Hedonic analysis of a housing market in disequilibrium

This paper tests the hypothesis that information about housing market activity and about specific dwellings becomes capitalized into single family dwelling prices through a disequilibrium adjustment process. A dynamic price adjustment model, which is an extension of the standard hedonic model widely used in the literature, is derived, specified, and tested with both micro and aggregated data from the city of Chicago and for the period 1972–1976. The results show that from 32 to 75% of the variance in dwelling prices, unexplained by the standard hedonic attributes under assumptions of equilibrium, is explained by market activity signals such as mortgage interest rates and neighborhood transaction rates of the preceding period. Dwellings about which there is less information, making comparison pricing difficult, are shown to command a price premium. The standard equilibrium hypothesis appears readily rejectable and better predictions are obtained from the disequilibrium specifications. Several directions for extending this line of research are discussed.     

董事会成员“零度容忍”文化胜于合规

目前,国外很多董事会都采用了“零度容忍”（Zero Tolerance）政策作为公司的一种伦理文化。所谓“零度容忍”政策,其实质是一种“一刀切”的强制规定,用以对违规行为施加处罚,旨在消除不希望发生的行为。“零度容忍”政策禁止在位当权者视情况变通地实施惩罚,要求其一定要按照事先规定的处罚措施办事,而不管处分对象是否出现了过失,或其实是情有可原的,也不会考虑处分对象过去的表现。     

Family,Place and the Intergenerational Transmission of Union Membership

This article examines the importance of family, gender and place to the intergenerational transmission of trade union membership. Using data from the British Household Panel Survey, we show that union membership among parents influences the union joining behaviour of young workers. These effects are particularly apparent among daughters and where both parents are members of unions. The effects of parental membership are also stronger among those born in areas characterized by relatively high levels of union density. Parental effects are therefore important to our understanding of the persistence of regional variations in levels of trade union membership.     

Workplace gender segregation in standard and non-standard employment regimes in the US labour market

This study provides a comprehensive analysis of workplace gender segregation in non-standard employment in the United States. It compares segregation in standard and three non-standard work arrangements paying special attention to independent contracting – a segment of contingent employment representing novel and consequential developments in work organization. In line with the prediction that inequality is lower in more marketized sectors of the labour market, my analyses based on a representative sample of the contemporary US workforce reveal that workplace gender segregation is lower in non-standard employment. I further find that the degree of segregation corresponds to the degree of attachment to the employer and that segregation is lower in segments of the economy with higher market competition. Overall, my analyses indicate that a shift towards alternative work arrangements can reduce overall workplace segregation but does not lead to uniform desegregation across occupations, and that institutions of employment and market pressures faced by employers play significant roles in the effect of alternative work arrangements on workplace segregation.     

Valuing executive stock options: performance hurdles, early exercise and stochastic volatility

Accounting standards require companies to assess the fair value of any stock options granted to executives and employees. We develop a model for accurately valuing executive and employee stock options, focusing on performance hurdles, early exercise and uncertain volatility. We apply the model in two case studies and show that properly computed fair values can be significantly lower than traditional Black–Scholes values. We then explore the implications for pay-for-performance sensitivity and the design of effective share-based incentive schemes. We find that performance hurdles can require a much greater fraction of total compensation to be a fixed salary, if pre-existing incentive levels are to be maintained.     

The Rise and Decline of Small‐Scale Sugarcane Production in South Africa: A Historical Perspective

South Africa's sugar industry has long been distinguished by its large number of small‐scale sugarcane growers (SSGs) farming on ‘communal’ land and its peculiar privately administered regulatory structure. In recent years, however, the numbers of small‐scale growers have declined precipitously. This paper argues that the relationship between the rise and fall of SSG production and the industry's governing regulatory structure is closer than usually appreciated. The emergence of SSG production in the late 1970s and the 1980s can be traced to industry‐subsidized initiatives, disguised as small‐scale credit, to bring commercially inalienable Bantustan land into cane production with strong miller oversight. From the late 1980s to 1990s, however, the elimination of these subsidies encouraged millers to subcontract support to farmers, while simultaneously instigating an increase in SSG numbers by removing restrictions on grower registration. Although low rainfall is a central proximal factor in the rapid decline of the SSGs in the 2000s, their rapid increase was structurally fragile.     

Where is the opportunity in opportunity zones?

In December 2017, the U.S. Congress passed into law the Opportunity Zone (OZ) program. As an OZ, designated low-income census tracts provide considerable tax breaks to property investors, intending to attract investments and spur economic growth. As the success of the program is dependent on investors' responses, we analyze market reactions in a difference-in-differences framework. We identify two potential effects on property markets: tax breaks for investors and expected land value appreciation. Our results show that tax breaks are priced efficiently. Qualified properties increase by 7–20% in price, while vacant land increase up to 37%. In contrast, we find limited signs of expected land value appreciation.     

Healthcare resource utilization by patients with treatment-refractory myasthenia gravis in England

Aims: To examine healthcare resource utilization associated with refractory myasthenia gravis (MG) in England.

Materials and methods: This was a retrospective cohort study of linked data from the Clinical Practice Research Datalink and the Hospital Episode Statistics database collected between 1997 and 2016. Included patients were ≥18?years of age at the index MG diagnosis. Patients with refractory MG were identified using an algorithm based on treatments received. Healthcare resource utilization since the index date was compared between refractory and non-refractory cohorts.

Results: The study included 1149 patients with MG, of whom 66 (5.7%) were refractory. Sex and age at diagnosis did not significantly differ between the refractory and non-refractory cohorts. Rates of healthcare resource utilization per person-year were significantly higher (p?p?Limitations: The algorithm for identifying refractory patients did not include clinical criteria. Also, treatments administered in hospitals or by specialists were not available in the databases.

Conclusions: Patients in England with refractory MG more often visit healthcare providers, are hospitalized and visit an emergency room than patients with non-refractory MG.