Dividend Signaling and Unions

Dividend signaling models suggest that dividends are used to convey information about future earnings to investors. However, in a world where unions also receive these signals, managers are less inclined to send the signal in order to avoid the union capturing these future earnings through higher salaries. Using information from IRS 5500 Forms to measure firm level unionization, I found that the power of dividends as predictors of future earnings tends to be higher for non-unionized firms. Moreover, I use the variation at the state level in the adoption of right-to-work laws to overcome the possible endogeneity of unionization with an instrumental variables approach. The empirical results are robust to different specifications and time periodsDividends; Signaling; Unions

Immigration and the Occupational Choice of Natives: a Factor Proportions Approach

This paper evaluates the impact of immigration on the labor market outcomes of natives in France over the period 1962-1999. Combining large (up to 25%) extracts from six censuses and data from Labor Force Surveys, we exploit the variation in the immigrant share across education/experience cells and over time to identify the impact of immigration. In the Borjas (2003) specification, we find that a 10% increase in immigration increases native wages by 3%. However, as the number of immigrants and the number of natives are positively and strongly correlated across cells, the immigrant share may not be a good measure of the immigration shock. When the log of natives and the log of immigrants are used as regressors instead, the impact of immigration on natives’ wages is still positive but much smaller, and natives’ wages are negatively related to the number of natives. To understand this asymmetry and the positive impact of immigration on wages, we explore the link between immigration and the occupational distribution of natives within education/experience cells. Our results suggest that immigration leads to the reallocation of natives to better-paid occupations within education/experience cells.Immigration, Impact, France.

Assimilation in Multilingual Cities

Using the Public Use Microdata Files of the 2001 and 2006 Canadian Censuses, we study the determinants of the assimilation of language minorities into the city majority language. We show that official minority members (i.e. francophones in English-speaking cities and anglophones in French-speaking cities) assimilate less than the "allophones" (the individuals with a mother tongue other than English or French), and that immigrants generally assimilate less than natives. In addition, the language composition of cities is shown to be an important determinant of assimilation both for allophones and for official minorities. Finally, we show that assimilation into French in French-majority cities is lower than assimilation into English in English-majority cities even when controlling for the language composition of the cities and including a rich set of language dummmies.immigration, assimilation, language policies, minorities

Immigration and the Occupational Choice of Natives: A Factor Proportions Approach

This paper evaluates the impact of immigration on the labor market outcomes of natives in France over the period 1962-1999. Combining large (up to 25%) extracts from six censuses and data from Labor Force Surveys, we exploit the variation in the immigrant share across education/experience cells and over time to identify the impact of immigration. In the Borjas (2003) specification, we find that a 10% increase in immigration increases native wages by 3%. However, as the number of immigrants and the number of natives are positively and strongly correlated across cells, the immigrant share may not be a good measure of the immigration shock. When the log of natives and the log of immigrants are used as regressors instead, the impact of immigration on natives' wages is still positive but much smaller, and natives' wages are negatively related to the number of natives. To understand this asymmetry and the positive impact of immigration on wages, we explore the link between immigration and the occupational distribution of natives within education/ experience cells. Our results suggest that immigration leads to the reallocation of natives to better-paid occupations within education/experience cells.Immigration, occupations

Probing cluster dynamics in RXCJ1504.1-0248 via radial and two-dimensional gas and galaxy properties

