estimates of the returns to quality and coauthorship in economic academia salaries of academic economists are studied to determine if individuals receive differential returns to publishing articles of varying quality and to coauthored versus single authored articles estimates based on detailed data and a flexible nonlinear least squares procedure indicate that substantial returns to quality exist and that an individual s return from a coauthored paper with n authors is approximately 1 n times that of a single authored paper

formulating research policy on expert advice abstract national research assessments represent the principal policy used by countries with public university systems to improve the quality of their universities research they typically employ expert panels of local academics to assess journal quality and use such assessments to reward publications we propose a model of how experts assess quality and test this model using data from the recent australian assessment controlling for objective quality we show that experts cognitive biases dominate their assessments consequently such assessments exaggerate the quality of the experts research and understate that of their colleagues our model can explain 95 of the variation in assessments

aging and productivity among economists economists productivity over their careers and as measured by publication in leading journals declines very sharply with age there is no difference by age in the probability that an article submitted to a leading journal will be accepted rates of declining productivity are no greater among the very top publishers than among others and the probability of acceptance is increasingly related to the author s quality rather than the author s age

professional achievements and gender differences among academic economists i introduction while the academic labor market for economists attracts a good deal of attention among its participants work on the differences in remuneration for economic research and other professional characteristics between men and women in academic institutions has been limited this paper tests for gender differences using data on grants and grant applications from the national science foundation ault rutman and stevenson 1979 addressing issues of academic placement found that the highest rated institution at which an academic economist will be employed is the institution of first employment willis and pieper 1991 found that women who received doctorates in economics in the 1970s had a somewhat higher rate of placement at doctoral degree granting institutions than men but that there was no difference in the rank of the institutions for these placements lower tier institutions must offer promotions to attract candidates moore et al 1983 reported that the rank of the department at which one earned the doctorate is critically important in determining initial academic placement hamermesh johnson and weisbrod 1982 found that for those at prestigious departments increases in citations lead to salary increases but that the department s rank was not inversely related to salary in his review of work by sociologists youn 1988 reported that the prestige of an academic institution was positively related to the research productivity of its scientists there are two competing hypotheses that might explain this result better departments select better scientists achievement model or better departments foster greater productivity ascription model empirical efforts to distinguish between these hypotheses have been mixed the research on salary differentials in academia has generally found that there are significant gender differences that widen during the careers of men and women 1 barbezat 1991 the most recent evidence suggests that salary differentials in the academic community may have diminished somewhat since the 1960s but still remain weiler 1990 separated the influence of the department s rank on salary by treating it in a separate equation and found that standard formulations underestimate the degree of salary discrimination although important salary is not the only measure of achievement in academe promotion to a higher rank employment in key departments and the production of well placed articles all help determine an economist s influence in the profession but despite the dramatic increase in the percentage of women receiving the ph d during the past two decades the number of senior women at graduate institutions is still very low 2 to what extent does gender bias exist in economics departments as measured not only by salary but also by other achievements such as the likelihood of achieving a senior position or being employed by a top department is there a difference in the experiences of the younger cohorts compared to their more senior counterparts this paper attempts to answer these important questions by 1 taking into account the endogeneity of the variables that are usually treated as exogenous in models of salary determination and thereby broadening the characteristics that traditionally reflect discrimination and 2 using a new detailed data base developed from the national science foundation the results of this more complete model in which salary as well as other measures of professional achievement are explained show significant differences between men and women at the more senior level at the assistant professor level although the signs of the gender coefficients are consistent with a discrimination hypothesis the results are not statistically significant ii the model single equations using the techniques developed by oaxaca 1973 and blinder 1973 have long been used to estimate gender salary differentials in academia with productivity measures such as books and articles published administrative experience etc

patterns of research output and author concentration in the economics literature this study finds that a strong bibliometric regularity exists in the publication pattern in the economics literature the number of authors publishing n papers is approximately 1 n superscript c of those publishing one paper the economics literature conforms very well to the model with c 1 84 if data are taken from a large collection of journals when applied to individual journals the result shows that values of c range from 2 04 to 3 11 this paper also reports the degree of author concentration among leading economics journals finally this study finds that the graduates of three graduate programs account for more than half of the top 100 authors indicates strong institutional dominance in the production of the most prolific authors copyright 1991 by mit press

a political economy model of implementing pollution laws abstract a model of the implementation process as applied in pollution control is developed it differs from previous bureaucracy models in that it subjects the control agency to pressures from both firms and procontrol citizen groups each of these three actors maximizes utility over environmental quality and some other variable environmental quality may be in the actor s preference function or it may represent derived demand working through the agency budget and other policy variables each actor constrains another actor s attempts to move policy in preferred directions this results in movement toward a concensus environmental quality not necessarily the efficient quality several institutional changes are analyzed to demonstrate the workings of the model

contributions to economics journals by the canadian economics profession 1981 90 this paper provides measures of average publication rates and frequency distributions of articles and pages in all journals indexed by the index of economics articles over the 1980s the study covers 733 economists holding tenured or probationary appointments at canadian universities in the 1989 90 academic year all article and page counts are converted to single author equivalent sae measures by dividing by the number of authors over the decade economists published on average one sae article every 2 5 years the paper also generates measures of publications rates in quality journals of the profession as well as rankings of university departments

determinants of scholarly productivity among male and female economists i introduction the purpose of this article is to test a model of the determinants of articles produced by male and female academics of particular interest is how article production is influenced by coauthorship institutional research orientation and gender several works have identified and demonstrated the trend toward coauthorship in economics and in other disciplines using data from the journal of economic literature heck and zaleski 1991 demonstrated that the incidence of coauthorship has increased from about 15 of total articles in 1969 to about 35 in 1989 durden and perri 1995 report that as of 1992 the proportion coauthored had grown to more than 38 hudson 1996 finds that by 1993 coauthorship rates in the journal of political economy and american economic review were 39 6 and 54 9 respectively as compared to rates of 6 and 8 in 1950 why do economists coauthor rational interest theory suggests that if scholars collaborate then there must be a utility enhancing result other things equal this could be in the form of higher salaries and increased probabilities of promotion greater access to funded research greater mobility in job markets and the like which might result if collaboration significantly increases the overall production of published papers studies by mcdowell and melvin 1983 barnett et al 1988 and piette and ross 1992 suggest that coauthorship among scholars may increase article production through the division of labor made necessary by increased complexity in the subject matter and by the need to saturate markets to increase the probability of getting papers accepted for publication laband and tollison 2000 find evidence that increasing rates of coauthorship result from the greater quantitative content of articles greater requirement for the use of sophisticated econometric techniques and the fact that cooperation is cheaper in time and other resources as compared to learning what is necessary to publish in another field or discipline hamermesh and oster 2002 discuss nonpecuniary purely consumption benefits such as the pleasure obtained from cooperation and suggest that higher levels of prestige among colleagues may also be relevant although many reasons for cooperation have been developed not much has been done to determine whether the rate of coauthorship among scholars actually affects total article production using cross section data hansen et al 1978 and graves et al 1982 estimate productivity models but coauthorship is not included in either study mcdowell and smith 1992 include a coauthorship variable but find that it neither increases nor decreases article production when articles are discounted by the number of authors hollis 2001 uses panel data to examine the relationship between coauthorship and research productivity he finds that coauthorship leads to better longer and more frequent publications when publications are discounted by the number of authors however coauthorship appears negatively related to research output mcdowell and smith s 1992 and hollis s 2001 results are very counterintuitive because a viable reason for coauthorship is to increase efficiency as shown in durden and perri 1995 durden and perri 1995 estimate a time series model finding that coauthorship is highly instrumental in determining article productivity as far as we know the only study by economists that specifically analyzes the effect of institutional research orientation on publishing output is that by graves et al 1982 using data from 240 schools they estimate total pages published per faculty member in the top 24 economics journals between 1974 78 using a series of independent variables to proxy influences that affect publication they find that secretaries per faculty member helps and teaching load hinders production the effects of ph d status teaching assistance and faculty student ratios are mixed depending on specification of the model

