2½ Proposals to Save Social Security*

This is a review article of three books that deal with the problems facing the U.S. Social Security system. One deals with the OASDI (Old-Age, Survivors and Disability Insurance) financial shortfall and proposes an alternative plan with both a tier one benefit and a tier two provision based on personal saving accounts. A second considers the social insurance system more comprehensively, arguing for a grand reform that would include new programs, particularly in the areas of child care and housing. A third largely confines itself to arguing against those who wish to change the OASDI plan because of the financial projections, although it also argues for a more comprehensive health care insurance system. The review concludes that key differences expressed in the books, particularly between the first and third, rest on different value judgments regarding intergenerational equity and the role of government.     

Children as Economic Agents

A generational perspective recognizes that children have preferences which may differ systematically from those of adults, and, furthermore, that a children's standpoint should be recognized by scholars and activists and incorporated into policy targeted at children and their families. Economics has not considered children as agents because of their lack of power relative to adults. The implications of recognizing children's agency are explored for the case of children's paid and unpaid labor force and household work.     

Women in the Labor Market (Volumes I and II), edited by Marianne A. Ferber

Abstract

European states vary in eldercare policies and in gendered norms of family care, and this study uses these variations to gain insight into the importance of macro-level factors for the work–care relationship. Using advanced panel data methods on European Community Household Panel (ECHP) data for 1994–2001, this study finds women's employment to be negatively associated with informal caregiving to the elderly across the European Union. For the countries included in the study, the effects of informal caregiving seem to be more negative in Southern Europe, less negative in Nordic countries, and in between these extremes in Central Europe. This study explains that since eldercare is a choice in countries with more formal care and less pronounced gendered care norms, the weaker impact of eldercare on women's employment in these countries has to do with the lesser degree of coercion in the caring decision.     

Payout Policy Tax Clienteles,Ex‐dividend Day Stock Prices and Trading Behavior in Germany: The Case of the 2001 Tax Reform

This paper examines the impact of the German 2001 tax reform, where Germany switched from a full imputation system to a classical system. Theory suggests that both price drop ratios and trading volume decrease following the reform. We document a significant reduction in the valuation of net dividends–in particular for high dividend yield stocks–and weakening payout policy tax clienteles. Ex‐dividend day returns are likely to be driven by short‐term traders. Though the reform removed incentives for cross‐border dividend stripping and reduced tax heterogeneity among investors, we show that the high trading volume around ex‐dividend days persists.     

Neither Mothers Nor Breadwinners: African-American Women's Exclusion From US Minimum Wage Policies, 1912-1938

We examine two key US labor market policies: state-level minimum wages for women from 1912-23 and the federal minimum wage established under the Fair Labor Standards Act of 1938. Each of these regulations implicitly defined which groups were and were not expected to conform to the hegemonic male breadwinner/female homemaker model of gender relations. In fact, social reformers and labor leaders advocated these policy measures as a means of extending the male-breadwinner family to recent European immigrants and white southerners. The male-breadwinner family and public policies designed to foster it became one means of defining a commonality of whiteness among different ethnic groups during a period of assimilation. Through the inclusion and exclusion of particular occupations and industries, African-American women were assigned a subordinated gender identity as neither full-time mothers nor legitimate breadwinners. They responded by forging their own gender identity as co-breadwinners.     

Herding in analyst earnings forecasts: evidence from the United Kingdom

We present an empirical analysis of herding behavior in analyst forecasts of earnings-per-share. Herding is defined as 'excessive agreement' among analyst predictions, i.e., a surprising degree of consensus relative to the predictability of corporate earnings. The data are for U.K. companies between 1986 and 1997. We examine the effects of forecast horizon and analyst coverage on forecast accuracy and dispersion. The evidence supports overoptimism, overreaction, and herding in analyst forecasts.
G1, G14     

Conceptualising Union Responses to Contracting Out Municipal Services, 1979–97

Competitive tendering between 1979–97 has forced municipal trade unions to reconsider their roles, organisation, and the constituencies they address. Union responses to these dilemmas are categorised into three central themes. Results contribute to refining debates both on intra-union relations and models of union development.     

Group Processes and Performance and Their Effects on Individuals' Ethical Frameworks

This paper explores the influence of group context on the ethical predispositions of group members. Results indicate that groups exert a powerful influence on individuals' ethical frameworks, and that the patterns of these influences differ depending on the type of ethical framework involved. Individuals' ethical utilitarianism was affected by both leadership style and group cohesiveness. Ethical formalism was most affected by the leadership style in the group.