the technical efficiency of large bank production abstract significant difficulties in commercial banking in the late 1980s raise questions about bank performance and efficiency with the use of data envelopment analysis dea we consider the relative technical efficiency of 201 large banks from 1984 to 1990 bank technical inefficiency averages just over 5 percent much lower than found in existing estimates larger and more profitable banks have higher levels of technical efficiency at the same time however larger banks are more likely to operate under decreasing returns to scale

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

scale and scope economies at large banks including off balance sheet products and regulatory effects 1984 1991 this paper examines the impact of the risk based capital rbc requirements on bank cost efficiencies we take into consideration both on and off balance sheet obs products and allow product mixes to differ across banks and to vary over time our empirical results suggest that the cost structures of large banks are significantly different during the pre rbc and post rbc periods that is the rbc change seemed to reduce the optimal bank size that achieves maximum scale and scope economies so that some of the large banks that previously were efficient became too large and inefficient the results suggest that regulations that encourage large banks to expand their production and product mixes any further will likely result in a less efficient banking industry

does marriage really make men more productive this paper presents new descriptive evidence regarding marital pay premiums earned by white males longitudinal data indicate that wages rise after marriage and that cross sectional marriage premiums appear to result from a steepening of the earnings profile data from a company personnelfile that includes information on job grades and supervisor performance ratings reveal large marital status pay differences within a narrow range of occupations managers and professionals and environments a single firm married workers tend to be located in higher paying job grades there are very small pay differentials within grades married men receive higher performance ratings than single men as a result they are much more likely to be promoted controlling for rated performance however eliminates the promotion differential sanders korenman is an assistant professor of economics and public affairs at princeton university and is a faculty associate of the office of population research at princeton university and a research affiliate of the national bureau of economic research nber david neumark is an assistant professor of economics at the university of pennsylvania and a research affiliate of the nber korenman wishes to acknowledge the hewlett foundation and the harvard university center for population studies for financial support the authors are grateful to james medofffor making available an extract from the company personnelfile questions regarding data availability should be directed to professor james

work experience earnings and participation evidence from the women and employment survey this paper presents a probit model of labour force participation and a set of earnings equations estimated using data from the 1980 women and employment survey the results of the participation model compare with previous findings and the earnings models give typical results of human capital and job characteristics variables exclusion of the sample selection effect appears to be of importance and a linear piecewise experience variable outperforms the quadratic specification

marriage motherhood and wages we explore several problems in drawing causal inferences from cross sectional relationships between marriage motherhood and wages we find that heterogeneity leads to biased estimates of the direct effects of marriage and motherhood on wages i e effects net of experience and tenure first difference estimates reveal no direct effect of marriage or motherhood on women s wages we also find statistical evidence that experience and tenure may be endogenous variables in wage equations instrumental variables estimates suggest that both ordinary least squares cross sectional and first difference estimates understate the direct negative effect of children on wages

the diffusion of production processes in the u s banking industry a finite mixture approach abstract this article applies finite mixture distributions to the estimation of cost functions for financial firms through time the mixture approach allows the estimation of multiple technologies when firms technology choices are unobservable technology switching diffusion and underlying technical change are simultaneously evaluated an application to large samples of u s banks for the years 1982 1986 illustrates the approach results suggest banks switch to lower cost production technologies when unburdened by strict branching regulations

detecting and removing discrimination under equal opportunities policies abstract this paper surveys part of the recent voluminous literature on the economics of discrimination focusing on two key questions first how should discrimination be measured and can in fact unambiguous estimates be derived as the basis for detecting where discrimination is present and setting in train measures to eliminate it second to what extent has the implementation of equal opportunities legislation improved the relative standing of women and minority workers in the labour force this section includes a discussion of the likely effects of recent changes in the law such as the equal value amendment in the uk or the introduction of comparable worth in the usa the survey concludes that our ability to detect discrimination at all precisely is still rudimentary and consequently policy measures are likely to be inefficient for this reason