two to tango gender differences in the decisions to publish and coauthor i introduction there is a well developed mythology regarding the presence of old boy networks and their importance in explaining gender differences in labor market outcomes as articulated by saloner 1985 nonetheless aside from works such as simon and warner 1992 there is relatively little empirical evidence examining the impact of networks on market outcomes how these effects differ by gender and whether gender differences in network access change over time as women become more well represented in a profession the paucity of empirical evidence arises in part from the difficulty of measuring the presence of such networks prior work including that of saint paul 2001 and erickson and jacoby 2003 has found evidence that networks facilitate the adoption of team oriented work practices and information sharing that increase average worker productivity in management and professional jobs on the other hand studies such as that by marmaros and sacerdote 2002 have also found that women have less access to networks than their male counterparts in both private and public sector jobs which has been shown to yield gender differences in job placement and other labor market outcomes this article considers how gender differences in networks are manifested in a specific male dominated profession i e academic economists and in a specific work related outcome i e the decision to coauthor articles in which access to networks is likely to be important the analysis uses uniquely detailed individual and job level data for phd economists included in nearly four decades of american economic association aea membership to examine the role of networks on the joint decision to publish and coauthor the unique matching process of phd economists between academic and nonacademic jobs and within the hierarchy of academic departments along with the relative ease of observing joint research provide a rare opportunity to distinguish differential network access and measure joint production the results demonstrate the importance of networks in the production of research output and that new female entrants into a male dominated profession do not have equal access to these professional networks the results also provide evidence that women are able to plug into networks over time as the profession becomes more gender representative our study contributes to the literature on the role of networks in the labor market in several ways first the profession of academic economist is well suited to this study because it is made up of workers who produce a relatively homogenous output i e scholarly journal articles and that share a common set of job related tasks i e teaching research and service second the incidence of coauthorship is an observable outcome measure of network utilization a phenomenon inherently difficult to measure in the tradition of the business productivity literature as found in sabel 1993 third there is extensive evidence in the literature that journal publications are positively linked to academic salaries as found in siegfried and white 1973 and sauer 1988 that the propensity to coauthor is positively associated with publication output as in as found in durden and perri 1995 and maske et al 2003 that there are gender differences in tendencies to coauthor as shown by ferber and teiman 1980 and mcdowell and smith 1992 and that there are gender differences in professional outcomes such as publications salary and promotion as seen in mcdowell 1982 hansen et al 1978 formby et al 1993 and broder 1993 cumulatively these studies suggest that understanding the determinants of coauthorship is important for evaluating the sources and the extent of gender inequity in the profession prior work on coauthorship behavior has analyzed patterns over time and across disciplines several studies including hudson 1996 mcdowell and melvin 1983 and barnett et al

price formation and liquidity in the u s treasury market the response to public information the arrival of public information in the u s treasury market sets off a two stage adjustment process for prices trading volume and bid ask spreads in a brief first stage the release of a major macroeconomic announcement induces a sharp and nearly instantaneous price change with a reduction in trading volume demonstrating that price reactions to public information do not require trading the spread widens dramatically at announcement evidently driven by inventory control concerns in a prolonged second stage trading volume surges price volatility persists and spreads remain moderately wide as investors trade to reconcile residual differences in their private views how do financial markets form prices and provide liquidity when information arrives efforts to address this issue have led to an extensive microstructure literature on equity markets and to a lesser extent on the foreign exchange fx market relatively little work has focused on the u s treasury market however in spite of its importance in its own right and the advantages it offers as an alternative testing ground for microstructure hypotheses

sorting and agglomeration economies in french economics departments abstract are agglomeration and peer effects at stake in academic research to tackle this question we study how departments characteristics affect the quantity and quality of academics publications in economics in france controlling for individual time varying characteristics and individual fixed effects department characteristics have an explanatory power at least equal to a quarter of that of individual characteristics and possibly as high as theirs the quantity and quality of an academic s publications in a field increase with the presence of other academics specialised in that field and with the share of the department s publications output in that field in contrast department size proximity to other large departments homogeneity in terms of publication performance presence of colleagues with connections abroad and composition in terms of positions and age matter for some publication measures but only if not controlling for individual fixed effects

firm incentives to promote technological change in pollution control reply abstract the process of technological change in pollution control is broken into three basic steps innovation diffusion and optimal agency response firm incentives to promote these steps are then examined under five regulatory regimes direct controls emission subsidies emission taxes free marketable permits and auctioned marketable permits on a relative basis emission taxes and auctioned permits provide the highest firm incentives to promote technological change at times free permits generate lower incentives direct controls which are common regulatory tools usually provide the lowest relative firm incentives to promote technological change

financial statement comparability and expected crash risk this study examines the impact of financial statement comparability on ex ante crash risk using the comparability measures of de franco et al 2011 we find that expected crash risk decreases with financial statement comparability and this negative relation is more pronounced in an environment where managers are more prone to withhold bad news we also provide evidence that comparability can mitigate the asymmetric market reaction to bad versus good news disclosures our results suggest that financial statement comparability disinclines managers from bad news hoarding which reduces investors perceptions of a firm s future crash risk

an economics journals ranking that takes into account the number of pages and co authors in this article i examine whether the academics reward policy must correlate positively with the published number of articles per co author number of pages and journals reputation this is accomplished by estimating a nonlinear model with a panel data from 168 economics journals covered in the isi web of knowledge database 58 825 articles the data reinforces the conjecture that published article value is slightly increasing with the number of co authors and is proportional to the number of pages the data also suggests that there are four distinct groups related to journal quality that i name a b b and b

