Kalecki on money and finance

It is argued that Kalecki had a greater appreciation of the role of the monetary sector than has been generally recognized, and that Kalecki presented ideas which can be seen as now embedded in the structuralist post Keynesian analysis of endogenous money and in the circuitist approach. Six key features of Kalecki's monetary analysis are identified. The paper outlines Kalecki's dismissal of the ‘Pigou effect’ and the ‘Keynes effect’, and then discussion the relationship between the ‘principle of increasing risk’ and the nature of the supply of credit. It discusses interest determination in Kalecki's writings and the manner in which he distinguished different types of money.     

Managers' conservatism and corporate performance

This article argues that conservatism as a personal value among senior managers significantly affects corporate performance. A scale to measure conservatism was developed and its measurement properties were tested on several hundred executives. Empirical results were consistent with the hypotheses that conservatism among senior management teams is negatively associated with the firm's social responsiveness as well as certain aspects of financial performance.     

An empirical examination of the role of vertical product differentiation in north-south trade

Conclusions Our results indicate that the general line of reasoning embodied in the recently developed models of North-South IIT would seem to be valid. The various measures of income and size similarity do seem to affect North-South IIT in the theoretically predicted way. Further, this type of trade is positively impacted by the direction of quality differences and, to a lesser degree, the extent of quality differences. Finally, it would appear that modeling this type of trade on a bilateral basis using data detailed by both industry and country has not only theoretial appeal, but is empirically useful. The results, however, do not address the mechanism which generates these quality differences between the exports of the North and South. The theoretical models use different assumptions concerning the process which generates the quality differences. Such differences may be related to capital abundance as in Falvey [1981]; a Ricardian form of comparative advantage as in Flam and Helpman [1987]; or a complex combination of the two.¹⁵ Some preliminary evidence on the role of quality differences has been given in this paper. The difficult task of explaining what generates these differences is an important issue left unaddressed at this point.     

STOCKHOLDER RETURNS AMONG HOMOGENEOUS GROUPS OF MERGERS

A sample of cash and stock merger transactions consummated between 1975 and 1987 is used to form homogeneous groups based on financial characteristics of both bidding and target firms. The results are used to determine how group heterogeneity with respect to financial characteristics influences intergroup differences in both bidding firm and target firm merger returns. Stockholders of bidding firms with attributes that fit the free cash flow hypothesis of merger motivation suffer wealth losses relative to firms that have characteristics consistent with achievement of scale or scope economies or financial synergies. Differences in target and merger portfolio returns are also found.     

Detroit’s Municipal Bankruptcy: Racialised Geographies of Austerity

ABSTRACT

Urban geographer Jamie Peck theorises austerity urbanism as a dominant state practice of financially ‘restructuring’ the fiscal agendas of local governments in order to reduce government budget deficits in times of economic recessions. This project seeks to investigate the role of race in the context of austerity urbanism in Detroit following the subprime mortgage crisis in 2008. What is clear is that subprime lending in Detroit was explicitly a raced event. Analysis of austerity politics in Detroit demonstrates that the city is clearly spatially divided along racialised lines. Black city pensioners, former public sector employees, and ‘deliquent taxpayers’ were blamed for Detroit’s municipal bankruptcy in narratives centering on their bloated and generous benefits during the city’s financial decline. The policy outcomes of austerity programmes during the city’s financial crisis impacted racialised, poor communities, specifically the outcomes of privatising the city’s water services that led to state-sanctioned water shut-offs. This paper explores the ways in which race figures in the causes (race-based credit redlining/subprime super-inclusion lending practices) in the way the crisis was narrated to wrongly apportion blame to the racialised poor and city pensioners, and in the effects of the crisis, where water shut-offs wrought punishment on the racialised poor.     

Workplace contextual supports for LGBT employees: A review,meta‐analysis,and agenda for future research

The past decade has witnessed a rise in the visibility of the lesbian, gay, bisexual, and transgender (LGBT) community. This has resulted in some organizational researchers focusing their attention on workplace issues facing LGBT employees. While empirical research has been appropriately focused on examining the impact of workplace factors on the work lives of LGBT individuals, no research has examined these empirical relationships cumulatively. The purpose of this study was to conduct a comprehensive review and meta‐analysis of the outcomes associated with three workplace contextual supports (formal LGBT policies and practices, LGBT‐supportive climate, and supportive workplace relationships) and to compare the relative influence of these workplace supports on outcomes. Outcomes were grouped into four categories: (a) work attitudes, (b) psychological strain, (c) disclosure, and (d) perceived discrimination. Results show that supportive workplace relationships were more strongly related to work attitudes and strain, whereas LGBT supportive climate was more strongly related to disclosure and perceived discrimination compared to the other supports. Our findings also revealed a number of insights concerning the measurement, research design, and sample characteristics of the studies in the present review. Based on these results, we offer an agenda for future research.