occupational self selection a human capital approach to sex differences in occupational structure a rich and diverse literature exists concerning the distribution of labor incomes one approach namely that of human capital concentrates on lifetime accumulation paths of earnings capacity units human capital individual variations in human capital imply differences in earnings power thereby yielding strong implications concerning earnings distribution within a population despite its explanatory power the human capital model has been widely criticized one criticism centers on its inability to obtain inferences concerning occupational distribution the purpose of this paper is to alleviate at least some such criticism by applying the hedonic price approach so as to embed occupational choice into the human capital framework the significance is that neoclassical economic theory can be used to obtain implications concerning the determinants of occupational structure excerpt

agents of change or cogs in the machine reexamining the influence of female managers on the gender wage gap do female managers act in ways that narrow or instead act in ways that preserve or even widen the gender wage gap although conceptual arguments exist on both sides of this debate the empirical evidence to date has favored the former view yet this evidence comes primarily from cross establishment surveys which do not provide visibility into individual managers choices using longitudinal personnel records from an information services firm in which managers had considerable discretion over employee salaries we estimate multilevel models that indicate no support for the proposition that female managers reduce the gender wage gap among their subordinates consistent with the theory of value threat we instead find conditional support for the cogs in the machine perspective in the subsample of high performing supervisors and low performing employees women who switched from a male to a female supervisor had a lower salary in the following year than men who made the same switch

renewable resource management with environmental prediction variations in environmental conditions affect renewable resource growth the ability to predict such variations is improving providing scope for improved management we generalize a common stochastic stock recruitment model to explore how optimal management changes with environmental prediction we obtain three main results first while it might seem that a prediction of adverse future conditions should lead to more conservative management the opposite may be true second optimal management requires only a one period ahead forecast suggesting forecast accuracy is more important than forecast lead time finally we derive conditions on environmental fluctuations guaranteeing positive optimal harvest in every period gestion d une ressource renouvelable quand on predit les conditions futures de l environnement les variations dans les conditions de l environnement affectent la croissance de la ressource renouvelable la capacitea prevoir ces variations s ameliore et ouvre la possibilite d ameliorer la gestion de la ressource les auteurs utilisent un modele de ressource renouvelable avec croissance stochastique et obtiennent trois resultats d abord alors qu il peut sembler que des previsions pessimistes de conditions difficiles dans l avenir peuvent conduire a une gestion plus conservatrice le contraire peut etre vrai ensuite la gestion optimale requiert seulement une prediction pour la prochaine periode voila qui suggere qu il est plus important d avoir une prevision exacte que d avoir des previsions a plus long terme enfin on developpe les conditions pour les fluctuations de l environnement qui garantissent une recolte positive optimale a chaque periode

a test for subadditivity of the cost function with an application to the bell system stable url http links jstor org sici sici 0002 8282 28198409 2974 3a4 3c615 3aatfsot 3e2 0 co 3b2 rthe american economic review is currently published by american economic association your use of the jstor archive indicates your acceptance of jstor s terms and conditions of use available athttp www jstor org about terms html jstor s terms and conditions of use provides in part that unless you have obtainedprior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content inthe jstor archive only for your personal non commercial use please contact the publisher regarding any further use of this work publisher contact information may be obtained athttp www jstor org journals aea html each copy of any part of a jstor transmission must contain the same copyright notice that appears on the screen or printedpage of such transmission the jstor archive is a trusted digital repository providing for long term preservation and access to leading academicjournals and scholarly literature from around the world the archive is supported by libraries scholarly societies publishers and foundations it is an initiative of jstor a not for profit organization with a mission to help the scholarly community takeadvantage of advances in technology for more information regarding jstor please contact support jstor org http www jstor orgmon jul 2 16 52 19 2007

