Discrimination and Job Quality: the youth labour market in the 1980s

The purpose of this paper is to investigate the extent to which discrimination early in one's career can have lasting effects on job quality even after the discrimination itself disappears. The results show that for young workers in the 1980s, discrimination is a short run phenomenon, and furthermore, the effects disappear relatively quickly. This research makes two contributions to the existing empirical literature on labour market discrimination. First, we broaden the measure of discrimination beyond wages by utilizing the Duncan Index of job quality to measure differences in labour market outcomes. Second, most empirical work has been concentrated on the effects of discrimination at a point in time using cross-sectional data. We develop a dynamic model to measure changes in job quality over time as workers gain experience over their first three years in the permanent labour market. From the results found in our empirical work, we are able to analyze the long run impact of initial discrimination. In other words, our methodology allows us to examine time dependent effects that are not observed in cross-sectional studies.     

Individual Investors' Perceptions Regarding the Meaning of US and UK Audit Report Terminology: 'Present Fairly in Conformity with GAAP' and 'Give a True and Fair View'

The standard unqualified audit report in the United States contains the phrase 'present fairly ... in conformity with generally accepted accounting principles' (PFGAAP), while in the United Kingdom, the corresponding phrase is 'give a true and fair view' (TFV). Despite the former phrase existing in audit reports since 1939 and the latter since 1947, there is little agreement as to what the respective phrases represent. Accordingly, this paper examined UK and US individual investors' perceptions towards various dimensions of the meanings of the phrases including whether they imply that the financial statements are not misleading and free from bias. The results indicate that a majority of both groups perceive that the UK phrase precludes misleading financial statements. A smaller percentage of both groups feel that the US terminology achieves this objective. The results are similar as to whether the respective wording implies that the financial statements are free from bias. In general, the respondents awarded a greater level of confidence to the UK 'true and fair view' than the US 'present fairly in conformity with generally accepted accounting principles.' No policy recommendation is drawn from these results, however, since there is also evidence that as long as audit report language is pre-determined by law or some official body, investors will evince indifference as to the kind of language prescribed.     

几何形状与压实对无线射频识别（RFID）标签印刷天线性能的影响

采用印刷天线的无线射频识别（RFID）标签,成本低,但性能不如金属天线标签。在不增加成本的情况下,提高印刷天线的性能则可替代金属天线。阻抗越低印刷天线的性能越高,而阻抗又取决于天线的厚度和导电油墨的阻抗。为了研究油墨紧度和粗细对阻抗的影响,制备了不同线径的印刷天线。实验结果显示,通过压实印刷天线线圈,阻抗降低40％以上,而电感和电容则维持不变,且印刷天线经压实的RFID标签识别距离明显增加。此外,测试了试制的印刷天线RFID标签,结果表明识别范围已经可以与铜质天线媲美,且发现RFID标签的信号读取范围不依赖于标签的几何形状。稳定读取范围的存在使低精度印刷天线技术的应用成为可能,从而可降低标签制作成本。     

CAN INTERNATIONAL TRANSFERS BE PROBLEMATIC? HONDURAN REMITTANCES AND LABOR SUPPLY DECISIONS

Declining work force participation rates are a potentially important public policy issue for governments in countries with large capital inflows. Here we consider remittances as both a household and individual characteristic to estimate the impact of this nonwage transfer on labor supply decisions in Honduras. Although an initial view suggests moderate reductions across the working‐age population, we find evidence of increased participation through a reallocation of labor time across work categories. Our inclusion of the individual nature of remittance reception suggests less emphasis on the unified household perspective is warranted. (JEL O15, O12, J29)     

Building blocks in the economics of mandates

The paper constructs an asymmetric information model to investigate the efficiency and equity cases for government mandated benefits. A mandate can improve workers’ insurance, and may also redistribute in favour of more ‘deserving’ workers. The risk is that it may also reduce output. The more diverse are free market contracts—separating the various worker types—the more likely it is that such output effects will on balance serve to reduce welfare. It is shown that adverse effects can be reduced by restricting mandates to larger firms. An alternative to a mandate is direct government provision. We demonstrate that direct government provision has the advantage over mandates of preserving separations.

Spinning out a star

Spinouts rarely take off; most, in fact, fall into one or more of four traps that doom them from the start. Some companies spin out ventures that are too close to the core of their businesses, in effect selling off their crown jewels. Sometimes, a parent company uses the spinout primarily to pawn off debt or expenses or to quickly raise external capital for itself. Other times, a company may try to spin out an area of its business that lacks one or more of the critical legs of a successful company--a coherent business model, say, or a solid financial base. And in many cases, parent companies can't bring themselves to sever their ownership ties and give up control of their spinouts. R.J. Reynolds, the tobacco giant, managed to avoid these traps when it successfully spun out a most unlikely venture, the pharmaceutical company Targacept. As the story illustrates, the problem with spinouts is similar to the problem of rich children. Their parents have the wherewithal to spoil them or shelter them or cling to them, but what they need is tough love and discipline--much the same discipline that characterizes successful start-ups. R.J. Reynolds recognized that it didn't know that much about the pharmaceutical business and couldn't merely try to spin out a small clone of itself. It had to treat the venture as if it were essentially starting from scratch, with a passionate entrepreneurial leader, a solid business plan, help from outside partners in the industry, and ultimately substantial venture backing. That these lessons are less obvious to executives contemplating spinning out ventures closer to their core businesses may be why so many spinouts fail.