HMOs and other health plans: coverage and employee premiums.

Ten years after the passage of the HMO Act, health maintenance organizations represent a small proportion of employee health plans; benefits are more comprehensive and worker premiums higher than for traditional insurance, but other variables make comparisons difficult.     

Corporate mergers and union wage premiums

Corporate mergers possibly enhance the labor negotiation advantage of employers. This study investigates the association between wage levels and merger activity to test the employer bargaining strength hypothesis. The results indicate significantly lower union wages as a consequence of merging. Merger activity, however, does not influence wage levels of non-union workers. These findings are supportive of the employer bargaining strength hypothesis.     

Determinants of bank merger premiums

This study examines the merger premiums paid for a sample of 320 bank acquisitions consummated during the period January 1982 through October 1990. The results of the research indicate that higher merger premiums were paid for, (a) smaller size targets, (b) targets with higher return on common equity ratios (pre-merger), (c) targets with higher leverage as measured by the percentage of primary capital to total capital, (d) targets in a different state than the bidder, and (e) transactions carried out through exchange of stock as opposed to a cash purchase.     

Determinants of premiums in acquisition transactions

This paper presents a framework to identify the determinants of acquisition premiums so as to explain their cross-section variability. Observed premiums are predicted to be positively related to (1) the magnitude of the acquiring firm's estimate of acquisition gains and (2) the acquired firm's relative bargaining strength. Increased acquisition gains are argued to result from two sources—underpricing and undermanagement. The variables representing these sources are constructed from pre-acquisition data. A gains variable based on the post-acquisition stock-price reactions of the acquiring and acquired firm is also constructed. It is argued that acquired-firm bargaining strength is enhanced by an increase in the degree of competition in the acquisitions market and by the inclusion of anti-takeover amendments in the acquired firm's corporate charter. The predictions are tested on a sample of 77 completed cash-for-stock and stock-for-stock acquisitions over the time period 1975–80. The empirical results provide strong support for the predicted effects of the determinants of (2) and mixed support for the determinants of (1). This is the first study to document the predicted effects of anti-takeover amendments on observed premiums.     

How and when female directors effectively cut down acquisition premiums

Grounded upon the group dynamics and the human capital literature, this paper proposes that the presence and conditions of female directors on a board substantially affect the acquisition decision. In detail, it argues that female board representation decreases the acquisition premium offered. It also examines the effects of female directors are contingent upon their conditions. When the females are inside, rather than outside, directors, their influence is greater. When the female directors have more prior acquisition experiences than male directors, the negative impact on premiums is strengthened, particularly when their acquisition experiences are those accumulated at acquirers rather than at targets. Empirical analyses on a sample of 1750 acquisitions made by US public firms in 2003–2013 provide evidence to support our predictions.     

Traditional beta, downside risk beta and market risk premiums

The article develops a downside risk asset-pricing model, which is based on Conditional-VaR (Mean-shortfall) risk measure. As in the traditional model the model leads to a monetary separation and yields a CVaR beta analogous to the traditional beta. An empirical study indicates that CVaR beta, which considers also downside risk, has greater explanatory power than the traditional beta. This is especially true in the case of a bearish market. Moreover, a combined model, which uses both betas, outperforms both the traditional and the CVaR models.The results indicate that in a bullish economy, risk premiums may be partially explained by the traditional beta. However, in a depressed economy investors are most likely more concerned about downside risk, which is poorly captured by the traditional beta. This downside risk can best be captured by CVaR beta, which is based on historical data and avoids assuming any prior distribution.     

Union wage premiums in Great Britain: Coverage or membership?

This paper presents estimates of union wage premiums for Great Britain and distinguishes between union membership and union coverage effects on wages. For this purpose a panel data system estimator is applied to data from the British Household Panel Survey.For female workers a coverage premium of 6.1% is estimated whilst no evidence of a union membership premium is found. This result lends support to the by-product theory of Olson (1965) [Olson Jr., M., 1965. The logic of collective action. Harvard University Press, Cambridge (Mass.)]: if female covered members receive other private benefits than a higher wage from the union the coverage premium could be viewed as a by-product. For male workers no evidence is found of a membership premium nor a coverage premium. To investigate potential bias in the estimated union effects particular attention is paid to measurement error in union membership and the inclusion of job-changes in the sample.     

浅谈钻孔施工控制与事故预防

ZDY6000LD型煤矿用履带式全液压坑道钻机,是西安煤科院钻探研究所生产的一种低转速大转矩、自行式全液压动力头式坑道钻机,适于孔口动力的大直径近水平深孔钻进和孔底动力的螺杆马达定向钻进。该钻机为煤矿井下大口径瓦斯抽放孔及其他工程孔的施工提供了必要的技术装备;该钻机具有结构合理、技术性能先进、工艺适应性强、操作省力、安全可靠、运输方便等优点,因而被广泛地应用于煤矿井下中深瓦斯抽放孔的施工。而影响钻孔施工质量的因素很多,如地质因素、钻孔工艺等。现结合神华乌海能源平沟煤矿矿井钻探施工常遇事故及其处理方法进行分析及论述。     

汽车起重机安全事故分析

中部地区某工地上一台汽车起重机在工作时发生倾覆,经技术检验部门调查发现该设备超出法定检验检测有效期,事故发生时汽车起重机操作人员在起重机左前方支腿未伸出就在原地进行支撑油缸的顶升,经分析可知倾覆时的倾覆力矩大于抗倾覆力矩,从而致使整车发生倾覆事故,因此汽车起重机作为特种设备在操作时应严禁无证上岗,及时报审,落实安全管理及防范措施,建立安全负责制,从而有效避免同类事故发生。     

油品静电事故的分析与预防

油品静电事故是油库（站）极易发生的安全事故之一,会造成生命财产的重大损失。本文结合具体的案例,对静电产生机理及事故原因进行了详细分析,并提出了相应的预防措施。     

浅谈事故的原因及预防

一、物体打击 物体打击是指物体在重力或其他外力的作用下产生运动,打击人体造成人身伤亡事故。不包括因机械设备、车辆、起重机械、坍塌等引发的物体打击：物体打击事故发生的一般性规律符合交叉轨迹论。即人的不安全行为和物的不安全状态在各自发展过程中（轨迹）,在一定时间、空间里发生了接触（交叉）,能量便会作用于人体而发生伤亡事故。     

火灾自动报警系统的安装与调试

文章简要介绍火灾自动报警系统的组成、系统设备安装方法和要求,以及火灾报警系统、联动控制系统调试的方法和要求。     

建筑工程的质量事故分析与加固处理技术

在当今建筑行业方面,建筑工程的质量问题影响力不小,所以必须加强建筑稳固性,延长建筑本身的使用寿命。基于此,本文结合实例对建筑工程的质量事故与加固处理技术作探讨。