The Irrelevance of Margin: Evidence from the Crash of '87

Following the crash of 1987, one contentious regulatory issue has been whether margin activity exacerbated the decline in equity values. We contrast the crash behavior of NASDAQ securities eligible for margin trading with the behavior of ineligible ones. Consistent with the hypothesis that margin-eligible securities were more frequently subjected to margin calls and forced sales, we find that abnormal volumes were uniformly larger for eligible securities. However, there is no evidence that this activity provoked additional price depreciation. Margin-eligible securities actually fell by one percent less than the ineligible securities over the period.     

Trade Unions, Collective Voice and Fringe Benefits*

The exit/voice model of the labour market predicts that unionized workers will enjoy a greater level of fringe benefits, both absolutely and as a share of total compensation, than non-unionists. This is because unions can, through the medium of collective voice, communicate to management a picture of the preferences of the median worker. In non-union settings, however, management responds to the perceived preferences of the young, mobile workers at the hiring margin and these typically place a low priority on fringe benefits relative to money wages. Using data from the A ustralian Longitudinal Survey it is found that the hypothesis is supported by the evidence for Australia.     

The disinfectant action of low-temperature laundering

The purpose of this research was to investigate the disinfectant action of a heavy-duty biological detergent at low and recommended washing temperatures. The effectiveness of the process was measured in terms of the removal, transfer and destruction of bacteria from infected test pieces. The results indicate that reducing the washing temperature decreases the degree of disinfection and increases the cross-infection of any articles washed in the same load. Evidence is also obtained that shows that the presence of detergent is more important than the washing temperature for disinfectant action.     

Teacher Unions and Black Students' Scores on College Entrance Exams

Using data from the National Assessment of Economic Education survey, this paper examines the influence of teachers' unions and students' race on college entrance examination scores. An "education production function" is estimated for a sample of white and black high school seniors. The model accounts for variations in school distrits and student inputs and controls for the self-selection nature of taking an entrance exam. The results indicate that students in unionized schools score higher on the SAT than like students in nonunion schools, ceteris paribus. Black students who attend unionized schools are estimated to score 13.11 percent above the black SAT mean. These findings suggest a positive productivity effect of collective bargaining for teachers which significantly benefits minority students.     

The contribution of discretionary salt to total salt intake

The aim of this research was to investigate sodium consumption in a group of people, compare this consumption with dietary reference values and to identify sources of sodium in the diet. Participants were given weighed salt pots which were used for 8 weeks and a fully weighed dietary survey was conducted by each subject. The average daily sodium consumption of each subject was calculated and compared with the reference nutrient intake (RNI). Daily sodium intake was found to vary considerably, ranging from 1213 mg (53 mmol) (76% of the RNI) to 10 569 mg (460 mmol) (661% of the RNI). Average daily sodium consumption was found to be 5175 mg (225 mmol), well above the RNI of 1600 mg (70 mmol). The average contribution from discretionary salt was 15.0%, from processed foods 76.5% and from naturally occurring sodium 8.4%. Males were found to consume more sodium than females and a moderate correlation between age and daily sodium intake was found.     

A Cross-Section Analysis of the Labour Force Participation of Married Women in Australia

'In a time when whales and seals are classified as endangered species, babies also seem to be an endangered species ˙˙˙ with so many mothers in the workforce our population growth has dropped below zero and I think the Federal government should counter that trend˙˙˙˙ Babies born in Australia are our best new Australians.' (Senator Florence Bjelke-Petersen in a speech to the Women's Action Alliance, reported in the Canberra Times, 3 June 1981 .)
The paper examines the labour supply of married women in Australia using data from the 1974 Census of Population and Housing. A number of approaches to modeling are employed. In the first instance OLS equations are estimated. These estimates are compared with instrumental variable estimates endogenizing wage rates. and with estimates from a three-equation system endogenizing fertility as well as wages. The evidence suggests that many of the factors proposed by modern theory do exercise significant influences in anticipated directions on the labour supply of married women in Australia.     

Mortgage Redlining: Race,Risk, and Demand

Charges that geographical redlining is widely practiced by mortgage lenders and is associated with racial discrimination have received much attention. However, empirical research in this area has yet to document a convincing answer to the question of whether redlining even exists. Much of the previous research in this area has suffered from failure to account for variations in risk, and/or failure to adequately control for geographical differences in demand. This study addresses these problems in an effort to determine whether the disparity in the flow of mortgage credit can be explained by differences in risk and demand.