THE INEQUALITY OF EMPLOYMENT AND SELF-EMPLOYMENT INCOMES: A DECOMPOSITION ANALYSIS FOR THE U.K.

U.K. employment and self-employment income inequality are analysed over 1979–94/95. Robust inequality decompositions reveal occupation to be a relatively important and hitherto neglected determinant of earnings inequality. In contrast, self-employment income inequality is harder to explain, although occupation is also the most important single factor in the mid-1990s. The paper also provides a novel implementation of a decomposition of changes in Kolm's inequality index.     

The Relative Earnings from Self and Paid Employment: A Time-series Analysis for the UK

We investigate the determinants of variations in the reported relative earnings of self-employed and paid-employed workers in the United Kingdom, focusing in particular on the significant decline which has taken place since 1980. We find that the main factors behind this decline have been the rise in the rate of self-employment itself and a reduction in the level of capital per self-employed worker; effects which we associate with a decline in the quality of the average self-employed business. Changes in the tax rates on income and in the sectoral composition of GDP helped to reduce the scale of the decline in self-employment relative earnings to some degree.     

Value Relevance of Earnings in an Emerging Capital Market: the Case of A-shares in China

This study investigates the value relevance of earnings in the emerging capital market of China by examining the information content of accounting earnings measured under the People's Republic of China Accounting Standards (PRC-GAAP). Based on the A-shares of listed Chinese firms during 1994–97, a significant association is observed between annual market-adjusted stock return and the change of earnings. Also documented is a significant price reaction to the annual earnings announcement in a three-day window centered around the announcement date. Overall, the empirical results suggest that earnings reported in China are value-relevant to A-share investors.     

Earnings, Schooling and Social Capital of Cooperative Managers

Abstract ** : This paper estimates a human capital model for co‐operative managers and compares the results with the social capital model, based on a questionnaire distributed in Portugal in 2003. The study disentangles the relative contributions of the two competing theories of earnings: the human capital and social capital theories, as applied to co‐operative managers. We conclude that co‐operative managers' earnings are a function of both theories. Policy implications are derived .     

Education, credentials, and immigrant earnings

Abstract.  Using 1981 to 2001 Census data, we study how the human capital of immigrants is rewarded in Canada. We distinguish between years of schooling and degrees obtained in order to estimate 'sheepskin' effects – the gain in earnings associated with receipt of a degree, controlling for years of schooling. We find that immigrant years of schooling and immigrant work experience accumulated before arrival is valued much less than Canadian experience of comparable natives. However, for immigrants the increase in earnings associated with completing educational programs is generally higher than that of comparable natives. We provide both signalling and human capital interpretations of this finding.     

Human capital theory and social capital theory on sports management

This paper analyzes sports managers' earnings and blends traditional aspects of management derived from human capital theory with new aspects derived from social capital theory. It captures the integrative and relational aspects of sports management. In 2000, the authors carried out a questionnaire in the Madeira Island. Data about the amateur sports managers were then taken from it. Results obtained verify that sports managers' earnings are function of both types of theoretical determinants posited by the human capital theory and the social capital theory. The authors conclude that both issues are determinants of sports managers' earnings.     

Survival of the Fittest? An Analysis of Self-Employment Duration in Britain

This paper uses data from the British Household Panel Survey to investigate the duration of self-employment spells in Britain. The results suggest that 40% of self-employment ventures started since 1991 have not survived their first year in business. Evidence is produced showing that a substantial proportion of self-employment spells are not terminated through bankruptcy, but through moves to alternative employment. The fittest, in terms of self-employment survival, are those with no previous unemployment experience but with some work experience, who quit their previous job, and who entered self-employment with some initial capital.     

Broadening the Right to Acquire Capital with the Earnings of Capital: the Missing Link to Sustainable Economic Recovery and Growth

This article presents a proposal to broaden the right to acquire capital with the earnings of capital as a means of promoting sustainable economic recovery and growth. It would open the markets for real and financial capital acquisition more fully and competitively to poor and working people (1) to distribute more broadly the earnings of capital and (2) to profitably employ more capital and labor. Both the recession and the strategies advanced to promote economic recovery may be viewed as responses to the prospect of inadequate present and future earning capacity of both consumers and producers (1) to purchase what can physically be produced and (2) to repay existent and anticipated debt obligations. To increase the prospects of sufficient, sustainable earning capacity, the proposal advanced in this article would extend to all people the same protections and benefits presently provided by government that facilitate market transactions whereby capital is acquired with the earnings of capital primarily for well-capitalized people. Although in theory, all people in a market economy are able to acquire capital with the earnings of capital, reliable empirical data reveal that as a practical matter, the major determinant of the ability of individuals to acquire capital with the earnings of capital is the existing distribution of capital ownership. The theory of “binary” economic growth underlying this proposal holds that the market return on capital is positively related to the distribution of capital acquisition with the earnings of capital. The prospect of a broader distribution of capital acquisition with the earnings of capital carries with it the prospect of more broadly distributed earning capacity in future years, which in turn will provide the market incentives to profitably employ more capital and labor in earlier years. The idea that the broader distribution of capital acquisition with the earnings of capital will promote growth is not found in any of the widely accepted theories and models of economic growth such as those proposed by Schumpeter, Solow, Roemer, and Lucas. By opening to all people the institutions of corporate finance, banking, insurance, government loans and guaranties, and monetary policy (the very institutions presently relied upon by the Federal Government to stimulate the economy) the practical ability to acquire capital with the earnings of capital can be more broadly extended to all people with the result that greatly enhanced prospects for greater and more broadly distributed earning capacity and growth can be reasonably expected and realized by all.     

