Wage expectations in northern and southern Italian regions: An interpretation based on psychological and social factors

Individual wage expectations of Italian unemployed are studied. The analysis is carried out separately for the North‐Central and southern Italian regions using semiparametric additive models. Results show a marked difference in expectations formation across regions. We argue that as far as the labour market information in the South is less diffuse and more ambiguous than in the North, the divergence between the econometric model based on a utility‐maximisation mainstream theory and the actual wage expectation mechanism may be large. A tentative explanation based on psychological and social factors is offered.     

Motives for purchase decision-making: combining attribution and functional approaches

The motivations which lead to consumer decisions have been given relatively little research attention, since motivations are difficult to quantify. The four part typology developed by Katz,¹ when combined with self-perceived attributions, provides a useful method of examining the motivational underpinnings of consumer-purchase decisions. This study involved an experimental design to evaluate self perceptions of the four functional motives—ego defensive, value expressive, knowledge and utilitarian. A sample of 105 undergraduate students attributed their use or purchase for each of 52 items to one of the four functional motives. Using these responses as self-perception attributions, two research questions were examined: (i) would the four part typology be useful in explaining self-perceptions of past behaviour? and (ii) would one function of the typology dominate these reports for each item? An across-subject analysis suggested the four part typology could be meaningfully employed within a self-perception context. However, one functional motive dominated attributions for only six of 52 items. Since motivations and consumer behaviour are clearly linked, this research offers a method of providing additional insight into that linkage. The paper concludes with further research possibilities that integrate the functional motive approach and self-perception attributions.     

The habit of eating rice in four countries: Japan,China, Spain and France

To determine differences in rice-eating habits in Japan, China (Shandong), Spain (Catalonia) and France (Alsace), the frequency of eating rice, the volume eaten per meal and the varieties of rice dishes were compared. A total of 486 housewives were surveyed: 125 Japanese, 99 Chinese, 141 Spanish and 121 French. Rice was eaten, on average, 12·1 and 8·2 times a week in Japan and China respectively, but only 0·9 times a week in Spain and France. In Japan, China and Spain, more than 50 g (raw rice) per meal was normally eaten. French subjects ate almost the same amount in only 30% of the total time for eating. In all four countries, rice cooked at home was predominant. In Japan, plain rice was an everyday dish, whereas ‘sushi’ was eaten only once every 2 weeks. Chinese everyday rice dishes were plain rice and rice porridge. In Spain, ‘paella’ and ‘boiled rice with tomato sauce’ were popular. Rice was used both as a main ingredient and as a supplementary ingredient in Spain. In France, boiled rice and ‘Creole-style rice’ were eaten as a supplement to main dishes. In these two countries, most rice dishes were seasoned with salt and flavoured with butter or olive oil. Interesting differences in the manner of eating rice and the culinary characteristics of each country are described in this study.     

Changes in Union Wage Effects by Industry: A Fresh Look at the Evidence

Unions suffered a modest decline in their capacity to increase wages over nonunion levels between the late 1970s and the middle 1990s according to evidence presented here. The decline in relative wages was significant in only 13 (of 78) industries examined; in 11 industries the differential increased significantly. The industrially disaggregated econometric evidence is broadly consistent with institutional evidence about developments in particular industries; however, more industry-grounded research is clearly warranted.     

ECONOMIC LIBERALIZATION AND CHANGES IN CORPORATE CONTROL IN LATIN AMERICA

This article analyzes ownership restructuring and changes in corporate control in four large Latin American countries—Argentina, Brazil, Chile, and Mexico—during the 1990s. Drawing on original firm‐level data, this is a comparative study aimed at identifying cross‐country differences and regularities. It focuses on transactions associated with privatizations and private mergers and acquisitions (M&As)—their evolution, relative importance, and sectoral incidence—as well as the role played by different types of investors: local, foreign, and joint ventures. A specially built database was used in the analysis, comprising 3,085 private M&As and 329 privatization transactions. Although similar to processes occurring elsewhere, it is argued that ownership restructuring in Latin America was facilitated and fostered by specific changes in policy‐associated institutional framework conditions. That is, the wide‐ranging process of ownership restructuring is strongly associated with economic liberalization, which has become the main feature of Latin American national regimes of incentives and regulation.     

Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions

We study the effects of anti-takeover provisions (ATPs) on the takeover probability, the takeover premium, and target selection. Voting to remove an ATP increases both the takeover probability and the takeover premium, that is, there is no evidence of a trade-off between premiums and takeover probabilities. We provide causal estimates based on shareholder proposals to remove ATPs and address the endogenous selection of targets through bounding techniques. The positive premium effect in less protected firms is driven by better bidder-target matching and merger synergies.     

Credit Card Debt and Default over the Life Cycle

This paper solves an empirically parameterized model of life cycle consumption, which allows for uncollaterized borrowing and the possibility of default. The simulation results show that: (i) "social stigma " and credit limit have a very large impact on default rates; (ii) education level also has a significant effect on the probability of default, namely, through differences in the shape of lifetime labor income profiles; and (iii) the response of simulated default rates to labor income shocks is determined by the nature of labor income uncertainty (temporary versus permanent). Additionally, the model generates simultaneous consumer holdings of credit card debt and liquid assets.