labour market discrimination are there significant differences between the various decomposition procedures economists have usually called the proportion of the average wage gap between two groups which could not be explained by individual characteristics discrimination recently several theories have suggested that labour market discrimination on the one hand lowers the wages of the minority group and on the other leads to higher pay for the majority group in a recent survey of the various methods used to decompose the overall wage differential between two groups oaxaca and ransom compared five approaches in the contexts of race and gender discrimination this paper checks whether there are significant differences between the various decomposition procedures which have appeared in the literature the tests are based on bootstrap techniques

a meta analysis of the international gender wage gap abstract since the early 1970s a number of authors have calculated gender wage differentials between women and men of equal productivity this meta study provides a new quantitative review of this vast amount of empirical literature on gender wage differentials as it concerns not only differences in methodology data and time periods but also different countries we place particular emphasis on a proper consideration of the quality of the underlying study which is done by a weighting with quality indicators the results show that data restrictions i e the limitation of the analysis to new entrants never marrieds or one narrow occupation only have the biggest impact on the resulting gender wage gap moreover we are able to show what effect a misspecification of the underlying wage equation like the frequent use of potential experience has on the calculated gender wage gap over time raw wage differentials worldwide have fallen substantially however most of this decrease is due to better labor market endowments of females

native immigrant wage differentials and occupational segregation in the greek labour market this article explores native immigrant wage differentials in the greek labour market data from the most recent greek household budget survey 2004 05 were employed four alternative occupational categories were considered and occupational choice was explicitly modelled controlling for occupational selectivity occupation specific wage regressions for representative samples of employed native and immigrant workers were estimated and an augmented decomposition technique was utilized to analyse inter and intra occupation wage differentials the obtained results demonstrate that roughly 48 of the average wage differential cannot be explained by differences in observed characteristics and that the larger component of this unexplained part is due to asymmetrical occupational access by native and immigrant workers

wage discrimination occupational segregation and visible minorities in canada the earnings gap between each of whites asians and blacks is decomposed into the effects on earnings of productivity related characteristics wage discrimination and occupational segregation unlike previous canadian studies this paper analyses the relative economic position of both immigrant and native born visible minorities and explicitly incorporates the effect of discrimination in occupational attainment on the earnings gap the results indicate that policies aimed at increasing the ethnic representation across occupational categories would be effective only for black men anti discrimination legislation aimed at decreasing the earnings gap between visible minority and white women should have a dual focus they should aim at reducing the inter occupational wage discrimination they should provide training programs to extend the career ladders confronting ethnic minority women

the wages of motherhood better or worse data from two british cohort studies show that women with children have lower wages than childless women we develop an innovative decomposition of this family gap the crude pay gap between mothers and childless women in their thirties was similar in 1978 and 1991 but low pay in part time work became more important in explaining this gap and human capital less so we find that among full time employees women who broke their employment at childbirth were subsequently paid less than childless women in contrast mothers who maintained employment continuity were as well paid as childless women but neither were as well remunerated as men copyright 1999 by oxford university press

a study of bank efficiency taking into account risk preferences abstract i use the stochastic cost frontier approach to investigate efficiency of banks operating in the third federal reserve district accounting for the quality and riskiness of bank output in addition to the mean and mode of the conditional distribution of the one sided error term i calculate confidence intervals for the inefficiency measures based on the conditional distribution the results indicate that third district banks are operating at cost efficient output levels and product mixes but are not efficiently using their inputs the second part of the article relates the inefficiency measures to several correlates

the effects of inflation and real wages on employment this paper considers the effects of inflation on employment the absence of index linked loans and the possibility that errors are committed in times of inflation lead to a higher probability of bankruptcy during inflation if firms care about bankruptcy this implies a lower level of employment empirical results confirming this are presented and suggest that higher inflation has substantially contributed to the fall in employment in the united kingdom the authors also demonstrate that a negative real wage elasticity is not robust to changes in specification copyright 1987 by the review of economic studies limited

