bluuebunny/crossref_metadata_2025_split huggingface dataset:
From the Drive System to the Capital‐Labor Accord: Econometric Tests for the Transition between Productivity Regimes
Authors: Gordon David M. 
Published: March 2003

This article explores the emergence and consolidation of a new system of labor relations and productivity “regimes” in the United States in the 1930s and 1940s. Was there a clearly identifiable transition in the U.S. between the “drive system,” which had structured labor relations after the turn of the century, and the “capital‐labor accord” that came to dominate the organization of production after World War II?This article begins with a review of comparative international data. The U.S. economy achieved a major surge in relative productivity growth rates between the late 1930s and early 1950s, not attributable exclusively to wartime production itself.The hypothesis that U.S. productivity growth accelerated beginning in the late 1930s as a result of the institutionalization of a new set of production relations, the capital‐labor accord, which formed one of the principal buttresses of the postwar social structure of accumulation (SSA), is formally tested. The econometric analysis supports the conclusion that this new set of production relations first took hold during the 1930s and 1940s, and that it can be distinguished clearly from the drive system prevailing from the turn of the century through the 1920s. It thus provides a formal econometric basis for tracing the transition between productivity regimes.
An Asymptotic Theory for Estimating Beta‐Pricing Models Using Cross‐Sectional Regression
Authors: Jagannathan Ravi , Wang Zhenyu 
Published: March 2003

ABSTRACTWithout the assumption of conditional homoskedasticity, a general asymptotic distribution theory for the two‐stage cross‐sectional regression method shows that the standard errors produced by the Fama–MacBeth procedure do not necessarily overstate the precision of the risk premium estimates. When factors are misspecified, estimators for risk premiums can be biased, and the t‐value of a premium may converge to infinity in probability even when the true premium is zero. However, when a beta‐pricing model is misspecified, the t‐values for firm characteristics generally converge to infinity in probability, which supports the use of firm characteristics in cross‐sectional regressions for detecting model misspecification.
Number of Shareholders and Stock Prices: Evidence from Japan
Authors: Amihud Yakov , Mendelson Haim , Uno Jun 
Published: March 2003

AbstractMerton (1987) proposes that an increase in a firm's investor base increases the firm's value. In Japan, companies can reduce their stock's minimum trading unit—the number of shares in a “round lot”—which facilitates trading in the stock by small investors. We find that a reduction in the minimum trading unit greatly increases a firm's base of individual investors and its stock liquidity, and is associated with a significant increase in the stock price. Further, the stock price appreciation is positively related to an increase in the number of shareholders.
Can the Gains from International Diversification Be Achieved without Trading Abroad?
Authors: Errunza Vihang , Hogan Ked , Hung Mao‐Wei 
Published: March 2003

ABSTRACTWe examine whether portfolios of domestically traded securities can mimic foreign indices so that investment in assets that trade only abroad is not necessary to exhaust the gains from international diversification. We use monthly data from 1976 to 1993 for seven developed and nine emerging markets. Return correlations, mean‐variance spanning, and Sharpe ratio test results provide strong evidence that gains beyond those attainable through home‐made diversification have become statistically and economically insignificant. Finally, we show that the incremental gains from international diversification beyond home‐made diversification portfolios have diminished over time in a way consistent with changes in investment barriers.
Bank Deposit Rate Clustering: Theory and Empirical Evidence
Authors: Kahn Charles , Pennacchi George , Sopranzetti Ben 
Published: March 2003

ABSTRACTLike security prices, retail deposit interest rates cluster around integers and “even” fractions. However, explanations for security price clustering are incompatible with deposit rate clustering. A theory based on the limited recall of retail depositors is proposed. It predicts that banks tend to set rates at integers and that rates are “sticky” at these levels. The propensity for integer rates increases with the level of wholesale interest rates and deposit market concentration. When banks set noninteger rates, rates are more likely to be just above, rather than just below, integers. The paper finds substantial empirical support for the theory's implications.
Counterparty Risk and the Pricing of Defaultable Securities
Authors: Jarrow Robert A. , Yu Fan 
Published: March 2003

ABSTRACTMotivated by recent financial crises in East Asia and the United States where the downfall of a small number of firms had an economy‐wide impact, this paper generalizes existing reduced‐form models to include default intensities dependent on the default of a counterparty. In this model, firms have correlated defaults due not only to an exposure to common risk factors, but also to firm‐specific risks that are termed “counterparty risks.” Numerical examples illustrate the effect of counterparty risk on the pricing of defaultable bonds and credit derivatives such as default swaps.
Chapter Three: The Emergency of Verbal Morphology
Authors: Bardovi‐Harlig Kathleen 
Published: March 2003

