On the Marginalist Theory of ‘Capital Supply’

A familiar theory of how the volume of lending depends on the rate of interest is deficient in at least two respects. First, it treats household income as independent of the rate of interest; second, it supposes the relative prices of consumption commodities to be independent of that rate.     

On the prediction of financial distress in developed and emerging markets: Does the choice of accounting and market information matter? A comparison of UK and Indian Firms

We examine differences in price delay for a sample of real estate investment trust (REIT) and non-REIT matched pairs. Results suggest an economically and statistically higher level of price delay for REIT securities, which implies heightened frictions that increase the time needed for new information to be impounded into the prices of REIT shares. The primary drivers for the observed delay differential include differences in idiosyncratic volatility, market risk, and the number of days traded. Within-REIT determinants of delay confirm findings for the pooled sample of matched pairs. Importantly, we infer find that REIT investors are not compensated for restricted information flow, as excess returns are unrelated to the price delay.     

Readings in Public and Nonprofit Marketing. Lovelock,Christopher H., and Charles B. Weinberg. Palo Alto,Calif.: The Scientific Press,the Stanford Barn, 1978

Abstract

In a recent paper, Johar and Sirgy have proposed a hypothesis that value-expressive advertising appeals are persuasive when the product is value-expressive, whereas utilitarian appeals are persuasive when the product is utilitarian. Johar and Sirgy suggested that future research be directed at testing these hypotheses. This comment points out that direct support for these hypotheses already exists. The experimental evidence in support of these and related predictions is discussed. Suggestions for future research on the effectiveness of utilitarian versus value-expressive appeals are offered.     

Property rights and information flows: a simulation approach

With the growth of the information economy, the proportion of knowledge-intensive goods to total goods is constantly increasing. Lessig (The future of ideas: the fate of the commons in a connected world. Vintage, New York 2001) has argued that IPRs have now become too favourable to existing producers and that their ‘winner-take-all’ characteristics are constraining the creators of tomorrow. In this paper we look at how variations in IPRs regimes might affect the creation and social cost of new knowledge in economic systems. Drawing on a conceptual framework, the Information Space or I-Space to explore how the uncontrollable diffusibility of knowledge relates to its degree of structure, we deploy an agent-based modelling approach to explore the issue of IPRs. We take the ability to control the diffusibility of knowledge as a proxy measure for an ability to establish property rights in such knowledge. Second, we take the rate of obsolescence of knowledge as a proxy measure for the degree of turbulence induced by different regimes of technical change. Then we simulate the quantity and cost to society of new knowledge under different property right regimes.

Tariff (De‐) Escalation with Successive Oligopoly

This paper explores the issue of a simultaneous reduction in tariffs at different stages of a vertically related market where each stage is oligopolistic. When vertically related markets are characterized as a successive oligopoly, reducing tariffs by an equivalent amount on upstream and downstream imports will have a differential effect on market access and hence profits at each stage as a result of a combination of horizontal and vertical effects. These differential effects have implications for the tariff structure post‐trade reform.     

Social media? Get serious! Understanding the functional building blocks of social media

Traditionally, consumers used the Internet to simply expend content: they read it, they watched it, and they used it to buy products and services. Increasingly, however, consumers are utilizing platforms—such as content sharing sites, blogs, social networking, and wikis—to create, modify, share, and discuss Internet content. This represents the social media phenomenon, which can now significantly impact a firm's reputation, sales, and even survival. Yet, many executives eschew or ignore this form of media because they don’t understand what it is, the various forms it can take, and how to engage with it and learn. In response, we present a framework that defines social media by using seven functional building blocks: identity, conversations, sharing, presence, relationships, reputation, and groups. As different social media activities are defined by the extent to which they focus on some or all of these blocks, we explain the implications that each block can have for how firms should engage with social media. To conclude, we present a number of recommendations regarding how firms should develop strategies for monitoring, understanding, and responding to different social media activities.     

Poverty in Edwardian Britain

This article introduces a newly discovered household budget data set for 1904. We use these data to estimate urban poverty among working families in the British Isles. Applying Bowley's poverty line, we estimate that at least 23 per cent of people in urban working households and 18 per cent of working households had income insufficient to meet minimum needs. This is well above Rowntree's estimate of primary poverty for York in 1899 and high in the range that Bowley found in northern towns in 1912–13. The skill gradient of poverty is steep; for instance, among labourers' households, the poverty rates are close to 50 per cent. Measures of the depth of poverty are relatively low in the data, suggesting that most poor male-headed working households were close to meeting Bowley's new standard.     

Engines of Growth in China: The Limits of Informal Institutions

Abstract:

Since the 1978 reforms, China has experienced rapid economic and social development. GDP growth has been in the double digits on average yearly, creating the fastest sustained economic growth recorded by a major economy in history. Not only did this transform the economy and society at large, China reached important milestones in terms of reducing poverty and creating prosperity in a short period of time. This article uses the conceptual framework of new institutional economics to examine China’s economic growth and how growth has been achieved largely by ‘informal institutions’ that are grounded in culture, customs, and private interactions that emerge spontaneously. The trajectory by which these informal institutions left their imprint on China’s complex economic landscape and how they can constrain future economic growth are also of central importance. After examining decentralization and risk management practices, property rights, and the legal system, we emphasize the importance of creating formal institutions necessary for long-term growth, most importantly innovation. Preliminary evidence shows total factor productivity is tapering off which may reflect the constraints of China’s institutional environment. This ought to be reversed if China is to enjoy long-term sustained growth.     

The challenge of articulating human rights at an LGBT ‘mega-event’: a personal reflection on Sao Paulo Pride 2017

Abstract

This paper brings together Critical Event Studies (CES) and a reflexive/narrative autoethnographic approach in order to stimulate a debate around the commodification of public space, and the management of mega-events of dissent. This is achieved using the example of the researcher’s participation in the 2017 Sao Paulo Pride. Sao Paulo Pride is one of the largest LGBT demonstrations in the world. However, corporate interests in the event have commodified dissent in order to commercialise ‘otherness’, and the city has absorbed the demonstration into its cultural offer as a global brand. The confluence of these factors produces a pattern of place dressing and erasure that depoliticise the event and undermines its capacity to effectively articulate human rights. Currently Brazil has some of the most liberal LGBT laws of any South American state, yet recently Lesbian, Gay, Bisexual and Transgender (LGBT)/Sexual Orientation and Gender Identity (SOGI) human rights have been threatened by a rapid rise in hate crime and the emergence of an evangelical Christian right in state and regional assemblies. Within such a context the need to revive the roots of Pride as an articulation of otherness that demands recognition, and as a robust defence of human rights for the LGBT/SOGI community, is more pressing than ever.