work history patterns and the occupational attainment of women one of the main differences between the labour market behaviour of men and women lies in the discontinuity of labour force attachment exhibited by most women over their lifetime largely but not exclusively for the purpose of raising a family these interruptions to their labour market experience constitute an important influence on the labour market position of women and provide a potentially important factor in the explanation of their labour market disadvantate skills are obtained to a considerable extent through labour market experience and may be blunted in periods of absence from the labour force in addition absence from the labour force removes an individual labour market and may thereby reduce the probability of gaining extry to the better jobs on re entry the objectives of this paper are firstly to describe the various work history patterns exhibited by u k women and secondly to quantify the effect of these life cycle factors on the occupational attainment occupational progress and earnings of women the data source is the national training survey nts which provides a unique retrospective longitudinal data set on the work histories of over 50 000 individuals for details see manpower services commission 1976 this abstract was borrowed from another version of this item

scale economies in banking a restructuring and reassessment the issue of scale economies in banking has a rich history most earlier studies report modest operating cost scale economies for small institutions those with less than about 50 million of deposits in 1968 dollars but are unclear where these economies might end if at all unfortunately these studies are limited in four important respects first those that were well specified did not measure the total cost of banking operations but concentrated on estimating scale economies for individual banking functions e g demand deposits separately from commercial loans second an average cost curve that could take a u shape over the full range of banks was not fitted either because larger banks were not included or because of the functional form used cobb douglas consequently the optimum or minimum cost size of a bank or office could not be determined third the variables measuring the costs of branching were misspecified fourth the branch

the economics of uk teacher supply the graduate s decision the problem of teacher supply in the united kingdom has generated considerable concern recently this paper studies a large cohort of graduates and their decision whether to become teachers or not a full structure model of the individual s decision is estimated which corrects for possible sample selection bias and models endogenously the role of relative earnings the findings provide support for the estimation procedure used and attest to the importance of relative pay in the individual graduate s career decision copyright 1990 by royal economic society

green revolution and labour demand in rice farming the case of central luzon 1966 90 while the adoption of modern rice varieties mvs increased labour requirements for crop care and other activities it might have induced the adoption of labour saving technologies thus whether the net impact of mv adoption on labour demand is significantly positive is still debated in the green revolution literature using farm level survey data collected in central luzon from 1966 to 1990 this study estimated simultaneously the labour saving technology adoption and the labour demand functions we found among other things that mvs increased labour demand significantly without inducing the widespread adoption of labour saving technologies

immigrants minorities and labor market competition this paper investigates the extent of labor market competition among immigrants minorities and the native population an analysis of 1980 u s census data reveals that immigrants tend to be substitutes for some labor market groups and complements for others the effects of shifts in immigrant supply on the earnings of native born men are however very small on the other hand increases in the supply of immigrants do have a sizable impact on the earnings of immigrants themselves an increase of 10 percent in the supply of immigrants for example reduces the immigrant wage by about 10 percent

marital status child rearing and earnings differentials in the graduate labour market differential the importance of family role specialisation for the measurement of the residual earnings differential is examined within a sample selection model of participation and earnings the earnings differential between men and women may be divided into that explained by different characteristics and attributes and that due to residual factors one element of this residual may be discrimination although other factors may be incorporated in the unexplained component the residual also incorporates the effects on earnings associated with the production of home goods see polachek ig75 a b these will occur

a stochastic frontier analysis of financing constraints on investment is shown that investment under financing constraints can be modeled as a one sided deviation from a frictionless investment level and that effects of financing constraints can be identified and quantified by imposing a distributional assumption on the effects panel data on taiwanese manufacturing firms between 1989 and 1996 are used in the estimation it is found that 1 some of the sorting criteria used in the literature do not have significant and monotonic relationships with the degrees of financing constraint resulting in problematic sample separations and 2 the effects of financial liberalization in taiwan are such that the investment efficiency improved over time for a typical firm and the improvement was particularly large for smaller firms

the family gap for young women in the united states and britain can maternity leave make a difference in the united states and britain there is a family gap between the wages of mothers and other women differential returns to marital and parental status explain 40 50 of the gender gap another 30 40 is explained by women s lower levels of work experience and lower returns to experience taking advantage of quasi experiments in job protected maternity leave in the united states and britain this article finds that women who had leave coverage and returned to work after childbirth received a wage premium that offset the negative wage effects of children

