Abstract This article explains that women are under compensated and the degree of this problem is under represented. The author points out that employers adopt the norms of society. The paper includes statistics.
From the Paper "According to Aaron Bernstein writing in "Business Week", a recently released government study issued by the U. S. Bureau of Labor Statistics shows that women on average earn an average of just ... of men'compensation today. As bad as this figure is, Bernstein explains that reality is far worse. Bernstein reveals that the government only reports on earnings of women who worked full time for an entire year. Bernstein cites another study in which the earnings of all women were examined including those working part-time or those ..."
Abstract In this article, the writer examines special considerations in global pay systems. The writer includes a look at compensationparity, expatriate employees, host country employees, third-country employees, geographical pay differentials and repatriated employees.
From the Paper "Global pay systems may simplify employee compensation at the administrative level, but the host of difficult problems that accompany them can create a great deal of extra work and tailoring at the executive level worldwide. The complexity of the global pay system in terms of pay mix pay level and the choice between global standardization and local adaptation of pay practices renders global pay a significant task that not just everyone is equipped to handle."
Tags: global pay, compensationparity, expatriate employees, host country employees, third-country employees, geographical pay differentials, repatriated employees
Abstract This paper explains the executive compensation policy of Rite Aid Corporation, a publicly traded company. The author contrasts the company's executive compensation policy with that of its chief competitor. The paper suggest several ways to enhance a company's policy to minimize agency conflict and maximize shareholder wealth.
From the Paper "Rite Aid Corporation is a drug store chain. The stated objectives of its Compensation Committee are to support the achievement of desired company performance, to provide compensation and benefits that will attract and retain superior talent and reward performance and to fix a portion of executive compensation to the outcome of the Company's performance. The executive compensation program includes a base salary performance bonuses and long-term incentives in the form of stock options. Stock Appreciation Rights known as SARs stock-based awards and restricted stock awards ..."
Tags: executive compensation programs, Longs Drug Stores, Rite Aid Corporation, bonus, salary, short term incentives, long term incentives, compensation committee, variable compensation
Abstract This paper details the history of compensating employees for work, including various approaches used today. The author details sales compensation as compared to different methods of paying employees. The writer states that different methods of compensation depend on the actual work being performed. The paper concludes by citing the important connection between employee compensation and employee motivation.
From the Paper "Although archaelogists do not know the first time that humans worked for compensation, the first salaried work necessitated an advanced society that had some type of barter system in place that allowed work to be exchanged for goods and services. In addition, the society needed to have organized employers that agreed on how much should be given for how much work. From this, most infer that the first salary would have been paid in a village or city during the Neolithic Revolution, sometime between 10,000 BC and 1,000 BC (Wikipedia)."
Abstract The paper discusses how free enterprise affects the overall business environment and specifically as it determines, or should determine, compensation strategies of organizations. Free enterprise is first examined as it relates to North America and to companies and corporations. This is followed by an in-depth analysis of organizational compensations strategies within the framework of free enterprise. The paper's conclusion is that executive level compensation strategies have been separated from free enterprise fundamentals and that this has led to corporate abuses of power.
From the Paper "This paper examines the role that the general economic theory, as contained in the concept of free enterprise (FE), plays in contemporary organizational compensation strategies. The question posed here asks if the concept of free enterprise has been completely discarded in organizational compensation strategies as managed through human resource departments and corporate strategy making bodies. The hypothesis is that while most employees are compensated based on what the FE market will support, most executive level compensation strategies are no longer dependent on the FE to determine appropriate levels."
Abstract This paper critically analysis some of the issues and concerns of the compensation and the benefit models used in the IT industry. Many similarities as well as differences are observed based on the job scope, the nature of the core business and the location of the business. The effort of this study is to ensure that the best possible model is introduced.
Table of Contents
Introduction
Discussion
The Pay Model
Strategic Perspectives
Internal Alignment
Job Analysis and Evaluation
Person-Based Structures
Competitiveness and Pay
Pay for Performance and Performance Appraisals
Benefits Determination and Benefit Options
Extending the Compensation System - Special Groups
Managing the System - Government & Legal Issues
Conclusion
From the Paper "IT encompasses design, installation and maintenance of computer hardware, software, and a forum for collection, processing, storage, presentation, archiving and retrieval of information. The concepts of processing information collected using all the capabilities of a computer (hardware, software, databases and storage technology) and the networks linking the components of computers together to share information as and when needed is referred to as Information Technology. It is clear therefore, that IT industry employs individuals within a wide range of job scopes. As a consequence, the motivating factors that are required differ considerably. Compensation and benefits are an important factor in the motivational theory models used in organization."
Abstract This paper examines the major benefit and compensation plans in the United States. It includes a discussion of health care, stock options, and other benefits. It discusses compensation including hourly wages, salaries and commissions.
From the Paper "A comprehensive benefit program for employees of a company would include all of the following elements: A choice of health care options for employees and their family members. This would include access to one or more Health Maintenance or Preferred Provider Organization programs; An option under which an employee that opted out of the company's health care program would be given a monthly cash incentive instead; A dental care program for the employee and family members..."
