Loan Officer Turnover and Credit Availability for Small Firms

This paper presents empirical evidence on the role loan officers play in facilitating small firm access to commercial bank loans. If loan officers use soft information (for example, assessments of character, information from customers and suppliers) to make lending decisions that would not otherwise be made on the basis of hard information (for example, tax returns or financial statements), then, frequent turnover in loan officers should be associated with an adverse effect on credit availability. This relationship is confirmed empirically using survey data of U.S. small firms in 1995 and 2001, where loan officer turnover is positively related to the turndown rate on the most recent loan application. Although loan officer turnover could be influenced by the turndown rate (for example, an owner changes banks and gets a new loan officer as a result of a recent turndown), its negative effect on credit availability persists under several different tests.     

Ownership, investment climate and firm performance

The importance of a country's ‘investment climate’ for economic growth has recently received much attention. In this paper we use a new survey of 1,500 Chinese enterprises in five cities to measure more precisely components of the investment climate and their effects on firm performance. Our firm‐level analysis reveals that both ownership and investment climate measures matter for investment, productivity and growth. In particular, firm performance is positively correlated with foreign and domestic private ownership, light regulatory burdens, limited corruption, technological infrastructure and labour market flexibility. In contrast, gains from improving banking access and physical infrastructure are quite limited.     

Measuring risk attitude of agricultural producers using a mail survey: how consistent are the methods?

A mail survey is used to examine the consistency of alternative risk preference elicitation procedures using five commonly used methods. These elicitation procedures have been used in previous studies to characterise risk preference. Results show little consistency across procedures, supporting strength-of-preference studies. A general recommendation for mail surveys is the development of relatively easy-to-understand risk-preference elicitation procedures that are framed according to the situational construct in question.     

Do free trade agreements actually increase members' international trade?

For over 40 years, the gravity equation has been a workhorse for cross-country empirical analyses of international trade flows and — in particular — the effects of free trade agreements (FTAs) on trade flows. However, the gravity equation is subject to the same econometric critique as earlier cross-industry studies of U.S. tariff and nontariff barriers and U.S. multilateral imports: trade policy is not an exogenous variable. We address econometrically the endogeneity of FTAs. Although instrumental-variable and control-function approaches do not adjust for endogeneity well, a panel approach does. Accounting econometrically for the FTA variable's endogeneity yields striking empirical results: the effect of FTAs on trade flows is quintupled. We find that, on average, an FTA approximately doubles two members' bilateral trade after 10 years.     

适应角色转型，塑造新型领导力

对于那些失败的经理人而言，他们再也不能拿彼得原理来做借口了。通过更加仔细的评估、分析和理解人与岗位的匹配度，领导者和他们的公司都能选择，开发、管理和提升正确的优秀人才。无论从哪个方面来讲，John都是一颗冉冉升起的明星。作为一个全球消费品公司的首席财务官，他极富才气，并很有可能成为企业下一任首席运营官。     

Transforming sales organizations through appreciative inquiry

The emergence of positive psychology has led to a change in the focus of researchers interested in psychological phenomena. Sales researchers, however, have been slow to adopt methods of positive psychology; few studies to date incorporate positive psychology constructs into the sales setting. One method of research consistent with positive psychology, called Appreciative Inquiry, has received a great deal of attention in recent years. Appreciative Inquiry is based on the assumption that positive individual and organizational change can be accomplished most effectively through a dialogue focusing on strengths and positive circumstances. This article is an initial attempt to examine the applicability of Appreciative Inquiry methods to the sales setting. © 2006 Wiley Periodicals, Inc.