¿Trabajo no productivo? Desglose del sector del cuidado desde una perspectiva comparada

La autora analiza los ingresos de los trabajadores del cuidado en el Canadá, Estados Unidos, Japón, República de Corea y Taiwán (China) con microdatos del Luxembourg Income Study. Desagregando las definiciones existentes del trabajo del cuidado, distingue entre ocupaciones de categoría superior e inferior, según el grado de «cierre social», revelando la prima o penalización salarial asociadas en los países del estudio. También estima empíricamente las similitudes y diferencias entre países en función de su régimen de bienestar, «liberal» o de «desarrollo productivista», corroborando la hipótesis de que la globalización ha fomentado una convergencia sustancial del mercado internacional del cuidado.     

Political Partisanship:

A bstract Analysis of the bases of political party choice in the United States reveals that social structural factors are more important than economic factors in determining patterns of partisanship. Among economic factors, moreover, differentiation in the realms of credit and consumption is more important than differences in relation to economic production. The absence of traditional class-conflict politics, however, does not lead to a state of political consensus, because new modes of economic differentiation have emerged, cleavages based on earlier economic cleavages have persisted after the basic economic issues have been resolved, and non-economic cleavages, particularly along racial lines, still await resolution.     

International Trade Union Organizations

An attempt is made in this article to demonstrate that Alfred Marshall and John Maynard Keynes erected a number of signposts that point in the direction of a normative, institutional and policy-oriented social economics of labor. They opined that dysfunctioning institutions had thrown most members of the working class into an abyss of poverty. According to Marshall, poverty was caused by institutional neglect of education for the masses. Hence he recommended a drastic overhaul of those institutions that impinged on education. Keynes argued that the rentiers were the villains because they had intentionally reduced their funding of entrepreneurial investments. Consequently, investments dwindled and unemployment caused working-class poverty to rise above its customary levels. Keynes's solution was public investment in private enterprises, which he called socialization of investment. This would cause euthanasia of the anti-social rentiers. Because of their recommendations, Marshall and Keynes called themselves socialists.     

Do Accruals Drive Firm‐Level Stock Returns? A Variance Decomposition Analysis

This paper extends the variance decomposition framework of Campbell [1991], Campbell and Ammer [1993], and Vuolteenaho [2002] to address the relative value relevance of accrual news, cash flow news, and expected-return news in driving firm-level equity returns. The extension is based on the Feltham-Ohlson [1995, 1996] clean surplus relations. Using three models, this study shows that all three factors, accruals, cash flows, and expected future discount rates are value relevant. Moreover, accrual news is found to significantly dominate expected-return news in driving firm-level stock returns. Operating income news is also found to significantly dominate both expected-return news and free cash flow news in driving firm-level stock returns. Furthermore, after splitting net income into cash flow and accrual earnings components in the Vuolteenaho model, accrual earnings news and cash flow earnings news are found to equally drive firm-level stock returns and to dominate expected-return news. Further disaggregation of the data yields some evidence that accrual earnings news is a more important factor than cash flow earnings news in driving current stock returns. Overall, the three models indicate that changes in expected future accruals are a primary driver, if not the primary driver, of current stock returns.     

Unanimous subjective probabilities

This note shows that if the space of events is sufficiently rich and the subjective probability function of each individual is non-atomic, then there is a σ-algebra of events over which everyone will have the same probability function, and moreover, the range of this common probability is the entire unit interval.      

On the Economic Meaning of Machina's Fréchet Differentiability Assumption

This note shows that M. J. Machina's (1982, Econometrica50, 277-323) assumption that preferences over lotteries are smooth has some economic implications. We show that Fréchet differentiability implies that preferences represent second order risk aversion (as well as conditional second order risk aversion). This implies, among other things, that decision makers buy full insurance only at the absence of marginal loading. We also show that with constant absolute and relative risk aversion, expected value maximization, second order risk aversion, and Fréchet differentiability are equivalent. Journal of Economic Literature Classification Number: D81.     

Organization and Management in an Anglo-French Consortium: The Case of Transmanche-Link

This paper presents the results of a comparative organizational assessment of the behaviour and organization of the British and French managers who constructed the Channel Tunnel. In the context of a common adhocratic organization, a principal components analysis of the survey results differentiates the British and French respondents on five dimensions: fonceur /procedural; competitive/collegial; involved/distanced; individualistic/supportive; and stress. These quantitative results are supported by qualitative data from interviews and open-ended questions. A preliminary explanation of the results in terms of a configurational analysis of the differences between the British and French managers surveyed is then offered. The paper argues that an organizational assessment methodology is compatible with societal approaches which attempt to understand nationally distinctive configurations of organization and management.