Mandatory profit sharing, entrepreneurial incentives and capital accumulation

The impact of a mandatory tax on profits which is transferred to workers is analyzed in a general equilibrium entrepreneurial model. In the short run, this distortion reduces the number of fmns and the aggregate output. In the long run, if capital and labor are bad substitutes, it fosters capital accumulation and increases the aggregate output. In a small open economy with free movement of capital, it improves the welfare of the economy's average individual. One concludes that the benefits of sharing schemes may go beyond the short run employment-stabilization goal focused by the profit sharing literature.

Profit margins, financing and investment in the Peruvian business sector (1998-2008)

Includes bibliography

A NEO-KALECKIAN MODEL OF PROFIT SHARING, CAPACITY UTILIZATION AND ECONOMIC GROWTH

This paper sets forth a Neo-Kaleckian model of capacity utilization and growth with distribution featuring a profit-sharing arrangement. While a given proportion of firms compensate workers with only a base wage, the remaining proportion do so with a base wage and a share of profits. Consistent with the empirical evidence, workers hired by profit-sharing firms have a higher productivity than their counterparts in base-wage firms. While a higher profit-sharing coefficient raises capacity utilization and growth irrespective of the distribution of compensation strategies across firms, a higher frequency of profit-sharing firms does likewise only if the profit-sharing coefficient is sufficiently high.

Arbitrage-Free Conditions and Hedging Strategies for Markets with Penalty Costs on Short Positions

We consider a discrete-time financial model in a general sample space with penalty costs on short positions. We consider a friction market closely related to the standard one except that withdrawals from the portfolio value proportional to short positions are made. We provide necessary and sufficient conditions for the nonexistence of arbitrages in this situation and for a self-financing strategy to replicate a contingent claim. For the finite-sample space case, this result leads to an explicit and constructive procedure for obtaining perfect hedging strategies.

The Financial Rate of Profit: What Is It, and How Has It Behaved in the United States?

This work contributes to the almost nonexistent literature on the profit rate of the financial sector. It updates the single study to include financial variables to cover the past decade, compares this profit rate to the (almost unpublished) Weisskopf and NIPA financial profit rates, compares the financial and nonfinancial sector rates, and details the procedure to construct the profit rate in the financial sector including relevant financial variables which capitalists consider to make profit-rate decisions. JEL Classification: B50, E11

Shadow Profit Maximization and a Generalized Measure of Inefficiency

Determining the profit maximizing input-output bundle of a firm requires data on prices. This paper shows how endogenously determined shadow prices can be used in place of actual prices to obtain the optimal input-output bundle where the firm.s shadow profit is maximized. This approach amounts to an application of the Weak Axiom of Profit Maximization (WAPM) formulated by Varian (1984) based on shadow prices rather than actual prices. At these prices the shadow profit of a firm is zero. Thus, the maximum profit that could have been attained at some other input-output bundle is a measure of the inefficiency of the firm. Because the benchmark input-output bundle is always an observed bundle from the data, it can be determined without having to solve any elaborate programming problem. An empirical application to U.S. airlines data illustrates the proposed methodology.

On the Use of Situational and Body Information in Goalkeeper Actions during a Soccer Penalty Kick

Artículo Experimental

Analysis of signal impairment and crosstalk penalty induced by different types of optical filters in 100 Gbps PM-DQPSK based systems

Optical filters are crucial elements in optical communication networks. Their influence toward the optical signal will affect the communication quality seriously. In this paper we will study and simulate the optical signal impairment and crosstalk penalty caused by different kinds of filters, which include Butterworth, Bessel, Fiber Bragg Grating (FBG) and Fabry-Perot (F-P). Signal impairment from filter concatenation effect and crosstalk penalty from out-band and in-band are analyzed from Q-penalty, eye opening penalty (EOP) and optical spectrum. The simulation results show that signal impairment and crosstalk penalty induced by the Butterworth filter is the minimum among these four types of filters. Signal impairment caused by filter concatenation effect shows that when center frequency of all filters is aligned perfectly with the laser's frequency, 12 50-GHz Butterworth filters can be cascaded, with 1-dB EOP. This value is reduced to 9 when the center frequency is misaligned with 5 GHz. In the 50-GHz channel spacing DWDM networks, total Q-penalty induced by a pair of Butterworth filters based demultiplexer and multiplexer is lower than 0.5 dB when the filter bandwidth is in the range of 42-46 GHz.