We studied one of the most X-ray luminous cluster of galaxies in the REFLEX survey, RXC J1504.1-0248 (hereafter R1504; z=0.2153), using XMM-Newton X-ray imaging spectroscopy, VLT/VIMOS optical spectroscopy, and WFI optical imaging. The mass distributions were determined using both the so-called hydrostatic method with X-ray imaging spectroscopy and the dynamical method with optical spectroscopy, respectively, which yield M^{H.E.}_{500}=(5.81+/-0.49)*1.e14Msun and M^{caustic}_{500}=(4.17+/-0.42)*1e14Msun. According to recent calibrations, the richness derived mass estimates closely agree with the hydrostatic and dynamical mass estimates. The line-of-sight velocities of spectroscopic members reveal a group of galaxies with high-velocities (>1000 km/s) at a projected distance of about r^{H.E.}_{500}=(1.18+/-0.03) Mpc south-east of the cluster centroid, which is also indicated in the X-ray two-dimensional (2-D) temperature, density, entropy, and pressure maps. The dynamical mass estimate is 80% of the hydrostatic mass estimate at r^{H.E.}_{500}. It can be partially explained by the ~20% scatter in the 2-D pressure map that can be propagated into the hydrostatic mass estimate. The uncertainty in the dynamical mass estimate caused by the substructure of the high velocity group is ~14%. The dynamical mass estimate using blue members is 1.23 times that using red members. The global properties of R1504 obey the observed scaling relations of nearby clusters, although its stellar-mass fraction is rather low.Comment: 20 pages, 11 figures, A&A, accepted, typo corrections include

Multifactor Productivity and its Determinants: Al Empirical Analysis for Mexican Manufacturing.

We use data from the Annual Industrial Survey for 1996-2003. First, we estimate production functions by means of growth accounting exercises and panel data econometrics for the whole sector and for 14 comprehensive groups. Various measures of Multifactor Productivity (MFP) are constructed, as we consider diverse combinations of inputs with capital, labour, electricity and transport. This allows us to compare MFP growth rates between groups. Second, we analyse econometrically some of the determinants of MFP and Labour Productivity (LP) growth. We find that, on the one hand, there is some evidence of a positive relationship between market concentration and technology adoption; on the other hand, both technology adoption and human capital seem to be promoting productivity, whilst market concentration is exerting a negative influence on it. In sum, our results suggest that, once controlling for the effect on technology adoption, more concentration (conversely, less competition) has a negative impact on productivity.Panel data, Productivity, Manufacturing, Competition

[2,2′-Bipyridin]-6(1H)-one, a Truly Cooperating Ligand in the Palladium-Mediated C–H Activation Step: Experimental Evidence in the Direct C-3 Arylation of Pyridine

Producción CientíficaThe ligand [2,2′-bipyridin]-6(1H)-one (bipy-6-OH) has a strong accelerating effect on the Pd- catalyzed direct arylation of pyridine or arenes. The isolation of relevant intermediates and the study of their decomposition unequivocally show that the deprotonated coordinated ligand acts as a base and assists the cleavage of the C−H bond. Mechanistic work indicates that the direct arylation of pyridine with this ligand occurs through a Pd(0)/Pd(II) cycle. Because of this dual ligand− intramolecular base role, there is no need for an available coordination site on the metal for an external base, a difficulty encountered when chelating ligands are used in coupling reactions that involve a C−H cleavage step.MINECO (SGPI, grant CTQ2016-80913-P, BES-2014- 067770 fellowship to A.T.)Junta de Castilla y Leoń (grants VA062G18 and VA051P17)Universidad de Valladolid (fellowship to V.S.)

Translog Cost Functions: An Application for Mexican Manufacturing.

We use translog cost functions to estimate own-price and substitution elasticities of input demands, economies of scale and average costs in Mexican manufacturing. Data from the Mexican Annual Industrial Survey is used for 1996, 2000 and 2003. We show that a model that allows for nonhomotheticity and nonunitary elasticities of substitution is appropriate to represent the production structure. Allen-Uzawa elasticities indicate the existence of substitution possibilities amongst inputs. The demand for electricity is essentially unitary elastic. All cross-price elasticities are less than one. Both scale economies and average costs diminish as the size of activity class increases. Economies of scale increased for any level of output. The differences in average costs between small and large activity classes were reduced and some disparities prevail in a number of manufacturing groups.Simultaneous equation models, Translog cost function, Manufacturing