ethnic discrimination evidence from china abstract we study the role of ethnicity in experimental labor markets where employers determine wages of workers who perform a real effort task this task requires a true skill which we show is not affected by minority status in some treatments we provide subtle priming to employers about minority status of workers as commonly depicted on chinese hukou identification system we conduct our experiments at two sites located in provinces that differ by their historical shares of ethnic groups in the population we find that 1 han and minority workers are equally productive in both provinces 2 in the diverse province there is no difference in the wages between han and minority workers 3 in the non diverse province minority workers receive 4 7 lower wages than han workers

conditions for economies of scope in the presence of fixed costs this article establishes necessary and sufficient conditions for economies of scope to exist while taking into account the presence or absence of both local cost complementarity and product specific fixed costs in some circumstances the test developed here could show that economies of scope to not exist despite local cost complementarity or alternatively despite the existence of fixed costs conversely the test could show that fixed costs are sufficient to generate economies of scope despite local cost anticomplementarity

competitiveness through management of diversity effects on stock price valuation this study s premise is that firms that can lower their costs and enhance their differentiation through the effective management of their human resources have a competitive advantage using data fr

the effect of common property on the optimal structure of the fishing industry abstract this paper extends previous fisheries models by generalizing the necessary and sufficient conditions under which coexistence of specialized and generalized vessels occurs in a multispecies fishery economies of scope and demand conditions are argued to dictate coexistence inefficiency in market structure is also shown to arise with an inappropriate property rights regime

the technological determinants of the u s energy industry structure recent theoretical developments on multiproduct firm costs have increased our understanding of these firms yet to date empirical analysis of the relationship between multiproduct firm costs and industry structure has been limited in this paper the multiproduct nature of us energy producers is explicitly recognized and a multiproduct cost function estimated for the industry the empirical results indicate that the multiproduct structure of large energy firms has at least in part been motivated by economies of scope between petroleum and coal operations 27 references 19 footnotes 3 figures 1 table

early evidence of the impacts of covid 19 on minority unemployment this paper provides early evidence of the impacts of the covid 19 pandemic on minority unemployment in the united states in the first month following march adoptions of social distancing measures by states unemployment rose to 14 5 but a much higher 24 4 when we correct for potential data misclassification noted by the bls using the official definition unemployment in april 2020 among african americans rose by less than what would have been anticipated to 16 6 based on previous recessions and the long term ordering of unemployment across racial ethnic groups was altered with latinx unemployment 18 2 rising for the first time to the highest among major groups difference in difference estimates confirm that the initial gap in unemployment between whites and blacks in april was not different than in periods prior to the pandemic however the racial gap expanded as unemployment for whites declined in the next two months but was largely stagnant for blacks the initially large gap in unemployment between whites and latinx in april was sustained in may and june as unemployment declined similarly for both groups non linear decompositions show a favorable industry distribution partly protected black employment during the early stages of the pandemic but that an unfavorable occupational distribution and lower average skills levels placed them at higher risk of job losses an unfavorable occupational distribution and lower skills contributed to a sharply widened latinx white unemployment gap that moderated over time as rehiring occurred these findings of disproportionate impacts on minority unemployment raise important concerns regarding lost earnings and wealth and longer term consequences of the pandemic on racial inequality in the united states

sustainable fisheries development in the tropics trawlers and licence limitation in malaysia sustainable fisheries development requires sound fisheries management area licence limitation programmes may form the cornerstone for most tropical multispecies fisheries management programmes an empirical analysis of peninsular malaysian fishing trawlers is used to design an area licence limitation programme that conforms to the multiproduct production technology and cost and revenue structures to best accommodate condtions of asymmetric information between the regulator and fishing vessels

how many jobs can be done at home evaluating the economic impact of social distancing measures taken to arrest the spread of covid 19 raises a fundamental question about the modern economy how many jobs can be performed at home we classify the feasibility of working at home for all occupations and merge this classification with occupational employment counts we find that 37 of jobs in the united states can be performed entirely at home with significant variation across cities and industries these jobs typically pay more than jobs that cannot be done at home and account for 46 of all us wages applying our occupational classification to 85 other countries reveals that lower income economies have a lower share of jobs that can be done at home

