Government and the Colonial Economies

From the time of Macquarie the beneficial effects of government came less from material support than from the recognition of an emerging free society, dependent for its success on the rule of law, the strengthening of property rights, improved administration, low taxation, and an environment of confidence and opportunity that encouraged voluntary flows of people and capital from Britain and Ireland. After 1860, the value of the government contribution to growth was reduced by the destabilizing and growth-distorting consequences of public investment. The economic contribution of colonial governments in thi later period was found less in their willingness to construct public capital assets and more in the provision of a favourable and permissive environment in which private decision-makers were to a large extent free to pursue their own private ends.     

Measuring International Harmonization and Standardization

This paper analyses six recent studies dealing with the measurement of international harmonization of financial reporting. Methodological issues and problems relating to the definition and operationalization of terms, sources of data, statistical methods and causation are discussed, and an alternative methodology for measuring harmonization suggested.     

Spectral utility,wiener-hopf techniques,and rational expectations

Purely classical, frequency-domain methods are useful for solving linear-quadratic dynamic rational expectations models. To illustrate this, generic scalar and multiple-variable problems are solved completely in the frequency domain. The procedure, which utilizes Wiener-Hopi methods to maximize the frequency-domain representation of the objective function, makes ordinarily troublesome second-order conditions transparent, allows infinite-order costs of adjustment, and handles moving average errors easily.     

Price-Fixing and Shareholder Returns: An Empirical Study

This paper examines the market reaction to three different events related to allegations of price-fixing: the initial charges, the firm's plea, and the resolution of the case. Negative, risk-adjusted shareholder returns are associated with the initial charge of price-fixing, while mixed results are observed during the two days immediately after the plea. The ultimate resolution of the case appears to be anticipated by the market. The overall decline in shareholder wealth from all three events combined is about 5 percent. These results suggest that shareholders are at least partial beneficiaries of price-fixing and that the presumption of an agency problem may be incorrect.     

A working plan to understand and control financial pressures

As financial changes affect hospitals and nursing budgets, nurse executives must know how to anticipate financial results and make aggressive decisions based upon the financial ramifications.     

Integrating human resource management and corporate strategy: A preview of the 3M story

This article describes the initial stages of an endeavor to bring about an integration of strategic management and human resource management in a major manufacturing organization—3M. The focus is on the agenda of the organization's Vice President of Human Resources for bringing about the innovation through a systematic program of cultural analysis, professional development of line managers and human resource specialists, restructuring of the human resource management organization, and creation of a new partnership between line and human resource managers.     

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