Immigration and the Global City Hypothesis: Towards an Alternative Research Agenda

The debate around the ‘Global City Hypothesis’ (GCH), and particularly the research agenda of the ‘Globalization and World Cities’ network, have been preoccupied recently with the business and technological dimensions of so–called ‘global cities’. This article seeks to recover the role of immigration in large urban economies. Using mainly observations from European metropolises, I argue first that the GCH requires significant revision insofar as it can be used as a tool for addressing issues of inequality, and I offer five propositions for a renewal of the existing contours of the GCH. Second, beyond these revisions, I suggest a complete reformulation of the debate by linking it with ideas emanating from the literature on transnationalism. Le débat sur ‘l’Hypothèse de la ville globale’, et notamment sur le programme de recherche du réseau ‘Mondialisation et Villes mondiales’, s’est récemment soucié des dimensions économiques et technologiques des dites ‘villes planétaires’. Cet article tente de révéler le rôle de l’immigration dans les grandes économies urbaines. A partir d’observations de métropoles européennes principalement, il affirme d’abord que, dans la mesure où cette hypothèse peut servir d’outil pour aborder les questions d’inégalité, elle requiert une importante révision; sont donc exposées cinq propositions pour en renouveler les profils existents. Il suggère ensuite une reformulation complète du débat en l’associant à des idées émanant de travaux sur le transnationalisme.     

The composition of interest: The judaic prohibition

An interest charge is made up of an award for waiting known as the real rate of interest, a premium for risk and compensation for transaction costs. Where inflation exists the lender seeks further compensation. In order to understand the composition and evolution of different versions of the usury prohibition it is necessary to ask which components of an interest charge are prohibited by each version. The Judaic prohibition has two aspects which are of particular interest to business historians and students of usury. First, the general rule is that a reward for waiting is prohibited. This focuses on the time-based part of interest charge. Second, interest is prohibited because it amounts to placing a stumbling block before the blind. This focuses on the typical gullibility of the borrower confronted by a more expert, better funded lender. Economics confirms and enriches our understanding of these important aspects of the prohibition. They achieve this by increasing our understanding of two facts: first, that the borrower is a gullible individual subject to irrational and inconsistent behaviour; and, second, that this behaviour relates to the waiting aspect of interest which is proscribed in the prohibition. How far these insights apply to other civilisations' prohibition, particularly those which derive from the Judaic prohibition, merits further study; so also do the ethical lessons of the Mosaic rules for a globalised society based on capitalism.     

Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.     

Golden Parachutes: Incentive Aligners,Management Entrenchers,or Takeover Bid Signals?

In this paper we investigate the effect of golden parachute (GP) adoptions on shareholder wealth. We control for the potential effect a GP adoption has on the probability that a firm will receive a takeover bid by investigating the wealth effects for firms that are in play when the GP is adopted. We find that announcements are wealth neutral when firms are in play and wealth increasing when firms are not in play when a GP is adopted. The results suggest that GPs have no influence on the success of a tender offer, refuting the hypotheses that they either align manager and shareholder interests or that they entrench inefficient managers. The difference in the results for in-play and not-in-play firms is consistent with the hypothesis that GPs signal an increased likelihood that a firm will receive a takeover bid.     

Relationship of direct nursing care hours to DRG and severity of illness

Great variation in nursing resource use is documented within DRGs. Much of this variation may be explained by patient severity of illness. Variance in nursing resource use within DRGs can be reduced by using a severity of illness instrument to score patients.