plant closure abstract we use unique worker plant matched panel data to measure differences in wage changes experienced by workers displaced from closing plants we observe larger losses among women than men comparing workers who move from the same closing plant to the same new firm however we find a significantly smaller gap in hiring firms with female leadership the results are strongest among women who are displaced from male led plants and from less competitive industries our results suggest an important externality to having women in leadership positions they cultivate more female friendly cultures inside their firms

the distribution of the male female earnings differential 1970 1990 the authors examine the male female earnings differential between 1970 and 1990 their objective is to provide consistent estimates that can be compared and interpreted over time and to assess the sensitivity of their results to alternative specifications the authors find that women made modest gains over the period standard decomposition techniques reveal that gender differences in observable characteristics do not explain much of the earnings differential most of the improvement in women s relative earnings has come by a decline in the unexplained component the authors also find that the differential varies systematically across age and education groups and across high and low income women coauthors are dwayne benjamin andree desaulniers and mary grant

see what we want to see the effects of managerial experience on corporate green investments how impartial are managerial decisions this question is particularly concerning when it comes to making green investment decisions in the face of stakeholder pressures when managers respond to stakeholder pressures their personal cognition judgment and past experiences play a role in determining their responses the salience of particular stakeholder claims may be determined by deeply rooted individual preferences this research investigates how a manager s past experiences can influence green investments data are gathered from 247 managers about their past experience and their employer s performance data these data are combined with managerial responses to a vignette based experiment which required managers to make green investments based on a decision scenario where they are exposed to different types and strength of stakeholder pressure from consumers and the community results suggest that managers years of experience their employers financial performance and their employers market performance influence investment decisions even when making decisions under new and different set of circumstances while the employers financial performance influences managers to invest more the employers market performance only influences managers investment in the presence of either high consumer or high community pressure compared to less experienced managers experienced managers invest more in response to consumer pressure but less in response to community pressure practical and theoretical implications of these findings in green management are explored

from mill town to board room the rise of women s paid labor the widespread participation of women in paid labor outside of the home and in the highest echelons of society would have been unheard of a century ago this paper documents this dramatic change in women s social and economic status and argues that it was determined both by contemporaneous demand factors and by the characteristics expectations and social norms regarding work and family of different cohorts of women history suggests that change in women s labor force experiences may be slow because it must await the entry of new cohorts of women and also of men into the labor market

making room for china in the world economy as it comes out of the crisis the world econ omy faces two apparently conflicting demands on the one hand achieving global macroeco nomic stability and preventing a protectionist backlash will require that we avoid large current account imbalances of the type that the world economy experienced in the run up to the cri sis on the other hand returning to rapid growth in the developing nations will require that they resume their conquest of global market share in tradable goods the challenge of meeting both demands is epitomized by the contentious us china bilat eral relationship american and european policy makers blame china for an undervalued renminbi which they argue is the root cause of china s huge trade surplus chinese leaders resist the pressure fearing that appreciation will undercut the competitiveness of chinese goods in world markets hurt exports and damage growth the western answer to this concern is that china needs to replace foreign demand with domestic demand as the engine of growth but if growth depends primarily on the sup ply of modern manufactured products and other tradables as opposed to services and non trad ables as i will argue here the chinese position has more force than critics give it credit the conventional fix for china s current account surplus consisting of a combination of expendi ture expansion and currency appreciation will shift the structure of the economy away from tradables and towards non tradables this may be good for macroeconomic balance in china and elsewhere but it will almost certainly have adverse effects on china s growth perhaps large enough even to endanger the country s social and political stability

heterogeneous preferences compensating wage differentials and comparable worth this paper sets up a general equilibrium model of a world of heterogeneous jobs and heterogeneous tastes and uses the model to i analyze the effects of employer discrimination and ii predict the likely consequences of requiring equal pay for jobs of comparable worth it shows that employment of both women and men is likely to fall as a result of comparable worth it also shows that when individuals tastes are heterogeneous neither comparable worth nor the simple model of compensating differentials on which it is based provides useful insights into wage determination in particular when tastes are heterogeneous there is no reason to expect equal pay for jobs of comparable worth even in the absence of employer discrimination

beauty productivity and discrimination lawyers looks and lucre we propose models with an ascriptive characteristic generating earnings differentials and causing sectoral sorting allowing us to distinguish among sources producing such differentials we use longitudinal data on a large sample of graduates from one law school and measure beauty by rating matriculation photographs 1 betterlooking attorneys who graduated in the 1970s earned more than others after 5 years of practice an effect that grew with experience 2 attorneys in the private sector are better looking than those in the public sector differences that rise with age these results support theories of dynamic sorting and customer behavior

