Some Ethical Dilemmas in the Handling of Police Informers

Decision-making by police officers often involves complex problems and this is particularly so in the recruitment and management of informers—and area of policing generally shrouded in mystery and secrecy. Drawing on research conducted in two police force areas, this article identifies and discusses some of the concerns of officers involved in this activity and concludes they are ill-prepared to deal with the ethical dilemmas they are confronted with.     

Beyond the Flexibility/Security Trade‐Off: Reconciling Confident Consumers with Insecure Workers

The article proposes an analysis of labour markets and related social policy that corrects the supply‐side emphasis that has dominated economic policy since the decline of Keynesian approaches in the late 1970s. It starts from a potential tension between the apparent need of economies for both flexible workers and confident consumers. This can be resolved through three different approaches: separating insecure workers from secure consumers, separating consumption from labour incomes, and integrating flexibility and security within the labour market itself. These approaches are played out across four different contexts: place, time, externalizing problems on to minorities within a given community, internalizing problems within the community. Up to 19 different public policies and corporate practices are identified, occupying different positions on the framework. These go considerably beyond the issues of industrial relations institutions and related social policy that are the normal focus of labour market studies.     

A review of: “THE CAPITAL BUDGETING DECISION,Fifth Edition” by Harold Bierman,Jr., and Seymour Smldt,MacHillan, New York,lgflO, xvl + 544 pp., list, £17.00.

The need for consistent discount factors under the pure capital rationing case has been the subject of several papers. This paper illuminates this subject and analyzes the solution procedures suggested for finding a consistent solution. As is shown, none of the suggested procedures converge to an acceptable consistent solution.     

District-level total factor productivity in agriculture: Western Cape Province, South Africa, 1952–2002

This article measures total factor productivity (TFP) growth in Western Cape agriculture for 31 magisterial districts from 1952 to 2002 to illustrate the benefits of disaggregation compared with national TFPs. There is negative or low growth in the eastern districts and rapid growth in the western districts. The regions with substantial chicken, pigs, dairy, and, especially, export fruit production grew rapidly, whereas the sheep-dominated Karoo had negative growth. Productivity growth correlates mostly with output mix, which in turn depends on irrigation investment. A similar program will be needed at the national level if prosperity is to be extended to black smallholders who currently lack access to water and other modern infrastructure.     

Does It Matter What Managers Do?

After half a century of research, we now have a fair idea of what managers do. This differs both from the "heroic self-image" idealisation and from the sanitised "management science" idealisation. Despite IT and all the talk of empowerment, management as a profession in its own right is, if anything, becoming more, not less, widespread. What managers do therefore matters simply because so many people are doing "management" as their main role. But does what managers do matter in terms of its effects on the people being managed, and, if so, how? The answer is obviously yes, but the central message of this article is how little we know through systematic research about this – particularly given how much preaching there is on how to do it well.     

An Economistic Interpretation of the Northern Ireland Conflict

Tullock (1971) demonstrated that the causes of political rebellion are perhaps more to do with private expected utility than collective discontent. There is much to suggest that pecuniary motivation plays a large part in the Northern Ireland (NI) conflict given the substantial amount of 'black market' activity which is present. This paper therefore puts forward an economic model of the NI paramilitaries blending their gangster and political activities which are commonly geared to earn revenue. From this model an explanation from an economic perspective emerges as to why a cease-fire may occur and why it is unstable. The implications of the model are then investigated, with particular reference to conflict solutions arising from the economic model rather than political diplomacy.     

The Usefulness of Book-to-Market and ROE Expectations for Explaining UK Stock Returns

Abstract:  The fundamental valuation perspective on stock returns suggests that book-to-market will be positively related to returns if market value of equity equals future expected cash flows discounted at the expected return and book value proxies for future cash flows. Building on this perspective, we develop a log linear model which includes expectations of future BM and ROE in addition to current BM as explanatory variables for future stock returns. We show that these three variables explain a significant part of UK cross-sectional stock returns and that they remain highly statistically significant after including additional risk proxy variables. This supports relevance of fundamental valuation based firm characteristics for explaining stock returns and indicates their potential usefulness for predicting future stock returns.