Noncognitive skills, occupational attainment, and relative wages

This paper examines whether men's and women's noncognitive skills influence their occupational attainment and, if so, whether this contributes to the disparity in their relative wages. We find that noncognitive skills have a substantial effect on the probability of employment in many, though not all, occupations in ways that differ by gender. Consequently, men and women with similar noncognitive skills enter occupations at very different rates. Women, however, have lower wages on average not because they work in different occupations than men do, but rather because they earn less than their male colleagues employed in the same occupation. On balance, women's noncognitive skills give them a slight wage advantage. Finally, we find that accounting for the endogeneity of occupational attainment more than halves the proportion of the overall gender wage gap that is unexplained.     

Women's attitudes towards trade unions in the UK: a consideration of the distinction between full‐ and part‐time workers

This article considers the attitudes and experiences of female full‐ and part‐time workers towards trade unions. Expanding upon previous research it suggests that while the attitudes of full‐ and part‐time workers towards trade unions are similar, experiences of trade unions are not: they depend upon the employment context and work history. A life course perspective is advanced, which examines women's employment contexts and transitions between full‐ and part‐time work in order to further explain female part‐timers’ lower likelihood of unionising.     

Market Structure and Racial and Gender Discrimination:

The Annual Equal Employment Opportunity Reports and Current Population Survey files are used to examine employment and earnings by race and gender in the telecommunications industry following changes in the industry's affirmative action guidelines and following the divestiture of the American Telephone and Telegraph Company. Nonblack minority men were the only underrepresented group to experience marked employment gains as managers and professional. The relative employment probability of other underrepresented workers remained similar to the levels experienced during the implementation of affirmative action guidelines. Earnings differentials did decline for minority men and white women in the telecommunications industry. However, this finding is only unique to black men as the earnings pattern for white women and nonblack minority men mirror that found for these groups nationally.     

The Sorting of Female Careers after First Birth: A Competing Risks Analysis of Maternity Leave Duration

A number of contributions have found evidence that motherhood is a critical life event for women's employment careers. This study presents a detailed analysis for the duration of maternity leave in which young mothers can make a transition into different types of employment, unemployment as well as the next birth. We provide a comprehensive picture of the sorting mechanisms that lead to the differentiation of women's employment careers after birth. Our empirical evidence is derived from large‐linked administrative individual labour market data from Germany for a period of three decades. We obtain unprecedented insights into how women's skills, the quality of the previous job match, firm level characteristics, labour market conditions and leave legislation are related to the length of maternity duration. Expansionary leave policies, e.g. are found to be a key factor for the rising share of women who have their second child out of inactivity.     

MULTIVARIATE VOLATILITY MODELING OF ELECTRICITY FUTURES

We model the dynamic volatility and correlation structure of electricity futures of the European Energy Exchange index. We use a new multiplicative dynamic conditional correlation (mDCC) model to separate long‐run from short‐run components. We allow for smooth changes in the unconditional volatilities and correlations through a multiplicative component that we estimate nonparametrically. For the short‐run dynamics, we use a GJR‐GARCH model for the conditional variances and augmented DCC models for the conditional correlations. We also introduce exogenous variables to account for congestion and delivery date effects in short‐term conditional variances. We find different correlation dynamics for long‐ and short‐term contracts and the new model achieves higher forecasting performance compared \to a standard DCC model. Copyright © 2012 John Wiley & Sons, Ltd.     

Job losses and child outcomes

Based on matched employer–employee data from Norway, we analyze the effects of worker displacement in 1986–1987 on their children's earnings in 1999–2001. Using displacement of fathers to indicate an exogenous earnings shock we seek to identify whether family resources have a direct effect on children's economic outcome. Job losses appear to have a negative effect on earnings and employment of those affected, while we find no significant effects on earnings of the next generation.     

Gender,family and career in the era of boundarylessness: determinants and effects of intra- and inter-organizational mobility

Changes in patterns of long-term employment make understanding the determinants of different career forms increasingly important to careers research. At the same time, the rise of dual-earner families demands greater attention to the ways in which gender and family characteristics shape careers than has been paid by traditional research. This paper addresses these issues, examining the determinants and consequences of intra-organizational and inter-organizational mobility, using a sample of employees from dual-earner couples. We find significant gender differences in these different types of career mobility, and in the effect of family relations on different forms of mobility. Women experience more inter-organizational mobility, while men experience more intraorganizational mobility. Having more children positively influences men's intra-organizational mobility, but increases inter-organizational mobility for women. Marital instability increases intra-organizational mobility among women, but has no effect among men. Each form of mobility has distinctive effects on objective and subjective indicators of career success for both men and women. Moving between organizations tends to depress earnings, but has no effect on how successful people feel in their careers. Job changes within an organization increase earnings, but have a negative effect on perceived success.     

