This paper provides evidence based on U.K. firm-level data that: (1) the authors cannot reject the view that profit-sharing firms view the total level of remuneration as the marginal cost of labor, which is contrary to much of Weitzman's analysis; (2) there is some support for the popular view...

This paper investigates the relative importance of firm-specific factors (i.e., insider forces) in wage determination. Using firm-level data on 219 U.K. companies over 1974-82, it finds that a 1 percent rise in a firm's prices or productivity relative to the aggregate economy leads to a rise in...

This paper investigates the association between unionism, organizational change, and employment using British data over 1980-84. Union plants were more likely to have experienced organizational change. This is likely to be due to both the once-for-all removal of restrictive practices and union...

The authors investigate whether the degree of autocorrelation shown by high frequency stock returns changes with volatility. This may result from nontrading effects, feedback trading strategies, or variable risk aversion. The authors' results indicate that when volatility is low, daily (and...

We propose a dynamic arbitrage pricing theory (APT) multi--factor model with time--varying volatility for currency, bond and stock returns for ten European countries over 1977--97. We exploit the cross--sectional dimension of the model to construct world portfolios, which when added to the...