The Changing Liability Structure of Savings and Loan Associations

The paper surveys the key factors, past and future, affecting Savings and Loan Association liability structure. The economic principles underlying Savings and Loan liability management are illustrated with emphasis on the dynamic aspects of decision-making and on the lack of perfect competition within the industry. Specific topics include the matching of asset and liability maturities, liquidity management, discrimination among classes of liabilities, and Regulation Q ceilings. The major shifts in the liability structure of Savings and Loan Associations during the 1970s is then reviewed. Key points include the steadily declining share of passbook accounts, the increasing average maturity of liabilities until 1978, and the ramifications of newly introduced deposit categories such as Money Market Certificates. Finally, the likely liability structure of Savings and Loans during the 1980s is discussed in the context of the removal of Regulation Q ceilings. The necessity for Savings and Loans to offer competitive interest rates on all maturity categories, and to offer deposit liabilities with liquidity features comparable to those available from other sources is emphasized.     

Labor supply,uncertainty, and efficient taxation

We analyze the structure of an optimal linear income tax when workers are uncertain about their wages at the time they choose their labor supplies. Background for the normative analysis is provided by an outline of the positive theory of wage taxation and labor supply under uncertainty. It is then shown that given imperfect information about wages, lump-sum taxation is not necessarily efficient. Because a wage tax reduces the riskiness of wage income, some combination of a lump-sum tax and a wage tax generally will minimize excess burden.     

The Common Language of Leadership

As our complex society continues to call for leadership across all career fields, preparing leaders at the college level can be challenging. This article outlines the results of a comprehensive examination of learning outcomes of 475 academic programs within 72 academic accrediting organizations in regard to student leadership development. The purpose of the current study was twofold: (a) to understand better what competencies college students need to develop in order to engage in leadership in their respective career fields and (b) to use research findings to develop a list of leadership competencies across academic disciplines, serving as a “common language” for use in program planning, course development, as well as individual student advising and mentoring. The Student Leadership Competencies have been translated to contemporary leadership models such as the Relational Leadership Model, the Social Change Model of Leadership Development, the Five Practices of Exemplary Leadership, Emotionally Intelligent Leadership, and the CAS Standards. Implications for the use of the Student Leadership Competencies in program development, program assessment, and the development of strategic partnerships are also discussed.     

Set identification via quantile restrictions in short panels

This paper studies the identifying power of conditional quantile restrictions in short panels with fixed effects. In contrast to classical fixed effects models with conditional mean restrictions, conditional quantile restrictions are not preserved by taking differences in the regression equation over time. This paper shows however that a conditional quantile restriction, in conjunction with a weak conditional independence restriction, provides bounds on quantiles of differences in time-varying unobservables across periods. These bounds carry observable implications for model parameters which generally result in set identification. The analysis of these bounds includes conditions for point identification of the parameter vector, as well as weaker conditions that result in point identification of individual parameter components.     

Stemming the exodus of women managers

Survey findings based on a national sample of CEOs and human resource managers indicate that over 50% of organizations have experienced moderate to great difficulty attracting and retaining women managers and professionals. Respondents perceived that the most serious career problems encountered by women revolve around organizational politics, career development opportunities, and family conflicts. Existing and needed human resource management policies in response to these problems are reported. A series of additional analyses highlight differences across industries, and according to company size and stage in the corporate life cycle. Based on survey findings, recommendations are discussed for human resource management practitioners concerned with increasing their companies' abilities to actively compete for and retain women managers.     

Banking market conditions and deposit interest rates

This paper shows that the impact of market structure on bank deposit interest rates is complex. Both market size structure and multimarket bank presence have independent effects on rates. There is evidence that mid-size banks were more aggressive competitors than other banks, but that the effect of market structure on deposit rates has evolved over time, with mega-banks recently becoming more aggressive competitors. This may be related to the growth of mega-banks in many markets. These findings have implications for existing theories of deposit pricing and, by extension, antitrust policy in banking.