Economic and Social Factors in Income Inequality: Race and Sex Discrimination and Status as Elements in Wage Differentials

Abstract . This paper examines by the use of several econometric techniques some of the economic and social factors in wage differentials as elements in income inequality. The effects of education, sex, occupation, class of workers, industry, race, marital status, hours and weeks worked, and age are analyzed by the use of regression analysis in conjunction with binary variables and joint tests of significance. The results show that the inclusion of the sex variable represents a significant improvement over previous economic models and that it is not the number of years of education that is important but rather the obtaining of academic degrees.     

IS THERE NEWS IN THE CLUB?

In September 1994, the Wall Street Journal started the Annual Report and Earning Service. Firms participating in this service volunteer to provide on request, to any reader, their annual report and current quarterly information. The daily price quotations of such firms appear with a small symbol like the club in playing cards. We examine the utility of voluntarily disclosing this second‐hand information to the public and seek to find the motivation for this disclosure. Our results show that most of the firms that joined this service had below‐industry‐average performance, or at least were headed in that direction. Membership in the Annual Report and Earning Service brought some short‐term benefits in the form of average excess returns, but the economic fundamentals reasserted, and most firms had significant below‐average returns at the end of our sample period. JEL classification: G10, G14.     

An Analysis of Finance Journal Impact Factors

This paper provides an analysis of the citation counts of articles published in the leading finance journals. It identifies the determinants of the most prevalent measure of influence for finance journals, the Social Sciences Citation Index impact factors. It finds that impact factors are affected by citations outside the finance field, are not affected by the distribution of published articles across subfields, and are good predictors of the long-term citation counts of articles. The citation impact factors are reduced for both the Journal of Financial Economics and The Journal of Finance by their publication of other than regular articles.     

Characteristics, Covariances, and Average Returns: 1929 to 1997

The value premium in U.S. stock returns is robust. The positive relation between average return and book-to-market equity is as strong for 1929 to 1963 as for the subsequent period studied in previous papers. A three-factor risk model explains the value premium better than the hypothesis that the book-to-market characteristic is compensated irrespective of risk loadings.     

Nonprofit marketing: the key to marketing's ‘mid‐life crisis’?

This paper examines the use of marketing exchange theory in the nonprofit sector and argues that current mainstream marketing theory is ill equipped for such use. It is argued that this is due to its continued reliance on neoclassically derived assumptions of human behaviour, resulting ina dominant instrumentalist exchange paradigm. As the basis of this is individual rather than socially determined utility maximisation, achieved exclusively through the medium of exchange, it can be seen as inappropriate for application to this sector. Finally, the paper proposes that emergent, alternative nonexchange behaviours such as one‐way transfer and expressive behaviour, sit more naturally within a post‐Keynesian paradigm. It is suggested that this could be adopted by nonprofit marketing. In this sense nonprofit marketing could start to drive theory development in mainstream marketing rather than, as is too often the case, the other way round. Copyright © 2001 Henry Stewart Publications     

Market\industry confusion in tourism economic analyses

It is common to read reference to the tourism industry in scholarly works, but attempts at describing or defining tourism as one are not without difficulties. This paper considers whether, given the economic definition of industry, tourism can be called as such. Moreover, the paper offers a clarification of the distinction between the concepts industry and market and how they may be used in the economic analysis of tourism. Definitions of these two notions, extracted from the relevant economic literature, are suggested. Tourism cannot be defined as either an industry or a market. Clarification of this confusion has important implications for economic analysis in this field.