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Central wage bargaining and local wage flexibility : evidence from the entire wage distribution
(1998)
We argue that in labor markets with central wage bargaining wage flexibility varies systematically across the wage distribution: local wage flexibility is more relevant for the upper part of the wage distribution, and flexibility of wages negotiated under central wage bargaining affects the lower part of the wage distribution. Using a random sample of German social-security accounts, we estimate wage flexibility across the wage distribution by means of quantile regressions. The results support our hypothesis, as employees with low wages have significantly lower local wage flexibility than high wage employees. This effect is particularly relevant for the lower educational groups. On the other hand, employees with low wages tend to have a higher wage flexibility with respect to national unemployment.
Over-allotment arrangements are nowadays part of almost any initial public offering. The underwriting banks borrow stocks from the previous shareholders to issue more than the initially announced number of shares. This is combined with the option to cover this short position at the issue price. We present empirical evidence on the value of these arrangements to the underwriters of initial public offerings on the Neuer Markt. The over-allotment arrangement is regarded as a portfolio of a long call option and a short position in a forward contract on the stock, which is different from other approaches presented in the literature.
Given the economically substantial values for these option-like claims we try to identify benefits to previous shareholders or new investors when the company is using this instrument in the process of going public. Although we carefully control for potential endogeneity problems, we find virtually no evidence for a reduction in underpricing for firms using over-allotment arrangements. Furthermore, we do not find evidence for more pronounced price stabilization activities or better aftermarket performance for firms granting an over-allotment arrangement to the underwriting banks.
The European Strategy on Invasive Alien Species T-PWS(2002) 8 mandates intensified research by member nations on invasive species. This research will not be restricted solely to the biology and remediation of invasive species, but will also evaluate their adverse health effects and economic impact. Previous studies of these issues have only been carried out in the Unites States of America, or in a limited, regional manner. Consequently, 20 plant and animal species from various problem areas (species which pose a threat to public health; losses to agriculture, fisheries, and forestry; damage to public roads and waterways; costs associated with the protection of native species threatened by non-native species as mandated by Recommendation 77 of the Bern Convention were assessed in Germany nation-wide. The accruing costs were sorted into 3 categories: a) direct economic losses, such as those caused by destructive pest species; b) ecological costs, in the form of extra care and protection of native taxa, biotopes, or ecosystems threatened by invasive species; c) costs of measures to combat invasive species. Because of the nature of available data, as well as the different biology and ecology of the invasive species, each had to be treated individually, and the associated costs vary greatly from species to species. Moreover, not all of the species investigated cause economic losses. Accordingly, a nuanced approach to alien species is essential. Cost assessment of losses deriving from ecological damage was only possible in a few cases. Ongoing, multi-year studies incorporating cost/benefit analysis will be necessary to resolve remaining issues.