Tense‐Aspect Morphology in European Languages, p.96Tense‐Aspect Morphology Related to Past in English, p.104The Acquisition of Tense‐Aspect Morphology, p.111Longitudinal Studies of the Acquisition of Tense‐Aspect Morphology, p.114Cross‐Sectional Studies of the Acquisition of Tense‐Aspect Morphology, p.120A Study of the Emergence of Tense‐Aspect Morphology Related to Past in English, p.126Method, p.127Analysis and Results, p.138Comparing Meaning‐Oriented and Form‐Oriented Approaches, p.184Chapter Summary, p.186
The Photogrammetric Society Analogue Instrument Project: A Sixth Extract
Authors: Burnside C. D. 
Published: March 2003

The paper entitled The Photogrammetric Society Analogue Instrument Project was published in The Photogrammetric Record, 14(82): 565‐582 and contained, as Appendix A, an extract from the Archive concerned with the history of the Zeiss Stereoplanigraph in Great Britain. Further extracts have appeared in each of the subsequent issues.This extract, the sixth of the series, completes the history of the use of the various types of Wild instrument in the United Kingdom. It is concerned with the later post‐war instruments, in numerical order, from the A7 Autograph to the A10 and therefore includes a note on one of the most popular and successful analogue plotting instruments ever produced, the Wild A8 Stereoplotter.At the moment, none of the instruments dealt with in this extract appear to be under immediate threat. However, their role as production instruments is fading fast in most organizations but they are being retained, often for training purposes.The Archive contains no mention of the last and most refined range of analogue instruments produced by Wild as their Aviomap (AM) series. With the benefit of hindsight it is now obvious that, at the time of their introduction, the transition from analogue to analytical techniques was about to take place at an accelerating pace. There is therefore no entry in the Archive for any AM or AM‐U instrument; none (or perhaps only a very few) seem to have been imported into the United Kingdom.
Welfare Reform: Assessing its Political, Economic, and Social Effects
Authors: Condrey Stephen E. 
Published: March 2003

Books reviewed:Rebecca M. Blank, It Takes a Nation: A New Agenda for Fighting PovertyAnne Marie Cammisa, From Rhetoric to Reform?: Welfare Policy in AmericanPoliticsMartha Shirk, Neil G. Bennett, and J. Lawrence Aber, Lives on the Line: American Families and the Struggle to Make Ends MeetRobert M. Solow, Work and Welfare
Book Reviews: Values for Public Administration Renewal
Authors: Stever James A. 
Published: March 2003

Books reviewed:Richard Stillman II, Creating the American State: The Moral Reformers and the Modern Administrative World They Made.Camilla Stivers, Bureau Men, Settlement Women: Constructing Public Administration in the Progressive Era.David H. Rosenbloom, Building a Legislative‐Centered Public Administration: Congress and the Administrative State—1946–1999.
Welding Robots for Steel Frame Structures
Authors: Yoshikawa Kaoru , Tanaka Kazuo 
Published: March 2003

It is difficult to automate the fabrication of steel frames because steel frames are generally nonuniform in size and shape and are composed of many kinds of members. However, robots have been introduced to a certain extent in the welding process.This paper consists of the following two parts: First, a description is given of the development of welding robots that carry out multilayer welding of thick diaphragms on box columns. We tried many welding experiments for various thicknesses of plates combined with different welding root gaps in order to determine appropriate welding conditions. In designing the system, we examined efficiency and various problems associated with welding operations. As a result, we obtained welding that was satisfactory in terms of both quality and cost–effectiveness. Second, the plates used on the connections of steel columns are very thick in comparison with the short welding line length. It is therefore difficult to introduce complete automation for welding these connections. We developed a welding system applicable in such a case using some six axis articulated welding robots. The robots operated well, permitting continuous and automated welding in practice.
Helping Teachers Formulate Sound Test Accommodation Decisions for Students with Learning Disabilities
Authors: Fuchs Lynn S. , Fuchs Douglas 
Published: March 2003

This paper introduces a data‐based approach as an alternative way to help teachers formulate decisions about the validity of test accommodations for students with LD. Three rationales for the approach are provided: (a) an inadequate research base to guide decision‐making; (b) the heterogeneity of the LD population; and (c) problems with teachers' use of subjective judgment. Well‐controlled studies on test accommodations are too scarce to draw firm conclusions about effects for the group of students labeled learning disabled (LD). Moreover, in light of the heterogeneity of learning disabilities, the individual, rather than the LD label, may be the more appropriate unit for deciding which test accommodations preserve the validity of test scores for students with LD. In this paper, we provide a rationale for a data‐based approach to help teachers formulate decisions about the validity of test accommodations for individual students with LD. Then we describe an objective assessment process teachers may use in determining valid test accommodations. We conclude with recommendations for practitioners.
Nymphea: from psychic breakdown to the emergence of subjectivity
Authors: Martin–Vallas François 
Published: March 2003

