A Study on Firms with Negative Book Value of Equity

This paper studies the puzzling negative book equity phenomenon among US public firms. Our evidence suggests that negative book equity firms exhibit heterogeneous characteristics. We show that a great portion of these firms, while operating at excessive capital structure with leverage ratio over 100%, are financially and operationally healthy. These healthy negative book equity firms increase their debt primarily motived by a need for funds to fulfill investment demand. We also find that the off‐balance sheet intangible assets and quality of intangible assets play an important role in determining the true debt capacity of these firms.     

The Low‐Pay No‐Pay Cycle: Are There Systematic Differences across Demographic Groups?

We investigate transitions between unemployment, low‐paid employment and higher‐paid employment using dynamic panel data methods applied to household panel data. We find state dependence in both unemployment and low‐paid employment and evidence of a low‐pay no‐pay cycle. However, we also find significant differences in effects across population subgroups. Typically, the young and better‐educated face lower penalties from unemployment and low‐paid employment. Further, low‐paid employment is preferable to unemployment for women regardless of their demographic characteristics, but for men who have only completed secondary schooling, low‐paid employment actually decreases the chances of entering higher‐paid employment by more than does unemployment.     

On the Marginalist Theory of ‘Capital Supply’

A familiar theory of how the volume of lending depends on the rate of interest is deficient in at least two respects. First, it treats household income as independent of the rate of interest; second, it supposes the relative prices of consumption commodities to be independent of that rate.     

Evaluating the London 2012 Games’ impact on sport participation in a non-hosting region: a practical application of realist evaluation

In the literature on Olympic legacies and impacts, there is a dearth of materials that specifically address the issue of Olympic impact for non-hosting regions. The literature tends to deal with impacts at a national level, or at a hosting-city region level, neglecting in large part the degree to which benefits can be leveraged by non-hosting regions. A further limitation identified in the literature is a failure to engage in detailed formal evaluation of policy implementation where assertions of potential policy impact are based on untested assumptions. This study is intended to address both of these concerns. It presents an empirical, ‘bottom-up’ application of a Realist Evaluation framework to assess the impact of a policy initiative – Workplace Challenge – aimed at leveraging enhanced sports participation in a non-hosting region – Leicestershire – in the period leading up to the 2012 Games. In doing so, it seeks to identify which causal mechanisms worked within this particular context to produce the observed outcomes. The evaluation results demonstrate that the programme represented a positive approach to fostering regular engagement with sport and physical activities for some groups in some types of organisations, and that awareness and motivational factors associated with the London 2012 Games are, in this case, linked (albeit weakly) to an increase in sport and physical activity participation for specific groups taking part in the programme in particular organisational contexts.