The other margin : do minimum wages cause working hours adjustments for low-wage workers?

This paper estimates the impact of the introduction of the UK minimum wage on the working hours of low-wage employees using difference-in-differences estimators. The estimates using the employer-based New Earnings Surveys indicate that the introduction of the minimum wage reduced the basic hours of low-wage workers by between 1 and 2 hours per week. The effects on total paid hours are similar (indicating negligible effects on paid overtime) and lagged effects dominate the smaller and less significant initial effects within this. Estimates using the employee-based Labour Force Surveys are typically less significant.minimum wages ; working hours ; labour demand ; difference-in-differences estimator

Supermassive black holes as the regulators of star formation in central galaxies

We present a relationship between the black hole mass, stellar mass, and star formation rate of a diverse group of 91 galaxies with dynamically-measured black hole masses. For our sample of galaxies with a variety of morphologies and other galactic properties, we find that the specific star formation rate is a smoothly decreasing function of the ratio between black hole mass and stellar mass, or what we call the specific black hole mass. In order to explain this relation, we propose a physical framework where the gradual suppression of a galaxy's star formation activity results from the adjustment to an increase in specific black hole mass and, accordingly, an increase in the amount of heating. From this framework, it follows that at least some galaxies with intermediate specific black hole masses are in a steady state of partial quiescence with intermediate specific star formation rates, implying that both transitioning and steady-state galaxies live within this region known as the "green valley." With respect to galaxy formation models, our results present an important diagnostic with which to test various prescriptions of black hole feedback and its effects on star formation activity.Comment: 15 pages, 4 figures, 2 tables. Accepted for publication in The Astrophysical Journa

Insider Trading as Misfeasance: The Yielding of the Fiduciary Requirement

This is the published version