Exploring servant leadership across cultures: comparative study in Australia and Indonesia

Several problematic aspects of women's paid employment - e.g. low pay and lack of promotional opportunities - are exacerbated by the segregation of women and men into different occupations. In this article, the potential of in-store equal opportunities policies to break down such gender segregation will be explored, through consideration of the existence and implementation of these policies in twenty-two multinational retail companies in Dublin and Paris. It will be argued that, with one notable exception, the instore equal opportunities policies are effectively neutralized, and furthermore are neutralized in nationally specific ways which can be related to differences between France and Ireland in the organization of labour-market regulation and in women's labour-force participation (LFP). The case-study findings also suggest that the 'country' variable has a stronger effect on the existence and implementation of these policies than the extent of a shop's links to an overseas headquarters. The findings of this study have implications for both the equity of women's incorporation into the paid labour force and understanding of aspects of HRM in branches of multinational companies.     

A change in the earnings penalty for British men with working wives: Evidence from the 1980's and 1990's

Using pooled cross-sectional data from 1984–1989 and 1990–1995, two-stage (Tobit/OLS) regressions show that the penalty on male earnings for working wives, found in earlier research for British males in the early 1980's in managerial and other occupations, is not present in the second half of the 1980's and is largely reversed by the 1990's; in most occupational clusters, managers most notably, it is replaced by an earnings premium. The results are consistent with a view that increases in married women's labor force participation in Britain, coupled with positive assortative mating, have overwhelmed any forces tending to reduce male salaries when their wives work.     

Multivariate volatility forecasts for stock market indices

Volatility forecasts aim to measure future risk and they are key inputs for financial analysis. In this study, we forecast the realized variance as an observable measure of volatility for several major international stock market indices and accounted for the different predictive information present in jump, continuous, and option-implied variance components. We allowed for volatility spillovers in different stock markets by using a multivariate modeling approach. We used heterogeneous autoregressive (HAR)-type models to obtain the forecasts. Based an out-of-sample forecast study, we show that: (i) including option-implied variances in the HAR model substantially improves the forecast accuracy, (ii) lasso-based lag selection methods do not outperform the parsimonious day-week-month lag structure of the HAR model, and (iii) cross-market spillover effects embedded in the multivariate HAR model have long-term forecasting power.     

Informal employment and the earnings of home-based home care workers in the United States

Informal employment continues to exist in parallel with formal employment among the US home-based home care workers and undermines the workers' economic security. This study examines the extent to which the earnings of the US home-based home care workers are affected by informal employment arrangements and state labour policies designed to benefit low-wage home care workers. Using a sample of 1,318 home-based home care workers from the 2017 and 2018 Annual Social and Economic Supplement of the Current Population Survey, this study found that (i) informally employed home-based home care workers had a 9% reduction in annual earnings and that (ii) their earnings were not improved by generous state minimum wages and Domestic Workers' Bill of Rights while the earnings of agency employees were. The findings highlight the importance of strong enforcement of labour standards for informally employed home care workers in the United States.     

我国证券分析师盈利预测准确度实证研究

以我国2012—2014年非金融类上市公司为研究样本,考察证券分析师对上市公司盈利预测的准确度以及影响准确度的因素,结果表明：我国盈利预测平均准确度不高,盈利预测存在乐观偏误,盈利预测准确度有逐年增强的趋势;分析师热衷于对盈余平稳、预测难度低、运营前景较好的公司进行盈利预测;分析师对上市公司发布的报告数越多,预测准确度越高;公司规模越大、成长速度越快、盈利难度越低,分析师对其盈利预测的准确度越高;杠杆水平越高、历史盈余波动性越大的公司,分析师对其盈利预测的准确度越低,其中杠杆水平、盈利可预测性对分析师准确度的影响较大。     

On why the gender employment gap in Britain has stalled since the early 1990s

Using over four decades of British micro data, this article looks at how the narrowing gender employment gap stalled in the early 1990s. Changes to the structure of employment between and within industry sectors impacted the gap at approximately constant rates throughout the period and do not account for the stall. Instead, changes to how women's likelihood of paid work was affected by their partners' characteristics explain most of the gap's shift in trend. Increases in women's employment when they had children or achieved higher qualifications continued to narrow the gap even after it had stalled overall.     

Gender differences in job separation rates and employment stability: New evidence from employer-employee data

I analyze the job separation process to learn about gender differences in job separation rates and employment stability. An essential finding is that employer-employee data are required to identify gender differences in job separation probabilities because of labor market segregation. Failure to recognize this may potentially lead to statistical discrimination. Three important empirical results are obtained from the analysis. First, women have higher unconditional job separation probabilities. Second, there are no gender differences in job separation probabilities for employees working in similar workplaces. Finally, women's employment stability is relatively low because they are more likely to move from a job and into unemployment or out of the labor force, and less likely to make job-to-job transitions.     

