The effect of nonheterosexuality on individual income is estimated using 1991-1996 Other researchers have concluded that homosexuals earn less than similarly qualified workers, in contrast to the popular perception that homosexuals are more affluent than nonhomosexuals. Using improved statistical techniques, this article finds noticeable earnings effects that go in opposite directions across genders. Nonheterosexual men earn 22% less than heterosexual men, and nonheterosexual women earn 30% more than heterosexual women. These findings, viewed together with previous empirical work on this topic, help narrow the field of theories that can explain the sexual-orientation earnings gaps present in the data. (JEL J78, J31, J11, C24)

a b s t r a c tEmpirical studies that examine the impact of democracy on foreign direct investment (FDI) assume that the relationship between democracy and FDI is the same for resource exporting and non-resource exporting countries. This paper examines whether natural resources in host countries alter this relationship. We estimate a linear dynamic panel-data model using data from 112 developing countries over the period 1982-2007. We find that democracy promotes FDI if and only if the value of the share of minerals and oil in total exports is less than some critical value. We identify 90 countries where an expansion of democracy may enhance FDI and 22 countries where an increase in democratization may reduce FDI. We also find that the effect of democracy on FDI depends on the size and not the type of natural resources.

Existing studies assume that the impact of democracy on FDI is the same for resource exporting and non-resource exporting countries. This paper examines whether natural resources alter the relationship between FDI and democracy. We estimate a linear dynamic panel-data model using data from 112 developing countries over the period 1982-2007, and we …nd that there is some critical value of the share of minerals and oil in total exports below which democracy enhances FDI, and above which democracy reduces FDI. We identify 90 countries where an expansion of democracy may enhance FDI and 22 countries where an increase in democratization may reduce FDI.

In this study, we modify the information share (IS) originally proposed by Hasbrouck, J. (1995). The proposed modified information share (MIS) leads to a unique measure of price discovery instead of the upper and lower IS bounds. Performance of MIS is compared with the Hasbrouck IS measure and the Gonzalo-Granger permanent-transitory decomposition (PT/GG)-based measure using simulations with 1,000 replications applied to the same three examples considered by Hasbrouck, J. (2002). The MIS is found to outperform both Hasbrouck IS measure and PT/GG measure. The empirical application of the MIS to three major stock indices indicates that price discovery takes place mostly in the futures market. Hence, the evidence supports the transaction cost hypothesis as well as the model proposed by Garbade, K. D., and Silber, W. L. (1983).