Household Behaviour under Market Failures: How Natural Resource Management in Agriculture Promotes Livestock Production in the Sahel

Improved water harvesting and soil erosion control using theremarkably simple practice of contour stone bunding is shownto increase grain yields by 41% in low rainfall regions of BurkinaFaso. Empirical results show that yield increases in food cropshelp food-buying farm households import-substitute in food consumption,reduce livestock production and increase seasonal migration,which is more compatible with seasonal agriculture than withthe yearlong livestock activity. Self-sufficient households,by contrast, can take advantage of higher yields to free resourcesfrom food production and allocate these to expand their livestockeconomy, thus benefiting more from the region's comparativeadvantage. We also show that greater effectiveness in cooperationin the management of common property resources helps increaseincome derived from livestock for all categories of households.However, not all forms of cooperation are effective. When cooperationis only formal, individual activities such as crops, non-agriculturalemployment and seasonal migration are pursued, as opposed tolivestock activities that rely on effective community managementof common property resources.     

What to stabilize in the open economy*

We consider the question how “best” to maintain price‐level stability in an open economy, and evaluate three possible policy choices: (a) a constant money growth rate rule; (b) a fixed exchange rate; and (c) a policy of explicit commitment to a price‐level target. In each case we assume that policy is conducted by injecting reserves into or withdrawing reserves from the “banking system.” In evaluating the three regimes, we adopt the criterion that the “best” policy should leave the least scope for indeterminacy and “excessive” economic volatility. In a steady‐state equilibrium, the choice of regime is largely irrelevant; any steady‐state equilibrium under one regime can be duplicated by an appropriate choice of the “control” variable under any other regime. However, we show that the sets of equilibria under the three regimes are dramatically different. When all countries follow the policy of fixing a constant rate of money growth, there are no equilibria displaying endogenously arising volatility and there is no indeterminacy of equilibrium. Under a regime of fixed exchange rates, indeterminacies and endogenously arising fluctuations are impossible if and only if the country with the low “reserve‐to‐deposit” ratio is charged with maintaining the fixed rate. Finally, when one country targets the time path of its price level, under very weak conditions, there will be indeterminacy of equilibrium and endogenously arising volatility driven by expectations.     

Are Acquisitions Worthwhile? An Empirical Study of the Post-Acquisition Performance of Privately Held Belgian Companies

Few studies have addressed the performance of smaller unquoted companies involved in acquisitions, especially in Continental European countries. Therefore this study addresses the post-acquisition financial characteristics of privately held companies involved in 143 Belgian acquisitions between 1992 and 1994. Specifically, this paper examines the financial performance of the acquiring firm after the acquisition, using statistical analysis of industry-adjusted variables. Our findings show that following the acquisition, the profitability, the solvency and the liquidity of most of the combined companies decline. This decline is also reflected in the failure prediction scores. With respect to the added value, acquisitions are found to be accompanied by increases in the labour productivity, but this is caused by the general improvement of gross added value per employee of Belgian companies in the last 10 years. So it seems that, contrary to the general expectations and beliefs, acquisitions usually do not seem to improve the acquirer’s financial performance. This paper was presented at the European Financial Management Association Conference (June 2001, Lugano, Switzerland) and at the VVE day (October 2001, Diepenbeek, Belgium).     

Walras's tâtonnement : a reply to Rebeyrol and Costa

Abstract

About 50 years ago a lively discussion was started in the ‘Notes and Memoranda’ sections of the Economic Journal about the new welfare economics that had been initiated by Kaldor and Hicks 10 years earlier and was heavily criticized by Little in 1950. Altogether 18 Notes appeared dealing with questions of definition, of limitations, of practical relevance and theoretical details. This paper gives an overview of this discussion and presents it as a methodological approach of the past which that declined as a consequence of the spread of the referee process.     

