The Gender Pay and Employment Gaps for Top Managers in U.S. Nonprofits

This paper examines the gender wage gap among managers of nonprofit organizations using newly collected detailed data on compensation of managers and accounting characteristics of nonprofits in the U.S. There are several main findings. First, women lead roughly nineteen percent of all nonprofit organizations in the sample. Second, on average, women who lead nonprofits earn roughly twenty percent less than men who lead nonprofits. Third, the fraction of nonprofits lead by women varies dramatically based on characteristics of the organization such as size (measured, for example, by income, revenue, or assets) or the “industry” of the organization. I find a generally negative relationship between the size of the nonprofit and the likelihood that a woman runs it. Finally, once even simple characteristics of the nonprofits are controlled for, the male -female salary gap in this sample of nonprofits is not significantly different from zero

Multiple hologram recording and readout system Patent

Multiple pattern holographic information storage and readout syste

High Stakes: Oregon Labor Sets Union Agenda for High Skill, High Wage Strategy

[Excerpt] The labor movement of Oregon is responding to the current economic crisis by adopting an agenda to help workers gain control over work and technology. The union agenda emphasizes worker-centered education and urges unions to become advocates for workers to develop their skills

Are Formal Corporate News Announcements Still Newsworthy? Evidence from Three Decades of U.S. Data on Earnings, Splits, and Dividends

This paper considers the share price reaction to dividend, earnings, and stock split announcements over a 30 year period. It first considers whether there is differential information content in similar corporate news announcements for different types of firms. Second, it investigates whether the value of news information about these firms has declined over time (has become “less newsworthy”). We categorize firms into groups by whether corporate news announcements regarding the firms will be more valuable to the public. For example, since the public may know more about larger firms, we expect the market to react less strongly (in absolute value) to new information from large firms. We find strong support for this idea. We find little evidence that is consistent with the idea that “news is less newsworthy” over the past few decades. Although, we do find that the share price reaction to “good” dividend news has become less positive and to “bad” dividend news has become less negative over time, no such related evidence exists for stock splits and earnings announcements. Additional investigation of entire distributions of returns using kernel density estimators also rejects the “news is no longer newsworthy” idea

New Data for Answering Old Questions Regarding Employee Stock Options

This paper is a description and summary of existing questions and sources of data on stock options with an emphasis on two issues; what are the issues surrounding stock options in the national accounts and what value do employees place on stock options? We survey many existing data sources and outline some of the ways these data can be used to answer questions about the use and impact of employee stock options. The data sources include administrative records from individual firms, survey data of employee perceptions, disclosure filings with the SEC and other government, nonprofit, and international sources. We explore ways to investigate the value of options to employees and their cost to the firms using data on employee exercise decisions. Finally, we discuss the implications of our findings for public policy, the reporting of stock options, and how options are considered in the national accounts

The Gender Gap in Top Corporate Jobs

Using the ExecuComp data set, which contains information on the five highest-paid executives in each of a large number of U.S. firms for the years 1992–97, the authors examine the gender compensation gap among high-level executives. Women, who represented about 2.5% of the sample, earned about 45% less than men. As much as 75% of this gap can be explained by the fact that women managed smaller companies and were less likely to be CEO, Chair, or company President. The unexplained gap falls to less than 5% with an allowance for the younger average age and lower average seniority of the female executives. These results do not rule out the possibility of discrimination via gender segregation or unequal promotion. Between 1992 and 1997, however, women nearly tripled their participation in the top executive ranks and also strongly improved their relative compensation, mostly by gaining representation in larger corporations

Dissipative superfluid mass flux through solid 4He

The thermo-mechanical effect in superfluid helium is used to create an initial chemical potential difference, $\Delta \mu_0$, across a solid $^4$He sample. This $\Delta \mu_0$ causes a flow of helium atoms from one reservoir filled with superfluid helium, through a sample cell filled with solid helium, to another superfluid-filled reservoir until chemical potential equilibrium is restored. The solid helium sample is separated from each of the reservoirs by Vycor rods that allow only the superfluid component to flow. With an improved technique, measurements of the flow, $F$, at several fixed solid helium temperatures, $T$, have been made as function of $\Delta \mu$ in the pressure range 25.5 - 26.1 bar. And, measurements of $F$ have been made as a function of temperature in the range $180 < T < 545$~mK for several fixed values of $\Delta \mu$. The temperature dependence of the flow above $100$~mK shows a reduction of the flux with an increase in temperature that is well described by $F = F_0^*[1 - a\exp(-E/T)]$. The non-linear functional dependence $F \sim (\Delta \mu)^b$, with $b < 0.5$ independent of temperature but dependent on pressure, documents in some detail the dissipative nature of the flow and suggests that this system demonstrates Luttinger liquid-like one-dimensional behavior. The mechanism that causes this flow behavior is not certain, but is consistent with superflow on the cores of edge dislocations.Comment: 11 pages, 14 figure

Executive Compensation in American Unions

[Exerpt] Studying compensation in the nonprofit sector is difficult. In nonprofit organizations, it is not always clear what the objectives of the organization are and, therefore, perhaps even more difficult to consider how to compensate managers than in the for-profit sector. This paper investigates the determinants of executive compensation of leaders of American labor unions. We use panel data on more than 75,000 organization-years of unions from 2000 to 2007 which allows us to examine within union differences over time. We specifically concentrate on two issues of importance to unions – the level of membership and the wages of union members. Both measures are strongly related to the compensation of the leaders of American labor unions, even after controlling for organization size and individual organization fixed-effects. That is, within the same union, higher levels of membership size and average member wage over time are associated with higher levels of pay for union leaders. Additionally, the elasticity of pay with respect to membership for unions is very similar to the elasticity of pay with respect to employees in for-profit firms over the same period

The Value of Stock Options To Non-Executive Employees

This study empirically investigates the value employees place on stock options using information from the option exercise behavior of individuals. Employees hold options for another period if the value from holding them and reserving the right to exercise them later is higher than the value of exercising them immediately and collecting a profit equal to the stock price minus the exercise price. This simple model implies the hazard describing employee exercise behavior reveals information about the value to employees of holding options another time period. We show the parameters of this model are identified with data on multiple option grants per employee and we apply this model to the disposition of options received in the 1990s by a sample of over 2000 middle-level managers from a large, established firm outside of manufacturing. Exercise behavior is modeled using a random effects probit model of monthly exercise behavior that is estimated using simulated maximum likelihood estimation methods. Our estimates show there is substantial heterogeneity (observed and unobserved) among employees in the value they place on their options. Our estimates show most employees value their options at a value greater than the option’s Black-Scholes value