Virtually nothing: re-evaluating the significance of cyberspace

This paper provides a critical analysis of virtual environments made in recent leisure and cultural studies discussions, which claim virtual reality to be the technotopia of post-modern society. Such positions describe virtual realities as worlds of infinite freedom, which transcend human subjectivity and where identity becomes no longer burdened by the prejudices of persons. Arguing that cyberspace offers little more than a token gesture towards such liberation, the paper suggests a shift in focus from the power relations that might change or remain because of virtual environments, to an awareness of their implications for human beings. Such technologies as chat rooms, the Internet and cyber-sex, are used to illustrate the fundamental challenge of virtual leisure to the human condition. This human condition is often presumed to represent ‘reality/actuality’ and, as such, is said to be in contrast to virtual environments. However, this paper extends its critique of virtual reality, by questioning such a distinction and arguing that new cyber-virtual reality is no more or no less than a sophistication of virtualness that has always reflected the human, embodied experience. Consequently, it is argued how cyberspace is more profound for its challenge to identity construction than for its emancipatory function.     

A contribution on the nature and treatment of missing data in large market surveys

Nonresponse (or missing data) is often encountered in large-scale surveys. To enable the behavioural analysis of these data sets, statistical treatments are commonly applied to complete or remove these data. However, the correctness of such procedures critically depends on the nature of the underlying missingness generation process. Clearly, the efficacy of applying either case deletion or imputation procedures rests on the unknown missingness generation mechanism. The contribution of this article is twofold. The study is the first to propose a simple sequential method to attempt to identify the form of missingness. Second, the effectiveness of the tests is assessed by generating (experimentally) nine missing data sets by imposed missing completely at random, missing at random and not missing at random processes, with data removed.     

Real Estate Ownership, Leasing Intensity, and Value: Do Stock Returns Reflect a Firm’s Real Estate Holdings?

Little is known about the effects of real estate ownership and leasing on the stock return characteristics of public firms. In this study, we first examine the sensitivity of retail firm returns to a real estate factor over the period 1998?C2008. The retail industry is chosen because of the significant use of real estate in a typical retail firm??s production function. Consistent with our expectations, retail stocks exhibit positive real estate risk exposure, even after controlling for sensitivity to general market risk as well as other standard risk factors. The second part of our analysis examines whether the intensity of real estate ownership and the use of off-balance operating leases to finance real property holdings are reflected in the market and real estate betas of retail stocks. We find that greater use of off-balance sheet operating leases is associated with higher market betas. In fact, the use of operating leases appears to have a larger impact on sensitivity to market risk than does the use of on-balance sheet debt. Our findings also confirm our hypothesis that real estate intensive firms display significantly greater exposure to a real estate factor. Moreover, our results strongly suggest that investors are fully aware of the risk associated with off-balance sheet operating leases.     

Value, Survival, and the Evolution of Firm Organizational Structure

We examine corporate product diversification as a dynamic process. Consistent with prior research, we find that the average diversification discount is about 8% when using the standard value-multiple approach. However, we find that a significant portion of the diversification discount arises from benchmark comparisons of value ratios of mature firms with those of very young firms that are more likely to have high value multiples. The magnitude of the diversification discount falls by 15% to 30% when we control for firm age. We also show that diversification reduces the mortality rate of firms, and we provide evidence that mature firms pursue diversification strategies partly as a means to exit stagnant business segments for industries that are more highly valued.     

Commercial banks’ expanding into securities underwriting: The equity market’s risk assessment

Government officials must decide if the payments system and deposit insurance funds would be endangered by allowing commercial banks to underwrite corporate securities. In this study the authors provide evidence on the issue by evaluating the perspectives of equity investors in investment banking concerns. Dealer exposures to capital markets (investment banking and market making) are not perceived to contribute to their marginal riskiness—either systematic or nonsystematic. However, investment exposures to capital markets (merchant banking and principal transactions) add to both systematic and nonsystematic risks of participating firms. Along with the accounting-based previous research, these findings suggest granting new securities powers that are solely dealer-based.     

Law commentary: discrimination in union influenced employment recruitment

This article examines union influenced employers’ recruitment practices in the light of a recent Court of Appeal case. It argues that unions need to acknowledge traditional practices can, even unintentionally, be racist and sexist and that in order to defend union influence, those practices must change.     

The significance of trade unions in China*

Against the background of the rise (and fall) of Solidarity in Poland this article examines the nature of communist trade unions, focusing on their development in China and emphasising the need to use a different approach from that appropriate to capitalist societies.     

The political economy of monopoly and competition: A critique of monopoly and stagnation theory

This paper examines critically the Kaleckian theory of monopoly capitalism proposed by Cowling (1982). The supply side of the model is shown to be incapable of providing an aggregate degree of monopoly and the neglect of inter-sectoral competition is highlighted. On the demand side, there is little indication of the source of stagnationary tendencies; it is the emphasis on collusion over conflict which underpins stagnation. The model is characterised by its emphasis on distribution and exchange at the expense of production relations, and is an inadequate representation of ‘monopoly capitalism’.