A Descriptive Analysis of Environmental Disclosure: A Longitudinal Study of French Companies

For the last 15 years, companies have extensively increased their environmental disclosure relative to their environmental strategy in response to institutional pressures. Based on a computerized content analysis of the annual reports of the 55 largest French industrial companies, we describe environmental disclosure with respect to the different strategies implemented by companies over a period of 6 years. The results show that environmental disclosure becomes more and more technical and precise for all the companies. Environmental innovations are presented as a means of increasing energy efficiency and of obtaining a competitive advantage in green market products. The environmental management system implemented by proactive companies allows them to improve their environmental performance. However, the results show that the economic situation significantly influences the way environmental issues are addressed.     

Comparing the generalizability of online and mail surveys in cross-national service quality research

To compare the generalizability of online and mail surveys in a cross-national service quality study, the authors use G-theory and find a comparable level of generalizability, though online surveys benefited from considerably lower costs. This article contributes to the current comparison of the response quality between online and mail surveys. Furthermore, the authors illustrate how G-theory can be used to compare online and mail surveys and take data collection costs into account. Important implications include the process and results of comparing two survey modes and the effects for service research. Martin Wetzels now also works at Maastricht University     

Capital accumulation and real exchange rate behavior in a small open economy with credit market frictions

Summary. We consider the nature of the relationship between the real exchange rate and capital formation. We present a model of a small open economy that produces and consumes two goods, one tradable and one not. Domestic residents can borrow and lend abroad, and costly state verification (CSV) is a source of frictions in domestic credit markets. The real exchange rate matters for capital accumulation because it affects the␣potential for investors to provide internal finance, which mitigates the CSV problem. We demonstrate that the real exchange rate must monotonically approach its steady state level. However, capital accumulation need not be monotonic and real exchange rate appreciation can be associated with either a rising or a falling capital stock. The relationship between world financial market conditions and the real exchange rate is also investigated. Received: October 3, 1997; revised version: October 23, 1997     

The Discursive Construction of Gender in Contemporary Management Literature

This article analyses how the new type of worker is constructed in respect to gender in current management literature. It contributes to the increasing body of work in organisational theory and business ethics which interrogates management texts by analysing textual representations of gender. A discourse analysis of six texts reveals three inter-connected yet distinct ways in which gender is talked about. First, the awareness discourse attempts to be inclusive of gender yet reiterates stereotypes in its portrayal of women. Second, within the individualisation discourse, formerly discriminatory elements of gender lose their importance but a gender dimension reappears within the idea of ‹Brand You’. Third, in the new ideal discourse, women are constructed as ideal workers of the future. The article argues that there is little space within this web of discourses for an awareness of the continued inequalities experienced by women in relation to men to be voiced and that this rhetorical aporia contributes to a ‹post-feminist’ climate.     

Economic and Welfare Impacts of Climate Change on Developing Countries

The impact of global climate change on developing countries is analyzed using CGE-multimarket models for three archetype economies representing the poor cereal importing nations of Africa, Asia, and Latin America. The objective is to compare the effects of climate change on the macroeconomic performance, sectoral resource allocation, and household welfare across continents. Simulations help identify those underlying structural features of economies which are the primary determinants of differential impacts; these are suggestive of policy instruments to countervail undesirable effects. Results show that all these countries will potentially suffer income and production losses. However, Africa, with its low substitution possibilities between imported and domestic foods, fares worst in terms of income losses and the drop in consumption of low income households. Countervailing policies to mitigate negative effects should focus on integration in the international market and the production of food crops in Africa, and on the production of export crops in Latin America and Asia.     

Gender fatigue: The ideological dilemma of gender neutrality and discrimination in organizations

Although gender discrimination remains a feature of working life in many contexts, research on gender in organizations has shown that workplaces are often constructed as gender neutral. This poses an ideological dilemma for workers: how can they make sense of gender discrimination at work while presenting their workplace as gender neutral? This article explores that dilemma through an analysis of how information communication technology (ICT) workers talk about gender discrimination. Instead of denying gender discrimination, workers acknowledge it can happen but construct it as singular events that happened in the past and they place the onus on women to overcome such obstacles. Navigating the ideological dilemma around gender neutrality and discrimination, interviewees display what the article characterizes as gender fatigue. Copyright © 2009 ASAC. Published by John Wiley & Sons, Ltd.