WHAT IS THE EFFECT OF HOUSEWORK ON THE MARKET WAGE,AND CAN IT EXPLAIN THE GENDER WAGE GAP?

Abstract Does housework reduce the market wage, and if so, does it have a similar impact for males and females? In this paper, we survey and evaluate the recent and growing empirical literature on the linkages between housework and the wage rate. The review is motivated by unexplained gender wage gaps across studies, which consider personal and market‐related factors. We focus on this less‐studied aspect of wage determination. We consider the required modelling framework, and provide standardized estimated effects of housework on the hourly wage across studies. We evaluate how this literature has addressed potential estimation problems, in particular, the endogeneity of housework, concavity of the housework–wage function, threshold effects and work effort effects. We conclude that the evidence across ordinary least squares, instrumental variable, fixed effects and two‐stage least squares results casts serious doubt on the idea that the negative female housework–wage relationship is only driven by endogeneity bias or individual‐specific characteristics. Yet, much more needs to be done to address modelling and data requirements, and we point out likely and promising future research directions.     

Subsidization of S&Ls under the flat-rate deposit insurance system: Some empirical estimates

This study provides some estimates of the magnitude of the subsidies extracted by S&L holding companies under the present flat-rate deposit insurance system. The results suggest that the flat-rate deposit insurance system induces substantially uneven and inequitable distribution of subsidies among thrift institutions. The analysis of the thrift institutions' asset volatilities over the 1966–1988 period does not support the claim that deregulation of the industry has led to a systematic increase in risk-taking in the industry. On the other hand, we find that a large fraction of the asset volatilities are attributable to firm-specific investment policies and that the risk of the institutions' assets change considerably over time. Taken as a whole, the results suggest that switching to a risk-based deposit insurance system would be economically more efficient than the present scheme. We provide some recommendations for policy changes that can increase the efficacy of risk-based insurance by increasing the level of monitoring by depositors and the financial markets.     

Older age underwriting: frisky vs frail

The speed of the aging process is variable. Some individuals remain exceptionally fit beyond age 90, while others become frail and fragile early. Survival is better predicted by biological age (state of health, status of reserves) rather than chronological age (age in years since date of birth). The frail group shows a higher mortality compared to the robust group. When assessing the elderly in underwriting, it is important to note the usual chronic diseases such as cardiovascular disease, COPD, cancer risk, and so on. But because of its strong impact on prognosis, it is also important to assess frailty. Key features of frailty are social isolation, dependency in managing life activities and self-care, cognitive decline, shrinking of bone and muscle mass, and slow weight loss.     

Analyst Earnings Forecast Revisions and the Pricing of Accruals

We investigate the relation between two market anomalies to provide insights into analysts role as information intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the accrual and forecast revision strategies generate hedge returns of 15.5% and 5.5% when implemented independently. Strikingly, a combined strategy that uses forecast revisions to refine the accrual strategy generates a hedge return of 28.5%. Firms with consistent accrual and forecast revision signals have less persistent accruals and earnings. We also find that accruals can be used to refine the forecast revision strategy—high accruals are associated with overoptimism in analyst forecasts. Our findings indicate that although forecast revisions reflect information about accrual and earnings persistence beyond that reflected in the level of current year accruals, investors do not fully incorporate this information into their valuation assessments.     

The Value of Biodiversity in Pharmaceutical Research with Differentiated Products

Biologists and conservation advocates have expressed grave concern over perceived threats to biological diversity. ``Biodiversity prospecting' – the search among naturally occurring organisms for new products of agricultural, industrial, and, particularly, pharmaceutical value – has been advanced as both a mechanism and a motive for conserving biological diversity. Economists and others have attempted to estimate the value of biodiversity for use in new pharmaceutical project research. In this paper we apply a new approach to estimating values: we employ two models of competition among differentiated products. Each model confirms previous findings that the value to private researchers of the ``marginal species' is likely to be small. The models can have very different implications with respect to social values, however. These findings underscore the need for a better understanding of the true meaning of diversity.Resources for the Future     

Research Applications of the Multifamily Housing Institute's Apartment Database

Data on the financial performance of multifamily rental housing has not been available nearly as long as such information for single-family housing. It is believed that this lack of information has increased the cost of debt and equity capital to apartment housing and thus has increased the rents paid by apartment residents. Data on apartments, which is now becoming available through an industry-sponsored initiative, has the potential of narrowing this information gap. This article has several objectives: to describe this new database, AptData^TM, to housing researchers to assess the strengths and weaknesses of AptData^TM for housing market and policy research, to compare estimates from AptData^TM with those from other sources, and to offer several potential research applications of this new data resource.     

Diversity in organizations: Where are we now and where are we going?

A great deal of research has focused on workforce diversity. Despite an increasing number of studies, few consistent conclusions have yet to be reached about the antecedents and outcomes of diversity. Likewise, research on different dimensions of diversity (e.g., age, race, gender, sexual orientation, disability, and culture) has mostly evolved independently. Therefore, the purpose of this review is to examine each of these dimensions of diversity to describe common themes across dimensions and to develop an integrative model of diversity.     

The future of the uplands

Upland areas provide UK society with many important functions, goods and services, but have experienced a number of disturbing trends and face an uncertain future. This paper outlines historic, current and future drivers of environmental, economic, socio-cultural and policy change in UK uplands, and assesses how these have affected or are likely to affect ways in which land is used and the provision of ecosystem services. Information is synthesised into scenarios summarising a range of possible futures anticipated for UK uplands to 2060 and beyond. Finally, innovations in science, technology, governance and policy are evaluated that could enable uplands to continue providing key ecosystem services under a range of scenarios. The paper concludes that many upland areas will need to be prepared for significant reductions in grazing and prescribed burning. Conversely, other areas could experience agricultural intensification, for example significant increases in grazing or an expansion of arable or bioenergy crops into upland valleys, due to anticipated increases in global demand for food and energy. These scenarios will take place in the context of climate change. Many may take place together and may interact with each other, with complex and unpredictable implications for the upland environment, economy and society. In this context, a number of advances are needed in science, technology and policy to maintain viable upland communities and the future provision of ecosystem services. These may include funding for ecological and hydrological restoration via carbon offsetting or other means. It may also involve advances in ecosystem service modelling, mapping and valuation, which through stakeholder participation could facilitate more integrated rural planning. New forms of environmental governance need to be explored that can empower those interested in developing upland economies to maintain thriving upland communities, while managing the ecosystem services they provide as efficiently as possible.