is environmental governance substantive or symbolic an empirical investigation the emergence of environmental governance practices raises a fundamental question as to whether they are substantive or symbolic toward that end we analyze the relationship between a firm s environmental governance and its environmental management as reflected in its ultimate outcome environmental performance we posit that substantive practices would bring changes in organizations most notably in terms of improved environmental performance whereas symbolic practices would portray organizations as environmentally committed without making meaningful changes to their operations focusing on a sample of environmentally sensitive firms results are consistent with environmental governance mechanisms being predominantly part of a symbolic approach to manage stakeholder perceptions on environmental management having little substantial impact on organizations statistical analyses show mostly that there is no relation between environmental governance mechanisms and environmental performance measured in terms of regulatory compliance pollution prevention and environmental capital expenditures however there is some indication that environmental incentives are associated with pollution prevention interviews with corporate directors shed further light on these results by underlining that environmental governance mechanisms are employed at the board level to protect the organization from reputational and or regulatory harm but are not necessarily intended to proactively improve environmental performance

do generous parental leave policies help top female earners generous government mandated parental leave is generally viewed as an effective policy to support women s careers around childbirth but does it help women to reach top positions in the upper pay echelon of their firms using longitudinal employer employee matched data for the entire norwegian population we address this question exploiting a series of reforms that expanded paid leave from 30 weeks in 1989 to 52 weeks in 1993 the representation of women in top positions has only moderately increased over time and career profiles of female top earners within firms are significantly different from those of their male counterparts the reforms did not affect and possibly decreased the probability for women to be at the top over their life cycle we discuss some implications of this result to put into perspective the design of new family friendly policy interventions

the career dynamics of high skilled women and men evidence from sweden in this paper we use matched worker firm register data from sweden to examine the career dynamics of high skill women and men specifically we track wages for up to 20 years among women and men b

industrial policy and exchange rate scepticism the aim of the present paper is to put in historical perspective the development thinking on the relationship between industrial and exchange rate policies the first section focuses on the thought of the so called pioneers of development economics specifically their preference for protectionism and their belated recognition that an exchange rate policy could act as a substitute to it in the second one we analyze the exchange rate skepticism that arises out of the theories that identify a foreign constraint to growth in addition to the one revealed by the pioneers the third section briefly complements the previous discussion with reference to macroeconomic formulations that allow for short run contractionary effects of a devaluation reinforcing the skepticism in question in the fourth section we discuss the revival of development thinking in the 1980s and its discussion about east asian trajectories a literature that placed great emphasis on industrial policy finally in the fifth section we discuss the new historical facts and the new development macroeconomics models that are putting an end to exchange rate skepticism

the effects of the yuan dollar exchange rate on agricultural commodity trade between the united states china and their competitors the united states claims that the undervaluation of chinese currency the yuan causes u s exports to china to decrease and imports from china to increase furthermore because the yuan is undervalued only against the dollar u s competitors have an advantage in exporting to china and china has an advantage over its competitors in exporting to the united states this study develops a theoretical model to analyze the effect of the yuan undervaluation on prices supply demand and trade in the united states china and their competitors this study applies a cointegration error correction model to empirically quantify the short run and long run effects of the devaluation of the yuan on important agricultural commodities traded between the united states china and their competitors these commodities include chinese imports of milk soybeans and cotton from the united states and u s imports of beans fruit juice and fruit from china the results show that yuan devaluation causes chinese imports of u s milk soybeans and cotton to decline and u s imports of beans fruit juice and fruit from china to increase in the short run and in the long run

early gender gaps among university graduates abstract we use data from six cohorts of university graduates in germany to assess the extent of gender gaps in college and labor market performance twelve to eighteen months after graduation men and women enter college in roughly equal numbers but more women than men complete their degrees women enter college with slightly better high school grades but women leave university with slightly lower marks immediately following university completion male and female full timers work a very similar number of hours per week but men earn more than women across the pay distribution with an unadjusted gender gap in full time monthly earnings of about 20 log points on average including a large set of controls reduces the gap to 5 10 log points the single most important proximate factor that explains the gap is field of study at university

specialization then and now marriage children and the gender earnings gap across cohorts in this paper we examine the evolution of the gender gap associated with marriage and parental status comparing cohorts born between 1936 and 1985 the model of household specialization and division of labor introduced by becker posits that when forming households couples will exploit the gains from trade by having one spouse specialize in market work while the other specializes in household work given the historical advantage of men in the labor market the model predicts specialization by gender and therefore an earnings advantage for married men and an earnings disadvantage for married women is this model of specialization useful for understanding the evolution of the gender gap across generations of women and what about children academic papers have shown that wages of mothers are significantly lower than those of non mothers with similar human capital characteristics we do not attempt to build a structural model here but rather document how changing associations between marriage and earnings and between children and earnings have contributed to the gender gap in an accounting sense