Abstract This paper looks at stock options and compensation packages and some of the problems raised as well as comments from those supporting this approach, noting the recent rule changes that will also change how employees are compensated with stock options, an addition to base pay and only one of the other means of pay that are used to motivate, recruit and reward.
From the Paper "Compensation packages are a means by which companies can achieve several different goals related to recruitment, retention, and motivation, among other things. Such packages are constituted in a variety of different ways, and one issue that has been raised is what role stock options should have and how effective they are in the compensation package. The question is also asked as to whether they serve the needs of the company and the employee alike or favor one over the other. In terms of the general issue, of compensation, Molvig (2005) states, Executive compensation never involves just one element. Boards must look at every piece of the package to determine if it furthers the goals of the CU and the executive (para. 1). Compensation is not the only element in recruitment and retention, however, and surveys show that while important, compensation is not necessarily the most important factor. "
Abstract The paper evaluates the ethics, compensation programs and benefits spending for company associates at Wal-Mart. The evaluation relies both on historical salary data, gender differences in pay, and on on the utilitarian concepts of ethics, and the interpretation of utilitarian ethics, as presented by various researchers.
Outline:
Introduction
Assessing the Ethics of Wal-Mart's Wage Structure
Utilitarian Ethics of Wal-mart's Compensation Program
Conclusion
From the Paper "From the ethical and theoretical constructs as originally defend by Mill as utilitarianism (Mill 1861), their extensive use in the development of ethics-based programs for managing both governmental and corporate institutions, and the application of concepts to contemporary management (Adams, 1976), a solid theoretical framework has been created for evaluating if the salary, compensation and benefits practices of Wal-Mart. The mass merchandisers' practices in regard to hiring, retention and bonus payments to employees is ethically argued to be contributing to the company's greater financial performance and ability to invest heavily in its fulfillment systems, in addition to its retail stores.
Deliberately underpaying associates and managers for the purpose of driving up the profits per square foot of retail selling space may be highly utilitarian for shareholders, senior executives and other stakeholders, yet is egregiously unfair and unethical to workers. Drogin (2003) highlights the wage, benefits, and advancement opportunities are drastically out of balance between part-time, full-time and women who work for Wal-Mart as sales associates. For the utilitarianism of providing shareholder value, inequalities are needed from the associates to attain the higher profits. If Wal-Mart paid at wages that would give associates a higher quality of life, their revenue growth driven from massive investments in infrastructure would not be nearly as impressive.
"As Stone (1975) advocates that corporations first and foremost have the responsibility to deliver revenue growth and a solid return on investment to shareholders and don't really have a requirement for delivering CSR-related initiatives and support for the many unmet needs in their communities, Friedman (1970) accentuates this position by saying that corporate executives have no responsibility to deliver CSR benefits and initiatives"
Abstract This paper deals with the development of a compensation system within an organization. It lists pros and cons and why they are list as such. Obviously depending on which side you are looking will depend whether it is a pro or a con. Therefore the paper discusses the employee and employer relationship and goals.
From the Paper "When an individual is pursuing a new position in the workforce there are many criteria that he/she should consider before accepting a new position. Often we look at pay scale alone and overlook other elements, which should be important to our overall fulfillment within a potential job. These elements should not only be included but should play an important role in we accept and decide to keep a specific position. In addition to this, whether you need them or not, health care is an extremely important benefit which employers must try to provide. Regardless the employer should not try to gain the smallest amount of compensation in order to gain an employee but should be fair in his benefits package as well as his salary offerings. Philosophy: Obviously employers want the best of the best, but this is often difficult to see just from the interview and resume process."
Compares the covered-uncovered interest rate parity of the U.S. dollar and the Swiss franc including the programming routines, algorithms and applications in MATLAB, RATS and EVIEWS.
Abstract This paper examines the covered and uncovered interest parity between U.S. dollar and Swiss franc by first using simple summary statistics for the spot and forward rates as the mean, kurtosis, skewness and standard deviation. The paper then presents the covered interest and uncovered parity hypothesis and applies tests to examine its validation, as deviations from covered interest parity, regression analysis, threshold autoregression and exponential transition autoregression. Based on this extensive research, the paper rejects these covered and uncovered interest parity hypotheses.