predisclosure information firm capitalization and security price behavior around earnings announcements several studies on the relationship between earnings reports and security price behavior provide evidence suggesting that a significant portion of the information revealed through earnings reports is reflected in security prices prior to the report month e g ball and brown 1968 and brown and kennelly 1972 this has been attributed at least partly to the existence of other more timely sources of information which allow market agents to forecast earnings prior to their release the evidence above reflects an average finding across all firms one question of interest is whether there are significant systematic crosssectional differences in the security price reactions to earnings announcements of firms which are associated with specific firm characteristics that lead to differential amounts of predisclosure information this study focuses on firm size capitalization as one such characteristic a firm

does meeting earnings expectations matter evidence from analyst forecast revisions and share prices this paper investigates whether the market rewards firms meeting current period earnings expectations and whether any such reward reflects the implications of meeting expectations in the current period for future earnings or reflects a distinct market premium we document that abnormal annual returns are significantly greater for firms meeting expectations controlling for the information in the current year s earnings we then test whether firms meeting expectations experience higher returns simply because their expected future earnings are also higher we find firms meeting expectations have significantly higher earnings forecasts and realized earnings than firms that do not we find that controlling for these higher future earnings firms meeting expectations in one or two years do not receive a greater valuation than their fundamentals would suggest we find however that the market assigns a higher value to firms that meet expectations consistently controlling for an estimate of the firm s fundamental value

negative returns to seniority new evidence in academic markets recent research has suggested that the long observed negative association between seniority and pay among college faculty largely reflects below average research productivity of senior faculty a possibility that most earlier studies did not examine overlooked in both waves of studies however is match quality because the higher quality of the faculty institutional match implied by higher seniority should all else equal result in higher salaries failure to account for match quality inflates the estimated returns to seniority indeed that positive bias the authors find is roughly equal in magnitude to the negative bias caused by failure to account for research quantity and quality when they account for both match quality and faculty research productivity in an analysis of data on economics faculty at five research universities over a 21 year period the authors estimate that holding experience and other factors constant the penalty for twenty years of seniority is 16 of salary

private information trading volume and stock return variances new evidence is provided on the determinants of stock return variances first when the tokyo stock exchange is open on saturday the weekend variance increases weekly variance is unaffected however despite an increase in weekly volume second the listing of u s stocks in tokyo substantially increases the number of trading hours but tokyo volume is negligible for these u s stocks and their 24 hour variance is unaffected the overall results are consistent with the predictions of private information based rational trading models but inconsistent with both the irrational trading noise and public information hypotheses

the review process in economics is it too fast rewards for publications in good economics journals are very high and submission fees and other monetary costs associated with submitting an existing manuscript are low consequently the editorial delay especially the first response time the time until the first editorial decision by postponing monetary rewards to publication constitutes the major submission cost from the author s perspective reducing the delay will induce many additional submissions of low quality papers to good journals increasing significantly the workload of editors and referees moreover the rejection rate will increase and cause papers to be rejected more times before publication offsetting at least some of the shorter first response times as a result the efforts of many editors to reduce the editorial delay although attracting more submissions to their journals may have adverse effects from a social perspective and the optimal delay might be longer than the current average of four months

publish or perish what the competition is really doing this study provides comprehensive publications performance data over a twenty five year period for finance doctorates these data indicate that publishing one article per year in any finance journal or finance accounting economics or business journal over any prolonged period of time is a truly remarkable feat met by only 5 percent of the graduates tenure screens combining various quantity and quality requirements are examined to assess their ability to predict future publication productivity faculty and administrators seeking defensible benchmarks for evaluating faculty research productivity in finance will find that these data and results are particularly useful copyright 1992 by american finance association

not by productivity alone how visibility and specialization contribute to academic earnings the popular adage publish or perish has long defined individual career strategies as well as scholarly investigations of earnings inequality in academe as researchers have relied heavily on rese

fishes ponds and productivity student advisor matching and early career publishing success for economics phds i introduction research productivity is an important concern for members of the academe publishing success is important for individual departments because more productive faculty increases the department s research profile which in turn increases the department s professional reputation as evidence thursby 2000 and ehrenberg and hurst 1998 find that a department s reputation in the national research council nrc ratings increases with published research while smyth 1999 finds that pages published in the top 5 journals have a greater impact than pages published in other journals publishing success is important for individual faculty members because peer reviewed publications have long been shown to be economic currency for academic economists bratsberg ragan and warren 2003 moore newman and turnbull 1998 sauer 1988 among others research promise is important for graduate students because students with the greatest promise for productive careers are likely to receive the best initial job placements buchmueller dominitz and hansen 1999 krueger and wu 2000 long 1978 indeed according to a survey of hiring departments carson and navarro 1988 every single top 20 domestic economics program considered the quality of one s research agenda to be of moderate to great importance in the hiring decision an important question then is how to identify which factors are associated with the likelihood of having a more productive research career to date empirical studies have focused on the program from which the student graduated recent examples include collins cox and stango 2000 davis huston and patterson 2001 stock and alston 2000 this focus implicitly assumes that because only the very best students become enrolled in elite programs graduates of highly ranked programs should hold the greatest promise for publishing success 1 in support coupe 2001 and buchmueller dominitz and hansen 1999 find that students graduating from top programs are more likely to publish in core economics journals while hogan 1981 finds that students graduating from programs with more active faculty publish more journal articles before placing total faith in these results however members of the academe should ask whether such findings hold across all points in the graduate distribution or whether they are only accurate predictors on average previously published data clearly suggest the latter for instance buchmueller dominitz and hansen 1999 find that 30 of tier 1 graduates do not publish any academic articles within the first 9 yr after phd receipt while 50 do not publish any top 50 articles as defined by liebowitz and palmer 1984 in other words there is a large amount of unexplained variability in the future success of a program s graduates krueger and wu 2000 93 consequently it is likely that significant overlap exists between the performance of top program graduates and lesser program graduates with significant portions of the latter outperforming significant portions of the former with this in mind the question becomes is there a readily observable factor that is a less noisy predictor of a student s likelihood for publishing success we argue that there is during a student s postgraduate education one of the most significant influences is his or her dissertation advisor we posit that for timing reasons advisors will possess additional insight into a student s true research potential that was not available to the admission committee when deciding whether to admit the student into the program consequently we expect a student s dissertation advisor to be a more informed predictor of his or her early career productivity than the program from which he or she receives the phd 2 in other words we believe that considering the identity of a student s dissertation advisor in addition to the quality of the program from which the student receives the phd should help reduce the uncertainty inherent in predicting the student s position within the early career productivity distribution