the gap between male and female pay in the spanish tourism industry abstract this paper analyzes wage differentials between male and female workers in the spanish tourism industry using a large administratively matched employer employee data set obtained from a representative sample of companies this allows us to control for unobserved firm specific factors likely to affect the magnitude of the gender wage gap our findings indicate that male workers earn on average 6 7 higher monthly wages than their socially comparable female counterparts in particular the type of contract held the qualifications required for the job and the specific sub sector of employment are very important variables in explaining this gender wage difference we also find that only around 12 of the mean wage difference in the tourism industry cannot be explained by differences in observable characteristics which is well below the average for the rest of the industries in spain 87 our interpretation is that minimum wage legislation provides a particularly effective protection to women in the tourism industry which is characterized by a large number of low wage earners

human capital discrimination and the gender wage gap in bangladesh summary this paper investigates changes in the gender wage gap in bangladesh over the period 1999 2009 the gap in average wages between men and women decreased by 31 over this period this paper shows that a key driver of this change was an improvement in female educational qualifications it also demonstrates that the gender wage gap across the wage distribution narrowed much more at the lower end of the wage distribution than at the upper end it attributes this mainly to a decline in discrimination against women implications for policies aimed at more equal access to education and enforcement of equal pay legislation in bangladesh are also identified

threshold effects of financial status on the cost frontiers of financial institutions in nondynamic panels this article applies hansen s 1999 2000 threshold regression model to estimate translog cost frontiers in the hope of shedding light on the banking industry s production processes and the extent of its technical efficiency te the threshold technique allows for the existence of multiple technologies of production distinguished by an exogenous threshold variable strong evidence of multiple technologies is found in the industry irrespective of which financial indicator as constructed by factor analysis defines the threshold variable cost savings and scale economies among the various underlying technologies are compared herein we also highlight the differences between the threshold results and the conventional cost frontier

wage determination of registered nurses in proprietary and nonprofit nursing homes this study explores why registered nurses employed in nonprofit nursing homes earn higher wages than those employed in proprietary facilities previous studies have explained this finding in a property rights context where higher wages were posited to result from the weaker incentives for cost minimization accompanying nonprofit status this paper tests an alternative explanation of sectoral wage differences which is predicated on the reason for the coexistence offor profit and nonprofit firms in a given industry informational constraints concerning the quality of care are posited to cause the long term health care market to fail to provide care at the upper levels of a quality of care continuum nonprofits are viewed as a response to this form of market failure acting to fulfill customers demand for higher quality and higher cost long term care with attendant demand for higher quality nurses than in for profit homes both the observed sectoral pattern in selectivity and wage decompositions based on selectivity corrected wage regressions call into question the property right explanation yet are consistent with an asymmetric information explanation

asymmetric labor market reforms effects on wage growth and conversion probability of fixed term contracts the authors investigate the impact of a change in employment protection laws in portugal that increased the maximum legal duration of fixed term contracts they find that this reform led to a reduction in the probability that a worker on a fixed term contract would be converted to a permanent contract in addition those workers who had their contracts converted experienced a significantly higher hourly wage growth at the time of conversion and faced a lower reduction in wage growth during the years in which the changed legislation was in force consequently the implementation of this law led to a 27 increase in the wage growth differential between the two contracts the findings are based on an endogenous regime switching model using rich administrative linked employer employee data

who skims the cream of the italian graduate crop wage employment versus self employment this paper tests whether academic achievement is a significant determinant of employment status in the italian labor market are new entrepreneurs selected from the top or bottom end of the graduate ability distribution is the cream of the graduate crop pulled into self employment by the higher expected earnings or are individuals with lower degree score pushed into entrepreneurship by poor alternatives our data show a strong negative relation between academic achievement and self employment status i e we find skimming of the best graduates into wage and salary work

matching as a tool to decompose wage gaps abstract this paper presents a methodology that uses matching comparisons to explain gender wage differences the approach emphasizes gender differences in the supports of the distributions of observable characteristics and provides insights into the distribution of unexplained gender pay differences this nonparametric alternative to the blinder oaxaca bo decomposition does not require the estimation of earnings equations and divides the gap into four additive elements two of these are analogous to the elements of the bo decomposition but computed only over the common support of the distributions of characteristics while the other two account for differences in the supports