Male-female earnings differentials among lawyers in Britain: a legacy of the law or a current practice?

On average, female solicitors earn only 56 per cent as much as men. An historical underrepresentation of women in the profession, differences in preferences and discrimination are the most frequently quoted explanations. The data cover private practice solicitors in Britain and are unusual in two respects: hours of work are distinguished by whether or not they are billed to clients and periods of parental leave are recorded. We find that a significant part of the pay-gap is due to women's limited access to partnership status and lower earnings growth once promoted. Fewer hours worked and billed and lower postqualification experience are also important. The results presented are consistent with labour market models that emphasise end-load compensation incentive systems where the extent to which compensation is deferred is greater for women.     

International Differences in Conditional Conservatism – The Role of Unconditional Conservatism and Income Smoothing

Abstract

Prior research documents that conditional conservatism, measured as the asymmetric timeliness of earnings reflecting bad vs. good news, varies with cross-country differences in institutional regimes. In this paper, we examine the determinants of conditional conservatism and related earnings attributes internationally. First, using panel data, we investigate whether competing earnings attributes such as unconditional conservatism and income smoothing affect conditional conservatism and its international differences. We find that these attributes are predictably correlated with conditional conservatism. Second, we address the question whether income smoothing and conditional conservatism are two fundamentally different earnings attributes. We show theoretically that both attributes yield different earnings distributions and that the motivations for producing earnings which possess these attributes differ. To test these predictions empirically, we calculate firm-specific time-series measures of asymmetric timeliness, using a novel trigonometric measure based on the standard Basu (1997)-type regression. Using this cross-sectional data, we test whether conditional conservatism and income smoothing are different and find them to be only weakly correlated for a broad international sample. Also, we demonstrate that income smoothing explains international differences in conditional conservatism. Finally, we estimate simple determinant models of conditional conservatism and income smoothing, showing that both earnings attributes are driven by different explanatory firm-level factors: Conditional conservatism increases with the importance of debt financing, while income smoothing increases with the importance of dividends. Despite some important limitations, we believe our results to be meaningful because they show that cross-country differences in conditional conservatism are influenced by the effects of other accounting properties, predominantly income smoothing. Especially, legal regime appears to drive income smoothing while losing its explanatory power for conditional conservatism when firm-specific factors are controlled for.     

Estimating and predicting multivariate volatility thresholds in global stock markets

We propose a general double tree structured AR‐GARCH model for the analysis of global equity index returns. The model extends previous approaches by incorporating (i) several multivariate thresholds in conditional means and volatilities of index returns and (ii) a richer specification for the impact of lagged foreign (US) index returns in each threshold. We evaluate the out‐of‐sample forecasting power of our model for eight major equity indices in comparison to some existing volatility models in the literature. We find strong evidence for more than one multivariate threshold (more than two regimes) in conditional means and variances of global equity index returns. Such multivariate thresholds are affected by foreign (US) lagged index returns and yield a higher out‐of‐sample predictive power for our tree structured model setting. Copyright © 2006 John Wiley & Sons, Ltd.     

Women and poverty: Beyond earnings and welfare

Women’s poverty rates are higher than men’s, with single mothers having extremely high poverty rates. This article first briefly examines poverty measures and U.S. poverty rates among men and women. The author then describes and evaluates three categories of economic research on poverty: the lack or inadequacy of employment and earnings; family structure and welfare; and earnings capacities, care-giving responsibilities and employment. Finally the author assesses the policies to alleviate women’s poverty derived from these explanations.     

Identifying Changes in Mean,Seasonality, Persistence and Volatility for G7 and Euro Area Inflation*

We propose an iterative decomposition that tests and accounts for multiple structural breaks in the mean, seasonality, dynamics and conditional volatility, while also accounting for outliers. Considering each component separately within each iteration leads to greater flexibility compared with joint procedures. Monte Carlo analysis shows the procedure performs well. Applied to monthly CPI inflation in G7 countries and the Euro area, we uncover mean and seasonality breaks for all countries and, allowing for these, changes in persistence are generally also indicated. Further, volatility reductions are widespread in the early to mid 1980s, with some countries exhibiting increases from 1999 onwards.     

Self‐employment among women: Do children matter more than we previously thought?

This paper presents an estimation approach that addresses the problems of sample selection and endogeneity of fertility decisions when estimating the effect of young children on women's self‐employment. Using data from the National Longitudinal Survey of Youth 1979, 1982–2006, we find that ignoring self‐selection and endogeneity leads to underestimating the effect of young children. Once both sources of biases are accounted for, the estimated effect of young children roughly triples when compared to uncorrected results. This finding is robust to several changes in the specification and to the use of a different dataset.