### Table 1: Estimates of Basic Mincer Equation 1981 - 1997: Males

### TABLE XII Earning Equation - 1990

### TABLE XIII Earning Equation - 1998

### TABLE 5: Testing Mincer-Type Wage Equations: P-Values

2002

### Table 3: Two-Stage Log Earnings Equation for Belgium, 1987-1994, Using Industry Dummies from First-Stage Regression as the Dependent Variable.

"... In PAGE 11: ...wo steps. First, wages are regressed on the firm apos;s characteristics plus sector dummies. Then, the coefficients of the industry dummies serve as the dependent variables where the industry characteristics are set as regressors. Results of this two-stage estimation are shown in Table3 . With regard to firm level information, the results are similar to those of Table 2.... ..."

### Table 4: Log Earnings Equation for Belgium, 1987-1994, Using Lagged Profits.

"... In PAGE 14: ...ogarithms. Estimation by OLS. ** indicates significance at the 1% level using White-standard errors. The results in Table4 are consistent with rent-sharing theory. Seemingly, increases in profits lead to higher levels of pay.... In PAGE 15: ...would, after some years, be associated with a rise in pay of approximately 6 percent. Column (3) of Table4 therefore contradicts the standard competitive framework. As it seems, profits only feed through into higher wages gradually which is inconsistent with a short-run point of view.... In PAGE 15: ... As it seems, profits only feed through into higher wages gradually which is inconsistent with a short-run point of view. So Table4 shows again that the variability in profitability between firms contributes substantially to the observed wage inequality in Belgium. Column (4) estimates the effect of sector unemployment on wage payments while controlling for human capital within the firm.... In PAGE 15: ... The effect of sector unemployment on pay is endogenous and the model can be respecified using the bargaining procedure as is done in columns (1) and (2). As follows from Table4 , the unemployment elasticity of wages then diminishes to about -0.05.... In PAGE 15: ... Columns (1) and (2) use the logarithm of profits-per-employee in t-1 and t-3 as instruments respectively. Relative to the results in column (3) of Table4 , the profit-per-employee elasticity of wages increases to 0.098.... In PAGE 18: ... However, the significance of lagged profits back to t-3 is hard to match with the idea that the wage equation might be representing an inverted labour demand relationship. In sum, it is not easy to see how the estimates of Table4 and 5 of Section IV could be compatible with the standard competitive labour market framework. Although temporary frictions could induce a short-run positive relationship between profits and wages, this seems to be overruled by the finding here of a steady-state effect.... ..."

### Table 2. NLSY Earnings Regressions (dependent variable: log weekly wage)

1998

"... In PAGE 22: ... They found that AFQT scores are a significant determinant of wages and explain 63% of the black-white wage differential after controlling for education.19 Table2 presents analogous results for our sample. In column 1 of table 2 we report the overall black-white wage differential to be explained using log wages.... ..."

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### Table 5 Price-Earnings Ratios and Economic Uncertainty USA

2002

"... In PAGE 17: ...uture economic uncertainty. This is the counterpart to equation (15). All standard errors and t-statistics are constructed using a 2-step GMM estimator, which takes account of the estimation error in estimating the AR(1)-GARCH(1,1) process for consumption growth. The results are given in Table5 . The first two columns of Panel A provide data estimates, while the rest provide Monte-Carlo based estimates.... In PAGE 17: ... We use, as in the data, a 2-step GMM estimator to construct the finite sample distribution for the t-stats. Evidence in in Panel A in Table5 shows that our results are robust to the inclusion of distributed lags of the variable. As predicted by our model, the coefficient fi1;2 continues to be significantly negative.... In PAGE 18: ...iscussed in sections 5.1.2 and 5.1.3. In all, Table5 strongly confirms the previous univariate projections based on the non-parametric volatility measure. 5.... ..."

### Table 5 Standard Deviation of Dividends and Earnings

"... In PAGE 25: ... For example, a straight pass through dividend policy would imply equivalent uncertainty in the dividend per share (DPS) as in the earnings per share (EPS) and void the dividend decision of any information content. Table5 provides estimates for the average... ..."

### Table A1. Mean and Standard Deviation of Earnings

1999

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