incremental optimization, permitting transformations to be triggered by one another and applied only to affected dependences.

This paper examines whether nancial development facilitates economic growth by scrutinizing one rationale for such a relationship; that nancial development reduces the costs of external nance to rms. Speci cally, we ask whether industrial sectors that are relatively more in need of external nance develop disproportionately faster in countries with more developed nancial markets. We nd this to be true in a large sample of countries over the 1980s. We show this result is unlikely to be driven by omitted variables, outliers, or reverse causality. (JEL O4, F3, G1) A large literature, dating at least as far back as Joseph A. Schumpeter (1911), emphasizes the positive in uence of the development of a country's nancial sector on the level and the rate of growth of its per capita income. The argument essentially is that the services the nancial sector provides { of reallocating capital to the highest value use without substantial risk of loss through moral hazard, adverse selection, or transactions costs { are an essential catalyst of economic growth. Empirical work seems consistent with this argument. For example, on the

This article presents a theory of how different types of discrepancies between self-state representa-tions are related to different kinds of emotional vulnerabilities. One domain of the self (actual; ideal; ought) and one standpoint on the self (own; significant other) constitute each type of self-state representation. It is proposed that different types of self-discrepancies represent different types of negative psychological situations that are associated with different kinds of discomfort. Discrepan-cies between the actual/own self-state (i.e., the self-concept) and ideal self-stales (i.e., representations of an individual's beliefs about his or her own or a significant other's hopes, wishes, or aspirations for the individual) signify the absence of positive outcomes, which is associated with dejection-related emotions (e.g., disappointment, dissatisfaction, sadness). In contrast, discrepancies between the ac-tual/own self-state and ought self-states (i.e., representations of an individual's beliefs about his or her own or a significant other's beliefs about the individual's duties, responsibilities, or obligations) signify the presence of negative outcomes, which is associated with agitation-related emotions (e.g., fear, threat, restlessness). Differences in both the relative magnitude and the accessibility of individu-als ' available types of self-discrepancies are predicted to be related to differences in the kinds of discomfort people are likely to experience. Correlational and experimental evidence supports the predictions of the model. Differences between serf-discrepancy theory and (a) other theories of in-compatible self-beliefs and (b) actual self negativity (e.g., low self-esteem) are discussed. The notion that people who hold conflicting or incompatible beliefs are likely to experience discomfort has had a long history in psychology. In social psychology, for example, various early theories proposed a relation between discomfort and specific kinds of "inconsistency " among a person's beliefs (e.g., Abelson

This paper presents evidence showing that individuals' season of birth is related to their educational attainment because of the combined effects of school start age policy and compulsory school attendance laws. In most school districts, individuals born in the beginning of the year start schoo at a slightly older age, and therefore are eligible to drop out of school after completing fewer years of schooling than individuals born near the end of the year. Our estimates suggest that as many as 25 percent of potential dropouts remain in school because of compulsory schooling laws. We estimate the impact of compulsory schooling on earnings by using quarter of birth as an instrumental variable for education in an earnings equation. This provides a valid identification strategy because date of birth is unlikely to be correlated with omitted earnings determinants. The instrumental variables estimate of the rate of return to education is remarkably close to the ordinary least squares estimate, suggesting that there is little ability bias in conventional estimates of the return to education. The results also imply that individuals who are compelled to attend school longer than they desire by compulsory schooling laws reap a substantial return for their extra schooling.

... This paper concerns the problem of interprocedural slicing---generating a slice of an entire program, where the slice crosses the boundaries of procedure calls. To solve this problem, we introduce a new kind of graph to represent programs, called a system dependence graph, which extends

This paper gives the main definitions relating to dependability, a generic concept including as special case such attributes as reliability, availability, safety, integrity, maintainability, etc. Security brings in concerns for confidentiality, in addition to availability and integrity. Basic

The Omega testi s ani nteger programmi ng algori thm that can determi ne whether a dependence exi sts between two array references, and i so, under what condi7: ns. Conventi nalwi[A m holds thati nteger programmiB techni:36 are far too expensi e to be used for dependence analysi6 except as a method

assignment form and the control dependence graph have been proposed to represent data flow and control flow propertiee of programs. Each of these previously unrelated techniques lends efficiency and power to a useful class of program optimization. Although both of these structures are attractive

ABSTRACT: Affect is considered by most contempo-rary theories to be postcognitive, that is, to occur only after considerable cognitive operations have been ac-complished. Yet a number of experimental results on preferences, attitudes, impression formation, and de-_ cision making, as well as some

This paper examines properties of daily stock returns and how the particular characteristics of these data affect event study methodologies. Daily data generally present few difficulties for event studies. Standard procedures are typically well-specified even when special daily data characteris