gender diversity in the boardroom and firm financial performance the monitoring role performed by the board of directors is an important corporate governance control mechanism especially in countries where external mechanisms are less well developed the gender composition of the board can affect the quality of this monitoring role and thus the financial performance of the firm this is part of the business case for female participation on boards though arguments may also be framed in terms of ethical considerations while the issue of board gender diversity has attracted growing research interest in recent years most empirical results are based on u s data this article adds to a growing number of non u s studies by investigating the link between the gender diversity of the board and firm financial performance in spain a country which historically has had minimal female participation in the workforce but which has now introduced legislation to improve equality of opportunities we investigate the topic using panel data analysis and find that gender diversity as measured by the percentage of women on the board and by the blau and shannon indices has a positive effect on firm value and that the opposite causal relationship is not significant our study suggests that investors in spain do not penalise firms which increase their female board membership and that greater gender diversity may generate economic gains

pay differences among the highly paid the male female earnings gap in lawyers salaries this article uses very detailed information on graduates of the university of michigan law school to examine male female pay differences in that population men and women in this population have virtually identical human capital on graduation from law school allowing us to examine carefully the different impact of children and work history on men s and women s careers and earnings taking time from work in order to care for children reduces wages significantly but a rich set of controls including childcare work history school performance and job setting measures still leave one fourth to one third of the earnings gap unexplained

an investigation into sexual orientation discrimination as an explanation for wage differences this study explores the effects of sexual orientation on earnings it is found that ceteris paribus men living with male partners tend to earn less than other men and women living with female partners tend to earn more than other women these earnings differentials tend to vary by region they also vary by education and occupation for men and with the presence of minor children for women in addition the age earnings profiles of women living with female partners tend to be higher flatter and less concave than those of other women

in search of the glass ceiling gender and earnings growth among u s college graduates in the 1990s gender typical educational choices and the glass ceiling are widely believed to explain why older women earn far less than observably similar men using large panels drawn from the national science foundation s nsf national survey of college graduates and other data representative of u s college graduates from the 1990s the author documents the small role of personal choices and finds evidence contrary to the predictions of both human capital and discrimination models rather than the differential wage growth rates predicted by these models she finds similar average rates of earnings growth for women and men across numerous specifications which suggests that the gender gap in earnings is determined by factors already present early in the career her findings reveal slower earnings growth in only two subsets of women young mothers who experience slower earnings growth during the early career relative to men the same age but then compensate with faster growth later in their careers and women wit

gender differences in experimental wage negotiations i introduction gender wage gaps have been the subject of extensive research in labor economics although this gap has narrowed in the last decades blau and kahn 2003 report that women still receive lower wages than men in many countries traditionally differences in the accumulation of human capital and discrimination are seen as the main factors responsible for this wage gap bertrand 2011 however even after controlling for various measures of human capital the wages of men and women differ significantly and this wage gap persists over time recently alternative explanations have been analyzed more closely such as gender differences in preferences croson and gneezy 2009 risk attitudes eckel and grossman 2008 and responses to competitive situations gneezy leonard and list 2009 in many labor relationships wages are determined by bilateral bargaining hence another source of the persistent gender wage gap could be differences in bargaining behavior between women and men babcock and laschever 2003 find that 57 of male graduate business students bargain over their starting salaries while only 7 of women do so consequently male starting salaries are 7 6 higher than those obtained by women investigating the salary negotiating behaviors and starting salary outcomes of graduating master of business administration mba students gerhart and rynes 1991 find that women obtain lower salary increments when negotiating than men wood et al 1993 report significant male female pay differences of law school graduates both 1 year and 15 years after graduation apart from wages team production hiring and promotion decisions are further domains where significant gender differences emerge sutter et al 2009 at least some of these differences might also be related to differences in the bargaining behavior of men and women this paper studies whether men and women behave differently in wage negotiations 1 the analysis is based on a laboratory experiment with face to face alternating offers wage bargaining allowing experimental subjects to see each other in face to face negotiations and thus to easily identify their bargaining partner s gender allows us to analyze gender differences our results suggest that gender and gender pairing play an important role in bargaining processes in our experimental wage negotiations male employees are able to negotiate higher wages than female employees moreover male employers pay lower wages to female employees than female employers pay to male employees we find that men acting as employees achieve more favorable outcomes than female employees because they already demand a larger share for themselves when making their first offers when acting as employers we do not find behavioral differences between men and women overall these results provide further evidence that part of the gender wage gap can be attributed to behavioral differences in wage negotiations the paper is organized as follows section ii provides a brief review of the literature on gender differences in bargaining experiments in section iii we present our experimental design section iv discusses the effects of gender and gender pairing in the bargaining process section v concludes ii gender differences and bargaining a number of studies have examined differences in the behavior of women and men in bargaining situations in a controlled field study ayres and siegelman 1995 analyze the bargaining outcomes of men and women negotiating the price of a new car they report that car sellers offer male buyers lower prices than female buyers ayres 1991 finds that women obtain worse bargaining outcomes than men negotiating with a female seller save soderbergh 2009 finds that female university graduates propose lower wage bids than male university graduates and also receive lower wage offers than male students conducting field experiments in lima peru castillo et al

