Estimation of Agricultural Production Functfons on a World-Wide Basis

Agricultural production is becoming increasingly capital and research intensive. Hayami and Ruttan, along with others, have developed and applied the metaproduction functional approach to the examination of this phenomenon on a worldwide basis. Limitations to the approach derive from a restrictive functional form chosen for estimation, and from a restrictive specification of agricultural capital and land. This study addresses those difficulties by use of the flexible translog functional form for estimation and by specifying an overall agricultural capital index and a land measure incorporating differences in the quality of land (agricultural natural resource) endowments. Estimation results indicate that agricultural comparative advantage in production is likely shifting to developed countries relative to LDC's due to capital constraints in the latter. Also agricultural potential (i.e., land endowments) do not serve to differentiate nations on the basis of agricultural production. Investment in agriculture, including land improvement, is key to the determination of comparative advantage. La production agricole fait appelle de plus en plus a beaucoup de re-cherches et de capitaux. Hayami et Ruttan, avec d'autres, ont developpe et appliqué l'approche fonctionnelle métaproduction pour examiner ce phénomena à l‘échelle du monde. Les limitations de cette approache provienneent de la forme fonctionnelle restrictive choisie pour l'estimation, et de la spécification restrictive de capitaux et terres agricoles. Cette étude traite ces difficultés en utilisant la formule “translog’ fonctionnelle adaptable pour l'estimation et en spécificant un indice du capital agricole global et une mesure de terre qui incorpore les différences du qualité des terres agricoles (ressources agricoles naturelles). Tous les résultats estimatifs indiquent que l'avantage comparatif agricole de production s'incline vers les pays développés parraport aux PMD dû aux constraintes de capitaux dans ces derniers. Aussi la capacité agricole (c'est à dire la richesse des sols) ne sert pas à différencier les nations sur le plan de production agricole. L'investissement dans l'agriculte, notamment l'amélioration de terre, est la cief pour déterminer l'avantage comparatif.     

Common Stock Returns in Corporate Takeover Bids: The Case of Brokerage House Acquisitions

This paper examines the common stock returns of three groups of bidders that purchased brokerage houses. Only in the cases of horizontal mergers, one brokerage house purchasing another, are there abnormal returns associated with the purchase. Neither bank holding company bidders nor non-financial bidders gain significantly when purchasing a brokerage house. Bank holding company bidders face considerable regulatory delays, and these economic disturbances may eliminate their gains. Bank holding company expansion into these non-bank activities does not appear, at the time of announcement, to either hurt or benefit them; hence, this expansion does not appear to further the loss exposure of the Federal Deposit Insurance Corporation.     

Selected individual differences and collegians' ethical beliefs

This paper develops twenty hypotheses concerning the relationships among selected individual differences variables (locus of control, delay of gratification, gender, and race) and five different ethical beliefs. The results of a study of collegians provide support for seventeen out of twenty research hypotheses. As predicted, locus of control, delay of gratification, and race are related to ethical beliefs. Also as predicted, gender is not related to ethical beliefs. Michael K. McCuddy, Professor of Human Resource Management at Valparaiso University, has conducted research on a variety of organizational topics. His work has been published in the Academy of Management Journal, Journal of Applied Psychology, Journal of Organizational Behavior Management, The Health Care Supervisor, and Management Accounting. His current interests involve academic ethics and subsequent career behavior, organizational morality and organizational success, and ethics in the management accounting profession. Barbara L. Peery, Adjunct Professor of Management at Virginia Commonwealth University, teaches courses in Entrepreneurship and Human Resources Management. Her scholarly work has been published in the Journal of Small Business Management and the Journal of Private Enterprise. Her current research interests focus on the antecedents and consequences of academic ethics. She has co-directed or coordinated several consulting projects for agencies in the Commonwealth of Virginia, and has taught in Russia.     

Government Policy and the Evolution of the Market for Dutch Daily Newspapers

This paper investigates whether governments can change market structures through interventions. We study the effects of four political events over the life cycle of the market for daily newspapers in the Netherlands. We find that policy measures meant to lower entry barriers in an expanding industry created new entry and increased survival chances for potential entrants and incumbent newspapers. Exit barrier enhancing policies to reduce concentration tendencies have not been successful.     

The Effects of Occupational Injuries After Returns to Work: Work Absences and Losses of On-the-Job Productivity

We extend the research on postinjury employment by estimating productivity losses for workers with permanent partial disabilities (PPDs) in the first three years after injury. Our method distinguishes between productivity losses attributed to spells of work absence versus reduced earnings during spells of employment. The method is applied to data for 800 Ontario workers with PPDs. The results document large productivity losses persisting at least three years after injury, with different loss patterns for workers returning to stable versus unstable employment. Human capital investments or job accommodations can reduce productivity losses, but the significant determinants of losses differ for the stable versus unstable employment groups.     

Multiple Imputation in Multivariate Problems When the Imputation and Analysis Models Differ

Bayesian multiple imputation (MI) has become a highly useful paradigm for handling missing values in many settings. In this paper, I compare Bayesian MI with other methods – maximum likelihood, in particular—and point out some of its unique features. One key aspect of MI, the separation of the imputation phase from the analysis phase, can be advantageous in settings where the models underlying the two phases do not agree.