Does underwriter reputation matter in the municipal bond market?

We examine the role of underwriter reputation in the tax-exempt municipal bond market. Using a large sample of 10,239 tax-exempt municipal bonds, we show that generally, reputation matters. Municipal bond issues lead managed by larger and more prestigious underwriters have significantly lower borrowing costs, lower yields, and lower underwriting gross spreads. Our results are consistent with the view that reputation facilitates underwriter activities that leads to reducing information asymmetries between borrowers and issuers in the municipal bond market. Our results are also consistent with larger and more reputable underwriters providing a certificatory role for issues underwritten by them.     

Domestic Implications of a Global Labor Market

Conventional thinking about labor markets has been slow to adjust to the reality of labor in a context of a global rather than a closed, national economy. Liberalization of international trade and capital flows has made substitution of foreign for domestic labor increasingly feasible. This has put downward pressure on reservation wages of unemployed workers. Also, the relatively easy substitution of foreign and domestic manufactured products relative to services has led to a dual economy in which manufacturing employment has been severely impacted by foreign competition while service employment has not. This has been amplified by the U.S.’ comparative advantage in high education and skills, which tends to be more characteristic of services than of manufacturing. This implies that low-skilled workers will be increasingly left behind unless they upgrade their skills in an increasingly competitive global economy. JEL Classification J400,F410     

Windows and Doors Around the World—The Global Market for Fenestration Products

A look at the global market for fenestration products JEL Classification L700     

Gender differences in job search among young workers: A study using displaced workers in the United States

This article investigates gender differences in job search, job tenure, and wages, whether these differences vary over the early part of the life‐cycle, and whether they are associated with fertility decisions. Using data from the National Longitudinal Survey of Youths on highly attached displaced workers aged 20 to 45, we find that 20‐ to 29‐year‐old women and women older than 40 experience longer spells of displacement than comparable men, but that time to a new job is similar by gender for those between 30 and 39 years of age. The age pattern in male–female wage differences in the post‐displacement job is similar, with the largest differences occurring at ages 20 to 29 and over 40. We find no gender differences in tenure in the post‐displacement job. We interpret the differences for the younger ages to be related to fertility and we provide evidence that supports this view.     

Fear Becomes the Unintended Consequence of Creativity/Innovation

Creativity and innovation are essential elements for growth in organizations to achieve a competitive advantage. Transformational leaders often exhibit traits reflective of being creative and innovative, thus creating a cultural climate that fosters, embraces, and produces effective change. That productive organizational atmosphere can become toxic and initiate unintended behavioral consequences. People are psychologically and physiologically attracted to stability. The continual burden to develop effective creativity and innovation outcomes creates organizational and individual stress. Stress, which unconsciously produces fear, develops from the initial pressure to create ideas and subsequent effective innovations. Next, anxiety is heightened relative to performance expectations. Finally, a successful innovation becomes an expectancy barometer, adding supplemental stress and anxiety about future ideas and initiatives. The unintended consequence of fear can manifest into resistance and an unconscious inhibitor in producing creativity and innovation.     

Contribution of associated trees to long-term species conservation,carbon storage and sustainability: a functional analysis of tree communities in cacao plantations of Central Cameroon

In Central Africa, most cacao is still cultivated in low-input agroforests where cacao associated trees are traditionally valued by farmers. These systems are sustainable on the long run, support biodiversity conservation and carbon storage. Yet, little knowledge exists on the contribution of tree community management to explain such results. In Central Cameroon, we investigated cacao agroforest associated tree community contributions to the long-term (i) maintenance of tree species encountering a conservation issue and (ii) carbon storage. We further simulated the simplification of these systems by checking for the effect of tree density decrease on community functional groups or traits. Finally, we linked farmers’ use of associated trees to their functional features and conservation status. Cacao agroforestry systems were able to combine high levels of species richness with long-term conservation abilities and carbon storage. Simplification emphasized consistent shifts of functional traits/groups that will change the way they function and alter the existing balances between different associated tree uses. Since traditional agroforests are now foreseen as providers of timber/non-timber forest products, our study argues that this paradigm change in such low-input systems - if carried improperly - is likely to impair the provision of the services they currently provide as well as their sustainability.     

Calendar effects in the London Stock Exchange FT–SE indices

This paper investigates the presence of various anomalies, or ‘calendar effects’, in the FT-SE 100, Mid 250 and 350 indices, and the accompanying industry baskets, for the period January 1986 to October 1992. Our results broadly support similar evidence found for many countries concerning stock market anomalies, for the ‘January’, ‘weekend’, ‘half of the month’ and ‘holiday’ effects all appear to be present in at least some of the indices.     

Identifying The Demand For Features: An Application To Mainframe Computers

This paper examines the mainframe computer market from 1985–1991 and attempts to identify the types of buyers that demand particular computer features, such as speed and memory. To identify these buyers, demand for computer characteristics is estimated using a demand model based on Rosen (1974). Through these demand estimates we are able to show that the advent of on-line transactions processing was pushing the demand for computer speed and memory to some extent. However, beyond this specialized application, only a few industries seemed to be demanding the newest technology, while the majority of buyers continued to buy small mainframes throughout the sample period.