Color or culture?: Wage differences among non-hispanic black males,hispanic black males and hispanic white males

The analysis of the determinants of wage differences between Hispanic black, Hispanic white and non-Hispanic black males undertaken in this research does not support the contention that cultural differences are more significant than color differences in the generation of racial wage gaps.     

The gap at the top: Relative occupational earnings disadvantages of the black middle class

Data are presented in this article indicating that the disparity in the earnings of blacks and whites in upper level white-collar occupations is greater than that between their counterparts in blue-collar occupations. Moreover it appears that very little of the racial earnings differences in either occupational category can be explained by so-called human capital differences.     

Equilibrium asset pricing with systemic risk

We provide an equilibrium multi-asset pricing model with micro- founded systemic risk and heterogeneous investors. Systemic risk arises due to excessive leverage and risk taking induced by free-riding externalities. Global risk-sensitive financial regulations are introduced with a view of tackling systemic risk, with Value-at-Risk a key component. The model suggests that risk-sensitive regulation can lower systemic risk in equilibrium, at the expense of poor risk-sharing, an increase in risk premia, higher and asymmetric asset volatility, lower liquidity, more comovement in prices, and the chance that markets may not clear. We thank Michel Habib, José Scheinkman, Hyun Shin and two anonymous referees for their helpful comments. Jean-Pierre Zigrand is a lecturer in Finance at the LSE, and is the corresponding author. The authors would like to acknowledge financial support under the EPSRC Grant GR/S83975/01 at the Financial Markets Group, London School of Economics.     

Domestic or Imported Beer Brands? Analysis and Assessment of Brand Equity in the Spanish Market

The Spanish brewing industry is a main economic sector and a major activity in the agrifood area; however, there are few studies regarding the analysis of brand equity in this product. This study aims to analyze brand equity for both a domestic beer brand—Estrella Galicia—and an imported beer brand—Carlsberg. For this purpose a quantitative study is carried out among consumers in order to assess the sources or dimensions of brand equity and its consequences, comparing the 2 brands present in the Spanish market. Results obtained suggest a better evaluation of the domestic brand and reveal that brand loyalty and perceived quality are the dimensions with a higher relevance in beer brand equity.     

The influence of transformational leadership and organizational identification on intrapreneurship

Managers play a vital role in encouraging and supporting the initiatives of individual employees to explore new opportunities, to develop new products or to improve work procedures for the benefit of the organization. This study examines the influence of manager leadership styles on employee intrapreneurial behavior and the mediating role of organizational identification. Partial Least Squares modeling was used to analyze the data from 186 employees belonging to several Spanish public and private organizations. The results show that transformational leadership has a positive impact on employee intrapreneurial behavior, whereas transactional leadership negatively influences it. Furthermore, these effects are found to be partially mediated by organizational identification.     

Regularization of nonparametric frontier estimators

In production theory and efficiency analysis, we estimate the production frontier, the locus of the maximal attainable level of an output (the production), given a set of inputs (the production factors). In other setups, we estimate rather an input (or cost) frontier, the minimal level of the input (cost) attainable for a given set of outputs (goods or services produced). In both cases the problem can be viewed as estimating a surface under shape constraints (monotonicity, …). In this paper we derive the theory of an estimator of the frontier having an asymptotic normal distribution. It is based on the order-m$m$ partial frontier where we let the order m$m$ to converge to infinity when n→∞$n\to \infty$ but at a slow rate. The final estimator is then corrected for its inherent bias. We thus can view our estimator as a regularized frontier. In addition, the estimator is more robust to extreme values and outliers than the usual nonparametric frontier estimators, like FDH and than the unregularized order-_mn$m_n$ estimator of Cazals et al. (2002) converging to the frontier with a Weibull distribution if _mn→∞$m_n\to \infty$ fast enough when n→∞$n\to \infty$. The performances of our estimators are evaluated in finite samples and compared to other estimators through some Monte-Carlo experiments, showing a better behavior (in terms of robustness, bias, MSE and achieved coverage of the resulting confidence intervals). The practical implementation and the robustness properties are illustrated through simulated data sets but also with a real data set.     

Iterative algorithm for non parametric estimation of the instrumental variables quantiles

This paper proposes a simple algorithm for the numerical computation of the non parametric IV quantile estimation. This algorithm is based on the Landweber iterations for solving a nonlinear integral equation. The paper is illustrated by numerical simulations.     

A general equilibrium analysis of strategic arbitrage

We analyze a general equilibrium framework with Cournot arbitrageurs and with price-taking investors who are subjected to restricted participation constraints. Restricted participation may leave some arbitrage opportunities unexploited by investors.We show existence of Cournot–Walras equilibria with an endogenous number of arbitrageurs. The number of arbitrageurs is endogenous since they have to sink entry costs in order to arbitrage across the relevant markets. We characterize equilibria and analyze the effects on equilibrium prices and quantities of increased competition among arbitrageurs due to lower entry costs.