Adjusting for the intervalling effect bias in beta: A Test using Paris Bourse Data

This paper uses a sample of daily returns data from the Paris Bourse to test the predictions of and adjustment procedures implied by the Cohen-Hawawini-Maier-Schwartz-Whitcomb (1983a,b) model of the intervalling effect bias in OLS beta estimates. CHMSW show that the bias diminishes asymptotically to zero as the differencing interval increases and that the sign of the bias depends on a stock's relative value of shares outstanding. We employ the three-pass regression procedure of CHMSW (1983b), but we test a broader set of second pass functional forms and use the Box-Cox (1964) transformation model to verify our chosen form. The CHMSW adjustment procedures are compared with that of Scholes-Williams (1977), and the latter is shown to contain a significant intervalling effect bias.     

Method for estimating and predicting the residual service life of condenser piping systems in steam-turbine units at thermal power plants

Amethod for estimating and predicting the residual service life of condenser piping systems in steam turbines is presented. This method has been tested and applied to the Reftinskaya GRéS (300 MW units) and the Surgut GRéS-1 (200 MW units) state regional electric power plants.     

Race and the discouraged female worker: A question of labor force attachment

This article presents an empirical examination of female attachment to the labor market. An econometric model of the discouragement process is built to determine how strongly women exhibit the inclination to remain labor force participants over the course of the business cycle. The estimated results imply that women, as a group, have a stronger response to changes in short-run cyclical fluctuations and therefore will sever their attachment to the labor force significantly sooner than their male counterparts. However, when the analysis is broken down by race, minority females are discovered to demonstrate only a modest response to short-run fluctuations and a very pronounced long-run sensitivity to cyclical swings. Thus, the results suggest that while females as a whole do not exhibit the same degree of labor force attachment as males, minority females respond in a manner similar to that of male workers. Such a conclusion is in agreement with the growing literature on the labor market behavior of minority females who are increasingly playing the same economic role in society as men.     

Internal bargaining and strategic innovation in the theory of the firm

The transaction cost analysis of the firm has identified asset idiosyncrasy and the risk of ex post opportunism as key determinants of organizational form. Simultaneously, several writers have modeled the distribution of quasi-rents among input suppliers as a bargaining game. These complementary ideas are used to formalize the notion of strategic innovation, where capital and labor attempt to redistribute firm income after specialized assets are in place, through unilateral modifications in production technology. Because strategic behavior can enlarge the quasi-rent component of fifirm income, this process may persist in equilibrium. Asset idiosyncrasy therefore creates room for an autonomous theory of organizational dynamics, partially insulated from events at the market level of analysis.     

Research and development policy in the USA: Implications for satellite communications

Research and development in fields as diverse as microelectronics and space vehicles have profoundly affected the technologies of information transmission, as well as the way in which government regulates the communications and information service industries. This article focuses on R&D policy in the USA, drawing from 1984 OTA reports. The article focuses briefly on industry and universities and at greater length on government actions and policies, indicating possible implications for communication satellites.     

Some empirical evidence on the determinants of incomes policies in the UK

A model is proposed in which incomes policy is the endogenous variable and is explained by political and economic variables. The empirical results show that the party in power, inflation, wage change and unemployment effect the chances of an incomes policy.