a retrospective view of technological and other changes in philippine rice farming 1965 1982 much has been written about the impact of changes brought about through the introduction of semidwarf fertilizer responsive rice and wheat in asia the terms green revolution and miracle varieties suggest the dramatic effect anticipated from the new biological technology by both its supporters and detractors a great volume of literature has been generated describing the impact of these changes much of that literature is speculative some is theoretical and it would be fair to say much is cast in a tone with negative implications for new technology theoretical analyses necessarily balance simplifying assumptions with the richness of detail needed to capture the effects of technical and other changes while empirical analysis often shows what has happened but sheds little light on why it may have happened a recent review of the empirical literature shows that adoption of modern rice varieties in asia results in increased output has occurred quite evenly among farmers of all size groups and has resulted in modest increases in the use of labor per hectare of rice produced some empirical studies contrast areas that have adopted the technology with areas that have not thereby making the often false implicit assumption that all factors other than those specifically studied were similar other empirical studies concentrate on high adoption areas and use recall to infer how the introduction of technology may have changed variables of interest 2 there are a few pioneer studies available that contrast areas before and after the general adoption of specified technologies 3 this paper is a summary of ongoing research that provides data of the latter type researchers at the international rice research institute irri have monitored two sets of philippine rice producers for over 15 years during that period new rice technology was introduced and was

fiscal deficits and growth in developing countries this paper examines the relation between fiscal deficits and growth for a panel of 45 developing countries based on a consistent treatment of the government budget constraint it finds evidence of a threshold effect at a level of the deficit around 1 5 of gdp while there appears to be a growth payoff to reducing deficits to this level this effect disappears or reverses itself for further fiscal contraction the magnitude of this payoff but not its general character necessarily depends on how changes in the deficit are financed through changes in borrowing or seigniorage and on how the change in the deficit is accommodated elsewhere in the budget we also find evidence of interaction effects between deficits and debt stocks with high debt stocks exacerbating the adverse consequences of high deficits

an examination of cost subadditivity and multiproduct production in large u s banks this paper examines the subadditivity of costs for a sample of the largest commercial banks in the u s we introduce into the bank production literature the grid approach developed by evans and heckman 1984 we estimate two models of the bank cost function one where deposits are treated as outputs while in the other deposits are treated as inputs the models are estimated using the commonly used translog and the more flexible miniflex laurent viewed narrowly the findings imply that cost complementarities are not the raison d etre for multiproduct production in the largest commercial banks subadditive costs however are sufficient but not necessary for multiproduct production it is quite possible for multiproduct production to be optimal when output are produced independently levy and haber 1986 and teece 1980 1982 it is only required that inputs be shareable as opposed to joint copyright 1990 by ohio state university press

new rice technology and comparative advantage in rice production in the philippines the aim of this study is to assess the comparative advantage in rice production in the philippines for the past three decades since 1966 we have found that the country gained sharp improvement in comparative advantage in rice production in 1979 when yield rose remarkably due to the diffusion of pest and disease resistant modern rice beginning in 1986 however the country appears to have slowly lost its comparative advantage due to the decline in rice prices stagnation in rice yield and rising cost of domestic factors by 1990 the country completely lost its comparative advantage in rice production

the endogeneity of union status an empirical test an unsettled issue in the literature relating to the relative wage effect of unions is the appropriate treatment of union status in a wage determination model in the context of a three equation model determining union membership and union and nonunion sector wage rates this paper presents an instrumental variables iv procedure for estimating the parameters of the wage equations and a test of the exogeneity of union status using the hausman specification test an advantage of our iv procedure in comparison to the widely used inverse mill s ratio procedure is that our procedure is a distribution free estimator whereas the inverse mill s ratio estimator hinges in the assumption that the error term of the choice equation is normally distributed using data for a sample of middle aged white workers we estimate the parameters of the union and nonunion wage equations with both procedures on the key question of the endogeneity of union status the hausman test decisively rejects the null hypothesis of exo