the endogeneity problem in applied fisheries econometrics a critical review the purpose of this essay is to bring attention to some serious problems that exist in econometric application of fisheries economic models these problems in application are serious to the point of impeding our ability to do policy work this essay will focus on two areas of econometric application first the violation of the fundamental exogeneity condition for applied econometrics e varepsilon x 0 where varepsilon is a stochastic error term and x is a matrix of right hand side explanatory variables and second the inappropriate use of data that is available for analysis both problems deal with the econometric issues of omitted and proxy variables i will also comment on data necessary to carry out proper fisheries econometric research and policy analysis simulation techniques based on a known population regression equation are used to illustrate the extent of the empirical problems injecting real data into the simulations shows the bias that we can bring forward to the policy arena

who suffers during recessions in this paper we examine how business cycles affect labor market outcomes in the united states we conduct a detailed analysis of how cycles affect outcomes differentially across persons of differing age education race and gender and we compare the cyclical sensitivity during the great recession to that in the early 1980s recession we present raw tabulations and estimate a state panel data model that leverages variation across u s states in the timing and severity of business cycles we find that the impacts of the great recession are not uniform across demographic groups and have been felt most strongly for men black and hispanic workers youth and low education workers these dramatic differences in the cyclicality across demographic groups are remarkably stable across three decades of time and throughout recessionary periods and expansionary periods for the 2007 recession these differences are largely explained by differences in exposure to cycles across industry occupation employment

production quota in multiproduct pacific fisheries abstract assessing the individual firm s technology and costs in a multispecies fishery allows design of a more effective output quota prior to regulation by anticipating and controlling for the firm s regulation induced responses an empirical study of a pacific coast trawl fishery indicates that the firm s flexibility of product decision is tightly constrained by its technology and cost structure hence as the resource stock for the regulated species sablefish deteriorates and the trip quota progressively tightens the firm cannot sufficiently reorganize its product bundle to preclude increasingly large sablefish disposal this defeats the purpose of the production quota

taking stock of work family initiatives how announcements of family friendly human resource decisions affect shareholder value this study examines share price reactions to 231 work family human resource policies adopted by fortune 500 companies and announced in the wall street journal between 1971 and 1996 consistent with

on corporate governance a study of proxy contests abstract this paper examines a sample of firms experiencing proxy contests for seats on their board of directors dissident shareholders usually fail to obtain a majority of board seats nevertheless they capture some seats via mechanisms such as cumulative voting in over half of the sample contests regardless of proxy contest outcome positive and statistically significant share price performance is associated with the contest that finding is predicted by the standard economic analysis of proxy contests in which the challenges benefit shareholders by improving corporate performance the finding runs counter to the claim of berle 1962 that the economists view of proxy contests is a wholly imaginary picture a portion of the positive share price changes taking place in the early stages of some proxy contests is not permanent however and as suggested by manne 1962 is at least partially attributable to temporary increases in the market value of the vote attached to corporate shares

community and capital in entrepreneurship and economic growth we argue that social integration in the sense of within community interconnectedness and venture capital have a complementary relationship in fostering innovation entrepreneurship and economic gr

multi product allocation under imperfect raw material supply conditions the case of fish products an otherwise conventional model of multi product supply is applied to circumstances in which the raw material is provided under highly imperfect market conditions satisfactory results are obtained from a specification in which the supply allocation is a function of both the price and the quantity of the raw material

does diversity pay race gender and the business case for diversity the value in diversity perspective argues that a diverse workforce relative to a homogeneous one is generally beneficial for business including but not limited to corporate profits and earnings this is in contrast to other accounts that view diversity as either nonconsequential to business success or actually detrimental by creating conflict undermining cohesion and thus decreasing productivity using data from the 1996 to 1997 national organizations survey a national sample of for profit business organizations this article tests eight hypotheses derived from the value in diversity thesis the results support seven of these hypotheses racial diversity is associated with increased sales revenue more customers greater market share and greater relative profits gender diversity is associated with increased sales revenue more customers and greater relative profits i discuss the implications of these findings relative to alternative views of diversity in the workplace