economists salaries and lifetime productivity one of the advantages of studying academic labor markets is that many facets of productivity are easily measured this makes it possible to study the relationship between pay and productivity there has been some debate whether labor markets are auction markets where salaries equal expected near term productivity or are characterized by implicit long term contracts in this paper we test these propositions directly and perhaps for the first time using data from the academic labor market we show that economists salaries are best described as reflecting implicit long term contracts weiss and lillard 14 modelled the determination of academic salaries when a professor s productivity changes over time perhaps due to luck in creativity or shifts in opportunities for productive research they concluded that if there are no costs to mobility then the salary must equal the professor s immediate expected productivity competition among universities for faculty forces salaries to equal expected productivity in the near term with positive costs of mobility this spot market relationship is severed causing salaries to be less sensitive to new information about expected productivity in particular the cost of mobility creates a wedge that allows increases decreases in expected near term productivity to not always be matched by wage increases decreases in fact if mobility is sufficiently costly the contract provides perfect insurance against individual failure and a stable salary stream over time 14 162 since salary does vary over an academic s career the stable salary stream scenario is empirically irrelevant the question then is whether professors are paid according to their expected near term productivity or according to some implicit long term contract that might place a greater weight on early productivity what factors determine a faculty member s productivity in a university let us assume that universities are concerned with their contribution to the advancement of knowledge or their reputation for doing so and teaching a university s current reputation for advancing knowledge depends on its current publications and citations 1 a university is not directly interested in re

political pressure and regulatory control conclusions of previous regulatory studies addressing the impact of fines on firm s behavior are contradictory a simple game theoretic model is developed which uses continuous payoff functions to reconcile these contradictory conclusions the game suggests changing the fine shifts the reaction functions of both the regulatory agency and the firm the nature of such shifts are partially caused by political pressure different interest groups place on regulatory agencies competing goals within the agency also help explain why such shifts occur

the impact of journals and authors on international business research a citational analysis of jibs articles in this paper we use citational analysis to examine the influence of individuals and disciplines on international business research we collected citational data over the ten year period 1984 to 1993 from every issue of the journal of international business studies we found that management economics marketing and finance disciplines have had significant influence on international business research and identified researchers such as dunning porter vernon casson rugman and hofstede as having made significant contributions to international business research

collaboration incentives endogenous selection into single and coauthorships by surname initial in economics and management many prior studies suggest that default alphabetical ordering of coauthors in economicsconfers disproportionate professional advantages on those with an early surname initialbecause of the greater prominence it gives to the first author however these studies do notconsider that authors select into coauthorships according to the incentives identified wedevelop a model of endogenous selection into single and coauthorships around the principlethat no one wants to be second author when they expect to provide the larger contribution i e are of higher quality we test it with authorship data from economics with man agement which does not use default alphabetical ordering as a benchmark we predict foreconomics that lower quality authors with an early surname initial would be less desirablecoauthors whereas higher quality authors with a late initial would have a lower desire tocoauthor most desired are early initial authors of high quality who are therefore advan taged in forming high quality collaborations the combined effect predicts citation rankincreases with surname initial for single authored papers and decreases for coauthored we find both effects for economics when compared to management and absolutely ourfindings indicate that part of the advantage enjoyed by early surname initial authors in eco nomics could be due to the higher ability among them having more incentive compatiblecollaborators rather than merely to greater prominence

how do journal quality co authorship and author order affect agricultural economists salaries utilizing an original data set containing annual salaries and peer reviewed publication histories for 326 faculty members from top ranked ph d granting programs we examine the labor market for academic agricultural economists the results suggest that higher quality publications have a greater impact on annual earnings that sole authored articles have a higher return than multi authored articles and that no wage premium exists for being the lead author of a non alphabetic article

the effect of gender sorting on propensity to coauthor implications for academic promotion a cohort sample of ph d economists indicates a significant propensity for researchers to select coauthors of the same sex this gender sorting contributes to lower article production for women further we find evidence of bias in academic promotion when single authored and coauthored articles carry the same weight in promotion and salary decisions the evidence explains in part why women academics wait longer for promotion and are not as likely to be promoted as men among the effects of gender sorting is self selection of women into larger departments where they are more likely to find colleagues of the same sex

the effect of earnings surprises on information asymmetry abstract we examine the effect of earnings surprises on changes in information asymmetry we hypothesize and find that asymmetry is lower higher in the quarter following positive negative earnings surprises compared to firms that meet the consensus analyst earnings forecast the relations between earnings surprises and information asymmetry are stronger when the surprises are more likely to capture investors attention examining the source of these changes we show that decreased information search activities is the most important factor for asymmetry declining after positive surprises for negative surprises decreased uninformed trading plays a dominant role increasing asymmetry

scholarships citations and salaries economic rewards in economics while substantial attention has been paid to the determinants of academics earnings 5 7 8 14 15 this literature has by implication suggested that the mere fact of having spent more time in the profession and the publication of more scholarly articles and books are the major determinants of salary differences our purpose here is to introduce a new determinant the quality of one s scholarly research measured by the frequency of references to that work as an additional objective measure of productivity we expect that this proxy for the extent of a scholar s influence on the work of other researchers is rewarded by the market in addition to giving a more complete picture of the determination of salaries in academic labor markets our approach should be useful in establishing a better framework for the evaluation of issues of discrimination in such markets than has been presented before 2 9

economists opinions on environmental policy instruments analysis of a survey incentive instruments effluent charges are theoretically expected to be preferred to direct regulations individual emission ceilings by university employed theoretically inclined politically right wing professional economists living in a market oriented country ceteris paribus public sector employed politically left wing professional economists living in a country with a long tradition of government involvement prefer the regulatory approach ceteris paribus these theoretical hypotheses tend to be supported by a bivariate probit analysis based on a survey of more than 1400 economists in five countries 22 references 4 tables

reputation and earnings the roles of quality and quantity in academe we examine the determinants of professional reputation does quantity of exposures raise reputation independent of quality does quality of the most important exposure have extra effects on reputation in a very large sample of academic economists there is little evidence that a scholar s most influential work provides any extra enhancement of reputation quality rankings matter more than absolute quality quantity has a zero or even negative effect on proxies for reputation data on salaries however show positive effects of quantity independent of quality we test explanations for the differences between the determinants of reputation and salary jel l14 j31

the slowdown in first response times of economics journals can it be beneficial the first response time henceforth frt of economics journals has increased over the last four decades from 1 2 months to 3 6 months the optimal frt however is not zero because the frt deters submission of mediocre papers to good journals and consequently saves valuable time of referees and editors the change in the actual frt is in the same direction as the change in the optimal frt which has increased because of the availability of research on the internet prior to publication and because the costs of refereeing a paper have increased