Why do some firms contract out production? Evidence from firm-level panel data

This paper examines the determinants of self-employment and transitions from salaried employment to self-employment using two sets of Finnish data from the 1990s. The results show that capital constraints have only a minor effect on new business starts. Human capital, in the form of intergenerational links in self-employment and psychological factors play a much larger role. The paper also provides empirical evidence that less risk-averse workers are more likely to become entrepreneurs.     

REGIONAL SOCIAL ACCOUNTS FOR THE UNITED KINGDOM1

Estimates of gross domestic product have been produced by various writers or agencies for Scotland, Wales, and Northern Ireland, and for Wales there are estimates of expenditure also; but only a very tentative attempt has hitherto been made at estimates for the English regions, mainly because the data present difficulties. In the present investigation, in which the estimates in the Bluebook on National Income and Expenditure are partitioned between regions, item by item, a production method was first explored, but this was replaced by use of Inland Revenue data on employment and self-employment income, and production and miscellaneous sources on profits etc. Estimates of expenditure raise particular difficulties in regard to private capital formation and, for different reasons, some parts of public current expenditure. The estimates have been used to throw light on interregional variations in income produced per head and earnings per head, and their relation to activity rates and industrial structure. The flows of property income, and of public transfers of purchasing-power and benefits between regions are also explored, along with regional current balances and evidence bearing on differences in pressure of demand. Finally, the scope for the development of regional social accounting in the United Kingdom is discussed.     

Gender differences in social capital investment: Theory and evidence

This paper analyses individual social capital investment by extending the investment model of Glaeser et al. (2002) to allow for differing types of social capital. A dynamic solution to the individual's maximisation problem illustrates differences in social capital investment dependent on the conversion factor of investment. An empirical section finds that females invest more and derive greater wellbeing from this type of social capital investment; consistent with a higher conversion factor. The findings have implications for the work–life balance policies within firms and provide another explanation for gender differences in earnings.     

Lifetime Earnings, Discount Rate, Ability and the Demand for Post–compulsory Education in Men in England and Wales

Human capital theory suggests educational investments are made based on expected returns over the lifetime. Most other work in this field, particularly using British data, is based on demand models estimated in reduced form, with no earnings measures, or crudely constructed earnings measures, based on one or two earnings observations per individual.
We present a structural model of demand for educational investment which includes estimates of earnings paths for educational options as determinants of educational choice. This provides us with directly interpretable parameter estimates. The discount rate is also determined within our demand model.
Ability controlled earnings profiles are estimated by matching individuals from the General Household Survey to individuals in similar occupations from the National Child Development Survey (NCDS).
Our results show that expected earnings profiles vary according to observed ability and educational choice. Results from the demand model show that expected lifetime earnings have a significant impact on educational choice.
Other socio–demographic factors, particularly social class, also exhibit significant influences on the education decision. We estimate the discount rate to be lower than reported in other studies.     

Adverse selection as an explanation of credit rationing and different lender types

An adverse selection model is utilized to demonstrate that informational asymmetry may make it wealth optimal for the financial intermediary (FI) to credit ration and to rationalize the existence of different lenders in the credit market. The crucial assumption is that borrowers differ in their tolerance for a lender-imposed default penalty, the severity of which also varies with the lender. The credit rationing portion proves that the FI will: 1) be forced by a binding regulatory constraint to overinvest in capital; 2) ration its worst risk class borrowers; 3) establish its optimal loan interest rate on the basis of the average quality of its loans and the interest rate elasticity of the borrower demand in its best risk category; and 4) decrease the total loan volume and increase the loan interest rate due to an increase in the capital requirement, but the effect on the default risk quality of its loan portfolio is ambiguous. The existence result is that if a lender has a high default penalty, he can charge a lower rate and attract only “good” borrowers, i.e., heterogeneous lender types encourage the screening of borrowers and vice versa.     

