Activeworlds: geography and social interaction in virtual reality

This paper examines the interrelation between the geographical and social aspects of virtual worlds. We examine the main geographical features of Activeworlds, a multi-user virtual environment available over the Internet. Activeworlds is not only one of the most popular virtual environments, it is also the only publicly accessible one in which users can build themselves, and thus shape their geographical and social environment. We examine, among other features, transportation, mobility, and property appropriation in this virtual worlds system. Further, we describe some of the influences, both from urban planning and science fiction, on the geography of Activeworlds. We also examine the social relations that arise from these geographical conditions, including the ‘rough and ready’ mentality of this ‘cyberspace frontier’. Finally, we consider the implications of this virtual worlds system for theories of the emerging geographical and social relations in virtual environments.     

Interest-rate and calendar-time effects in money market fund and bank deposit cash flows

We examine the sensitivities of aggregate balances of retail and institutional money market funds (MMFs) and their potential substitutes, bank deposits, to changes in short-term interest rates while controlling for calendar-time effects. We find that institutional MMF and time deposit cash flows are sensitive to recent changes in short-term interest rates. Institutional MMF investors appear to take advantage of arbitrage opportunities created by MMFs using the amortized cost technique. Retail MMF investors are much less responsive to changes in interest rates.     

Inflation forecasts and core inflation measures: Where is the information on future inflation?

This paper uses the forecast from a random walk model of inflation as a benchmark to test and compare the forecast performance of several alternatives of future inflation, including the Greenbook forecast by the Fed staff, the Survey of Professional Forecasters median forecast, CPI inflation minus food and energy, CPI weighted median inflation, and CPI trimmed mean inflation. The Greenbook forecast was found in previous literature to be a better forecast than other private sector forecasts. Our results indicate that both the Greenbook and the Survey of Professional Forecasters median forecasts of inflation and core inflation measures may contain better information than forecasts from a random walk model. The Greenbook's superiority appears to have declined against other forecasts and core inflation measures.     

Entrepreneurial Leadership of Social Enterprises: Challenges and Skills for Embracing Paradoxes

Social entrepreneurs seek to improve the world through revenue generating businesses. Their resulting social enterprises have much in common with commercial ventures. However, striving to fulfill a social mission is associated with goals, missions, and stakeholders that can be inconsistent with seeking profit, creating strategic paradoxes, and fostering distinct challenges for social entrepreneurs. The current articles aims to advance current understandings of entrepreneurial leadership by identifying unique challenges and necessary leadership skills for social entrepreneurs.     

Neglected Rural Public Health Issue： The Case of Intestinal Roundworms

Despite increasing institutional and financial support, certain public health issues are still neglected by the Chinese Government. The present paper examines the soil-transmitted helminth （STH） infection and reinfection rates by conducting a survey on 1724 children in Guizhou Province, China. Our results indicate that 37.5 percent of children had been infected with one or more of the three types of tested STH. However, only 50.4 percent of children reported having taken deworming medicine during the 18-month period before the survey. Of those who reported being dewormed, 34.6 percent tested positive for STH infections. Poverty and number of siblings are significantly and positively correlated with infection and reinfection, and parental education is significantly and negatively correlated with infection and reinfection. Given the ineffectiveness of treatment in these areas to date, for anthelminthic campaigns to actually succeed, China must pay more attention to local- level incentives to improve children＇s health.     

Welfare Impacts of Intellectual Property Protection in the Seed Industry

We examine the welfare impact of different intellectual property protection (IPP) regimes in private sector seed research and development (R&D). We take into account the period after expiration of legal IPP, and require simultaneous equilibrium in markets for R&D, seeds, and final product. Optimal IPP is remarkably insensitive to alternative parameterizations, except for R&D productivity. Results suggest that optimal IPP is greater than IPP in the U.S. seed corn market, but lower than the IPP that could be attained with genetic use restriction technologies. Optimal IPP is much higher than IPP achieved under open-pollinated crops or where legal IPP is limited.     

Heuristics,learning and the business angel investment decision-making process

ABSTRACT

This paper extends the literature on the investment decision-making of business angels.

Using insights from the emerging body of research on entrepreneurial learning processes, particularly the use of heuristics and the nature of learning from meagre experience, we explore whether angels learn from experience, how they learn and what they learn. These issues are addressed using verbal protocol analysis, a methodology for examining decision-making in real time, with three groups of business angels with differing levels of investment experience, and with follow-up debriefing interviews with these angels. This reveals some differences in the speed of decision making and the emphasis given to various investment criteria. There is some evidence for the use of heuristics in the decision making process, and for the critical role played by vicarious learning from the experience of others. Learning in the individual angel decision making process is a social as well as an individual phenomenon.     

Panel unit root tests in the presence of a multifactor error structure

This paper extends the cross-sectionally augmented panel unit root test (CIPS$CIPS$) proposed by Pesaran (2007) to the case of a multifactor error structure, and proposes a new panel unit root test based on a simple average of cross-sectionally augmented Sargan–Bhargava statistics (CSB$CSB$). The basic idea is to exploit information regarding the m$m$ unobserved factors that are shared by k$k$ observed time series in addition to the series under consideration. Initially, we develop the tests assuming that m⁰$m^0$, the true number of factors, is known and show that the limit distribution of the tests does not depend on any nuisance parameters, so long as k≥m⁰−1$k\ge m^0-1$. Small sample properties of the tests are investigated by Monte Carlo experiments and are shown to be satisfactory. Particularly, the proposed CIPS$CIPS$ and CSB$CSB$ tests have the correct size for all   combinations of the cross section (N$N$) and time series (T$T$) dimensions considered. The power of both tests rises with N$N$ and T$T$, although the CSB$CSB$ test performs better than the CIPS$CIPS$ test for smaller sample sizes. The various testing procedures are illustrated with empirical applications to real interest rates and real equity prices across countries.     

The Effect of Graduated Response Anti‐Piracy Laws on Music Sales: Evidence from an Event Study in France

Despite the problem that filesharing poses to the creative industries, there is little research on the effectiveness of governmental anti‐piracy policies. This study analyzes how the HADOPI ² graduated response law in France affected digital music sales. Using a panel of sales data from the four major labels, we applied a difference‐in‐difference approach, comparing sales trends in France to a control group of European countries. We find that increased consumer awareness of HADOPI caused French iTunes music sales to increase by 22‐25%. The observed sales increase is larger in high piracy genres than low piracy ones, strengthening the causal interpretation of our results.