Labor market equilibrium under nonsequential search

This study presents a full model of the labor market under imperfect information. Workers bear the burden of search and are assumed to use a stochastic variant of an optimal sample size search strategy. The existence and uniqueness of a nondegenerate equilibrium distribution of wage offers is established. Infficiencies which lead to underinvestment in search are uncovered and analyzed.     

The multi-national corporations: Considerations for a scenario

Although multi-national corporations have been one of the main customers for future-oriented activities such as technological forecasting, precious little attention has been paid to their development either in the work of the so-called establishment futurists or in the work of their more ‘radical’ colleagues. It is argued that these companies will be increasingly free of control at the international level though under greater scrutiny at the national level. It is likely that they will become increasingly intertwined with both national and international governing bodies, and be seen as arms of these governing bodies rather than as the traditional profit-maximising organisations.     

Adjustment Costs,Uncertainty, and the Level of Activity

What is the effect of adjustment costs on economic activity? This is an important question that is still debated either at the political or the academic level. We consider a simple model where basically two effects come into play: Adjustment costs decrease current activity but may help maintain future activity. We examine their relative strength, first in a model with uncertain prices and then in a model with demand uncertainty (newsboy problem).     

Revisiting the corroboration effects of earnings and dividend announcements

Using a unique market setting in Hong Kong, where (i) all firms release earnings and dividend information in the same announcement; (ii) corporate transparency is low; (iii) dividend income is non‐taxable and (iv) corporate ownership is highly concentrated, we re‐examine the corroboration effects of earnings and dividends. We use the control firm approach to avoid the return estimation bias resulting from observation clustering. We also add in variables and use econometric procedure to control for the potential impacts of earnings management, special dividends and heteroskedasticity. Our findings show that there exists a corroboration effect between the jointly announced signals.