Thesis (Ph. D.)--University of Chicago, Dept. of Economics, Jun. 2003. / Includes bibliographical references (p. 101-104). Also available on the Internet.

Thesis (D.A.)--Illinois State University, 1993. / Title from title page screen, viewed Mar. 14, 2006. Dissertation Committee: L. Dean Hiebert (chair), John F. Chizmar, Alan E. Dillingham, Ronald S. Halinski, David D. Ramsey. Includes bibliographical references (leaves 77-82) and abstract. Also available in print.

This thesis presents three empirical analyses on the systematic risk exposure that global and domestic asset holders face. Each paper investigates a distinct source of macroeconomic risk, but they all stem from the premise that holding human capital and financial assets is risky. This ultimately affects agents' optimal consumption choices. The first paper, The International CAPM Redux, proposes a novel empirical model to price international assets. Building on recent advances in asset pricing research on currency markets, it documents that investors are compensated for bearing exposure to currency risk when investing in foreign equity, either directly or via delegated portfolios of international assets. The second paper, One Central Bank To Rule Them All, shows that while global investors demand a premium to bear risks associated with Federal Reserve decisions, there is no comparable result for other major central banks. This puzzling finding points to the uniqueness of the Federal Reserve for global investors, that does not simply stem from the size and importance of the U.S. economy. The third paper, Human Capital, Unemployment Risk and Asset Prices, relates the riskiness of human capital to uncertainty in the labour market and documents a role for unemployment as a determinant of human wealth. Sorting U.S. industry-level portfolios by differential exposure to unemployment risk yields a novel cross-section of average excess returns. High risk-premia are consistent with less income-constrained highly educated workers willing to take financial risk beyond hedging their labour income risk. Taken together, these three studies contribute to the empirical asset pricing literature and open the door to further theoretical and empirical research in the field.

abstract: This dissertation consists of two essays. The first measures the degree to which schooling accounts for differences in industry value added per worker. Using a sample of 107 economies and seven industries, the paper considers the patterns in the education levels of various industries and their relative value added per worker. Agriculture has notably less schooling and is less productive than other sectors, while a group of services including financial services, education and health care has higher rates of schooling and higher value added per worker. The essay finds that in the case of these specific industries education is important in explaining sector differences, and the role of education all other industries are less defined. The second essay provides theory to investigate the relationship between agriculture and schooling. During structural transformation, workers shift from the agriculture sector with relatively low schooling to other sectors which have more schooling. This essay explores to what extent changes in the costs of acquiring schooling drive structural transformation using a multi-sector growth model which includes a schooling choice. The model is disciplined using cross country data on sector of employment and schooling constructed from the IPUM International census collection. Counterfactual exercises are used to determine how much structural transformation is accounted for by changes in the cost of acquiring schooling. These changes account for small shares of structural transformation in all economies with a median near zero. / Dissertation/Thesis / Ph.D. Economics 2011

abstract: This dissertation integrates research on boards of directors with human and social capital perspectives to examine board appointments. A director's appointment to a board is in part due to the belief that the individual can contribute critical resources and monitoring to the organization. The ability of a director to provide these resources and monitoring depends on his or her level of human and social capital. This dissertation more fully integrates human and social capital perspectives into our understanding of board appointment events. From these theoretical underpinnings, a model is developed proposing that several human and social capital indicators, including educational level, expertise, director experience, and access to network structural holes, affect the likelihood of joining a new board, joining a prestigious board, and exiting a current board. I also consider a number of contextual- and individual-level variables that may potentially moderate the relationship between a director's human and social capital and director mobility. Through this dissertation, I make a number of contributions to the literatures on boards, board appointments, and human and social capital. First, I offer a more comprehensive perspective of the board appointment process by developing an individual-level perspective of board appointments. Second, I contribute to a more comprehensive understanding of the market for corporate directors. Third, I focus on several salient dimensions of director mobility. Fourth, I contribute to the growing literature on human and social capital at the board and director levels. Finally, I add to the growing literature on director selection. / Dissertation/Thesis / Ph.D. Business Administration 2011

The quantitative assessment of the global effects of climate change requires the construction of income projections spanning large time horizons. Exploiting the robust link between educational attainment, age structure dynamics and economic growth, we use population projections by age, sex and educational attainment to obtain income per capita paths to the year 2100 for 144 countries. Such a framework offers a powerful, consistent methodology which can be used to study the future environmental challenges and to address potential policy reactions.

