Perfectionism,Paternalism and Liberalism in Sen and Nussbaum's Capability Approach

The aim of the paper is to analyse the theoretical foundations of human development policies as found in Sen's and Nussbaum's capability approach to development, and to examine to what extent undertaking policies according to the capability approach respects people's freedom to pursue their own conception of the good. The paper argues that policies undertaken according to the capability approach have to be guided by a perfectionist conception of the good; that is, they cannot avoid promoting one certain conception of the human good. Such a perfectionist conception of the human good, and the policies ensuing from it, has often been qualified as paternalist, depriving the human being of choosing her own conception of the good. The paper examines to what extent those fears of paternalism that seem to underlie policies guided by a perfectionist account of the good are legitimate, and to what extent the capability approach can escape those charges of paternalism and respect each person's freedom to pursue the human good as she conceives it.     

A Model for Analyzing the Impact of Selective Lapsation on Mortality

Abstract

This paper presents a model for examining the effect of various relationships between mortality rates and lapse rates on the mortality experience of a cohort of insured lives. The approach is individual rather than the aggregate traditionally used in analyzing selective lapsation. The model assumes that insured lives are healthy at policy issue, but later may move to an impaired state from which the lapse rate is zero. Associated with each insured is an unobservable “risk level” random variable, which reflects the heterogeneity of the insured group. Individual mortality and lapse rates are functions of the risk level. A numerical illustration provides some interesting results obtained by using this model.     

Stochastic trend,weather and US corn yield variability

Regional corn yield models incorporating stochastic trends, prices and weather variables are estimated. Hypothesis tests suggest yield variability has increased because of an increase in error variance and an increase in weather-related effects. Decomposition of the error variance shows much of its increase is due to an increased correlaion between regional yields.     

HR in the small business enterprise: Assessing the impact of PEO utilization

Within small businesses, organizational leaders are themselves often responsible for the HR function, an area where they typically have limited training and experience. Not surprisingly, small business leaders have raised concerns about the quality of HR programs in their firms and the fact that HR consumes scarce managerial time. While professional employer organizations (PEOs) emerged in response to such concerns, much controversy exists as to whether and how small businesses benefit from PEO utilization. Using a survey of more than 740 small businesses, we examine the relationship between PEO utilization and two key small business outcomes: managerial time required by HR activities and satisfaction with HR outcomes. Our results indicate that firms not using a PEO reported significantly lower levels of satisfaction with HR outcomes than firms that used a PEO for a limited set of transactional services and firms that used a PEO for both transactional and strategic HR services. Among firms using a PEO, satisfaction with HR outcomes was significantly higher among firms that obtained a broader set of transactional and strategic HR services. Firms that used a PEO also reported that HR consumed significantly less managerial time relative to leaders in firms that made no use of a PEO. However, there was no significant difference in the time demanded by HR between firms that used a limited set of transactional services and those that used a broader range of transactional and strategic services. Implications for the role of PEOs and their use within small businesses are discussed. © 2005 Wiley Periodicals, Inc.     

Insider Trading in the OTC Market

In this paper, we examine the profitability of insider trading in firms whose securities trade in the OTC/NASDAQ market. Although the evidence suggests timing and forecasting ability on the part of insiders, high transaction costs (especially bid-ask spreads) appear to eliminate the potential for positive abnormal returns from active trading. By implication, outside investors who mimic the trading of insiders are also precluded from earning abnormal profits. In addition, we provide evidence on the determinants of insiders' profits. The data suggest that insiders closer to the firm trade on more valuable information than insiders removed from the firm.     

Portfolio diversification into the Asia-Pacific capital markets: A currency perspective

This paper examines the potential benefits of international investment in the Asia-Pacific capital markets. Using the viewpoints of U.S., Hong Kong and Japanese investors, the study shows that the returns from international investment within the region are more dependent upon the state of exchange rate changes. For the Hong Kong investors, despite the adopted pegged-rate between the Hong Kong dollar and U.S. dollar, the pattern of exchange returns from investing in the region resembles that of Japan rather than that of the U.S.     

Socioeconomic impacts of school feeding programmes: empirical evidence from a South Indian village

Tamil Nadu a poverty-stricken rural community in South India, funds a school feeding program with about 10% of the state budget. Comparisons of nutrition and literacy show that they are significantly related. No studies have yet been performed to analyse the effect of the feeding programs on aspects of a household's economic and social welfare. The feeding program in Tamil Nadu extends throughout the year, 7 days a week. It provides not only a reason for children to attend school, but also employment opportunities for those who wish to cook. 455 households were surveyed from 1 village using. A Gini coefficient of inequality to determine inequality levels of nutrition, food, and consumption expenditure. Sen's index of poverty was used to calculate the reduction in poverty levels. 3 household groups were defined: the agricultural labor, the silk weaver, and the cultivator. Linear program modelling utilized these 3 groups to study the total effect of nutrition on education. Linear regression was then used to determine the effect of the feeding program on participation in school. At the village level, a reduction of inequality in consumption and intake, an increase in energy intake, and a decrease in poverty level were found. In agricultural labor and silk weaver households, most of the money was spent on cereal food grains and children were mostly uneducated. If modelled to assume that children must be educated and are educated in schools providing food, results suggest that the increase in nutrition helps retain the children in the schools. Cultivator household response to the food programs was poor, since they usually have enough money to meet nutritional needs. Household income and school nutrition, but not adult literacy affect school participation. In general, nutrition offered in school caused a subsequent increase in household purchases of non-cereal items in the first 2 household types.     

The informational content of implied volatility

Implied volatility is widely believed to be informationallysuperior to historical volatility, because it is the 'market's'forecast of future volatility. But for S&P 1 00 index options,the most actively traded contract in the United States, we findimplied volatility to be a poor forecast of subsequent realizedvolatility. In aggregate and across subsamples separated bymaturity and strike price, implied volatility has virtuallyno correlation with future volatility, and it does not incorporatethe information contained in recent observed volatility.     

Organizational performance in a regulated environment: The role of strategic orientation

This study explores the influence of governmental regulation on organizational strategies and performance outcomes. Drawing on literature in strategic management, we provide a longitudinal empirical analysis of viable strategies in the U.S. domestic airline industry during a 6-year period (1965-70) when it was regulated by the Civil Aeronautics Board. Results indicate that air carriers were indeed able to articulate coherent strategic postures despite regulatory constraints, and were thus able to influence profitability.