male female wage differentials and policy responses without implicating them for any of the contents of the paper i am grateful to the following for helpful discussions or comments andrea beller university of illinois david bloom harvard and columnbia glen cain university of wisconsin ron ehrenberg cornell victor fuchs stanford bob gregory australian national university jonathan leonard university of california berkeley roberta robb brock university and paul weiler harvard financial support of the humanities and social sciences committee of the research board of the universitu of toronto is eratefullu acknowlede ed

the renminbi and poor country growth the renminbi and poor country growth discussions on how best to exit from global imbalances to create a more balanced world economy have ignored the impact on poor countries of proposals to redress these imbalances this paper aims at filling that gap it gauges the degree of renminbi rmb undervaluation presents evidence on rmb undervaluation and china s gdp growth rate surveys the role of the real effective exchange rate both its level and its stability over time for underpinning growth in developing countries especially in large dual economies such as china and india and finally presents new evidence on growth linkages between china and poor countries for the last two decades and surveys literature on potential displacement effects of rmb appreciation the analysis allows broad conclusions to be drawn about the potential developing country beneficiaries and losers from various renminbi adjustment scenarios in the forthcoming years

competing with confidence the ticket to labor market success for college educated women abstract this study examines whether the female earnings gap results from gender differences in preferences for competition and confidence we use laboratory experiments on college seniors to measure tastes for competition and confidence and then track these subjects labor market experiences in the early years after college women s compensation is positively correlated with preferences for competition coupled with confidence while men s compensation is not women who exhibit a taste to compete and are confident about their performance earn substantially more than other women and do not earn less than men further enjoying competition or being confident alone is insufficient to raise compensation half of this female earnings effect is explained by college major and labor market controls but even controlling for these characteristics a higher taste for competition for the most confident women results in more than a 7 increase in compensation

male female wage differentials in job ladders much of the male female wage differential exists because men and women are assigned to different jobs within narrow job categories there is no male female differential only a tortured taste theory of discrimination can reconcile these facts we argue that differential movement along job ladders entails comparative advantage so the ability standard for promotion is higher for women this implies that more able women will be passed over in favor of less able men women assumed to have the same ability distribution as men earn less the differential reflects females lower promotion probability not within job discrimination

human capital vs signalling explanations of wages increases wages by directly increasing the worker s productivity this learning explanation is usually associated with human capital theory however it seems unlikely that learning explains all the wage differences associated with schooling and work history better educated workers are not a random sample of workers they have lower propensities to quit or to be absent are less likely to smoke drink or use illicit drugs and are generally healthier it is unlikely that employers make full use of differences in propensities to quit or to be absent or sick when hiring workers these characteristics are often not directly observed and the americans with disabilities act precludes firms from using either poor health or the likelihood of future sickness as a hiring criterion unless it is directly related to job performance however if low levels of education are associated with these unfavorable employee characteristics and employers are allowed to take education into account when hiring workers we would expect employers to favor better educated workers as a means of reducing their costs of sickness and job turnover in turn students will take these hiring criteria into account when deciding how long to stay in school students will choose a length of schooling to signal their ability to employers and employers will demand a minimum level of schooling