the impact of public information on the stock market we study the relation between the number of news announcements reported daily by dow jones company and aggregate measures of securities market activity including trading volume and market returns we find that the number of dow jones announcements and market activity are directly related and that the results are robust to the addition of factors previously found to influence financial markets such as day of the week dummy variables news importance as proxied by large new york times headlines and major macroeconomic announcements and non information sources of market activity as measured by dividend capture and triple witching trading however the observed relation between news and market activity is not particularly strong and the patterns in news announcements do not explain the day of the week seasonalities in market activity our analysis of the dow jones database confirms the difficulty of linking volume and volatility to observed measures of information

reputational capital and academic pay geoffrey k turnbull i introduction economists continue to have a strong interest in academic labor markets as the steady stream of earnings studies over the past several decades readily attests the academic labor market draws the attention of economists not only because it is a topic of direct personal interest but also because it presents an opportunity to examine general theories of labor markets in a context with which the researcher has intimate experience nonetheless important questions about how the market values research teaching and service remain unanswered to what extent does the market reward quality versus quantity of published research or team production in the form of co authorship furthermore how durable is reputational capital for individuals whose research productivity diminishes during their career ultimately these questions relate in one way or another to the nature of the incentive structure faced by academic economists we provide new evidence concerning the role of research quality co authorship administrative service and teaching performance in the production of reputational capital in addition we explore the question of the durability of reputational capital once some of these activities cease we assume that the quantity and quality of published research largely determines an individual s reputational capital in the external market to help us sort out the separate effects on reputational capital of both the quality and quantity of research activity we measure research quality by both journal quality and career citations employing an interactive quantity quality term a related question concerns the role of team production in building an individual s reputational capital do individuals receive differential returns to publishing single authored versus co authored research papers this is an interesting question in light of the substantial increase in co authorship over the last few decades 1 one explanation of this trend is that the academic market has presented scholars with increasing opportunities for specialization in the production of knowledge and that team production involves the combination of complementary skilled researchers if team production reflects complementarities in the production of research we should observe little difference in the returns to single versus co authored work another explanation is that co authorship involves the combination of substitute skilled researchers so that co authorship presents a way for individuals to reduce their research efforts without reducing their individual measured research output to the extent that co authorshi p represents such substitution the market should fully discount the returns to multiple authored papers in this article we also move beyond identifying the factors that enhance an individual s reputation in the market to study the question of the durability of reputational capital some individuals quit publishing once they are tenured or promoted while others experience lengthy but temporary breaks in their flow of research output we examine the potential penalties associated with gaps in research output providing the first empirical evidence concerning the durability of reputational capital for academic economists in order to ensure that our analysis deals with these issues in a way that is most relevant to a large portion of the market for academic economists we use data from several research universities but restrict the sample frame to a single discipline economics much of the previous work estimating how publications or other factors affect academic salaries typically use data from a single university with earnings equations estimated across disciplines restricting the sample to a single discipline has the additional advantage of reducing potential heterogeneity problems associated with measuring productivity across disciplines in addition our data enable us more thoroughly to explore the empirical issues in the debate since they permit more precise measures of the past and current productivity of individuals engaged in comparable work

journals preferences and publishing in agricultural and environmental economics research quality is an increasingly important metric for determining funding allocations promotion and tenure and professional prestige a key metric often used as a proxy for research quality is the ranking of the journal in which a manuscript appears while citation based measures of journal quality are commonly used less is known about other dimensions of journal quality and prestige we report results from an international study using best worst scaling to investigate researchers journal preferences respondents used two criteria to assess journals the impact a paper in the journal would have on career progression and the impact beyond academia of papers in the journal among the sample of journals studied the american journal of agricultural economics is ranked at the top for career progression for the aggregate sample while science was rated at the top for broader impact we find no significant correlation between the journal scores based on the two criteria nor between them and the journals impact factors these results suggest that impact beyond academia is poorly aligned with career incentives and that citation measures reflect poorly if at all peers esteem of journals heteroscedastic scale adjusted latent class models reveal marked heterogeneity in journal preferences related to researchers institutional affiliation and geographic region we find significant differences in error variance over people and choices people were less consistent when choosing their least as opposed to their most preferred journal this finding has broader implications given the burgeoning use of best worst surveys

revealed performances worldwide rankings of economists and economics departments 1990 2000 in this paper i study the production of academic research by economics departments and economists worldwide rankings are provided based on both citations and publications these rankings reveal a dominant position of the united states in the production of economics literature over time however the extent of this dominance is decreasing jel a10 a14

the rewards to meeting or beating earnings expectations abstract this paper finds that firms that meet or beat current analysts earnings expectations mbe enjoy a higher return over the quarter than firms with similar quarterly earnings forecast errors that fail to meet these expectations further such a premium to mbe although somewhat smaller exists in the cases where mbe is likely to have been achieved through earnings or expectations management the findings also indicate that the premium to mbe is a leading indicator of future performance this premium and its predictive ability are only marginally affected by whether the mbe is genuine or the result of earnings or expectations management

does raiding explain the negative returns to faculty seniority i introduction economists have studied various aspects of faculty mobility research shows that turnover is greater among nonunion faculty rees 1994 female faculty average slightly more employers than male faculty barbezat and hughes 2001 ginther and kahn 2004 1 the responsiveness of turnover to relative pay diminishes with rank ehrenberg kasper and rees 1991 and research productivity enhances prospects for upward mobility ault rutman and stevenson 1979 1982 coupe smeets and warzynski 2005 still questions remain unanswered where do faculty go when they leave a university how does faculty turnover vary with time at a university what percentage of faculty move upward and what percentage move downward because of tenure denials or the prospect of being turned down for tenure the present article contributes to our understanding of these issues but its primary objective was to use data on faculty mobility to provide insights on another issue returns to academic seniority the negative returns to seniority that many studies find are commonly attributed to one of two factors 2 the first view is that negative returns reflect monopsony power on the part of universities faculty with high mobility costs acquire high seniority and because they are unlikely to move they are paid less than equally productive faculty that employers view as more likely to leave a competing explanation is that highly productive faculty are raided according to this story returns to seniority are biased negatively because faculty with high seniority tend to have low unmeasured productivity the best faculty are bid away moving on to better jobs those who remain are the faculty without outside offers and the negative returns estimated for senior faculty actually reflect a penalty for low unmeasured productivity rather than a true penalty for seniority the raiding story has several implications first estimated returns to seniority should become less negative the more fully the productivity is measured second estimated returns should be less negative once we control for faculty who are bid away finally and of particular importance estimated returns to seniority should not be negative for faculty who are bid away the faculty for whom unmeasured productivity is presumably high with the right data set these hypotheses can be tested rejection of the raiding hypothesis would provide tacit evidence of monoposony in academic markets 3 this article contributes to the literature in several ways it is the first research to directly test the raiding hypothesis it provides a detailed look at faculty mobility in one segment of the academic labor market it extends and improves bratsberg ragan and warren 2003 in the following ways it expands the sample to cover three decades of faculty pay records it includes additional controls for productivity number and types of books recent and prospective articles and so forth resulting in the most complete specification of research productivity to date and it allows for heterogeneity in the seniority penalty via phd pedigree and direction of move finally it tests for the possibility that the academic job market does a better job of matching faculty and universities in recent years as might be expected because of the information revolution the sample consists of five public phd granting universities in the midwest we track all tenure track economics faculty employed in these universities over a 30 yr period we measure their productivity their pay and their mobility as such the study provides a rich and detailed investigation of one subset of economics programs it is possible that mobility may be greater in urban areas where faculty can more readily obtain alternative employment without relocating and prior research indicates that pay structures depend on the university s stature and its relative emphasis on research and teaching

