The visible and the hidden behind migrants’ human capital

The paper explores differences in human capital between the Israel-born and immigrants within the Jorgenson and Fraumeni model. Using a unique ‘imputed education’ method, the study answers whether the immigrants’ level of education, in fact, reflects their human capital. The results show that immigrants during their first years do not work in an occupation that fits their education; this holds their estimated human capital below that of the Israel-born. Over the years, the gap between immigrants and non-immigrants in per-capita human capital contracted from 30 percent to 14 percent on average, or, using the imputation method, from 23 percent to 9 percent. In addition, the gaps between the immigrants and nonimmigrants and those between original education and imputed education contract at higher education levels. Some immigrants were able to find an occupation that matched their education and to integrate into the local job market, and the per-capita human capital of immigrants and nonimmigrants converged.     

An Exploratory Approach to Evaluating Performance Measures: The Managers' Perspective

It is commonly agreed that firm performance is a multi-faceted construct. Lacking a single accepted method for performance, managers are often judged by a mechanism they do not know or understand. This paper utilises a bottom-up approach to investigate manager perceptions of the important dimensions of performance in the hotel industry, and their evaluations of achievements in these dimensions. The paper offers a qualitative technique that characterises the managers' profile in a two-dimensional space of performance. One dimension is a composite of production-oriented indicators of performance, and the other is a composite of service-oriented indicators of performance. The findings indicate that most managers lack a focus and do not differentiate between production and service indicators of performance. The qualitative technique can be utilised for gauging manager perceptions of performance and for evaluation and feedback for manager performance.     

Growth and survival: The moderating effects of local agglomeration and local market structure

One of the central explanations of the high failure rates of de novo entrants is the liability of smallness. As a corollary, most prior literature has suggested that firms should experience survival benefits from growth. In this paper, we argue that survival benefits need to be balanced against the potential cost of rapid growth, and they are contingent upon the structure of the environment. We predict a curvilinear relationship between an entrant's growth rate and failure, and argue that the relationship is contingent upon the local agglomeration of economic activity and the local structure of competition. We test and find support for our predictions using firm‐level longitudinal data of all de novo entrants into the Canadian manufacturing sector between 1984 and 1998. Copyright © 2014 John Wiley & Sons, Ltd     

The relationship between Internet addiction and negative eWOM

Customers prevalently use social media (SM) to post their experiences and to review others’ experiences. This study investigated how Internet addiction (IA) influenced customers’ word-of-mouth behaviors on SM after a service failure, focusing on both young and older customers. Two experiments were conducted. The first study was conducted with young customers and second experiment with older customers. Results suggest that the group of young customers had significantly higher levels of IA, compared to older customers. The analysis identified that IA and functional/technical service failure partially influenced four negative types of electronic word-of-mouth (eWOM) (i.e. Badmouthing, Tattling, Spite, and Feeding the Vultures). Both young and older customers tended to show more negative eWOM types for technical service failures. For the functional service failures, IA was the main predictor of negative eWOM for both young and older customers.     

Incentive compatible core and competitive equilibria in differential information economies

Summary. If the allocations of a differential information economy are defined as incentive compatible state-contingent lotteries over consumption goods, competitive equilibrium allocations exist and belong to the (ex ante incentive) core. Furthermore, any competitive equilibrium allocation can be viewed as an element of the core of the n-fold replicated economy, for every n. The converse holds under the further assumption of independent private values but not in general, as shown by a counter-example. Received: August 9, 1999; revised version: September 12, 1999     

Is there a dark side to exchange traded funds? An information perspective

We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with (1) higher trading costs (bid-ask spreads and market liquidity), (2) an increase in “stock return synchronicity,” (3) a decline in “future earnings response coefficients,” and (4) a decline in the number of analysts covering the firm. Collectively, our findings support the view that increased ETF ownership can lead to higher trading costs and lower benefits from information acquisition. This combination results in less informative security prices for the underlying firms.     

Unexpected distractions and investor attention to corporate announcements

Review of Accounting Studies - We investigate how unexpected distractions affect investor reactions to corporate earnings announcements. We use a daily news pressure (DNP) index as a proxy for the...     

Probability Logic for Type Spaces

Using a formal propositional language with operators “individual i assigns probability at least α” for countably many α, we devise an axiom system which is sound and complete with respect to the class of type spaces in the sense of Harsanyi (1967–1968, Management Science, 14 159–182). A crucial inference rule requires that degrees of belief be compatible for any two sets of assertions which are equivalent in a suitably defined natural sense. The completeness proof relies on a theorem of the alternative from convex analysis, and uses the method of filtration by finite sub-languages. Journal of Economic Literature Classification Numbers: D80, D82.