We examine the impact of CEO gender on firm‐level average labor cost. In a sample of U.S. public firms with voluntary labor cost disclosure, we find that firms with female CEOs have significantly lower average labor cost than firms with male CEOs. This effect is robust to the use of propensity score matching approach to alleviate the impact of possible selection bias and endogeneity concerns. The results are stronger in a subsample of firms where CEO turnover introduces CEO gender change. We hypothesize that female CEOs may be more risk averse and tend to pursue less risky corporate policies, leading to a lower equilibrium employee wage. Alternatively, female CEOs may offer higher non‐monetary employee benefits in lieu of monetary compensation. Our empirical results do not support the risk aversion hypothesis, whereas we find robust evidence that firms with female CEOs offer higher non‐monetary employee benefits than firms with male CEOs, especially in human capital‐intensive firms.

A digital closed‐loop controlled variable optical attenuator (VOA) module using an FPGA (Field Programmable Gate Array) chip for optical‐power‐fluctuation suppression is demonstrated in this paper. A VOA based on transparent electro‐optical ceramic, OptoCeramic® PLZT, is used to provide high‐speed optical power control. With logarithm amplifiers and A‐D‐A feedback circuitry, this VOA module could be designed to operate as either an attenuator or a power controller. The module can be used to filter out the optical power fluctuation up to 300 kHz. © 2006 Wiley Periodicals, Inc. Microwave Opt Technol Lett 48: 1019–1021, 2006; Published online in Wiley InterScience (www.interscience.wiley.com). DOI 10.1002/mop.21588

The primary goal of the accompanying case study, "You Can't Take It with You," is to help business students develop better problem-solving skills. Teaching quantitative courses to students not in a STEM (science, technology, engineering, mathematics) discipline can be a challenging task. Using concrete examples with spreadsheets is an effective teaching strategy that appeals to many business students. This case study offers a concrete and relevant exercise using the base package of Excel. It is multidisciplinary and flexible in its delivery, allowing instructors to effectively integrate it into their course(s). Topics that may be covered include simulation, data analysis, and the time value of money. Advanced Excel functions that may be used include PMT, NORMINV, VLOOKUP, Scenario Manager, Data Table , and Goal Seek. Overall, students believed the case was challenging and that it was a valuable learning experience.

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