the slowdown of the economics publishing process over the last three decades there has been a dramatic slowdown of the publication process at top economics journals a substantial part is due to journals requiring more extensive revisions various explanations are considered democratization of the review process increases in the complexity of papers growth of the profession and cost and benefit arguments changes in the profession are examined using time series data connections between these changes and the slowdown are examined using paper level data there is evidence for some explanations but most of the slowdown remains unexplained changes may reflect evolving social norms

earnings profiles of department heads comparing cross section and panel models academics who become department heads suffer declining research skills because of time spent performing administrative tasks and this skill depreciation slows future wage growth this study examines kansas state university faculty who served as department heads during the period 1965 92 cross section estimates of the compensation for serving as department head are biased upward because of a correlation between unmeasured productivity characteristics and selection as department head to correct for this bias the authors reestimate earnings equations using a panel model that incorporates personal fixed effects although the average department head in the sample received a wage premium of 12 the premium for past administrative service had completely disappeared for the typical former head another finding is that skill depreciation was most severe and wage growth most adversely affected in the sciences as compensation department heads in the sciences received a larger initial administrative premium th

pre announcement and event period private information abstract pre announcement information is private information gathered in anticipation of a public disclosure event period information is private information useful in conjunction with the announcement itself typically rational models of trade are based exclusively on one type of information such models are less descriptive of real market settings and misspecified empirically therefore we introduce a model of rational trade with both features and discuss its implications

fame and the fortune of academic economists how the market rewards influential research in economics we analyze the pay and position of 1 009 faculty members who teach in doctoral granting economics departments at fifty three large public universities in the united states using the web of science we have identified the journal articles published by these scholars and the number of times each of these articles has been subsequently cited in published research articles we find that research influence as measured by various measures of total citations is a surprisingly strong predictor of the salary and the prestige of the department in which professors are employed we also examine how coauthorship is rewarded by the market

the evolution of the scientific productivity of highly productive economists this paper studies the evolution of research productivity of a sample of economists working in the best 81 departments in the world in 2007 the main novelty is that in so far as a productivity distribution can be identified with an income distribution we measure productivity mobility in a dynamic context using an indicator inspired in an income mobility index suggested by fields 2010 for a two period world productivity is measured in terms of publications weighted by the citation impact of the journals where each article is published in the periodical literature we study the evolution of average productivity productivity inequality the extent of rank reversals and productivity mobility for seven cohorts as well as the population as a whole we offer new evidence confirming previous results about the heterogeneity of the evolution of productivity for top and other researchers however the major result is that contrary to what was expected for our sample of very highly productive scholars the effect of rank reversals between the two periods on overall productivity mobility offsets the effect of an increase in productivity inequality from the first to the second period in the youngest five out of seven cohorts jel a11 a12 b41 d63 i32

what s your identification strategy innovation in corporate finance research we study the diffusion of techniques designed to identify causal relationships in corporate finance research we estimate that the diffusion started in the mid 1990s lagged 20 years compared to economics and is now used in the majority of corporate finance articles consistent with recent theories of technology diffusion the adoption varies across researchers based on individuals expected net benefits of adoption younger scholars holders of phds in economics and those working at top institutions adopt faster adoption is accelerated through networks of colleagues and alumni and is also facilitated by straddlers who cross over from economics to finance our findings highlight new forces that explain the diffusion of innovation and shape the norms of academic research this paper was accepted by gustavo manso finance

the demand for economic journals we examine economists price sensitivity in their purchases of an important good economic jouarnals our paper takes a cross section of economis journal prices criculation figures and some supply instruments to focus on the sign of the price coefficient in the demand equation we assume that demand circulation depends on price frequency of publication number of articles and journal quality to idenatify demand despite joint determination of price and circulation we use instruments which shift the marginal cost of journal cost of journal production without affecting demand we find that demands for economic journals while price inelastic are negatively related to price

property rights and entrepreneurship in science this paper examines the evolving relationship in science between the reward structure and entrepreneurial activity we draw a distinction between two types of property rights basic science is fostered by a mechanism of reputational rights technological advances and the products and processes they produce are fostered by a mechanism of proprietary rights the two forms of property rights differ markedly in terms of the incentives they provide to share information in a timely fashion we argue that because of a host of factors university based scientists in certain fields are more likely to privatize knowledge today than in the past trading reputational rights for proprietary rights events in the life sciences serve as a case study a discussion of how privatization affects basic science follows although the evidence is far from complete we conclude that the movement towards privatization may be more beneficial to product development and the scientists engaged in the activity than to basic science

academic pay in the united kingdom and the united states the differential returns to productivity and the lifetime earnings gap this paper estimates earnings functions for two samples of u k and u s academic economists despite significant differences in compensation schemes a comparably specified human capital earnings model does a good job explaining earnings variations for academic economists in both countries our estimates suggest that rewards for research are more immediate and direct in the united states because of the national salary scale the payoffs to experience and seniority are greater and the payoffs to research are lower in the united kingdom than in the united states after adjusting for productivity and demographic factors we find that u s economists are paid approximately 40 more than otherwise equivalent economists in the united kingdom simulating career age earnings profiles for both markets we find that the earnings gap widens with experience for relatively productive research economists and may even narrow with age for relatively less productive research economists nevertheless the cumulative lifetime earnings foregone are substantial for research and nonresearch economists in the united kingdom