cross country comparisons of efficiency evidence from the uk and italian investment firms abstract this paper compares and reconciles two new methods for cross country comparisons of the cost efficiency of uk and italian investment firms over the period 1995 1998 it employs four different specifications of the stochastic frontier methodology using a translog cost function in order to measure x efficiency the traditional common frontier reveals that italian investment firms are nearly as efficient as uk firms to overcome traditional limitations two methods are used in this paper they provide consistent results the first method shows differences between the efficiency of the two countries by incorporating environmental variables into the cross country common frontier the second method shows differences in the efficiency of the domestic versus foreign investment firms in the two countries by testing the ability to monitor and control on a cross border basis finally to identify investment firms that are both cost and profit efficient we undertake a profitability test

labor market discrimination against hispanic and black men h ispanic american men have lower average wage rates than white non hispanics in 1975 the average white non hispanic male wage earner in the united states earned 5 97 an hour mexican men earned 4 31 72 as much as white non hispanics puerto rican men earned 4 52 76 as much and cuban men earned 5 33 89 as much as white non hispanics by way of comparison black men s average wages in 1975 were 4 65 78 of the white male wage several possible reasons for the hispanics lower wages come to mind among them are age and education geographic location immigration language difficulties and discrimination for example as shown in table 1 mexicans and puerto ricans are younger on average than the white non hispanic population and earnings tend to rise with age hispanics have lower average levels of education than white non hispanics and wages are positively associated with education many mexican americans live in the southwest where prices are relatively low moreover hispanics are more likely to be recent immigrants and to lack fluency in english than white non hispanics and so to be at a disadvantage in the labor market in addition there is a widespread belief that hispanics suffer from employment discrimination and cannot obtain the wages that their human capital would command if they were non hispanic whites how much of the wage differentials described above are due to each of these factors and to other inter group differences in wage related characteristics in particular how much impact does labor market discrimination have on the average hispanic man s wage and how does this compare with discrimination against blacks this paper provides answers to these questions a few other efforts have been made to analyze the relative earnings of hispanic and white nonhispanic men using 1960 and 1970 census data fogel 1966 poston and alvirez 1973 poston alvirez and tienda 1976 long 1977 and gwartney and long 1978 we use more recent data from the 1976 survey of income and education this data set enables us to measure wage rates more accurately and to specify the wage function more completely than does the census unlike previous analysts in estimating the wage function we take account of possible selectivity bias due to the distinction between average wage offers and average observed wages thus we hope to obtain a more accurate and up to date measure of labor market discrimination against hispanic men section ii explains the method used to separate the minority white non hispanic wage differential into the portions due to differences in average characteristics and the portion due to differences in unobserved factors and discrimination taking into account the possibility of selectivity bias in the observed wage sample section iii describes the data used in the study and the specification of the wage equation the breakdown of the observed wage differentials into components due to differences in participation in the wage and salary sector local price levels average characteristics and discrimination are presented in section iv section v summarizes our findings and discusses their implications for efforts to improve the economic situation of hispanics in the united states

entrepreneurial women and men two different species the ability of the self employed to create additional job opportunities is a fundamental concern given the huge increases in public resources targeted at new venture creation in the u k and other countries since 1979 this study initially concentrates on identifying differences in the personal and demographic characteristics of women and men in four potential labour market states namely unemployment waged employment single self employment and job creating self employment it then goes on to consider labour market transitions over a four year period between 1991 and 1995 the key findings are firstly that women entrepreneurs are better educated than their male counterparts and secondly that flows into self employment were considerably higher for men than women furthermore proportionately three times as many male self employed in 1991 had gone on to become job creating self employed by 1995

finite mixture estimation of multiproduct cost functions this paper presents a technique of cost function estimation based on the theory of finite mixture distributions which allows for the simultaneous existence of multiple technologies of production when the researcher does not know which observations correspond to which technologies the finite mixture technique provides estimates of the proportions of firms using the various technologies facilitates comparisons between technologies and preserves the traditional interpretations of cost estimation after describing the mixture procedure the technique is illustrated on a large sample of savings and loan associations and it is concluded that this industry exhibits multiple technologies of production copyright 1991 by mit press

