An open-city model with nonmalleable housing

Previous city and housing models are extended to allow for the nonmalleability of housing and two classes of residents. The model, which is framed in the context of a monocentric circular city, assumes an individual housing unit to be defined in terms of attributes (quality and residential density). The quality of a given housing unit can be varied without adjustment costs, but changes in residential density on a particular site require prior demolition of the existing structure on the site. Producers of housing and consumers are assumed to be myopic. By assuming that the city is in short-run equilibrium at each point of time, it is shown that the pattern of land use observed at any stage depends on the past history of the city and the current rates of population growth. The possibilities for filtering of houses from one income group to another are also discussed briefly.     

DIVESTITURE TO UNIT MANAGERS AND SHAREHOLDER WEALTH

The impact on shareholder wealth from selling units to management is examined. The two-day announcement period average abnormal return for parent firms divesting units to managers of those units is positive (0.80 percent) and significant. On average, the impact on shareholder wealth of parent firms divesting assets to managers of the unit is similar to the shareholder wealth effect for divestiture to third parties.     

Do Minority-owned Banks Pay Higher Interest Rates on CDs?

This paper analyzes whether minority-owned banks pass along an advantage in access to governmental deposits to the communities they serve in the form of higher interest rates paid on certificates of deposit (CDs). Although academic evidence has not confirmed increased profitability or efficiency of these banks since the creation of the Minority Bank Deposit Program, their unique positioning within communities may allow them to meet the needs of a clientele with lower and less stable income, and with higher than average expected future deposit withdrawals. Data from the regulatory reports provided by minority and non-minority owned banks are analyzed using five distinct time horizons for CDs. The results suggest that Black-owned banks consistently pay higher interest rates on CDs, with a lower premium for longer-term CDs, and used the premium to cushion the ill effects of the recent financial collapse on their customers. Asian-owned banks provide a smaller premium for short-term CDs, while the remaining category of minority-owned banks, including Native American, Hispanic, and Women-owned banks, also paid a premium on CDs, but shrank that premium substantially following the financial collapse. Note also that minority-owned banks may use this funding advantage in a variety of other ways to serve their respecitive communities.     

A SIMULATION MODEL TO EVALUATE THE TIME-QUANTITY RESPONSE IN SPECIALIZED WHITE VEAL PRODUCTION

The objectives of this study were; to develop a model to simulate the growth of calves marketed as white veal; to use this model to evaluate alternative feeding rations; and to estimate optimal net returns to specialized white veal resources. A set of growth equations for veal calves developed by Van Es of Holland were used in a simulation model to estimate the growth of calves fed milk replacer. The model optimized the feeding system and indicated the optimum market weight strategy for specialized white veal producers. The results suggested that feeding system, mortality rates of calves and input-output prices ratios were all variables that influenced the optimum market weight and that producers should choose a flexible market weight strategy in preference to a single target market weight.
Le but de cette étude est: de mettre au point un model pour simuler la croissanee de veaux destinés à la boucherie; d'utiliser ce model afin d'évaluer diverses RATIONS et d'estimer le bénéfice net optimal provenant des ressources consacrées à cette production. Un ensemble d'équations estimant la croissanee de veaux de boucherie, établi par Van Es de Hollande, est utilisé pour estimer la croissanee de veaux nourris avec des substituts de lait. Se model établi le meilleur système d'alimentation ainsi que le meilleur poids de commercialisation pour les producteurs specialisés en viande de veaux. d'après ces résultats les taux de mortalité, les systèmes d'alimentation et le rapport du prix des inputs et outputs influencent le meilleur poids de commercialisation; et les producteurs devraient choisir une politique adaptative plutôt que de s'arrêter à un poids donné.     

Importing,exporting and performance in sub-Saharan African manufacturing firms

This paper examines productivity differences between internationally trading and non-trading firms using data on a sample of firms from 19 sub-Saharan African countries. The paper provides the first evidence of whether exporters, importers and two-way traders perform better than non-traders, and whether there are differences in performance between different types of trading firms in sub-Saharan Africa. Our results indicate that exporters, importers and two-way traders perform better than non-exporters, non-importers and non-two-way traders. We further find that two-way traders perform better than importers only or exporters only, results largely consistent with recent results for other countries and regions. Considering information on export starters, continuers and exiters we also present some evidence suggesting that there is no significant difference in performance between export continuers and starters.     

The changing regulation of public leisure provision

There is much current international interest in the effectiveness, efficiency and economy of alternative mechanisms of public service delivery. In the UK, research has concentrated on Compulsory Competitive Tendering (CCT), both in terms of its impacts and the wider socio-political project which it represents. It has been argued that CCT has been less about getting the private sector into public leisure provision than it has about commercializing the public sector. However, it is evident that the ‘externalization’ of public leisure management functions has been encouraged by the legislation, meaning that a new marketplace has been created, characterized by the emergence of a number of private sector leisure management companies. With the potential advent of a new Best Value (BV) regime in place of CCT, it is argued that the significance of these companies could increase considerably. Here, this new dynamic of private capital into public leisure provision is analysed, through reviewing its structural nature in the context of the wider social reproduction of capitalism. In locating the analysis within the field of Regulation Theory, the paper makes explicit the exogenous structural nature of the dynamic, particularly in its need for legitimation through the annexation of change through social norms, mechanisms and institutions. The paper consequently argues that while the primary project of CCT may have been about the commercialization of the public sector, the underlying priority of government has been much more associated with the need to find new and acceptable ways of reinforcing the hegemonic message of consumerbased capitalism. It is concluded that the BV regime, far from challenging this orthodoxy, is likely to further legitimate it.     

Oil prices and world inflation

In this paper we attempt to address the nature of the causal relationships between oil prices and U.S. inflation. We use a procedure developed by Granger to assess “causality” or, more precisely stated, “informativeness.” Our results confirm that higher oil prices have increased the U.S. WPI. Our results also support OPEC's contention that their price increases have in part been a result of worldwide inflation.     

Learning-by-exporting versus self-selection: New evidence for 19 sub-Saharan African countries

We examine learning-by-exporting effects of manufacturing and services firms in 19 sub-Saharan African countries. Comparing several outlier-robust estimators, our results provide evidence for positive effects in the manufacturing sector when using the MM estimator, but not in the services sector.     

The Impact of Accounting Education Research

Abstract

This paper presents an exploratory study into the nature and patterns of usage of accounting education research. The study adopts the most accessible metric, Google Advanced Scholar citations, to analyse the impact of research published in the six principal English-language accounting education journals. The analysis reveals a global readership for these journals but evidence of relatively low citation levels. However, papers tended to be cited more than expected in cross-disciplinary education journals, discipline-specific education journals, and non-education journals. Guidance is offered to authors seeking to maximise the impact of their research, and issues of concern are identified for editors and publishers. This is the first paper to look beyond content at the usefulness of research in accounting education as indicated by citations. In doing so, it contributes to the current debate on the quality of this research, and of research in accounting and finance in general.