This thesis is an investigation into the relationship that exists between macroeconomic variables and the pricing of common stock under trending market conditions. By introducing a dichotomous independent variable as a way of distinguishing between periods of rising and falling thereby attaching an additional expected premium to each of five accepted sources of macroeconomic risk for participation in ‘Bear’ markets. 228 observations of the fourteen industry sub-groupings of former TSE 300 were examined separately. The ultimate results were obtained using the Arbitrage Pricing Theory (APT) as the model to obtain factor exposures. The results show that there is no significant relationship between market trend and the pricing of common stock when the APT is applied. The final recommendation is that more research is needed.

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This dissertation contains three essays on firm-sponsored training. Paper 1 develops a general theoretical framework in a frictional labour market to investigate how firms decide to sponsor how much general as well as specific training to workers assuming complementarity between the two types of training as well as education. It shows that firms’ profit maximizing decisions provide firms with an incentive to provide more training, general as well specific, to the more educated workers, more training for more educated workers may lead to low turnover rate, and the resulting life-time profile of firm-sponsored training is U-shaped or decreasing. The policy implications are that governments can subsidize both education and training to improve efficiency. Paper 2 and paper 3 try to provide empirical evidence from different perspectives, respectively determinants and effects of three types of firm-sponsored training, i.e., class-room training, on-the-job-training, and career-related but not job directly related training based on Statistics Canada’s Worker Place and Employee Survey (WES) of 2003/2004. The major empirical findings arising from our estimation results are: (1) Education is positively and significantly associated with the incidence of all three types of training, and significantly positively correlated with the intensity of on-the-job training. (2) Workers in larger firms are more likely to obtain classroom training and on-the-job training than workers in smaller firms. (3) Job tenure is significant and negative for the intensity of classroom training or on-the-job training. (4) Classroom-training and on-the-job training increases the average earnings of workers but less than average resultant firm-level productivity growth. Firm sponsored career related training has no significant impact on a worker’s earnings but increases the firm’s productivity significantly. All these findings by and large are consistent with the theory developed in first paper.

This dissertation contains three essays on firm-sponsored training. Paper 1 develops a general theoretical framework in a frictional labour market to investigate how firms decide to sponsor how much general as well as specific training to workers assuming complementarity between the two types of training as well as education. It shows that firms’ profit maximizing decisions provide firms with an incentive to provide more training, general as well specific, to the more educated workers, more training for more educated workers may lead to low turnover rate, and the resulting life-time profile of firm-sponsored training is U-shaped or decreasing. The policy implications are that governments can subsidize both education and training to improve efficiency. Paper 2 and paper 3 try to provide empirical evidence from different perspectives, respectively determinants and effects of three types of firm-sponsored training, i.e., class-room training, on-the-job-training, and career-related but not job directly related training based on Statistics Canada’s Worker Place and Employee Survey (WES) of 2003/2004. The major empirical findings arising from our estimation results are: (1) Education is positively and significantly associated with the incidence of all three types of training, and significantly positively correlated with the intensity of on-the-job training. (2) Workers in larger firms are more likely to obtain classroom training and on-the-job training than workers in smaller firms. (3) Job tenure is significant and negative for the intensity of classroom training or on-the-job training. (4) Classroom-training and on-the-job training increases the average earnings of workers but less than average resultant firm-level productivity growth. Firm sponsored career related training has no significant impact on a worker’s earnings but increases the firm’s productivity significantly. All these findings by and large are consistent with the theory developed in first paper.

Graduation date: 1989

Diss. (sammanfattning) Umeå : Univ., 2007. / Härtill 5 uppsatser.

Diss. (sammanfattning) Uppsala : Sveriges lantbruksuniv., 2007. / Härtill 4 uppsatser.

Thesis (Ph. D.)--RAND Graduate School, 2002. / Includes bibliographical references (p. 96-101).

Thesis (Ph.D.)--RAND Graduate School, 2002. / Includes bibliographical references (p. 96-101).

Thesis (Ph. D.)--Princeton University, 1998. / Includes bibliographical references (leaves 106-111).