wto challenges and efficiency of chinese banks after joining the world trade organisation wto in december 2001 china was given 5 years to completely open up its banking market for international competition chinese banks have been renowned for their mounting nonperforming loans and low efficiency despite gradual reforms the banking system is still dominated by state ownership and encapsulated monopolistic control how to raise efficiency is a key to the survival and success of domestic banks especially the state owned commercial banks two important factors may be responsible for raising efficiency ownership reform and hard budget constraints this article uses a panel data of 22 banks over the period 1995 to 2001 and employs a stochastic frontier production function to investigate the effects of ownership structure and hard budget constraint on efficiency empirical results suggest that nonstate banks were 8 18 more efficient than state banks and that banks facing a harder budget tend to perform better than those heavily capitalized by the

the impact of cross ownership on the reaction of corporate investment and financing constraints a panel threshold model this paper studies whether or not investment decisions are financially constrained in a cross ownership system of taiwan different from the financial structure in the usa subsidiaries in taiwan are allowed to buy stocks of the parent companies hence the conventional debt to equity ratio is inappropriate to divide firms into high and low debt firms instead a new threshold variable the adjusted debt equity ratio ade is employed to divide the sample into high debt firms and low debt firms a panel of 115 taiwan listed firms for the period 1991 1997 is used evidence supports the cash flow hypothesis and ade has a notable significant influence on the financial constraints

employment determination in british industry investigations using micro data this paper derives and then estimates a model of employment where unions and firms bargain over wages and possibly employment and efficiency wage considerations may be important it illustrates the difficulties associated in interpreting many existing attempts to discriminate between alternative models the results based on over 200 u k firms suggest that employment is negatively related to the firm s own wage and the change in the own wage relative to outside opportunities the latter may be an efficiency wage effect various financial factors are also seen to have a significant effect on employment

job search and immigrant assimilation an earnings frontier approach this study examines labor market assimilation by measuring the information utilized by immigrants during job search assimilation is assumed to occur whenever such information increases with length of residence in the united states and repeated job searches the authors assert that information utilized during job search reduces differentials between actual and potential maximum attainable earnings coauthors are henry w herzog jr richard a hofler and alan m schlottmann copyright 1992 by mit press

incorporating the causes of occupational differences in studies of racial wage differentials this study provides a basic framework for incorporating the causes of occupational differences into analyses of racial wage differentials separating the influences of personal characteristics occupational choice and hiring discrimination on occupational attainment provides measures of the contributions of each to the racial pay gap the paper also considers the potential for bias in the wage equation estimates arising from self selection into occupations there are two generalfindings first correcting for self selection increases the importance of occupational distribution in explaining racial wage differentials second a proper accounting of the causes of these occupational differences yields discrimination measures that are higher than those that arise when occupational dummy variables are included in the wage equations and all the difference in occupational distribution is treated as nondiscriminatory

how well do theories of job matching explain variations in job satisfaction across education levels evidence for uk graduates using ordered probit estimation technique this paper examines the job satisfaction of recent uk graduates focussing primarily on explaining job satisfaction in terms of individuals matching to jobs with the match depending on reservation returns information sets and job offer rates only limited support can be found for the argument that job matching explains higher job satisfaction in addition stylizing graduates as a peer group who form satisfaction levels based on their rankings relative to each other we examine whether or not education quality which raises peer group status and increases the job offer rate is systematically related to job satisfaction the results broadly support the hypothesis that job satisfaction is neutral across graduates of different education qualities however our specification tests indicate that ordered probit estimation may not be fully appropriate for identifying the characteristics of those with high job satisfaction

income distribution in rice growing villages during the post green revolution periods the philippine case 1985 and 1998 this paper aims to examine changes in household income sources and its impact on household income distribution in the post green revolution periods in 1985 and 1998 in the rural philippines we found that there has been a structural shift of household income away from farm in favor of nonfarm labor income sources this finding indicates that rural development is being led by nonfarm sectors such a shift has resulted in an increase in household income inequality as the distribution of nonfarm income has become less equal over time and was markedly more unequal than that of farm income in 1998