socially responsible investing in the united states socially responsible investing sri has emerged in recent years as a dynamic and quickly growing segment of the u s financial services industry involving over 2 trillion in professionally managed assets its conceptual origins can be found in the early history of civilization with it s modern roots in the 1960s this paper provides an overview of the breadth and depth of the concept and practice of socially and environmentally responsible investing describes the investment strategies that together define sri as currently practiced in the u s offers several observations about some of the factors fueling its dramatic growth and presents data showing that investors who choose to invest in a socially and environmentally responsible manner can do so without giving up investment returns sri has matured to a point where virtually any investment need can be met through portfolio design that integrates an investor s personal values institutional mission and or social priorities the socially responsible investment industry in the unitedstates is a young phenomenon even referring to it as an industry ten years ago may have been a bit of a stretch while it has grown dramatically in recent years it is an area of work of study and of practical application that continues to evolve in many significant ways one intriguing example of the ongoing development of the field can be found in the analysis of the language used to describe it the terms social investing socially responsible investing ethical investing socially aware investing socially conscious investing green investing values based investing and mission based or mission related investing all refer to the same general process and are often used interchangeably

equilibrium wage tenure contracts in this study we consider a labor market matching model where firms post wage tenure contracts and workers both employed and unemployed search for new job opportunities given workers are risk averse we establish there is a unique equilibrium in the environment considered although firms in the market make different offers in equilibrium all post a wage tenure contract that implies a worker s wage increases smoothly with tenure at the firm as firms make different offers there is job turnover as employed workers move jobs as the opportunity arises this implies the increase in a worker s wage can be due to job to job movements as well as wage tenure effects further there is a nondegenerate equilibrium distribution of initial wage offers that is differentiable on its support except for a mass point at the lowest initial wage we also show that relevant characteristics of the equilibrium can be written as explicit functions of preferences and the other market parameters

gender discrimination without gender difference theory and policy responses abstract this paper provides an explanation for the continued existence of gender discrimination in competitive labour markets and analyzes the effects of policies designed to alleviate it unlike previous explanations of gender discrimination this theory arises from the interaction between women and men within the household and does not rely on inherent asymmetries between women and men even though discrimination is seen to be related to factors which can be thought external to the labour market such as higher job turnover and labour market exit rates for women policies which target only labour market outcomes and do not deal with external factors can both lead to reduced discrimination and also alter external factors thereby reducing discrimination further however policies aimed at external factors will in general be less effective in reducing discrimination unless combined with more direct policies

bargaining sorting and the gender wage gap quantifying the impact of firms on the relative pay of women there is growing evidence that rm specic pay premiums are an important source of wage inequality these premiums will contribute to the gender wage gap if women are less likely to work at high paying rms or if women negotiate worse wage bargains with their employers than men using longitudinal data on the hourly wages of portuguese workers matched with balance sheet information for rms we show that the wages of both men and women contain rm specic premiums that are strongly correlated with employer productivity we then show how the impact of these rm specic pay dierentials on the gender wage gap can be decomposed into a combination of bargaining and sorting eects consistent with the bargaining literature we nd that women receive only 90 of the rm specic pay premiums earned by men notably we obtain very similar estimates of the relative bargaining power ratio from our analysis of between rm wage premiums and from analyzing changes in

wage differentials employer size and unemployment the unique equilibrium solution to a game in which a continuum of individual employers choose permanent wage offers and a continuum of workers search by sequentially sampling from the set of offers is characterized wage dispersion is a robust outcome provided that workers search while employed as well as when unemployed the unique nondegenerate equilibrium distribution of wage offers is constructed for three cases 1 identical workers and employers 2 identical employers and an atomless distribution of worker supply prices and 3 identical workers and an atomless distribution of job productivities copyright 1998 by economics department of the university of pennsylvania and the osaka university institute of social and economic research association

a social contract account for csr as an extended model of corporate governance i rational bargaining and justification this essay seeks to give a contractarian foundation to the concept of corporate social responsibility csr meant as an extended model of corporate governance of the firm it focuses on justification according to the contractarian point of view leaving compliance and implementation problems to a related article sacconi 2004b forthcoming in the journal of business ethics it begins by providing a definition of csr as an extended model of corporate governance based on the fiduciary duties owed to all the firm s stakeholders then by establishing the basic context of incompleteness of contracts and abuse of authority it analyses how the extended view of corporate governance arises directly from criticism of the contemporary neo institutional economic theory of the firm thereafter an application of the theory of bargaining games is used to deduce the structure of a multi stakeholder firm on the basis of the idea of a constitutional contract which satisfies basic requirements of impartial justification and accordance with intuitions of social justice this is a sequential model of constitutional bargaining whereby a constitution is first chosen and then a post constitutional coalition game is played on the basis of the unique solution given to each step in the bargaining model the quest for a prescriptive theory of governance and strategic management is accomplished so that i am able to define an objective function for the firm consistent with the idea of csr finally a contractarian potential explanation for the emergence of the multi fiduciary firm is provided