In the first part of the paper the author presents an account of the analysis of a woman who is psychically extremely disturbed. This clinical presentation focuses on the unfolding of the transference process, and on the countertransference difficulties encountered during the course of the treatment which lasted more than ten years.In the second part of the paper the author proposes a theoretical approach to the breakdown experienced by the patient, and puts forward the hypothesis that there was insufficient differentiation between her internal objects and the archetypes, and that this prevented the development of symbolization. The author proposes the idea of a collapse between internal and external objects, which destroys the space necessary for representation and symbolization that normally arise between the two poles of the object.The account of this transference process between the analyst and the patient is thus seen as the account of the (re)construction of true internal objects, and of the resumption of a symbolic process to make possible the development of subjectivity.
G@RCH 2.2: An Ox Package for Estimating and Forecasting Various ARCH Models
Authors: Laurent Sébastien , Peters Jean–Philippe 
Published: March 2003

This paper discusses and documents G@RCH 2.2, an Ox package dedicated to the estimation and forecast of various univariate ARCH–type models including GARCH, EGARCH, GJR, APARCH, IGARCH, FIGARCH, HYGARCH, FIEGARCH and FIAPARCH specifications of the conditional variance and an AR(FI)MA specification of the conditional mean.These models can be estimated by Approximate (Quasi) Maximum Likelihood under four assumptions: normal, Student–t, GED or skewed Student errors. Explanatory variables can enter both the conditional mean and the conditional variance equations. h–step–ahead forecasts of both the conditional mean and the conditional variance are available as well as many mispecification tests.We first propose an overview of the package’s features, with the presentation of the different specifications of the conditional mean and conditional variance. Then further explanations are given about the estimation methods. Measures of the accuracy of the procedures are also given and the GARCH features provided by G@RCH are compared with those of nine other econometric softwares. Finally, a concrete application of G@RCH 2.2 is provided.
Democracy in Practice: Muslims and the Labour Party at the Local Level
Authors: Purdam Kingsley 
Published: March 2003

This article examines the nature of Muslim mobilisations in local party politics and the broader question of political representation in local democracy. Drawing on original qualitative and quantitative survey data, the Muslim presence in local politics in Britain is documented and the nature of some of the tensions concerning their membership of local Labour parties is examined. It is clear that some concerns over whether the strategies used by Muslims to secure political presence in local politics are legitimate but there are also incumbent problems of discrimination, exclusion and stereotyping. This research suggests that there is a general feeling among Muslim councillors that Muslims have been unfairly accused of illegal practices of recruitment and have been treated unfairly within their local parties to an extent that goes beyond simple party and candidate competition. The article argues that while there is a need to ensure that all participation is democratic the concerns of Muslims themselves and the discrimination they have encountered should be addressed.
The Local Government Review: An Inter‐Organizational Perspective
Authors: Leach Steve 
Published: March 2003

This article uses Benson’s ‘political economy’ model of inter‐organizational relations to interpret inter‐authority relationships during the course of the local government review process in England (1992‐95) and in particular to explain the preparedness of large numbers of district councils to support proposals which implied their own destruction. Six more specific influences are identified which led to this outcome:(i) The changing pattern of expectations and perceived possibilities as the Review progressed.(ii) The conflictual context of relations within the network linking individual counties and districts, and their respective associations.(iii) The influence of the districts’ national representative body ‐ the ADC ‐ which was arguing strongly for a ‘super‐district’ solution.(iv) The plausibility of the view of some mergers as de facto takeovers of one authority by another.(v) The special nature of local authorities as (party) political institutions as well as public sector bureaucracies.(vi) The rationing of information through central‐local networks, in the context of ‘unclear rules’.It is concluded that with certain modifications Benson’s framework provides a helpful explanatory mechanism.
Perceptions Of Federal Management In The Clinton Era
Authors: Bingman Charles F. , Pitsvada Bernard T. 
Published: March 2003

