Criticizing the Efficient Market Hypothesis (EMH) on the basis of highly volatile asset prices is conceptually wrong as efficiency is about rationality and information, not about stability. Speculative bubbles are compatible with rational valuation, and hence with market efficiency. As rational...

Purpose – The paper aims to introduce the special issue of IJM , a collection of papers that were originally presented at the 88 th Applied Econometrics Association Conference. Design/methodology/approach – Provides a general outline of the focus of the issue. Findings – The conference...

Purpose – To analyse productivity effects of performance‐related pay (PRP). Design/methodology/approach – Fixed effect analysis of the productivity effects of the introduction of PRP scheme using linked employer‐employee data from Finland in 1996‐2002 and controlling for the skill...

Purpose – To investigate whether significant differences exist in job satisfaction (JS) between individuals receiving performance‐related pay (PRP) and those on alternative compensation plans. Design/methodology/approach – Using data from four waves (1998‐2001) of the British Household...

Purpose – The aim of this paper is to investigate the factors that influence promotions of medical staff from registrar to consultant in the Scottish NHS. Design/methodology/approach – The paper addresses the question of what determines the incidence of promotion, concentrating on the impact...

Purpose – To analyse two important effects of the level of social concern in the firm. First, the effect on the labour force composition, i.e. do particular types of concerns attract certain kinds of employees? Second, the effect on the wage level within the firm, i.e. do firm‐provided...