Why Many Chinese Look Unhappy？

<正>I agree that many Chinese look unhappy,but I decided that they were just relaxed, when the muscles to change the expression are not used at all.For many cult...     

Primal/Dual Positive Math Programming: Illustrated through an Evaluation of the Impacts of Market Resistance to Genetically Modified Grains

The goal of Howitt's positive mathematical programming procedure is to calibrate a mathematical programming model so that it will reproduce a set of base data for the primal variables. This article develops an analogous procedure allowing one to specify the levels of both primal and dual variables. This article also sheds light on a potential ambiguity of Howitt's procedure (with attendant policy evaluation impacts). The procedure is illustrated through application to an equilibrium displacement model focused on evaluating the consequences of the reluctance of U.S. trading partners to accept genetically modified crop products for U.S. production patterns and net farm income.     

The multidivisional firm and control over the work process

This paper investigates the role of M-form organisation in enabling management in large UK companies to regain control over the work process subsequent to the growth of strong shopfloor trade union organisation in the 1950s and 1960s. A dynamic model is proposed in which the degree of control over the work process shifts between managers and workers. Logit analysis is employed to test two specific propositions: (i) that management in M-forms will seek to relocate bargaining at a level where unions are organisationally weak — the division, (ii) that unions will subsequently respond by creating inter-plant organisations. Both propositions receive empirical support.     

Engineering and technology students’ perceptions of courses

As cultural, social, political and economic changes take place, the secondary or high school curriculum should reflect and respond to changing needs and aspirations of students. Technology Education has been proactive in this arena as it has transformed over the decades to meet ever-changing societal needs. The most recent change to the discipline has been to add engineering and, as a result, adopting a new name and curriculum-Engineering and Technology Education. The added component and name change in Technology Education is causing discussions about what the new direction means, what professional preparation changes will be incurred, and what work graduating students will be prepared to do. In light of these changes, this study investigated perceptions of high school students in the United States of America about engineering and technology courses they take. To investigate whether students’ perceptions are in accord with current changes in Engineering and Technology Education, 316 students enrolled in engineering and technology courses in Georgia schools that have an affiliation with the Georgia Engineering and Technology Education Association (GETEA) were surveyed. According to data analyses, students’ perceptions can be divided into two factors. Educational Value of Course (factor 1) was extracted from statements measuring the degree to which the courses prepare students for employment and provide them with information regarding future employment. Personal Relevance of Course (factor 2) was derived from statements measuring students’ perceptions about links between engineering and technology education and their personal lives. Such findings suggest these students valued their engineering and technology courses, planned to continue their education, made good grades, and had varied types of career expectations for jobs such as design engineers and architects.     

Impacts of considering climate variability on investment decisions in Ethiopia

Extreme interannual variability of precipitation within Ethiopia is not uncommon, inducing droughts or floods and often creating serious repercussions on agricultural and nonagricultural commodities. A dynamic climate module is integrated into an economy‐wide model containing a detailed zonal level agricultural structure. This coupled climate‐economic model is used to evaluate the effects of climate variability on prospective irrigation and infrastructure investment strategies, and the ensuing country‐wide economy. The linkages between the dynamic climate module and the economic model are created by the introduction of a climate‐yield factor (CYF), defined at the crop level and varied across Ethiopian zones. Nine sets of variable climate (VC) data are processed by the coupled model, generating stochastic wet and dry shocks, producing an ensemble of potential economic prediction indicators. Analysis of gross domestic product and poverty rate reveal a significant overestimation of the country's future welfare under all investment strategies when climate variability is ignored. The coupled model ensemble is further utilized for risk assessment to guide Ethiopian policy and planning.     

Task‐based structures in open source software: revisiting the onion model

Studies on Open Source Software (OSS) developer communities have long stated that there is a relationship between community structure and tasks carried out by project members. This relationship has been exemplified by the onion model, which has been instrumental in understanding self‐coordination in OSS projects. Despite its ubiquity, there is a lack of empirical evidence to validate the relative position of each task cluster within the onion model. In this study, we map out the community structure of a large open source project and observe its bug‐fixing patterns to explore the relationship between tasks and structure. Our study makes three significant contributions. First, we find no empirical evidence to support the structural location of bug‐fixing tasks in the onion structure. Second, we find empirical evidence to support the core‐periphery continuum model linking an actor’s coreness to problem‐solving ability. Third, our results suggest that the importance and location of each task within the core‐periphery structure evolve over time. These findings add clarity to the community structure and their implications for the management and coordination of collaborative innovation projects.     

New evidence on the first financial bubble

The Mississippi Bubble, South Sea Bubble and the Dutch Windhandel of 1720 together represent the world's first global financial bubble. We hand-collect cross-sectional price data and investor account data from 1720 to test theories about market bubbles. Our tests suggest that innovation was a key driver of bubble expectations. We present evidence against the currently prevailing debt-for-equity conversion hypothesis and relate stock returns to innovations in Atlantic trade and insurance. We find evidence consistent with the innovation-driven bubble dynamics documented by Pastor and Veronesi (2009) for new economy stocks. Our evidence seems inconsistent with clientele-based theories that emphasize bubble-riding and short-sales restrictions.     

Dividend policy,creditor rights,and the agency costs of debt

We show that country-level creditor rights influence dividend policies around the world by establishing the balance of power between debt and equity claimants. Creditors demand and managers consent to a more restrictive payout policy as a substitute for weak creditor rights in an effort to minimize the firm's agency costs of debt. Using a sample of 120,507 firm-years from 52 countries, we find that both the probability and amount of dividend payouts are significantly lower in countries with poor creditor rights. A reduction in the creditor rights index from its highest value to its lowest value implies a 41% reduction in the probability of paying a dividend, and a 60% reduction in dividend payout ratios. These results are robust to numerous control variables, sample variations, model specifications, and alternative hypotheses. We also show that the agency costs of debt play a more decisive role in determining dividend policies than the previously documented agency costs of equity. Overall, our findings contribute to the growing literature arguing that creditors exert significant influence over corporate decision-making outside of bankruptcy.