tools or toys the impact of high technology on scholarly productivity i introduction and motivation in the past several decades investment that makes communication easier has increased rapidly in the united states and other developed economies since the mid 1980s a combination of technical change and deregulation has also reduced long distance telephone rates in the united states by 50 reported by allen 1995 pitney bowes 1997 reported that fax usage increased by 20 between 1996 and 1997 alone and electronic mail e mail unknown before 1985 is ubiquitous today popular discussion of a wide range of additional examples of rapidly declining prices and explosive growth of the use of telecommunications is provided by cairncross 1997 attempts to measure the impact on aggregate total factor and labor productivity of these supposedly productivity enhancing investments in broad reaching technical improvements such as computing machinery and communications equipment have not met with great success as in morrison 1997 but see greenan and mairesse 1996 1 an alternative to measuring effects on the broader economy is to measure the impact of generalized technical change on productivity in specific activities observed at the micro level an earlier literature including griliches 1958 and trajtenberg 1989 has clearly traced the effect of specific innovations in raising productivity in specific sectors of the economy this article expands on that tradition by trying to identify the effect of the recent broad revolution in communications on one activity scholarly publishing we propose studying scholarly publishing before and after technical change greatly lowered communication costs we examine in particular whether increasing ease of communication has altered scholars choices about their methods of production and whether those methods yielded changes in the productivity of scholarly activity that are consistent with increasing access to new communications technologies 2 in section ii we discuss a model of the production process in scholarly writing in relation to the cost of communications in section iii we describe the unique data set we assembled to examine the relation between technical change and scholarly productivity section iv presents the results of using these data to test the hypotheses that we develop and section v compares coauthored to solo authored studies and provides a suggestion for the increased prevalence of the former section vi offers a consistent explanation for most of the results ii a model of scholarly production the example that we use in this study of the impact of technology is the nature and outcomes of the choices of co workers by authors of scholarly publications in economics the importance of team research has been stressed by a number of authors studying the economics of innovation including dasgupta 1988 who also presents a research summary so that our specific example has broader implications for the study of technical change has the decline in the cost of communication altered scholars choices in a way consistent with these technologies increasing scholarly productivity in examining scholarly productivity we focus on research output in particular we view scholars as having three production choices 1 work solo s 2 work with close by coauthor s c or 3 work with distant coauthor s d in the model in this section the scholar is assumed to choose a production technology that maximizes his or her scholarly productivity measured as the quality of the article produced in section vi we a dopt an alternative characterization of a scholar s choices we assume that the scholar has a wide range of potential research activities to choose among and has perfect knowledge of the productivity p valued in dollars of all potential matches s c sub i member of c and d sub i member of d 3 each match generates one solo equivalent article per period

the relationship between firm investments in technological innovation and political action economic theory recognizes the importance of investments in both technological innovation and political activity in firm behavior and extensive research exists which examines independently these expenditures however surprisingly little attention is devoted to analyzing technological innovation and political action expenditures jointly technological innovation and political action are two of the options firms face regarding how to achieve lower costs or market power the characteristics of these choices not only affect the degree to which each is used but also have widely divergent normative and policy implications for society furthermore many forms of technological innovation require regulatory approval so that firms may use the two forms of investment in conjunction with each other in addition to treating them as separate investment alternatives this paper investigates the relationships between firm investments in technological innovation and political activity both forms of investment seek to lower costs and or create market advantage but economists have long recognized the social importance of technological innovation to economic growth while treating most firm political activity as inefficient growing social concerns surrounding declining innovation productivity and growth and increasing firm political activity suggest that these are timely dimensions to explore jointly in the next section i discuss the relationship between firm investments in technological innovation and political action this discussion motivates the subsequent empirical modelling presented in section iii because of the possibility of simultaneity between firm spending in research and development rd these results hold true to various degrees over industries and industry groups section vi offers conclusions and suggestions for further research

citations or journal quality which is rewarded more in the academic labor market research quality can be evaluated from citations or from the prestige of journals publishing the research we relate salary of tenured university of california uc economists to their lifetime publications of 5 500 articles and to the 140 000 citations to these articles citations hardly affect salary especially in top ranked uc departments where impacts of citations are less than one tenth those of journals in lower ranked departments and when journal quality is less comprehensively measured effects of citations on salary increase if journal quality is just measured by counting articles in journal tiers apparent effects of citations are overstated jel a14 j44

which journal rankings best explain academic salaries evidence from the university of california the ranking of an academic journal is important to authors universities journal publishers and research funders rankings are gaining prominence as countries adopt regular research assessment exercises that especially reward publication in high impact journals yet even within a rankings oriented discipline like economics there is no agreement on how aggressively lower ranked journals are down weighted and in how wide is the universe of journals considered moreover since it is typically less costly for authors to cite superfluous references whether of their own volition or prompted by editors than it is to ignore relevant ones rankings based on citations may be easily manipulated in contrast when the merits of publication in one journal or another are debated during hiring promotion and salary decisions the evaluators are choosing over actions with costly consequences we therefore look to the academic labor market using data on economists in the university of california system to relate their lifetime publications in 700 different academic journals to salary we test amongst various sets of journal rankings and publication discount rates to see which are most congruent with the returns implied by the academic labor market jel a14 i23 j44

life cycle productivity in academic research evidence from cumulative publication histories of academic economists casual observation suggests that the temporal pattern of productivity varies dramatically across individuals particularly in risky endeavors such as a research career in academia some individuals remain productive researchers throughout their career others who show early promise become deadwood before their time some authors produce papers like a well oiled machine while others publish at a highly erratic rate opposing this is a widely held view that there is a common life cycle component underlying individual productivity the aging process itself is thought to lead to the initial rise and eventual decline of creative productivity in addition human capital models typically imply that investment in skills will decline with age 7 both of these ideas suggest that output will be hump shaped over the life cycle econometric studies of life cycle productivity have addressed this with regressions which are quadratic functions of age or experience 1 5 the quadratic conveniently delivers the sought after hump shaped pattern in productivity there are conceptual problems with the quadratic however it implies a symmetric output path centered on its peak which is inappropriate if productivity peaks early in the career but remains significant thereafter in addition data on publishing productivity is heavily affected by the zeros problem the most common number of publications for an active professor in any given year is zero this requires an estimation procedure designed to accommodate a high probability mass at zero levin and stephan 5 address this problem with the tobit regression the tobit is a truncated regression model where in this context publications are distributed as a truncated normal random variable if a vector combination of attributes and coefficients exceeds a threshold level and are zero other

willful blindness the inefficient reward structure in academic research this article examines how economics departments judge research articles and assign credit to authors it begins with a demonstration that only strictly prorated author credit induces researchers to choose e cient sized teams nevertheless survey evidence reveals that most economics departments only partially prorate authorship credit implying excessive coauthorship indeed a half century increase in coauthorship may be better explained by incomplete proration than by any increased specialization among authors a possible explanation for the reliance on incomplete proration is the self interest of economists who are more likely to engage coauthorship full professors the self interest of senior faculty may also explain the relatively small role given to citations in senior promotions a rational response by economists to the under proration of author credit is to engage in false authorship although false authorship is of dubious ethical status it may have the perverse impact of improving the e ciency of team production grossly excessive coauthorship where little attention is paid to most authors listed on a paper as found in some other academic disciplines may be the path down which economics is headed if the reward structure is not altered jel a14 o30 i23