This thesis consists of a short introduction and three self-contained chapters. Chapter 1 develops a model of intra-household specialization and human capital formation for couples, taking into account of assortative sorting on income potentials in the marriage market. I assume people are matching on potential wage growth rates which differ across individuals and are realized through actual work experiences. The model is estimated by a simulated minimum distance estimator with PSID data from 1968 to 2011. I find there is strong positive assortative matching on wage growth rates, which helps explain the correlated wage growth residuals of married couples. If matching is switched to random, there will be more variation in household specialization arrangements and higher observed wage growth rates. The estimated elasticity of substitution between market goods and home production is approximately 0.37. Husband's time and wife's time turn out to be complements in the home production function. Chapter 2 studies a marriage market with two-sided information asymmetry in which the gains from marriage are stochastic. Contracts specify divisions of ex-post realized marital surplus. I first study a game in which one side of the matching market offers contracts, and then study a social planner's problem, finding necessary and sufficient conditions for a truthful direct revelation mechanism to achieve matching efficiency. These conditions become more stringent as the number of agents in the matching market increases. Chapter 3 examines the relationship between women's preference towards marriage and her marital outcomes. I propose using the mother's marital status as a proxy for her daughter's ex-ante preference towards marriage. Using 1980 and 2008 U.S. Census data, I estimate the impact of women's preference towards marriage and their educational attainments on their probability of getting married, and with Heckman correction, the impact on their husbands' earnings conditional on being married.

Magister Commercii - MCom / Small business faces challenges of surviving amidst competition from established businesses, due to lack of resources and quality management. Hence many of these businesses do not last for long. Small businesses do not only need capital resources to succeed, but need intangible assets as well. These intangible resources are also called Human Capital, and include elements such as education, experience and motivation. This study has limited its focus to only one element of human capital, the experience of the owner or managers of the Supa Quick franchise. This research is undertaken to examine the perceptions of owners and managers on the impact of their experience and the franchise standard operating procedures (SOP) on the success of their franchise business. Furthermore, the study looks at factors that impede business performance, as well as other measures used by owners and managers to measure their business success, besides the normal financial measures used every day. In order to collect data, the qualitative method was employed using a questionnaire which consisted of open- and closed-ended questions in the form of 4 - point Likert scales type questions. The questionnaire was administered to 12 Supa Quick franchise owners and managers in the Cape Town Metropolitan areas and Stellenbosch. The findings indicated that more than 90 % of the studied Supa Quick owners and managers perceive experience as an important factor in influencing their business performance. Furthermore, 100% of them say that franchise SOP play a part in the success of their franchises. However, they have many different ways in which they measure success in their businesses and the factors that impede their business performance. The results of this research add to the current existing literature on improving business performance and success. Also, it will assist in guidance of entrepreneurs who want to start or buy franchise businesses.

Small and medium enterprises (SMEs) play a significant role in Europe's economy. Since SMEs have distinct organisational practices and structures (e.g. owner-run, continuity over several generations, regional engagement), their intellectual capital (IC) differs from large enterprises. However, there is little research on IC in SMEs. Placing special attention on the craft industry, this research aims at closing this gap. It will present a cross-disciplinary review of research on craft to explore the role of knowledge and human capital in the craft industry. The findings point to overall characteristics which can guide future research and inform policy-making in the craft industry.

During a lifetime an individual is faced with the decision whether or not to pursue additional years of education, and one may ask if this will generate some sort of payoff, for example, if higher earnings is to be received later in life. The aim of this paper is to investigate how an individual’s earnings is affected by the amount of years one spends in school and also to see if gender and experience are contributing factors. We will investigate these relationships by first introducing the two theories “Human Capital” and “The Mincer Equation”. These build upon each other and are connected. Thereafter, modifications of the Standard Mincer equation will develop our four different regression equations. These regressions will be run on an American cross-sectional data set, by use of the Ordinary Least Squares (OLS). Our chosen explanatory variables do affect earnings and the specific data set shows that additional years of schooling do increase earnings. We also found a distinct difference in hourly earnings between men and women.