Modeling how institutional investors allocate business to brokers

A model of how institutional investors evaluate and allocate business to brokers shows a complex pattern of influences. The broker's ability to execute transactions at appropriate prices is basic, but this combines with research and sales force performance to build a relationship that affects over-time allocation of business. It is difficult to separate relationship and selling performance, and relationship is subject to considerable decay. Research ability has a weak effect on business allocated on the basis of trading, while trading ability does affect business allocated on the basis of research.     

BOARD COMPOSITION FROM A STRATEGIC CONTINGENCY PERSPECTIVE

This study examined the association between corporations’environments, strategies, and past performance and the composition of their boards of directors as measured by size and outside director representation. The environment, strategy and past performance were viewed as posing a strategic contingency; each of these sets could determine the success or failure of the company. Data on 119 Fortune 500 industrial companies for the 1983-9 period were used. Canonical analysis showed that increased uncertainty of a firm's environment, use of external growth and diversification; reliance on leverage as a means of finance, and poor past financial performance were associated with large board size and increased outside representation in subsequent years. Most important, board composition was positively associated with future measurements of corporate financial performance.     

Soil and Moisture Management in Mali: A Case Study Analysis for West Africa

In order for farmers to accept improved soil and water management practices, new technologies must be appropriate to the specific site conditions found in the farm setting and be consistent with farmers' objectives and available resources. A whole-farm modeling analysis of this problem is described. Preliminary estimates of the benefits of increased soil moisture conservation for representative low-resource farmers in Mali are presented. If farmers could improve rainfall infiltration from currently low rates of about 40% up to 60%, and use small amounts of chemical fertilizers, disposable income could increase two to four times depending on rainfall. Income could be increased another 50% if the infiltration rate was raised to 80%. Food grain production could increase 60 to 90% with improved moisture conservation and fertilizer use.     

Impact of BSE on Beef Purchases in Alberta and Ontario Quick-Serve Restaurants

This analysis employed a highly disaggregated household data set of Alberta and Ontario fast food purchases from May 2000 to May 2005. A double-hurdle count data model allowed tests of the hypotheses that frequency of Bovine spongiform encephalopathy ( BSE) media coverage affected neither a household's monthly probability of purchasing a beef entree, nor the household's monthly quantity of beef entrees purchased. Ontario consumers were more likely to stop purchasing beef entrees immediately following a surge in BSE media coverage, but those who did buy beef entrees maintained stable quantity levels. BSE media coverage did not systematically affect fast food purchases among Alberta consumers .
Dans la présente analyse, nous avons utilisé un ensemble de données fortement désagrégées sur les achats de repas–minute effectués par des ménages de l'Alberta et de l'Ontario, entre mai 2000 et mai 2005. Un modèle de comptage à deux étapes (double hurdle count data model) a permis de vérifier les hypothèses selon lesquelles la concentration de la couverture médiatique de la crise de l'ESB n'influence pas la probabilité mensuelle d'un ménage d'acheter des repas–minute de bœuf ni la quantité mensuelle de repas–minute de bœuf achetés par un ménage. Les consommateurs ontariens étaient plus susceptibles de cesser d'acheter des repas–minute de bœuf immédiatement après une poussée de la couverture médiatique de la crise de l'ESB, mais ceux qui achetaient des repas–minute de bœuf ont maintenu les quantités achetées. La couverture médiatique de la crise de l'ESB n'a pas systématiquement influencé les achats de repas–minute chez les consommateurs albertains .     

An economic approach to soil fertility management for wheat production in north-eastern Australia

Soil fertility decline and soil management for crop production are important economic issues for grain growers in north-eastern Australia. In that region, there is evidence of soil fertility decline which is attributed to past crop management practices. The questions addressed in this article are first, whether components of soil fertility can be improved by better management and second, by how much soil fertility would change. Soil fertility for crop production is considered in terms of soil organic carbon and nitrogen. A stochastic dynamic economic analysis of soil fertility management for wheat production is presented. A sequential analysis of first deriving the optimal nitrogen stock and application rates is followed by an assessment of tillage, stubble, and fertilizer strategies to obtain an optimal level of soil organic carbon. The recommended management practices are consistent with emerging management trends in the region. The derivation of optimal levels of soil fertility for agricultural purposes has other policy implications, which we discuss.     

