Are Union Wage Differentials in the United States Falling?

This paper addresses several estimation and specification issues in estimating union wage differentials in the United States over the last two decades. Estimates provide strong evidence of a decline in the differential for women. For men, the differential appears to have declined for a person with overall average characteristics, but not for a male with characteristics of the average unionized male.     

What is driving increases in dietary quality in the United States?

Over 1994–2010, adult dietary quality in the United States increased by 10 percent. We find a shift in consumption between at-home and away-from-home food played a relatively minor role as compared to changes in demographics and educational attainment. The two largest contributors we identify include an increased usage of nutritional information and a shift away from relying heavily on price, taste, storability and ease of preparation when shopping for food. Our findings suggest nutrition policy discussions could focus on further shifting attitudes/preferences towards healthier diets while allowing consumers to better extract nutrition information when making food choices.     

Is the share of agricultural maintenance research rising in the United States?

Public research is a major contributor to agricultural productivity growth, but if research investments are not maintained, agricultural productivity can decline over time. Maintenance research replaces deteriorated research knowledge to forestall a productivity decline. Knowledge of the magnitude of maintenance research can facilitate a more complete assessment of the value of agricultural research programs. Trends in maintenance research and sources of change in those trends are investigated. Results indicate that overall, about 40% of US agricultural research is devoted to maintenance, up from about a third 25 years ago. A model is developed and estimated to explain maintenance research expenditures. Research funding, climatic conditions, insect and pathogen control, and agricultural production choices influence maintenance research expenditures. Increased reliance on out-of-state funding sources may skew agricultural research away from maintenance research, while climate change may increase the need for such research.     

Do Unions Help or Hinder Women in Training? Apprenticeship Programs in the United States

Trade unions are frequently criticized for excluding women from skilled crafts by denying them training. This article examines this argument by eestimatin the retention and attrition probabilities of men and women in the joint union‐management and the unilateral employer‐sponsored apprenticeship programs. While men, on average, have higher retention and lower attrition rates than women, joint sponsorship raises women's graduation probability above (and lowers their quit probability below) those of men or women apprentices in unilateral programs.     

Are all the parts there everywhere? Facet job satisfaction in the United States and the Philippines

The relationship of satisfaction with the “parts” or facets of the job to the “whole” of global job satisfaction and to intention to quit differed between samples of employees from financial firms in the United States of America (USA) and the Philippines. In contrast with research using commonly accepted sets of facet satisfactions developed in the USA, our results showed that additional extrinsic facets improved the explanation of outcomes in the Philippines, but not in the USA. In addition, extending past research, satisfaction with intrinsic job facets explained outcomes better in the USA than in the Philippines, and job dissatisfaction had a stronger relationship with turnover intentions in the USA than in the Philippines. Implications for the measurement of facet satisfactions, and for international management research and practice in the Philippines are discussed.     

Fixed Come Hell or High Water? Selection and Prepayment of Fixed‐Rate Mortgages Outside the United States

We examine the decision to prepay a fixed‐rate mortgage in the United Kingdom, Canada, Ireland, Australia and New Zealand. These countries are characterized by having substantial fees which are associated with breaking a fixed‐rate mortgage. We develop a model which allows for fluctuations both in banks’ wholesale rates and credit spreads. We find that households can achieve economically significant benefits both from following an optimal prepayment strategy contingent on the break fee used by their bank and also by selection of fixed interest rate term and (where available) break fee structure.     

Passing the food and agricultural R&D buck? The United States and China

The global geographical balance of food and agricultural R&D spending is shifting, characterized by a declining U.S. share and a rising middle-income-country share, propelled heavily by the rapid rise of spending in China. Based on our newly compiled data, we estimate that China now outspends the United States on both public and private food and agricultural research on a purchasing power parity basis. The public-private orientation of the research has also changed markedly, with the private sector now accounting for around two-thirds of the food and agricultural R&D spending total in both China and the United States. Our estimates indicate that China’s private sector tilts heavily towards post-farm R&D activities, whereas the U.S. private sector is split more evenly between on-farm and post-farm spending. While the intensity of Chinese investment in food and agricultural R&D (relative to agricultural GDP) is beginning to grow, it still lags well behind the food and agricultural R&D investment intensities of the United States and other higher-income Asian countries (e.g., Japan and South Korea). The development regularities we reveal in the longer-run trends are indicative of future R&D investment patterns with potentially profound long-run implications for the size, shape and accessibility of the global stocks of scientific knowledge that underpin food and agricultural sectors worldwide.     

