Arms production as a form of import-substituting industrialization: The Turkish case

There has been a trend towards increased Third World arms production since the 1960s and by the beginning of the 1980s some 46 developing countries were producing or planning to produce weapons domestically. This paper examines the arguments for indigenous Third World arms production in the context of the Turkish case. The evidence indicates that arms production will be inefficient, expensive and unreliable with limited export potential. The manufacturing base in Turkey is too weak to provide essential components, which will need to be imported, and licensed production will ensure technological dependence is maintained. Employment and backward linkages will be small and, given scarce resources, development will be affected adversely.     

The Agricultural task force report — The benefit of Hindsight

In September 1967, the Federal Government established a Task force on Agriculture which was given the major objective of assessing agricultural goals and policies in Canada. The Task Force submitted its report, Canadian Agriculture In The Seventies , to the Federal Minister of Agriculture in December 1969.     

Coming Through in a Crisis: How Chapter 11 and the Debt Restructuring Industry Are Helping to Revive the U.S. Economy

During the recent financial crisis, U.S. bankruptcy courts and debt restructuring practitioners were faced with the largest wave of corporate defaults and bankruptcies in history. In 2008 and 2009, $1.8 trillion worth of public company assets entered Chapter 11 bankruptcy protection—almost 20 times the amount during the prior two years. And the portfolio companies of U.S. private equity firms faced a towering wall of debt that, many observers predicted, was about to wipe out most of the industry. But far from the death of private equity or a severe contraction of corporate America, the past three years have seen an astonishingly rapid working off of U.S. corporate debt overhang, allowing corporate profits and values to rebound with remarkable speed and vigor. And as the author of this article argues, corporate America's recovery from the recent financial crisis provides a clear demonstration of the importance of U.S. bankruptcy laws and restructuring practices in maintaining the competitiveness of U.S. companies and the long‐run growth of the U.S. economy.     

Structural analysis using signed evaluations: Distance learning into the new millennium

The advent of new technologies has spawned a growth in open and distance learning in various parts of the world. Exciting new ways of information storage and communications offer higher education students greater choice of where, when, what and how to study. This paper applies the Signed–Weighted Impact Structural Evaluation (S-WISE) method to a number of technological, market, environmental and regulatory variables thought to influence the take-up of distance learning globally. Structured interactions using signed assessments and related values are identified, aimed at producing a simplified scenario that ranks the relative importance of identified variables. The factors are then described in brief detail and a knowledge base created in order to draw conclusions on how and why they might (or might not) be exerting an influence on one another.     

Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds

We present evidence that fund managers inflate quarter-end portfolio prices with last-minute purchases of stocks already held. The magnitude of price inflation ranges from 0.5 percent per year for large-cap funds to well over 2 percent for small-cap funds. We find that the cross section of inflation matches the cross section of incentives from the flow/performance relation, that a surge of trading in the quarter's last minutes coincides with a surge in equity prices, and that the inflation is greatest for the stocks held by funds with the most incentive to inflate, controlling for the stocks' size and performance.     

Performance implications of active management of institutional mutual funds

We use information on institutional US mutual funds to examine the performance implications of the decisions they make when actively implementing their investment processes. Our findings show that the success of active fund managers' stock selection decisions is influenced both by the aggressiveness with which they implement their processes and also the style tilts incorporated into their active positions. Our findings provide useful insights into both where one might best look when choosing an active manager and also suggest possible profitable investment strategies.