Semiparametric Estimation of the Intercept of a Sample Selection Model

This paper provides a consistent and asymptotically normal estimator for the intercept of a semiparametrically estimated sample selection model. The estimator uses a decreasingly small fraction of all observations as the sample size goes to infinity, as in Heckman (1990). In the semiparametrics literature, estimation of the intercept has typically been subsumed in the nonparametric sample selection bias correction term. The estimation of the intercept, however, is important from an economic perspective. For instance, it permits one to determine the "wage gap" between unionized and nonunionized workers, decompose the wage differential between different socio-economic groups (e.g. male–female and black–white), and evaluate the net benefits of a social programme.     

Finite sample properties for the semiparametric estimation of the intercept of a censored regression model

Financial support for this paper was provided by a C.A. Anderson Fellowship of the Cowles Foundation. I wish to thank Donald Andrews, Moshe Buchinsky, Oliver Linton, and Peter Robinson for helpful discussions. I also wish to thank three anonymous referees for their comments and suggestions. I am, of course, responsible for any remaining errors. A popular two-step estimator of the intercept of a censored regression model is compared with consistent asymptotically normal semiparametric alternatives. Using a root mean squared error criterion, the semiparametric estimators perform better for a range of bandwidth parameter choices for a variety of distributions of the errors and regressors. For error distributions that are close to the normal, however, the two-step parametric estimator performs better.     

The Impact of Risk-Based Premiums on FDIC-Insured Institutions

This paper examines the effect of a series of announcements leading to the approval of risk-based deposit insurance premiums on returns to stockholders of commercial banks. Utilizing risk-weighted capital ratios and measures of overall risk, we group banks according to one of the nine-tier insurance categories subsequently defined by the FDIC. During the period in which the new insurance system was considered and approved, we found that stockholders of well-capitalized, healthy banks experienced wealth changes significantly different from those experienced by less than well-capitalized, less than healthy banks. Although many argued the premium range in the initial insurance schedule was insufficient, the results show that this initial risk-basing marked an important change in the relative burdens imposed by FDIC insurance.     

The impact of institutional ownership on corporate operating performance

This paper examines the relation between institutional investor involvement in and the operating performance of large firms. We find a significant relation between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, this relation is found only for a subset of institutional investors: those less likely to have a business relationship with the firm. These results suggest that institutional investors with potential business relations with the firms in which they invest are compromised as monitors of the firm.     

支付途径：百花齐放

机票销售对于绝大多数航空公司而言就是圣杯,但是支付流程的重要性——特别是对于依赖于直销的低成本航空公司而言——不能低估。如果正确的票价不能进入航空公司银行账户,那么一切都是空谈。尽管这看上去只是一个简单的流程,获得旅客的信用卡信息然后获得银行授权,但是其中的各种困难并不为外人所知。     

The incidence of wrongdoing,whistle-blowing,and retaliation: Results of a naturally occurring field experiment

The present study examined two general research questions pertaining to the passage of a law designed to encourage whistle-blowing: (a) Has the incidence of perceived wrongdoing, whistle-blowing, anonymous whistle-blowing, or retaliation changed following the passage of the law? (b) What variables predict the comprehensiveness of retaliation that identified whistle-blowers claim to have experienced? One questionnaire was mailed to members of 15 organizations affected by the law in 1980 (n=8500) and a second was administered in 1983 (n=4700). There was some evidence that the law had beneficial effects; specifically, the incidence of perceived wrongdoing declined and whistle-blowing increased. Unfortunately, identified whistle-blowers were just as likely to experience retaliation in 1983 as they were in 1980. The predictors of the comprehensiveness of the retaliation experienced were generally the same in both years. The results tentatively suggest that more legal and organizational encouragement of whistle-blowing is needed.     

Attitudinal Barriers to Women's Career Progression in Accounting in Australia

The literature on women's career progression in the professions has suggested a number of categories of factors that may explain the observed gender differences. This study uses data from a survey of Australian accountants to show the extent of differences between male and female accountants in their attitudes towards their careers. There are some differences between the genders in their ideas about requirements for promotion (although these are generally small) and in aspects of job satisfaction. Males aged more than 30 have higher levels of ambition and place more emphasis on career planning than do females over 30.     

Green consumers and their identities: how identities change the motivation for green consumption

This research aims to fill the gap in green consumption literature from the perspective of values as types of intentions and identity‐based motivation. In two studies, we examine how the salience of personal and social identities can change the relationship between types of intentions and green consumption. The results demonstrate that when personal identity is salient, self‐transcendence intentions influence green consumption more than self‐enhancement intentions. This is because personal identity (compared with social identity) increases the positive effect of congruent intentions (self‐transcendence) on green consumption. However, when social identity is salient, self‐transcendence and self‐enhancement intentions have a similar impact on green consumption. This is because social identity (compared with personal identity) reduces the negative effect of self‐enhancement intentions on green consumption. Finally, we discuss theoretical and managerial implications for values as types of intentions, identity‐based motivation and green consumption.