Crowd out effects of place-based subsidized rental housing: New evidence from the LIHTC program

Since its inception in 1987, the Low Income Housing Tax Credit (LIHTC) program has ballooned into the largest ever source of subsidized construction of low-income housing in the United States, accounting for one-third of all recent multi-family rental construction. This paper examines the crowd out effects of this increasingly important source of low-moderate income housing. To do so, we analyze the impact of LIHTC construction at three different levels of geography, MSA, county, and 10-mile radius circles. This allows us to employ increasingly extensive geographic fixed effects that help to difference away unobserved factors. Political variables are also used as instruments to further facilitate identification.In all of our models, IV estimates yield substantially greater crowd out than OLS, confirming the endogenous attraction of LIHTC development to areas ripe for new construction. Our most robust IV estimates indicate that nearly 100% of LIHTC development is offset by a reduction in the number of newly built unsubsidized rental units, although the confidence band around this point estimate allows for less dramatic assessments. Additional estimates suggest that LIHTC development has a much more moderate impact on construction of owner-occupied housing, but these estimates are imprecise. Overall, while LIHTC development may well affect the location of low-moderate income rental housing opportunities, our estimates suggest that the impact of the program on the number of newly developed rental housing units appears to be small.     

UK local authority attitudes to Park and Ride

Although the high level of implementation activity within the UK would suggest that bus-based Park and Ride (P&R) is a favoured policy option, little evidence exists which tests this assumption empirically or explores it in detail. In addition, a growing body of evidence indicates that P&R may increase the vehicle miles travelled (VMT) of its users. This paper reports on a recent survey of UK local authorities, both with and without current P&R provision, to understand the reasons behind its popularity and the level of recognition of its effectiveness in reducing car use. Particular consideration is given to the relationship between P&R and conventional public transport (particularly bus) services, as the transfer of passengers from these can have a significant impact on the effectiveness of P&R. The potential future growth of P&R is also addressed. The results suggest a number of divergences with the empirical evidence, particularly with regards the traffic effects of P&R. P&R is predicted to grow but there is support for implementing P&R in ways that may increase its effectiveness.     

How does ethics institutionalization reduce academic cheating?

Extant research on academic cheating primarily focuses on the impact of honor codes on academic cheating. However, the influence of ethics institutionalization is curiously missing in past research. The authors developed and validated a structural equations model in the R programming language to examine the impact of formal (explicit) and informal (implicit) ways of institutionalizing ethics on reducing students' academic cheating. They found a significant mediating effect of implicit ethics institutionalization on the relationship between explicit ethics institutionalization and academic cheating among business students. Therefore, academic administrators are encouraged to place significant emphasis on implicit forms of ethics institutionalization to curb academic cheating among students.     

International briefing 13: Training and development in Spain—the politics of modernisation

The article will address the issue of training and development in Spain. First, the general economic and labour market context will be outlined. Second, the public policy context of training and development and the institutions of regulation will be considered in terms of the way challenges have been responded to by the state and social actors, with an emphasis on developments in lifelong learning and the reality of corporate strategy and practice. Finally, the article will provide an outline of the relevant institutions, networks and sources with regard to the issue of training and development, showing how a new constituency of interests have emerged and coalesced. There is a tendency in the literature and debates related to training and development to speak in terms of binarisms. On the one hand, there are social systems that are deemed to exalt the virtues of training and create high levels of economic investment and political involvement in this area, whilst there are others who fail both to prioritise it and develop extensive systems of social engagement. These types of approaches tend to have difficulty dealing with some of the more complex realities of training, and the myriad of typologies and hybrids, that constitute national training systems such as Spain's.     

Interorganizational alliances and the performance of firms: a study of growth and innovation rates in a high‐technology industry

This paper investigates the relationship between intercorporate technology alliances and firm performance. It argues that alliances are access relationships, and therefore that the advantages which a focal firm derives from a portfolio of strategic coalitions depend upon the resource profiles of its alliance partners. In particular, large firms and those that possess leading‐edge technological resources are posited to be the most valuable associates. The paper also argues that alliances are both pathways for the exchange of resources and signals that convey social status and recognition. Particularly when one of the firms in an alliance is a young or small organization or, more generally, an organization of equivocal quality, alliances can act as endorsements: they build public confidence in the value of an organization's products and services and thereby facilitate the firm's efforts to attract customers and other corporate partners. The findings from models of sales growth and innovation rates in a large sample of semiconductor producers confirm that organizations with large and innovative alliance partners perform better than otherwise comparable firms that lack such partners. Consistent with the status‐transfer arguments, the findings also demonstrate that young and small firms benefit more from large and innovative strategic alliance partners than do old and large organizations. Copyright © 2000 John Wiley & Sons, Ltd.     

International comparison of returns from conventional,industrial and 52-week high momentum strategies

The performance of industrial and 52-week high momentum strategies is compared to the conventional strategy, using a large sample of stocks drawn from multiple countries covering a quarter of century to 2007. The sample of 51,879 stocks in 51 countries removes the potential for criticism, such as data mining, and provides more generalisable findings and knowledge concerning the robustness and usefulness of return from momentum strategies. Both the industry and 52-week high strategies generate positive returns but neither is greater than the conventional momentum strategy. A new 52-week high industry momentum strategy is examined and it achieves a similar result.