This article examines aspects of planning, budgeting and reorganization in order to evaluate what improvements have been undertaken during the Clinton presidency to improve government performance in the United States national government 1 . The authors develop a model of government reform based upon a series of escalating steps. These are: (1) internal government improvements; (2) fundamental restructuring and reorganization of agency operations; (3) programme reforms, driven by internal management; (4) programme reforms – driven by policy and political change; (5) reform of the political system itself. The authors conclude that while the National Performance Review and Government Performance and Results Act are the centre‐pieces of this effort, reform will continue in the US after NPRand GPRA wither away because the time is right for reform for a variety of reasons discussed in the article. The findings are then focused in a broader context in terms of their applicability to western democracies which could result in smaller more successful governments in the twenty‐first century.
Toward the development of benchmarking tools for R&D project management
Authors: Coombs Rod , McMeekin Andrew , Pybus Roger 
Published: March 2003

This paper presents an audit model for the process of R&D project management that can be used to check the robustness and repeatability of processes and provide a template for internal and external benchmarking. The intention is to offer a ‘fine‐grained’ model focusing rather closely on the R&D activities within the broader innovation process, thus complementing the more widely based innovation audit models that already exist.Based on field‐work in six business units in ICI and five companies from other industries, the paper sets out three major variants of the R&D project management process. These variants reflect the fact that R&D projects take place in different circumstances and have different objectives.
Redistribution with Unobservable Bequests: A Case for Taxing Capital Income
Authors: Boadway Robin , Marchand Maurice , Pestieau Pierre 
Published: March 2003

This paper addresses the question of the optimal taxation of labour and interest income in an overlapping generations model with two unobservable characteristics, ability and inheritance. We assume realistically that saving can only be taxed anonymously, whereas the tax on labour earnings can be individualized and made non‐linear. In such a setting, we show that a withholding tax on interest income along with a non‐linear tax on labour income is desirable. The role of interest income taxation is to indirectly tax inherited wealth.JEL Classification D63, H2
Insider Bargaining Power, Starting Wages and Involuntary Unemployment
Authors: Gottfries Nils , Sjostrom Tomas 
Published: March 2003

Recent studies of wage bargaining and unemployment have emphasized the distinction between insiders and outsiders, and that unions act in the interest of insiders. Yet it is typically assumed that insiders and recently hired outsiders are paid the same wage. We consider a model where the starting wage may differ from the insider wage, but incentive constraints associated with turnover affect the form of the contract. We examine under what conditions the starting wage is linked to the insider wage so that increased bargaining power of insiders raises the starting wage and reduces the hiring of outsiders. JEL classification: J23; J31; J33
Optimal Financial Structure: An Incomplete Contracting Model
Authors: Leite Tore 
Published: March 2003

The financial structures of firms observed in practice typically consist of debt claims of different priority and maturity, and outside equity with unconditional control. A simple model is developed in which this type of complex financial structure arises endogenously as a mechanism to allocate control and cash flow rights among the firm's manager and its investors. While short‐term debt commits the manager to liquidate the firm in low profit states, outside equity with unconditional control allows investors to seize control in states where the manager otherwise would pursue low profit projects with high private benefits of control. Finally, long‐term (junior) debt creates a debt overhang that protects the manager from excessive shareholder involvement. JEL classification: G32
Evaluating Social Policy by Experimental and Nonexperimental Methods
Authors: Bratberg Espen , Grasdal Astrid , Risa Alf Erling 
Published: March 2003

Although it is important to establish causal relationships in social policy evaluation, the effects are difficult to observe due to sample selection. To evaluate the performance of estimators designed to handle sample selection bias, we analyse data from a Norwegian rehabilitation project with a randomised experimental design. The data permit us to compare the performance of different nonexperimental estimators with the experimental results. In our case study we find that nonexperimental evaluation based on sample selection estimators with selection terms that fail to meet conventional levels of statistical significance is highly unreliable. The difference in difference estimator and propensity score matching estimators perform better in our context. JEL classification: C51; J24; H43; I12
Weak and Strong Signals
Authors: Riley John G. 
Published: March 2003

Akerlof, Spence and Stiglitz showed that competitive markets can perform very poorly in the presence of informational asymmetry. In this paper I show that if there is a signaling technology which is sufficiently strong (i.e., the marginal cost of signaling declines sufficiently rapidly with quality) the cost of sorting is low and a Nash equilibrium exists. Empirically testable necessary and sufficient conditions for existence are derived. I further show that if Akerlovian participation constraints are added to a signaling model there is a minimum signaling threshold. Finally I argue that these conclusions hold regardless of whether it is the uninformed or informed agents who move first. JEL classification: D8
Technological Complexity, Wage Differentials and Unemployment
Authors: Dalmazzo Alberto 
Published: March 2003

A model is developed to analyse the relation between wages and technological complexity, as characterised by the “O–ring” theory of production. In equilibrium, the adoption of a relatively complex technology induces the employer to pay higher wages. We argue that the model can explain increased within–group wage inequality as a consequence of increased technological heterogeneity among firms. JEL classification: J31; O33