Table of Contents:
Introduction
Literature Review
Data
Summary Statistics
Random Walk
Unit Root and Stationary Tests
Covered Interest Rate Parity Linear Tests
Non Linear Tests 1
Threshold Autoregressive (TAR) Models
Smoothing Transition Autoregressive (STAR) Models
Uncovered Interest Rate Parity Vector Error-Equilibrium Correction Model (VECM)
Impulse Responses
Threshold Vector Error Correction Model
Dynamic OLS (DOLS)
Conclusions
Appendix: Program Procedure Routine for TSAY Test of TAR Nonlinearities in winRATS 6.0
Appendix: Program Procedure Routine for AR(1)-TAR Estimation in winRATS 6.0
Appendix: Test for Linearity against ESTAR and LSTAR and Secification Test between ESTAR and LSTAR selection in winRATS 6.0
Appendix: Program Procedure Routine for AR(1)-LSTAR-GARCH(1,1) Estimation in Eviews 6.0
Appendix: Program Procedure Routine for AR(1)-LSTAR-OLS Estimation in Eviews 6.0
Appendix: Program Procedure Routine for AR(1)-ESTAR-OLS Estimation in Eviews 6.0
Appendix: A Different Procedure Routinefor AR(1)-ESTAR-OLS Estimation in Eviews 6.0
Appendix: MATLAB Routines for Grid Search and STAR Estimation
Instructions
MATLAB Routine for Grid Search on STAR Models
MATLAB Routine for STAR Models Estimation with Various Methods
From the Paper "Descriptive statistics for the spot and three-monthly and six-monthly forward exchange rates returns are reported in table 1. We observe that in all cases negative mean returns are observed, but one might say that are very close to zero. Also in both three rates returns negative skewness is presented, but kurtosis is very close to three, as is defined by the normal distribution. Based on the Jarque-Bera statistics the hypothesis of normality for spot and forward exchange rates is not rejected."
Presents a detailed case study of the US Dollar and the Swedish Kronor to evaluate the purchase power parity (PPP) hypothesis including programming routines and algorithms examples in MATLAB, RATS and EVIEWS .
Abstract This paper explains that the purchasing power parity (PPP) hypothesis, which states that national price levels should be equal when expressed in a common currency, is one of the earliest and simplest models for exchange rate determination. The author compares the power purchasing parity between the US dollar and the Swedish Kronor using a variety of econometric approaches, which are describes in detail including formulas. The paper concludes that the PPP hypothesis holds in all nonlinear and cointegration estimations, but it does not hold in OLS and GARCH estimations.
Table of Contents
Introduction
Literature Review
Data
Summary Statistics
Unit Root and Stationary Tests
Power Purchasing Parity Tests
Linear Tests
Cointegration Tests
Panel Unit Root Tests
Long span Tests
Non-Linear Tests
Threshold Autoregressive Model (TAR)
Smoothing Transition Autoregressive Models (STAR)
Markov Two-Regime Switching Model
Conclusions
Appendix: Program Procedure Routine for TSAY Test of TAR Nonlinearities in winRATS 6.0
Appendix: Program Procedure Routine for AR(1)-TAR Estimation in winRATS 6.0
Appendix: Test for Linearity against ESTAR and LSTAR and Secification test between ESTAR and LSTAR Selection in winRATS 6.0
Appendix: Program Procedure Routine for AR(1)-LSTAR-GARCH(1,1) Estimation in Eviews 6.0
Appendix: Program Procedure Routine for AR(1)-LSTAR-OLS estimation in Eviews 6.0
Appendix: A Different Procedure Routine for AR(1)-ESTAR-OLS estimation in Eviews 6.0
Appendix: MATLAB Routines for Grid Search and STAR Estimation
Instructions
Appendix: MATLAB Routine for Grid Search on STAR Models
Appendix: MATLAB Routine for STAR Models Estimation with Various Methods
From the Paper "We observe that only returns of real and spot exchange rates are stationary in their levels, so they are I(0). All the other variables are I(1) and stationary in the first differences, except consumer price index of Sweden according to both tests, and producer price index of U.S.A. based on KPSS tests , while according to ADF test is I(1). Generally we reject the null hypothesis of stationarity, as the real exchange rates based on CPI and PPI are I(1), which means that the long-run PPP hypothesis doesn't hold for this set of currencies."
Abstract This paper explains that the theory of purchasing power parity (PPP) means that, in an ideal world with an efficient market, the same goods should have the same price universally. The author points out that the PPP, which is loosely explained as the Big Mac index, also means that a consumer good sold in practically every part of the world, takes the place of the commodity basket; therefore, a Big Mac being sold in the United States must have the same price as Big Mac sold in Australia. The paper relates that recent data cannot fully support the theory of the purchasing power parity and the law of one price because, in the real world, there are trade barriers, free competition and differences in price levels in different countries, which create difficulty in testing the PPP through government-published price indexes.
From the Paper "The proper estimation of purchasing power parity is made difficult because there is no uniform price level. Also, different people in different countries have varying commodity baskets, which also make the scenario more complicated. Add to this the factor of the varying availability of different goods in certain countries, and the fact that there aren't just two countries that come into play in the economic world."
Abstract This paper discusses the theory of covered interest rate parity which states that the prices from risk free assets with identical maturity should be equated across countries, after translation into a common currency. In other words, a risk free asset should cost the same dollar amount whether purchased in $US or some other currency. It tests the theory by analyzing empirical evidence to test whether the theory has held over the eighteen year period, 1980 to 1998. All the data used in empirical testing is presented in the appendix.
From the Paper "The theory behind uncovered interest rate parity is that
foreign exchange markets are so efficient that the expected future spot exchange rate for a particular currency will, on average, equal the present forward exchange rate. This result is theoretically due to the fact that information is quickly reflected in both the spot and forward exchange markets, that transaction costs are low or nonexistent, and that instruments denominated in different currencies are perfect substitutes for one another (University of Colorado, 2000, p.7)."
