Youth Wages, Risk, and Tertiary Finance Arrangements*

Human capital earnings functions typically explain a small fraction of the total variation in earnings. The considerable uncertainty associated with expected future earnings streams enhances the desirability of a loans scheme for higher education possessing income contingent characteristics on the repayment side. The Higher Education Contribution Scheme (HECS) possesses this feature The profitability of higher education even after taking account of the HECS suggests there is scope for higher student contributions. Other possible modifications to the HECS include higher repayment rates, a change to the tax base, and a minimum repayment amount     

Apparel preferences of pregnant employed women

Women who have postponed childbirth to become established in a career are now embarking on parenthood while continuing to work throughout much of the pregnancy. As a result, pregnant employed women need clothing that will project an appropriate image. The purpose of this research was to determine the types of garments that pregnant employed women prefer to wear to work and to identify factors influencing the selection of those garments. Results indicated that there were differences among age range groups in selection of workplace attire, and among educational level groups in general fashion appeal of classically styled garments, selection of attire for the workplace, selection of nylon for the summer season, and in care required for garments. There were differences among income range groups in the classic category of general fashion appeal, in the selection of silk fibre for winter wear, and in care required for garments. This study supported the concept of a new and separate segment of the consumer market dealing with pregnant employed women. They have special needs for attire based on age range, educational level, and income range, that will project an appropriate image in the workplace and offer physical and psychological comfort as well.     

Elderly consumers: problems and behaviours

The purpose of this study was to explore older consumers' problems and behaviour. Data were collected by interviewing. Responses of 150 older Wisconsin residents were analysed using chi square to determine significant differences in consumer problems and behaviour related to the demographic variables: age, sex, place of residence, marital status and education. The distribution of responses was most frequently influenced by marital status. The demographic variables of age, sex and place of residence were also found to influence the response distribution, although less frequently than marital status; there were no significant differences in responses by education. Based on the findings, recommendations are made for consumer education programmes designed specifically for older persons.     

Uninvited U.S. Investors? Economic Consequences of Involuntary Cross‐Listings

We study the economic consequences of a recent Securities and Exchange Commission securities regulation change that grants foreign firms trading on the U.S. over‐the‐counter (OTC) market an automatic exemption from the reporting requirements of the 1934 Securities Act. We document that the number of voluntary (sponsored) OTC cross‐listings did not increase following the regulation change, suggesting that it did not achieve its intended purpose of increasing voluntary OTC cross‐listings through a reduction in compliance costs. We do find that the design of the regulation allowed financial intermediaries to create an unprecedented number of involuntary (unsponsored) OTC ADRs: 1,700 unsponsored ADR programs for 920 firms were created for companies that had previously chosen not to cross‐list in the United States. Our difference‐in‐differences analysis based on a matched sample approach documents that foreign firms forced into the U.S. capital markets experience a significant decrease in firm value, and we further show that the decrease in firm value is related to an increase in U.S. litigation risk. We also find that depositary banks’ propensity to involuntarily cross‐list firms is positively related to banks’ expected fee revenue, and that banks chose firms that incur high costs when involuntarily cross‐listed. Our results provide evidence that securities regulation can be exploited for private gain and result in costly unintended consequences.     

An assessment of the effect of fabric conditioner in the final rinse

An objective and subjective assessment of sample fabrics is made from pre-wash through to wash and use of a fabric conditioner in order to determine the physical handling measurements which can be used to assess the perceived output quality from these processes.