orchestrating impartiality the impact of blind auditions on female musicians a change in the audition procedures of symphony orchestras adoption of blind auditions with a screen to conceal the candidate s identity from the jury provides a test for sex biased hiring using data from actual auditions in an individual fixed effects framework we find that the screen increases the probability a woman will be advanced and hired although some of our estimates have large standard errors and there is one persistent effect in the opposite direction the weight of the evidence suggests that the blind audition procedure fostered impartiality in hiring and increased the proportion women in symphony orchestras

diversity and performance this study measures the performance of u s firms initiating same sex domestic partnership benefit ssdpb policies the results show that holding these firms upon their ssdpb initiation in a calendar portfolio earns a four factor annualized excess return alpha of approximately 10 over the 1995 2008 sample period beating 95 of all professional mutual funds in the united states this finding is robust to several tests of reverse causality ssdpb adopters also show significant improvement in operating performance relative to nonadopters this paper was accepted by brad barber finance

she works hard for the money household responsibilities and the allocation of work effort recent developments in human capital theory suggest that men and women differ in how they allocate effort to work activities this paper uses the 1973 and 1977 quality of employment surveys to test the assumtion that women allocate less effort to work because of their family and household responsibilities regression and ordered probit analyses show that on average women allocate more effort to work than do men further the sex difference is substantial when men and women with comparable family situations and market human capital are compared the paper discusses how experiments on sex differences in standards of personal entitlement and research on sex segregated workplaces provide an alternative to the economists perspective finally the paper argues for an integration of human capital models research on social equity and structural theories of work organization in order to provide a more complete explanation of men s and women s orientations toward work and family

a natural monopoly in natural gas transmission abstract in this article we test for subadditivity in the cost structure associated with transporting natural gas by trans canada pipelines ltd and measure for possible cost savings from increased competition that could be realized by removing the monopoly status granted by the national energy board in measuring subadditivity we apply both the baumol et al contestable markets and the theory of industry structure 1982 and the evans and heckman am econ rev 764 1984 613 procedures our results show evidence of subadditivity in the cost structure and consequently the possible benefits from increased competition resulting from splitting up the monopoly could be offset by the sacrifice of scale efficiencies

bending the pipeline executive search and gender inequality in hiring for top management jobs we study the sources of women s underrepresentation in hiring for top management jobs by focusing on the context of executive search using data that include proprietary information on 10 970 individuals considered by a search firm we examine the sources of the low proportion of women placed in senior roles contrary to received wisdom we find limited evidence that demand side screeners strongly contribute to gender disadvantage in this setting what gender differences exist tend to play out at the start of the hiring process and are driven both by supply side and demand side actors once considered for a position women are no less likely than men to be hired though they are slightly less likely to be interviewed by the search firm our findings highlight the theoretical importance of disentangling candidates self steering behavior from the pipeline bending of hiring agents we discuss the implications of our results for understanding gender inequality at upper echelons of the labor market this p

mexican immigrant employment outcomes over the business cycle the united states is beginning to emerge from the deepest downturn the country has experienced since the great depression as of october 2009 the number of unemployed persons had risen by 8 2 million since the great recession began in december 2007 all demographic groups have experienced job losses but some groups have been more adversely affected than others repeating the pattern of most previous downturns the recession s impact has been worst for low education and minority workers one group that has been particularly hard hit is mexican immigrants data from the current population survey indicate that between the first quarter of 2007 and the second quarter of 2009 the unemployment rate among mexican immigrants rose from 4 2 percent to 11 3 percent and their employment rate dropped by 5 percentage points in contrast during that period the unemployment rate among non hispanic white natives rose from 3 7 percent to 7 8 percent and their employment rate fell by 2 6 percentage points mexican immigrants tend to be particularly vulnerable to economic downturns because of their relatively low skill levels they make up one fourth of all workers who do not have a high school diploma or equivalent and over one half of workers who have completed at most eighth grade when the economy slows employers look to shed their least productive employees first employers tend to invest less in training low skilled workers and therefore have less