Repayment performance of joint-liability microcredits: Metropolitan evidence on social capital and group names

This study empirically tests the predictions of four primary theories applicable to joint-liability microcredit programs’ repayment performance using an administrative data in a metropolitan setting. We introduce a new variable, group names, as a proxy for social capital to capture cooperation, solidarity, and drive for success, which shows a significant positive impact of 9.9% on repayment performance. Precise calculations of residential distance between group members show a deterioration of repayment performance by 1.1% with a 15-min increase in minimum walking distance. The results also show that joint liability, sectoral diversification, type of sector that the borrowers facilitate, the ratio of new members in a group, characteristics of loan officers, loan amount, interest rate, income-loan amount coverage ratio, the existence of senior members, average education, and diversity in income streams significantly affect repayment performance.     

社会资本对众筹项目融资成功率影响的实证研究

利用中国4个主流众筹平台(点名时间、众筹网、淘梦网、中国梦网)上的365个项目的信息以及318个项目发起人在两大社交平台(新浪、腾讯)上的社交网络数据,从众筹项目发起人的角度研究了其个人社会资本和地域社会资本对众筹项目融资成功率的影响。研究结果显示:发起人的个人社会资本和地域社会资本均与项目融资成功率正相关;整个融资过程中存在明显的地域歧视现象,且在融资临近截止期"地域歧视现象"最为显著。     

Can Human Capital Theory Explain why Nurses are so Poorly Paid?

This paper uses Australian Census data to examine the earnings of female professionals. Comparisons are made between Registered Nurses (RNs), Teachers, Social Professionals, Health Professionals and Business Professionals. Wage decompositions show that RNs earn significantly less than other female Professionals and that the observed differentials can not be explained by differences in human capital endowments. The evidence presented is strongly suggestive of monopsonist or oligopsonist power in the setting of nurse wages – with a manifestation being persistent labour market disequilibrium. Changing the relative reward structure for nurses may help address the on-going nursing 'shortage' in Australia, although further research in this area is called for.     

群组制度对P2P网贷平台借款成功率和借款利率的影响*——基于Prospercom样本数据的实证检验

2013年后,中国的P2P网络借贷（简称P2P网贷）异军突起,在激活金融要素和拓展投融资渠道的同时,也面临着不少理论与实践问题。本文将群组制度视为重要的社会资本,并以此为理论视角,对世界上规模最大的P2P网贷平台Prospercom①超过126万个借款标的进行实证检验,得出的主要结论是：加入群组,特别是加入借款标的经过群组组长审阅和信誉评分较高的群组,不仅能提高借款人获得贷款的成功率,而且能降低借款人的借款利率。本文认为,Prospercom的群组制度能够为中国P2P网贷平台健康发展提供有益的启示与借鉴。     

不同性别下岗工人创业时的社会资本比较

经济改革体制、产业结构调整引发国企职工下岗,由此产生下岗人群再就业的特殊问题,即将转变为市场化的体制下失业人群再就业的普遍问题.就业在未来十年将始终是热点问题.本文根据西部地区的调查资料,从社会性别视角,从西部下岗职工这一特定人群自谋职业入手,分析和比较不同性别的下岗职工创业时社会资本、体制和人力资本等方面的差异,来解释下岗者的社会资本与创业的关系,讨论如何帮助下岗者创业.最后提出未来改进的政策建议.     

社保基金投资组合的 定价效率和投资风险研究 基于股价同步性的实证检验

笔者利用2007年到2013年各个季度我国沪深两市A股交易数据,以股票价格收益率与沪深300指数收益率的同步性衡量股票的定价效率,通过实证模型分析社保基金投资对股票定价效率的影响。研究表明,当市场处于金融危机前后的牛市和熊市时,社保基金投资对股票定价效率无显著影响,当市场处于较平稳的阶段时,社保基金能显著提高股票的定价效率并降低了投资风险。这说明社保基金参与资本市场投资能提高我国资本市场的有效性。     

Expected Life-earnings Paths with and without Higher Education: The case of India

The paper analyses students' expectations of earnings with and without higher education at three career points: at entry to the labour force, at the five year point, and career peak, constructing paths of expected earnings. The estimated expected internal rates of return to investment in different types of higher education are quite high. Considering ratios of expected peak-year to entry earnings, the highest gradient is in the case of specialised/professional education. Similarly for the case of students of urban origin as compared with those of semi-urban or rural origin. Likewise, the gradient is relatively high in the case of students with an English medium of study compared with the case of students with Punjabi or Hindi. As expected, the gradient is higher for those who aspire to higher education than those who do not, in all three types of higher education. The association between expected peak earnings and the proportion of gains in earnings that take place in the first five years is negative in all cases; only expectations of sustained growth in earnings lead to the highest predicted peak earnings levels. The regression results suggest that socio-economic background, social capital, ability, and school-related variables significantly influence the formation of expectations about earnings.