Raising offtake from cattle grazed on natural rangelands in sub-Saharan Africa: a transaction cost economics approach

Farmers in sub‐Saharan Africa are constrained by large transaction costs associated with marketing of their livestock. However, transaction costs are often not taken into account in the analysis of factors hampering the development of livestock marketing in this region. This article empirically measures the influence of transaction costs on the offtake from cattle grazed on natural rangelands in Uganda. The study is based on the monitoring of 696 cattle transactions in three districts of Uganda from August 2004 to August 2005. The estimated models suggest that proportional transaction costs represented by the state of roads, distance to markets, and time taken to reach the market are important variables constraining market participation. In order to raise offtake from the national herd, it is essential to explicitly address these costs. One potential solution is collective action in marketing of livestock in which proportional and fixed transaction costs are reduced and shared among the group members.     

An assessment of the economic and environmental potential of biomass production in an agricultural region

The establishment of deep-rooted perennial species and their processing for biomass-based products such as renewable energy can have benefits for both local and global scale environmental objectives. In this study, we assess the potential economic viability of biomass production in the South Australian River Murray Corridor and quantify the resultant benefits for local and global scale environmental objectives. We model the spatial distribution of economically viable biomass production in a Geographic Information System and quantify the model sensitivity and uncertainty using Monte Carlo analysis. The total potentially viable area for biomass production under the Most Likely Scenario is 360,728 ha (57.7% of the dryland agricultural area), producing over 3 million tonnes of green biomass per annum, with a total Net Present Value over 100 years of A$ 88 million. The salinity in the River Murray could be reduced by 2.65 EC (μS/cm) over a 100-year timeframe, and over 96,000 ha of land with high wind erosion potential could be stabilised over a much shorter period. With sufficient generating capacity, our Most Likely Scenario suggests that economically viable biomass production could reduce carbon emissions by over 1.7 million tonnes per annum through the production of renewable energy and a reduced reliance on coal-based electricity generation. Our analyses suggest that biomass production is a potentially viable alternative agricultural system that can have substantial local scale environmental benefits with complimentary global scale benefits for climate change mitigation.     

Identifying New Product Successes in China

To examine the generalizability of the work of Cooper regarding the correlates of new product success and failure, Mark Parry and Michael Song surveyed new product development managers at 129 state-owned enterprises in the People's Republic of China. Their analysis of 258 reported product successes and failures indicated that relative product advantage and the acquisition of marketing information were highly correlated with new product success, just as in Canada. In addition, several factors not significantly correlated with success in Canadian firms emerged as significant correlates of success in the PRC. These included the level of competitive activity, the timing of the product launch, and the level of proficiency in executing activities in the early stages of the product development process.     

Understanding the denial of abuses of human rights connected to sports mega-events*

Abstract

Academics debate the positive and negative consequences of hosting sports mega-events, and although there is a general recognition that doing so cannot be a panacea for solving other social issues, who wins and who loses tends to be the same. This article considers why mega-events are not more regularly resisted given the routinization of harm to local populations that they tend to invoke. It develops ideas derived from the late sociologist and criminologist Stanley Cohen concerning the relationships between, and the politics of, denial and acknowledgement, with specific attention to the role of academics, non-governmental organizations (NGOs) and the media. The article illustrates the difficulties in exposing, contesting and transforming these human rights abuses, but suggests that there are grounds for optimism as new strategies for communicating human rights abuses in connection with sports mega-events are developed.     

Highway traffic flow and the uneconomic region of production

In this paper highway traffic flow is formulated as a short-run production function in which traffic volume is the output and traffic density is the variable input. Given this formulation, the ‘uneconomic’ region of production is relevant. Often it is the case that traffic density will exceed the point at which traffic volume is at a maximum; i.e., the marginal product of the variable input is negative.