labor demand in the time of covid 19 evidence from vacancy postings and ui claims abstract we use job vacancy data collected in real time by burning glass technologies as well as unemployment insurance ui initial claims and the more traditional bureau of labor statistics bls employment data to study the impact of covid 19 on the labor market our job vacancy data allow us to track the economy at disaggregated geography and by detailed occupation and industry we find that job vacancies collapsed in the second half of march by late april they had fallen by over 40 to a first approximation this collapse was broad based hitting all u s states regardless of the timing of stay at home policies ui claims and bls employment data also largely match these patterns nearly all industries and occupations saw contraction in postings and spikes in ui claims with little difference depending on whether they are deemed essential and whether they have work from home capability essential retail the front line job most in demand during the current crisis took a much smaller hit while leisure and hospitality services and non essential retail saw the biggest collapses this set of facts suggests the economic collapse was not caused solely by the stay at home orders and is therefore unlikely to be undone simply by lifting them

transferable quotas enforcement costs and typical firms an empirical application to the norwegian trawler fleet an alternative to traditional regulations of fisheries to avoid rent dissipation is the use of individual transferable quotas itqs where prices in the quota market provide the necessary information to owners of harvest rights to contract with each other however even under such a decentralized regime information on the underlying technology of the fishing vessels is also necessary first since most fisheries consist of many interrelated production processes in order to avoid rent dissipation by discarding wrong output mix etc the structure of production in the multispecies fishery must be known to design a proper quota system second an itq system may create incentives for misreporting by understating the actual catch this may especially be the case where the expected degree of self enforcement is low the paper proposes a way to reduce the information requirements under regulation with asymmetric information by constructing a typical firm and comparing performance for the other vessels to this firm based on the typical firm and if the industry is relatively homogenous the performance and hence catch of any other firm in the industry can be predicted within a certain range further the paper applies this idea to the norwegian trawler fleet to assess the production structure in terms of jointness input output separability and the supply and demand elasticities for the fishing firms this information characterizes the fishery and thus how the quota system may be designed and how to construct a yardstick in order to reduce the enforcement cost under a decentralized regulation of itqs

anticipatory sorting and gender segregation in temporary employment we examine the roots of gender segregation in the screening process by using a longitudinal data set of candidates considered for temporary projects at a staffing firm and following their progress through the hiring pipeline theories invoked to explain gender segregation across jobs traditionally rely on firm specific human capital and expectations of future commitment to explain this phenomenon these do not apply in this setting yet we find that the staffing firm is more likely to shortlist women for low paid projects and less likely to do so for high paid ones these effects are due to women being considered for different projects than men and associated at least partially to the level of competition within vacancies although client companies also exhibit some gender sorting behavior in the later steps of the hiring process they are more likely to prefer women and less likely to sort them into lower paid projects our findings are consistent with anticipatory gender sorting mechanisms by which first screeners generate segregation when narrowing down the pool of candidates for later decision makers we discuss the implications of this case for theories of gender stratification and workplace inequality especially in mediated labor markets this paper was accepted by jesper sorensen organizations

production technology costs and multiproduct industry structure an application of the long run profit function to the new england fishing industry the long run multiproduct profit function is developed to provide a more general procedure than the static minimum cost function to examine the technological and cost determinants of multiproduct industry structure and the likely form of any market equilibrium in this approach outputs are endogenous and the long run equilibrium levels of quasi fixed factors are endogenously determined the multiproduct structure of the multispecies new england fishing industry and the likely multi