Shareholders of the World United? Organized Labour's Preferences on Corporate Governance under Pension Fund Capitalism in the United States,United Kingdom and France

This article considers whether organized labour's engagement with shareholder activism represents a shift in unions’ traditional stakeholder preferences on corporate governance under pension fund capitalism. It does so in light of recent critiques of the class power thesis of corporate governance which suggest greater fluidity and fragmentation in labour's approach. Adopting a diverse case study strategy to compare organized labour's actions in the United States, United Kingdom and France, the article explains these activities as innovative strategies, similar to other revitalization initiatives, designed to advance traditional agendas by alternative means. The article thus concludes that, while organized labour's shareholder activism is unexpected under the class power thesis, its core preferences remain largely unchanged.     

Do Conspicuous Consumers Pay Higher Housing Premiums? Spatial and Temporal Variation in the United States

This study is the first to examine the relationship between conspicuous demand and housing price dynamics. We hypothesize that conspicuous consumers would want high‐end homes to signal their wealth and this housing consumption behavior would induce greater deviations from fundamental house prices. We test this by using a unique dataset that matches the consumers’ appetite for nonhousing luxury goods from Google Insights for Search to housing premiums that they pay for high‐end houses in U.S. Metropolitan Statistical Areas (MSAs) during 2004–2011. The estimation results demonstrate that controlling for a wide range of MSA demographic and economic characteristics, conspicuous demand has a significant, positive relationship with housing premiums. This relationship varies spatially and temporally. Conspicuous demand has a stronger relationship with a price increase in high‐end homes in MSAs with a steady, higher housing premium than in MSAs with a volatile, lower premium during the boom period. In MSAs with a steady, higher housing premium, the relationship remains significant even during the bust period, potentially contributing to maintaining higher housing premiums.     

Can Tightness in the Housing Market Help Predict Subsequent Home Price Appreciation? Evidence from the United States and the Netherlands

This article assesses the predictive power of variables that measure market tightness, such as seller's bargaining power and sale probabilities, on future home prices. Theoretical insights from a stylized search‐and‐matching model illustrate that such indicators can be associated with subsequent home price appreciation. The empirical analysis employs listings data on residential units offered for sale through a real estate broker in the Netherlands and for certain U.S. regions. Individual records are used to construct quarterly home price indices, an index that measures seller's bargaining power and (quality‐adjusted) home sale probabilities. Using conventional time‐series models we show that current sale probabilities and bargaining power can significantly reduce home price appreciation forecast errors and help to predict turning points in local area housing markets. The measures and approaches in this article help to demonstrate ways in which researchers and practitioners can leverage listings data to gain knowledge about the current and future state of the housing market.     

The riskiness of outstanding mortgages in the United States, 1999–2019

This article introduces measures of credit risk for all outstanding mortgages in the United States between 1999 and 2019. Terminations play a fundamental role in offsetting risk introduced by new originations because of refinance activity and the often dual nature of home buyers as concurrent sellers. To illustrate these concepts in a policy setting, I show that the Home Affordable Refinance Program increased origination risk metrics but reduced overall risk due to associated terminations of even riskier loans. In addition to these flow dynamics, amortization, loan age, collateral appreciation, and prior selection drive changes to portfolio-level risk.     

Total and per capita value of food loss in the United States – Comments

There seems to be high interest in the question of food loss and food waste. The comments take up the article in Food Policy on “Total and per capita value of food loss in the United States”. It is argued that the methodology of calculating the food loss is questionable. Consequently, the estimates are highly inflated; therefore the authors do not provide accurate information for policy makers as intended.     

