Dalian Staff Share - RCS

A simple share of materials for Dalian staff

Re-measuring labor's share

Measuring labor's share of an economy's aggregate income seems straightforward, at least in principle. Count up wage and salary income, along with the value of benefits provided to employees, and divide it by total income. However, one fundamental concept of labor's share in macroeconomic theory is not the amount of aggregate income paid out to labor. Rather, it is the share of aggregate production that is attributable to "raw" units of labor. Or, otherwise stated, it is the share of aggregate income that would have been paid to laborers if they had no accumulated stocks of human capital.1 This share corresponds to an aggregate production function parameter: the elasticity of output with respect to physical (i.e. non-augmented or raw) units of labor (Robert Solow, 1957). In this paper we estimate annual raw labor’s share for the US, 1949 to 1996.

Thrills and chills : poems to share.

Una selección de clásicos y modernos poemas de diferentes culturas para todo el año. Objetivos: elegir y preparar poemas para: la identificación de expresiones adecuadas, tono, volumen y el uso de voces y otros sonidos; utilizar adjetivos para agregar detalle por escrito; experimentar con el efecto de los distintos adjetivos compartidos a través de la escritura; notar donde se ponen comas en la lectura y examinar sus funciones para ayudar al lector; utilizar el término coma adecuadamente en relación a la lectura.

Fliers and leapers: poems to share.

Una selección de clásicos y modernos poemas de diferentes culturas para todo el año. Objetivos: elegir y preparar poemas para: la identificación de expresiones adecuadas, tono, volumen y el uso de voces y otros sonidos; utilizar adjetivos para agregar detalle por escrito; experimentar con el efecto de los distintos adjetivos compartidos a través de la escritura; notar donde se ponen comas en la lectura y examinar sus funciones para ayudar al lector; utilizar el término coma adecuadamente en relación a la lectura.

Does managerial turnover affect football club share prices?

This paper analyses the 53 managerial sackings and resignations from 16 stock exchange listed English football clubs during the nine seasons between 2000/01 and 2008/09. The results demonstrate that, on average, a managerial sacking results in a post-announcement day market-adjusted share price rise of 0.3%, whilst a resignation leads to a drop in share price of 1% that continues for a trading month thereafter, cumulating in a negative abnormal return of over 8% from a trading day before the event. These findings are intuitive, and suggest that sacking a poorly performing manager may be welcomed by the markets as a possible route to better future match performance, while losing a capable manager through resignation, who typically progresses to a superior job, will result in a drop in a club’s share price. The paper also reveals that while the impact of managerial departures on stock price volatilities is less clear-cut, speculation in the newspapers is rife in the build-up to such an event.