female led firms and gender wage policies using a longitudinal data set covering the period 1987 2000 the authors explore the impact of female employers and gender segregation on wages in portugal in the context of becker s 1957 taste for discrimination theory they investigate whether the gender of a firm manager affects gender wage differences they find that females benefit from higher wages in female led firms than in male led firms further when females lead the wage gap between female and male workers is reduced by 1 5 regardless of the gender composition of the workforce at the same time the higher the share of females in a firm the lower the wages overall for both female and male workers the authors results are compatible with the notion that job promotion is an important factor in wage increases the more females are mentored and promoted the less men will be however as more females in the firm compete for promotion opportunities for both females and males to be promoted diminish author s abstract

workforce diversity and religiosity workforce diversity has received increasing amounts of attention from academics and practitioners alike in this article we examine the empirical association between a firm s workforce diversity hereafter diversity and the degree of religiosity of the firm s management by investigating their unidirectional and endogenous effects employing a large and extensive u s sample of firms from the years 1991 2010 we find a positive association between a measure of the firm s commitment to diversity and the religiosity of the firm s management after controlling for various firm characteristics in addition after controlling for endogeneity with the dynamic panel generalized method of moment we still find a positive association between the firm s diversity and management s religiosity we interpret these results as supportive of the religious motivation explanation that views the firm as a human community and considers religion as a factor that influences managers to more positively embrace diversity our results however provide no support for the resource constraint hypothesis that views the firm as a nexus of contracts and sees managers as aiming to maximize shareholder returns under resource constraints that force them to invest only in projects that have a positive net present value npv and reject diversity initiatives since these do not have a positive npv

the emergence persistence and recent widening of the racial unemployment gap census data show that the ratio of black to white unemployment rates currently in excess of 2 1 was small or nonexistent before 1940 widened dramatically during the 1940s and 1950s and widened again in the 1980s the authors decompose changes in the unemployment gap over the years 1880 1990 to identify the separate contributions of changes in observable worker characteristics and shifts in labor demand nearly all of the widening of the gap during the 1940s and 1950s can be attributed to regional shifts of workers and declining demand in markets where black workers were concentrated after 1970 improvements in the relative educational status of black workers would have narrowed the unemployment gap slightly but demand shifts adverse to black workers more than canceled out these gains

gender diversity in firms this paper explores the recent efforts by the corporate world and public policy to increase the number of women in leadership positions in the workplace we review and empirically evaluate the business case for gender equality showing some evidence in favour of it despite the evidence and growing support progress towards more diversity in leadership positions has been slow we study the importance of supply side constraints as well as the main diversity policies gender quotas mentoring and network programs diversity training to change firm culture and family friendly policies that have been implemented we focus on the effectiveness of these policies their shortcomings as well as potential future steps that could help guide policy

event studies in management research theoretical and empirical issues we examined the use of event studies in management research and found that there was inadequate attention paid to theoretical and research design issues this lack of attention may lead to false in