The spatial distribution of broadband providers in the United States: 1999–2004

Variations in the supply and demand of telecommunications infrastructure in the United States are well documented. However, amidst waning concerns of a broadband digital divide, the geographic aspects of broadband availability continue to be intriguing. While some areas benefit from a robust selection of broadband providers, choices for consumers in other regions are often limited. The purpose of this paper is to explore the spatially unbalanced levels of broadband provision in the USA by providing an abbreviated longitudinal analysis of broadband regions and their development from 1999 to 2004. Broadband core and periphery regions are identified through the use of spatial statistical techniques and a geographic information system. A broadband competition index for ranking metropolitan and micropolitan areas is also introduced.     

‘Trojan horse’ or ‘Workhorse’? the evolution of U.S.–Japanese joint ventures in the United States

Foreign investors and their domestic joint venture partners must find ways to share the benefits of the venture if both sides are to be satisfied. Some work in the literature on joint ventures has asserted that there is a danger in all joint ventures, and especially joint ventures with Japanese, that one side will exploit the venture for its own gain, using it as a Trojan Horse. To test this assertion, we build a full data set of Japanese firms with joint ventures in the United States and track the ventures over time. Our data show that the Japanese partners do not take actions consistent with the Trojan Horse hypothesis. Copyright © 1999 John Wiley & Sons, Ltd.     

‘Thinking Outside the Box’? Trade Union Organizing Strategies and Polish Migrant Workers in the United Kingdom

This article focuses on the responses of British trade unions to the arrival of Polish workers since the 2004 enlargement of the European Union. It is argued that existing definitions and explanations of UK trade union engagement with migrant workers do not capture the strategies that have been used to engage with these migrant workers. We suggest that there have been two sets of responses. First, recruitment and organization activity has centred on inclusion and has been undertaken on new terrains using innovative strategies. Second, we point to the importance of new linkages locally, regionally, nationally and internationally in organizing these new labour market entrants.     

Back‐to‐Front Down Under? Part‐Time/Full‐Time Wage Differentials in Australia

We investigate part‐time full‐time hourly wage gaps using panel data from the first four waves of the new Household, Income and Labour Dynamics in Australia Survey. We find that, once unobserved individual heterogeneity has been taken into account, part‐time men and women typically earn an hourly pay premium. This premium varies with casual employment status, but is always positive. We advance some hypotheses as to why there is a part‐time pay advantage in Australia.     

How do networks and learning drive M&As? An institutional comparison between China and the United States

What drives mergers and acquisitions (M&As) in different institutional environments? This article builds on the resource dependence perspective and argues that networks, learning, and institutions represent three building blocks that can enhance our understanding of the drivers behind M&As. Specifically, we consider firms as learning actors embedded in network relations and influenced by institutional development, and compare and contrast firms' acquisition activities across the United States and China. Our findings show that there are indeed important learning and network factors that lead to M&As. More interestingly, the impact of such learning and network factors varies sharply across countries with different market‐based institutions. Copyright © 2009 John Wiley & Sons, Ltd.     

Going short‐term or long‐term? CEO stock options and temporal orientation in the presence of slack

Research summary: We draw on behavioral agency theory to explain how decision heuristics associated with CEO stock options interact with firm slack to shape the CEO's preference for short‐ or long‐term strategies (temporal orientation). Our findings suggest CEO current option wealth substitutes for the influence of slack resources in encouraging a long‐term orientation, while prospective option wealth enhances the positive effect of slack on temporal orientation. Our theory offers explanations for non‐findings in previous analysis of the relationship between CEO equity based pay and temporal orientation and provides the insights that CEO incentives created by stock options (1) enhance the effect of available slack upon temporal orientation and (2) can both incentivize and de‐incentivize destructive short‐termism, depending upon the values of current and prospective option wealth. Managerial summary: We explore how compensation design can play a role in affecting the CEO's preference for short‐ or long‐term strategic projects. When the CEOs have accumulated option wealth, they are more likely to invest in the long term. Yet when they have a large number of recently granted options with the potential to generate significant wealth in the event of successful risk taking, the CEO is more likely to prefer the short term in order to achieve personal wealth gains more quickly. The more liquid assets the firm holds, the weaker both of the aforementioned effects. An implication for boards is that they should anticipate CEO short‐termism if the CEO has been granted new options, underlining the potential negative consequences of option compensation. Copyright © 2015 John Wiley & Sons, Ltd.