Timothy D. Hogan

Executive Compensation: Performance versus Personal Characteristics

The purpose of this paper is to present evidence on the determinants of compensation of top-salaried chief executives of American industrial corporations. While a number of previous studies have purported to pursue this topic, prior research has actually been focused on one rather narrow aspect of the executive compensation process. Specifically, the emphasis in previous studies of executive compensation has been placed upon testing the relative importance of sales and profits as determinants of executive salaries, in an effort to shed light upon the targets and objectives of modern managers. Briefly, if the profit-maximization hypothesis of the economists theory of the firm is to hold, executive salaries must be more closely related to profits than sales-if incomes and sales are more closely related, then a sales maximization objective is inferred. The implicit assumption in these studies is that profits and/or sales are indicators of executive productivity. Since performance is the principal determinant of compensation within the traditional neoclassical marginal productivity approach to wage determination, little attention has been directed to broader determinants of executive compensation, such as the personal characteristics of the individual executives. The intent of this paper is to introduce and test some additional hypotheses concerning executive compensation. We are particularly interested in examining the role of experience, education, business background, and related characteristics which might be considered by a corporate board of directors attempting to recruit and compensate a chief executive in a world of imperfect information.

Determinants of the Seasonal Migration of the Elderly to Sunbelt States

For the first time in 1980, the U.S. Census Bureau compiled information relating to seasonal migration. More than one-half million persons were identified as nonpermanent residents of the localities in which they were living on the census day. Interpreting these data as measures of temporary migration flows, this article uses this information for the states of Arizona and Florida to investigate the nature of the seasonal migration of the elderly to Sunbelt states every winter.

Publish or Perish: Fact or Fiction?

The relative importance of teaching and research was the subject of a questionnaire sent to departments of economics throughout the nation. The returns indicate that good teaching tends to be rewarded in all institutions but that the pay-offs may differ between large, highly rated schools and their smaller counterparts.

Elderly Migration to the Sunbelt: Seasonal Versus Permanent

A substantial body of research has focused on the interstate migration of elderly households to the Sunbelt. Most of this research has concentrated on permanent moves, but seasonal migration of elderly households to Sunbelt locations has become an increasingly important social phenomenon. Although some have suggested that such temporary migration serves as a precursor ofpermanent locations, recent analyses have found that such seasonal migration constitutes an alternative elderly life-style. Using 1980 census data, this study empirically examines the similarities and differences in these two types of elderly migration flows to a Sunbelt state such as Arizona. The statistical results indicate that seasonal and permanent migration are correlated in different ways to the variables usually found to be determinants of elderly migration flows and suggest the two types of elderly migration are related but separate phenomena.

Arizona Sunbirds and Minnesota Snowbirds: two species of the elderly seasonal migrant genus

Using comparable definitions and two statewide surveys it is estimated that the elderly seasonal migration rate is higher in Arizona during the summer (10.1%) than it is in Minnesota during the winter (9.2%). More attention is given to the Arizona seasonal migrants or Sunbirds since they have not been studied as much as Snowbirds. While Sunbirds are similar in many ways to Snowbirds they tend to be older. This age difference along with a tendency for both types of seasonal migrants to have been recent permanent migrants suggests that permanent migration may be a precursor to seasonal migration. (EXCERPT)

Toward an Understanding of Elderly Seasonal Migration Using Origin-Based Household Data

Analyses of data from a statewide household survey of older Minnesotans provide estimates of seasonal migration activity that are substantially higher than previous census-based estimates. More important, the data allow for comparisons between the migrant and nonmigrant populations of the same origin state (Minnesota). The findings show distinct differences between the two populations for many socioeconomic household characteristics.

Evaluating the demographic impact of societal events through intervention analysis: the Brown vs. Board of Education decision.

Using intervention analysis—a time-series technique gaining increasing use for analyzing the impacts of policy decisions/historic events—this paper reexamines the hypothesis offered by Rindfuss et al., that one consequence of the Brown vs. Board of Education decision in 1954 was a temporary decline in childbearing by white southerners. With data from the 11 former Confederate states, alternative Box-Jenkins/intervention models were estimated to identify/quantify such a decline, but no statistical evidence of a temporary shift in southern white fertility could be found.

Monitoring Current Activity in Arizona With a Quarterly Tourism Model

This article presents a county-specific model for monitoring the level of tourism activity and estimating the volume and expenditures of out-of-state visitors on a quarterly basis.

The economic impact of tourism on the Arizona economy

The Bureau of Business and Economic Research recently completed a study of tourism in Arizona for the state’s Office of Tourism. The results of the project have been published in the bureau’s monograph, Tourism and Trauel in Arizona (Hogan and McPheters 198 11. Undertaken as a comprehensive update and extension of an earlier bureau analysis of the tourism industry in the state (Bond and Hora 19761, the investigation involved the collection of detailed information from mail surveys of out-of-state visitors and from a phone survey of instate travelers. Throughout the 1979-1980 fiscal year, 8,400 entering travel parties were interviewed at state highway entry points and provided mail-back questionnaires to obtain more detailed information. About 19% of the interviewed parties returned the completed questionnaires. At Phoenix and Tucson airports, 2.200 travel parties were interviewed and provided with questionnaires: 38% of the parties returned completed questionnaires to produce detailed data for the study. A total of 900 telephone interviews were conducted within Arizona to determine the instate travel patterns of the state’s residents. Information from these surveys was used to: (a) provide a profile of Arizona tourism in 1979-1980 and develop comparisons with the 1975. 1976 information; (b) estimate the volume of tourism traffic (that is, numbers of travel parties) in the state and local areas throughout Arizona; (cl develop a profile of convention travelers in Arizona and to estimate the economic impact of this growing segment of the travel industry: and (d) construct estimates of the economic importance of tourism to the state and local areas, including estimates of expenditures by category, employment, and public revenues resulting from tourism.

The effects of growth upon local inflation rates

This paper investigates the impact of regional growth upon the local rate of consumer inflation. To capture both the temporal and spatial aspects in the study, a pooled time-series/cross-section approach was used. The analysis is based upon 1965–82 data for the 22 metropolitan areas for which the U.S. Bureau of Labor Statistics compiled CPI series. With a model specifying local inflation to be primarily determined by national trends but also influenced by local conditions, both area population and income growth were identified as positively related to local inflation rates. Using disaggregated price series, the effects of population growth were found to work solely through impacts upon the housing sector. The econometric procedures were performed upon the ASU IBM 3000 computer system using the SAS PROC TSCS.