the simple analytics of competitive equilibrium with multiproduct firms the familiar model of free entry competitive equilibrium has long played a central role in applied analysis of product markets among its stylizations is the restriction that firms produce a single output for many situations however it is necessary to relax this assumption while models permitting multiproduct firms exist so far there is no framework that begins to rival the singleproduct analysis in terms of the ease with which it may be manipulated and extended to deal with specific applications this paper develops such a model specifically in section i a two good model is set out that parallels the classic singleproduct analysis very closely the sole difference is that alongside the single product specialized technologies which would usually be permitted a multiproduct diversified technology is available the model s competitive equilibrium is then characterized and it is shown that this equilibrium may take one of three forms obviously if diversification offers large cost advantages no specialized firms can operate in equilibrium and conversely if there are sizable disadvantages the only other possibility is that diversified firms and exactly one type of specialized firm operate contiguously section ii shows that the model is easy to manipulate extends straightforwardly and simple as it is offers some new propositions this demonstration involves examining the predictions the model offers in both its most general form and several extensions to illustrate basic features of equilibrium in the standard single product environment are that price is determined by the cost of production with all operating firms producing the same level of output also demand variation has no effect on either price or the actions of these firms in contrast in any equilibrium centre for decision sciences and econometrics social science centre university of western ontario london ontario n6a 5c2 comments from david donaldson ignatius horstmann boyan jovanovic peter lloyd michael parkin charles plott edward prescott sherwin rosen christopher robinson hugo sonnenschein and the referees are gratefully acknowledged research allowing multiproduct firms comes in a variety of forms early work by roy g d allen 1938 john hicks 1939 paul samuelson 1947 as well as more recent efforts by keith laitinen 1980 analyzed in detail the isolated behavior of firms having access to an m input n output production technology also the arrow debreu mckenzie general equilibrium model allows each producer a distinct production set so that firms might choose to produce many goods more recently the contestability literature surveyed by elizabeth bailey and ann friedlander 1982 analyzes a setting in which firms produce more than one good of all the contestability material the work of william baumol et al 1982 ch 9 is the most closely related to the present analysis therein firms are permitted to choose a set of goods to produce and a condition is provided that is necessary and sufficient for the otherwise exogenously imposed symmetric outcome to be supported in equilibrium that this condition is indeed a relevant restriction is shown by means of a two good numerical example in which the condition fails and the equilibrium is asymmetric finally there is what might be termed the where there is sawdust there may be pressed logs approach dating back at least to alfred marshall 1920 pp 321 22 in which joint products are the result of unstructured technological complementarities

race ranking promotions and pay at a federal facility a logit analysis this study analyzes rank assignments and promotions among a group of federal civilian employees at a u s army base with special attention to racial differences by estimating a multinomial logit model and using pooled data from four different years the authors find that position and compensation although closely related are by no means identical nor are promotions and changes in pay for example the racial differential in compensation at this base is accompanied by a racial differential in ranking under which blacks are more likely than comparable whites to be in blue collar occupations and less likely to be in white collar occupations whereas the gender differential in compensation is accompanied by a gender differential in ranking under which women are more likely than comparable men to be in low level white collar occupations and less likely to be in other occupations similarly a narrowing of the racial differential in earnings over time coexisted with a racial differential in promotions that

resource rent in individual quota fisheries traditional fisheries management schemes generate incentives for vessels to maximize catch resulting in rent dissipation and overcapacity individual vessel quota management schemes change the incentives to maximize profit and have the potential to generate resource rent and reduce capacity an interesting question is whether it is the changed incentives due to individual quota or the capacity reduction due to transferability of individual quota that is most important in generating rent in this study a cost function approach is used to model and measure rent generated and potential rent in a fishery managed with individual vessel quotas

towards an economic theory of the multiproduct firm this paper outlines a theory of the multiproduct firm important building blocks include excess capacity and its creation market imperfections and the peculiarities of organizational knowledge including its fungible and taut character a framework is adopted in which profit seeking firms are seen to diversify in order to avoid the high transactions costs associated with using various markets to trade the services of various specialized assets neoclassical explanations of the multiproduct firm are shown to be seriously deficient

the financial impact of product recall announcements in china abstract a product recall can be viewed as a firm s worst nightmare although the long term damage to brand equity and company reputation may be difficult if not impossible to quantify the short term impact on shareholders wealth is readily estimable while many studies have examined this issue in the western context little is known about the financial impact of a product recall announcement in china to advance the knowledge about the financial impact of a product recall announcement we explore this issue using event study methodology in general our findings are congruent with previous research that product recalls result in negative abnormal returns interestingly however we found that chinese companies suffered from greater financial losses than their western counterparts did this study also provides evidence that the chinese food industry experiences a more severe stock market reaction than the automobile industry and that a passive recall strategy was associated with a more negative stock market reaction than a proactive recall strategy we conclude with several future research avenues for global research on product recalls