attracting attention in a limited attention world exploring the causes and consequences of extreme positive earnings surprises we investigate why extreme positive earnings surprises occur and the consequences of these events we posit that managers know before analysts when extremely good earnings news is developing but can have incentives to allow the earnings news to surprise the market at the earnings announcement in particular managers can use an extreme positive earnings surprise to attract investor attention when they believe their stock is neglected and future performance is expected to be strong analysts who must allocate scarce resources across many firms can also be inattentive and miss signals that suggest good performance is going to be announced using various proxies for extreme positive earnings surprises management expectations for future performance and desire for attention and analyst neglect we find evidence that an extreme positive earnings surprise is a predictable event these findings are incremental to controlling for a firm s information environment earnings volatility and operating leverage finally we show that extreme positive earnings surprises are a successful method for attracting attention with significant increases in the number of institutional owners the number of analysts and trading volume during the subsequent three years this paper was accepted by mary barth accounting

returns to articles versus pages in academic publishing do salary setters show article illusion the academic labor market rewards idea splitting where researchers publish several short articles rather than one long one there is a significant positive effect on salary from publishing more articles conditional on the total number of quality adjusted pages ever published

productivity of highly skilled immigrants economists in the postwar period larry d singell jr prior work finds declining immigrant quality in the postwar period that is linked to source country and skill composition changes associated with the 1965 immigration act this paper uses a unique panel of foreign and native born american economic association members to show that the highly skilled experienced a similar shift away from european migrants toward those from asia however the findings do not indicate that this change in source country composition has been accompanied by a decline in quality rather the most recent cohorts of foreign born economists appear to be more productive than their native counterparts jel j61 i introduction this article is the first systematic analysis of the attributes and abilities of foreign born u s economists since a descriptive study of the brain drain by grubel and scott 1967 it also provides some of the first formal evidence for the largely theoretical proposition in earlier work by bhagwati and rodriquez 1975 that the united states draws the best skilled workers from abroad however recent immigration literature has not focused on the brain drain but has generated considerable debate concerning whether the 1965 immigration and nationality act has reduced the skill quality of u s immigrants in particular descriptive evidence in borjas 1987 and greenwood 1983 respectively indicates that the 1965 law shifted the composition of u s immigrants toward non european nations and increased the number of low skilled migrants to the united states our article extends this work by examining whether there has been a post 1965 change in the source country mix of ph d economists and whether such chan ges impact the productivity of the foreign born in comparison to their native counterparts most empirical studies of immigrant productivity have focused on earnings early cross sectional studies of immigrant earnings including chiswick 1978a concluded that the age earnings profile of immigrants is steeper than that of comparable native born workers and though initially lower crosses the native profile 10 to 15 years after immigration these results are consistent with the widely held belief that the immigration process self selects the highly motivated and industrious from their respective source countries thus immigrants although they initially enter the united states with relatively low levels of human capital eventually become more productive than their native counterparts more recent work by borjas 1985 1987 has contested these conclusions arguing that it is not possible to separately identify assimilation and cohort effects using a single cross sectional data set in particular the positive correlation between earnings and years since migration in cross sectional data may be due to immigrant assimilation or a cohort effect that arises from the declining skill quality of more recent immigrant groups borjas combines multiple cross sectional data sets to separately identify assimilation and cohort effects and finds evidence indicating that earlier cohorts of immigrants do relatively better than both natives and more recent immigrant cohorts suggesting a decline in immigrant quality although chiswick 1986 challenges the contention of declining immigrant quality and funkhouser and trejo 1995 find evidence that immigrant quality may have increased during the 1980s borjas 1995 contends that the empirical evidence consistently shows that immigrant quality has declined for most of the postwar period however the decline in immigrant quality has not necessarily been found within specific groups of immigrants in particular greenwood and mcdowell 1986 find that the change in skill quality is related to the shift in the source country composition of immigrants away from european nations toward those from asia and latin american after the 1965 immigration act thus explanations for the relatively poor performance of recent immigrants including those in lalonde and topel 1991 1992 and borjas 1992 focus on the post 1965 changes in the incentives to migrate to the united states that have increased the number of low skilled non european immigrants

on and off the hot seat an analysis of entry into and out of university administration the authors investigate economists decisions to enter and exit department chair positions in research intensive economics departments of elite universities during the postwar era 1948 1989 they use the american economic association survey of members as well as phone surveys to determine which and at what point in their careers faculty assume administrative positions the theoretical model predicts and empirical results confirm that a faster rate of knowledge depreciation in an economist s field of study reduces the entry and exit rates for the chair position moreover among those who have exited the position of chair longer terms of past chair service and faster knowledge depreciation accelerate the timing of movements into upper level administration the findings suggest that administrators are to some extent made and not born and that the growing specialization and technical nature of many professions could affect who chooses administrative careers and at what point in their careers they choose

do academic salaries decline with seniority this article reexamines the negative seniority earnings relationship for academic economists the empirical results show that the anomalous negative seniority effect found in earlier academic market studies holds in the absence of direct measures of research productivity the negative effect however eventually disappears as more comprehensive measures of publishing citations and other productivity measures are included in the wage equation to control for the quantity and quality of faculty productivity faculty with greater seniority appear to be rewarded relatively less simply because many have been relatively less productive than their colleagues with less seniority at similar stages in their careers

earnings announcements and attention constraints the role of market design abstract we identify a new channel market makers attention constraints through which earnings announcements for one stock affect the liquidity of other stocks when some stocks handled by a designated market maker have earnings announcements liquidity is lower for non announcement stocks handled by the same market maker with the largest effects coming from earnings surprises and stocks with high earnings response coefficients half of the liquidity decline reflects attention constraints binding on the individual market maker and the other half is explained by the market maker s inventory we further find that a market design change that increases automation alleviates the liquidity effect of attention constraints despite an increase in the number of stocks allocated to each market maker

citations in economics measurement uses and impacts i describe and compare sources of data on citations in economics and the statistics derived from them constructing data sets of the post publication citation histories of articles published in the top five journals in the 1970s and 2000s i examine distributions and life cycles of citations compare citation histories of articles in different subspecialties in economics and present evidence on the history and heterogeneity of those journals impacts and the marginal citation productivity of additional coauthors i use a new data set of the lifetime citation histories of over 1 000 economists from thirty universities to rank economics departments by various measures and demonstrate the importance of intra and interdepartmental heterogeneity in productivity throughout the discussion summarizes earlier work including the impacts of citations on salaries and nonmonetary rewards and how citations reflect judgments about research quality in economics and the importance of economic ideas

some factors affecting mobility in the labor market for academic economists this study examines the effects of publication geographic preferences and institutional preferences on the mobility of academic economists during the period 1955 69 using a sample of 3813 economists who published at least one article during this period the analysis indicates that publications do promote upward mobility but to a limited extent the number of publications rather than their quality promotes mobility but movement occurs primarily within well defined geographic regions the market for academic economists appears to be strongly segmented along geographic lines moves within geographic regions tend to be to departments of equal or lesser prestige than the department from which the individual has moved