An important issue in the analysis of cross-sectional dependence which has received renewed interest in the past few years is the need for a better understanding of the extent and nature of such cross dependencies. In this paper we focus on measures of cross-sectional dependence and how such...

This paper considers the role of gender in the promotion process and the impact of promotion on wages and wage growth, using data from the National Longitudinal Survey of Youth (NLSY79). Its focus is upon mid-career promotion and wages, thereby complementing extant studies of the NLSY that...

Do apparently large minimum wage increases in an environment of recession produce clearer evidence of disemployment effects than is typically observed in the new minimum wage literature? This paper augments the sparse literature on the most recent increases in the U.S. minimum wage, using three...

Atypical work, or alternative work arrangements in U.S. parlance, has long been criticized for providing poorly-compensated employment. Although one group of atypical workers (contractors) seems to enjoy a wage premium, our cross-section results from the CPS and NLSY for the better-known...

This paper is concerned with testing the time series implications of the capital asset pricing model (CAPM) due to Sharpe (1964) and Lintner (1965), when the number of securities, N, is large relative to the time dimension, T, of the return series. In the case of cross-sectionally correlated...

This paper considers a multivariate t version of the Gaussian dynamic conditional correlation (DCC) model proposed by Engle (2002), and suggests the use of devolatized returns computed as returns standardized by realized volatilities rather than by GARCH type volatility estimates. The t-DCC...