Fraternities and Labor Market Outcomes

We model how student choices to rush a fraternity, and fraternity admission choices, interact with signals firms receive about student productivities to determine labor-market outcomes. The fraternity and students value wages and fraternity socializing values. We provide sufficient conditions under which, in equilibrium, most members have intermediate abilities: weak students apply, but are rejected unless they have high socializing values, while most able students do not apply to avoid taint from association with weaker members.

Why Do Firms Pay Dividends?: Evidence from an Early and Unregulated Capital Market

Why do firms pay dividends? To answer this question, we use a hand-collected data set of companies traded on the London stock market between 1825 and 1870. As tax rates were effectively zero, the capital market was unregulated, and there were no institutional stockholders, we can rule out these potential determinants ex ante. We find that, even though they were legal, share repurchases were not used by firms to return cash to shareholders. Instead, our evidence provides support for the information–communication explanation for dividends, while providing little support for agency, illiquidity, catering, or behavioral explanations. © The Authors 2013. Published by Oxford University Press [on behalf of the European Finance Association]. All rights reserved.

Law, Politics and Financial Development: The Great Reversal of the U.K. Corporate Debt Market

This article examines the role of creditor protection in the development of the U.K. corporate bond market. This market grew rapidly in the late nineteenth century, but in the twentieth century it experienced a reversal, albeit with a short-lived post-1945 renaissance. Such was the extent of the reversal that the market from the 1970s onwards was smaller than it had been in 1870. We find that law does not explain the variation in the size of this market over time. Alternatively, our evidence suggests that inflation and taxation policies were major drivers of this market in the post-1945 era. Copyright © The Economic History Association 2013

Pull-out forces in shear connectors in composite beams with large web openings

Composite beams with large web openings are often used, and their design is controlled by Vierendeel bending at the four corners of each opening, which is assisted by local composite action with the floor slab. Development of this Vierendeel bending resistance may be limited by pull-out failure of the shear connectors. In this paper, a non-linear elasto-plastic finite element model of a composite beam with web openings was used to investigate this mode of pull-out failure. A test was performed on a typical composite slab in which the shear connectors were subject to pure tension and the failure load was 67 kN, which is approximately 70% of the longitudinal shear resistance. The results of the finite element model are compared against those obtained using the established design theory, that does not limit the vertical pull-out resistance of the shear connectors. It is shown that the local bending resistance due to composite action should be reduced when limited by pull-out of the shear connectors. A parametric study investigated the effect of openings of 600 to 1200 mm length. A simple model is developed to establish the Vierendeel bending resistance, when limited by pull-out of the shear connectors.