Firm Performance: Do Non‐Executive Directors Have Minds of their Own? Evidence from UK Panel Data

I investigate the relation between firm performance and both ownership structure and board composition. Use of the GMM methodology permits simultaneous control of both endogeneity of the independent variables and fixed effects. The data comprise an original, large, hand-collected panel dataset of UK firms for the period 1991–2001. Results indicate that the direction of causality runs from ownership and board composition to performance. I find a cubic relation between performance and ownership by executive directors. The proportion of non-executives on the board, but not their proportional ownership, is significantly and positively related to firm performance. Finally, the relation between performance and blockholdings by institutional and non-institutional owners is negative. Thus, results indicate that only non-executive directors are effective monitors.     

TDRSS中的码同步技术

本文对ＴＤＲＳＳ中的码同步技术进行了理论研究。首重讨论了定长检测和序贯检测这两种捕获方法。基本理论分析和ＴＤＲＳＳ正返向链路同步性能的计算结果，序贯检测的捕获性能优于定长检测的性能。     

Producer Cartels in English League Football

The institutional arrangements of sport, like other forms of human activity, are increasingly susceptible to the analytical attentions of economists. Anthony Arnold, of the University of Essex, and Ivor Benveniste, Training Manager at Levy Gee Training, examine English League football to discover inefficient patterns of cross-subsidisation, restrictive practices, a producer cartel and the exploitation of smaller clubs by larger.     

Unresolved questions in monetary theory: A critical review

Summary The basic questions of monetary theory remain unanswered. There is little agreement on a definition of money or what assets serve as money, much less on the nature of the private and social costs and benefits of a money economy. Controversy over these questions is reviewed critically. It is concluded that the extensive literature on these matters is not in fact very illuminating. Some new avenues of enquiry are suggested. Generalisation of Clower's exchange matrix suggests that money is only one of a hierarchy of budget restraints, and that money's contribution to efficient price-setting goes beyond its role as numeraire. Finally, questions of control of the money supply are considered.She wishes to thank the participants in the Economic Anthropology Seminar on Means of Payment at University College London for their comments and suggestions, especially Mary Douglas (UCL), Gerald Cohen (UCL), Morris Perlman (LSE) and Charles Goodhart (Bank of England). The comments of Yoram Barzel (University of Washington), Thomas Rymes (Carleton University), and members of the Money Study Group are also gratefully acknowledged. Resposibility for the outcome is entirely the author's.