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Despite relying on a variety of empirical approaches, various ways of measuring markups, and different levels of data aggregation, the existing empirical evidence on the relation between markup cyclicality and financial constraints is still inconclusive.
Vedder and Gallaway (2011) provide an unusual argument against the application of the wage cyclicality literature to MacKenzie's article.
Expanding on these contributions, we begin in section I by focusing on the details of the change in income cyclicality of top income groups in the United States.
Then I review empirical evidence on the cyclicality of a measure of wages that takes into account the expected present discounted value of future wages.
At least three features of my analysis set it apart from previous studies that have considered the wage cyclicality of job stayers.
Third, in the 1970s and 1980s, compared with the 1950s and 1960s, the estimated gender gap in employment cyclicality widened both because highly cyclical (countercyclical) industries attracted or retained (lost) proportionally more men than women and because industry-specific procyclicalities increas ed in relatively greater amounts in male-intensive industries than in female-intensive ones.
But because each has different implications for what companies might do to gain competitive advantage in a cyclical commodity industry, it is helpful to be able to test each theory to see how far it drives cyclicality.
To address this bias in the aggregate data, macroeconomists have turned to individual level data to look at the cyclicality of wages for individuals or more homogenous groups of workers.
Such cyclicality in job assignments could cause the real wages of the firm's workers to be procyclical even if wages by job are sticky.
Rating concerns include weak controls over financial reporting, a number of potential litigation liabilities, further rationalization required in the company's management information systems, and cyclicality in many of Flowserve's end-markets.
Such risks, uncertainties, and factors include, but are not limited to, foreign business risks, industry cyclicality, fluctuations in customer demand and order pattern, changes in pricing and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission.
While GHCs are exposed to cyclicality on the revenue side, margins of certain companies in the industry have proven remarkably resilient through economic downturns.