Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom

The financing of R&D provides a potentially important channel to link finance and economic growth, but there is no direct evidence that financial effects are large enough to impact aggregate R&D. U.S. firms finance R&D from volatile sources: cash flow and stock issues. We estimate dynamic R&D models for high-tech firms and find significant effects of cash flow and external equity for young, but not mature, firms. The financial coefficients for young firms are large enough that finance supply shifts can explain most of the dramatic 1990s R&D boom, which implies a significant connection between finance, innovation, and growth.     

Effectiveness of Mediation Strategies in Collective Bargaining

Effectiveness of mediation strategies is analyzed in two different types of collective labor conflicts: rights conflicts and conflicts of interests. The sample consists of 106 professional labor mediators who completed a questionnaire about the strategies they used and the outcomes they achieved in their most recent mediation intervention. Results from regression analysis indicate that while the use of substantive and contextual strategies is positively related to effectiveness in both types of conflict, the use of reflexive strategies is negatively related to effectiveness, particularly in rights conflicts.     

Fashion: a new paradigm of consumer behaviour

In clothing markets, ‘fashion’ has traditionally been defined as something that is accepted by a sizeable proportion of a market. This paper is based on empirical research amongst over 500 students investigating a variety of dimensions of ‘fashionability’. The findings support the ‘outer-directedness’ of ‘prevailing styles’ but also identify a potentially important set of ‘individualistic’ influences. It is suggested that this indicates the necessity for a redefinition of what is fashionable, and an explanation is offered for the apparent contradictions in current thinking about fashionability.     

Anomalies in Security Returns and the Specification of the Market Model

We examine the hypothesis originally advanced by Roll 12 that observed anomalies in excess returns can be explained by misspecification of the market model used to estimate systematic risk. We find substantial misspecifications in the model systematically related to size and period of listing of the securities in question. There is some evidence that these misspecifications are associated with systemic biases in measured betas used to construct excess returns.     

A survey of commercial laundry detergents - how effective are they?: Part III: powders,liquids and hard water

The effectiveness of 42 detergents, 11 non-phosphate containing powdered detergents, 12 phosphate containing powdered detergents, 11 unbuilt liquid detergents and eight built liquid detergents, of varying formulations, in cleaning a standard soiled fabric in water of varying hardness was evaluated. Powdered detergents were found to be significantly affected only at very high water hardness levels. There was no significant difference between washing in warm and hot water for the liquid detergents, except for a melaleucaoil based detergent which performed significantly better in hot water. Increasing water hardness had no significant effect on liquid detergents. Powdered detergents performed better than liquid detergents in cleaning the standard soiled fabric. While no one detergent was significantly better than the others, in general, washing with detergents that contained phosphates did give somewhat better results in warm water. Detergents that contained bleach as an additive did not result in whiter fabric.