This paper develops a present value model of agricultural land values and applies it to data from England and Wales. Augmenting a simple present value model to allow for inflation hedging yields a unique cointegrating vector that is consistent with the predictions of present value theory and...

This paper presents a simple model of industrial conflict that differs from previous economic models in that it recognizes the distinction between strikes and other forms of industrial conflict. The model is estimated against data relating to Britain's dock industry. The results provide evidence...

This paper examines the relationship between top director pay, company performance and corporate governance in a sample of 294 U.K. companies between 1983 and 1986. The reported econometric results reveal that although a statistically significant relationship can be established between the...

In this paper, the authors analyze a model selection strategy for periodic autoregressive time-series processes. It involves autoregressive order selection and tests for unit roots at the (non-)seasonal frequencies. The strategy is evaluated using Monte Carlo replications and it is applied to...

Theory suggests that the level of uncertainty may affect the output and employment decisions of firms, although in general the sign of the effect is ambiguous. A GARCH-M estimator is used to model the conditional variance of GDP. This measure is then employed in backward- and forward-looking...

It would be useful to have a goodness-of-fit measure that would both facilitate comparisons (1) among Tobit equations and (2) between Tobit equations and OLS equations. This paper suggests a number of possibilities and then provides Monte Carlo results that permit comparisons of the values of...

This article investigates the determinants and effects of firm-based training in Spain. We focus on the following questions: (1) Are there appreciable differences between firms which provide training and firms which do not? (2) Does the proportion of workers who receive training have a...

This paper uses the multivariate cointegration technique of Johansen to construct a manufacturing imports equation for the UK over the period from 1970 to the end of 1991. Imports are modeled in share form with a unit long-run elasticity on demand. The long-run equations are similar to those...

While many of the theoretical models of strike activity predict that strikes will be procyclical, econometric studies have produced rather ambiguous results in general. This paper investigates the cyclicality of British postwar strike frequency by examining the relationship between an index of...