Economic Issues at the Federal Communications Commission

This article reviews some of the key economic issues that face the Federal Communications Commission. These issues include those that underlie the design of broadband policy, spectrum policy, competition policy, and media ownership policy.     

Web-cam’s potential for collaborative activities in the Earth sciences

We report here our experiences from using easily acquired web-cam components for collaborative ventures in the Earth sciences. We have used a variety of hardware and different software. We demonstrate from various locations in the U.S.A. the feasibility of using web-cam in multitudinous activities, relevant for conducting research and knowledge dissemination. We summarize the quality of the connections from the various combinations of communicating parties. Today, web-cams can be utilized as an economical and viable means of point-to-point communication in the Earth science community. Greater bandwidth is sorely needed for activities such as multi-party conferencing on the present internet network. We propose that web-cam can be readily deployed as a web-service for facilitating collaborative research over the GRID infrastructure, using the middleware Narada-Brokering. Web-cam will play an important role in the emerging field of geoinformatics.     

Liquidity risk and syndicate structure

We decompose syndicated loan risk into credit, market, and liquidity risk and test how these shape syndicate structure. Commercial banks dominate relative to non-banks in loan syndicates that expose lenders to liquidity risk. This dominance is most pronounced when borrowers have high levels of credit or market risk. We then tie commercial banks’ advantage in liquidity risk to access to transactions deposits by comparing investments across banks. The results suggest that risk-management considerations matter most for participants relative to lead arrangers. Links from transactions deposits to liquidity exposure, for instance, are more than 50% larger at participants than at lead arrangers.     

On core stability, vital coalitions, and extendability

If a TU game is extendable, then its core is a stable set. However, there are many TU games with a stable core that are not extendable. A coalition is vital if there exists some core element x such that none of the proper subcoalitions is effective for x. It is exact if it is effective for some core element. If all coalitions that are vital and exact are extendable, then the game has a stable core. It is shown that the contrary is also valid for matching games, for simple flow games, and for minimum coloring games.     

Inherited agglomeration effects in hedge fund spawns

This paper studies inherited agglomeration effects, which we define as human capital that managers acquire while working in an industry hub that may be transferred to a spinoff. We test for inherited agglomeration effects in the hedge fund industry and find that hedge fund managers who previously worked in New York and London outperform their peers by about one percent per year. The results are driven by managers who worked in investment management positions previously, and are at least as large as traditional agglomeration effects that arise from being located in an industry hub contemporaneously. The evidence suggests that inherited agglomeration effects are an important, but as yet overlooked, factor influencing the performance of new firms. Copyright © 2013 John Wiley & Sons, Ltd.     

Labour,leisure and liminality: disciplinary work at play

Academics rank high among those groups of people who derive their sense of personal identity and meaning from their particular form of employment. Yet, part of what being a university academic means – and part of the satisfaction that academics obtain from their jobs – lies in being paid to engage in ‘absorbing play.’ This essay explores some ways in which concepts of work and play, labour and leisure, are at issue in the organisation, imagination and experience of professorial employment in general, and how, in particular, such concepts informed and were negotiated in the interdisciplinary space of the 2006‐7 Humanities Institute seminar at the University of Texas at Austin out of which the papers collected in this special issue emerged.     

Reconstructing entrepreneurial intentions to identify predisposition for growth

The entrepreneurial-intentions literature implicitly assumes that all intending entrepreneurs have similar growth aspirations, despite the observed dichotomy of growth- and independence-oriented new ventures. We integrate the ‘individual-opportunity nexus’ with heterogeneous opportunities into the entrepreneurial intentions model such that intending entrepreneurs may exhibit different growth intentions which drives their choice between growth- or independence-oriented new ventures. The individual's predisposition for growth (or not) will depend on the interaction of the salient outcomes offered by the opportunity with the attitudes of the individual towards those outcomes, and by differences in entrepreneurial self-efficacy. We find that the attitudinal antecedents differ for growth compared to independence intentions, and suggest a way to identify intending entrepreneurs who are predisposed to growth.