The life cycle explanation of the positive impact of a country's rate of economic growth on its saving ratio appears questionable: its two premises, that the retirees' share of total income declines and that, consequently, income shifts from dissavers to savers, are found wanting.

The possibility that professional stock analysts could be outperformed by throwing darts at the stock listing page has intrigued stock market enthusiasts for years. In this study, we examine the results from the Wall Street Journal's Investment Dartboard Columns and find that the experts...

The cointegration and causality between human capital and economic growth in Japan is examined by applying Johansen's test of cointegration and Hsiao's version of the Granger causality method to the Japanese data for the period 1952-93. The Phillips-Perron (PP) tests reveal that the original...

This letter extends Elgar and Simpson's (1994) analysis on the working of the Bridlington Principles to the analysis of the working of TUC voluntary policy with respect to mergers among affiliated unions over the period 1960-83. Univariate analysis is applied to microdata to investigate the...

In many economic settings, individual decisions can be viewed as a sequential process where a dichotomous choice is followed by a continuous choice. These processes are frequently encountered in consumption demand studies, where the decision of whether or not to consume a particular commodity is...

This paper examines the Fisher hypothesis for a sample of less developed countries. Recognizing the possibility of spurious regression results, tests of the Fisher hypothesis are undertaken utilizing the Johansen-Juselius cointegration procedure. Of the nine countries studied, only Malaysia,...

This note considers the relationship between quasi-fixed labour costs (paid absences, employee pension plans, etc.) and overtime hours worked. Specifically, it reports the results of testing the hypothesis that, the larger the ratio of quasi-fixed costs to overtime wage rates, the greater the...

A real options approach to investment is used to derive a new full static equilibrium condition for capital within the framework of a restricted variable cost function. Empirical evidence suggests that the use of the traditional equilibrium condition may be grossly misleading.

In this paper we develop a very simple test to measure 'poverty' in a developing country. From evidence on aggregate consumption we obtain an estimate of the proportion of labour income received by consumers who own no physical or financial assets or have access to credit. Evidence from a...

The US Supreme Court in 1977 declared that most bans on lawyer advertising were unconstitutional. Since that decision, the volume of lawyer advertising has grown very rapidly. In addition, since the mid-1980s, Gallup polls indicate that the public's image of the law profession has declined...