Import elasticities and the external constraint in Mexico

The paper estimates and analyzes an equation for intermediate imports in Mexico during the 1988–2006 post-liberalization period. While some results are obtained from Johansen's VECM model, most of the analysis is carried out within an Error-Correction ARDL framework, following the bounds testing approach of Pesaran et al. (2001). Besides showing that an aggregate equation for intermediate imports can be satisfactorily estimated, the paper focuses on two specific results. First, exports have a very significant effect on imports, and failure to control for this effect (as in most previous studies) can yield misleading results, like an over-estimation of the output elasticity of imports. Second, the response of imports to variations in the real exchange rate has fallen over time, presumably because of the rising share of maquila in Mexico's export basket and the increasing “vertical specialization” of non-maquila export production. Some implications of the estimation results are briefly discussed, making reference to the possible external constraint on Mexico's economic growth.     

Policy-driven ecosystems for new vaccine development

This paper examines the relationship between biomedical policies and entrepreneurial R&D strategies. Public health programs have been unable to provide effective and affordable treatment of infectious diseases for the poor. While governments have become more open to private sector contributions to policy objectives, it is rare to find new ventures commercializing healthcare innovations for neglected diseases. Two case studies of entrepreneurial ventures, in the UK and China, provide evidence on how resource-constrained firms mobilize participants in policy-specific ecosystems to achieve their goals of new vaccine development for tuberculosis. Ecosystem analysis reveals how the innovators’ business models can align their strategies with national policy objectives.     

How Do Squatters Deal with the State? Legalization and Anomalous Institutionalization in Madrid

Radical and autonomous urban movements like the European squatters' movement tend to resist integration into the institutions of the state, although particular legal and political conditions in each country or city may significantly alter this tendency. In this article, I examine the controversial issue of ‘institutionalization’ among squatters, focusing on the few cases of legalized squats (social centres) in the city of Madrid. Negotiations with the state authorities and processes of legalization are the major forms of institutionalization involving squatters. However, an anomalous kind of institutionalization also emerges once squats, whether legalized or not, become consolidated and socially accepted. For squatting to have a successful impact, then, depends on both the type of autonomy achieved by squatters and the different outcomes of the processes of institutionalization. The case of Madrid provides empirical evidence that: (1) negotiations with state authorities were very frequent among squatters, but most were defensive; (2) the few cases of legalization were due to specific conditions such as the urban centrality of the squats, single‐issue identities, social network solidarity, favourable media coverage, formal organizations working as facilitators and the squatters' leadership of the process. Furthermore, legalized squats in Madrid preserved a high degree of autonomy, self‐management and ties to other radical social movements. In conclusion, both the legalized squats and the squatters' movement in Madrid as a whole, avoided ‘terminal institutionalization’ and, instead, gave shape to a ‘flexible’ one.     

Discapacidad y absentismo. Análisis empírico sobre seis países europeos

A partir de datos del Panel de Hogares de la Unión Europea (PHOGUE) sobre Austria, España, Grecia, Irlanda, Italia y Portugal de 1995–2001 se examina la influencia de la discapacidad en el absentismo laboral utilizando tres variables: el estado de salud autoevaluado, el número de visitas al médico y el número de noches de ingreso en hospital. Según los resultados, el absentismo entre los trabajadores con discapacidad es mayor. La gravedad de la discapacidad también tiene influencia. El efecto total de la discapacidad en el absentismo representa un incremento marginal de entre 6 y 26 días de ausencia al año (dependiendo del país).     

CONVERTIBLE BOND PRICING MODELS

Convertible bonds are an important segment of the corporate bond market, with worldwide outstandings approaching US$235 billion. Simple pricing models value a convertible bond as being equivalent to a straight bond with an embedded option that enables the bond holder to convert to a specific amount of common stock. The straight bond is subject to both interest rate and credit risk, whereas the option to convert is dependent on the underlying stock price, which exposes the convertible bond holder to equity risk. The complexity of these features means that convertible bonds tend to be treated casually in major derivatives and corporate finance textbooks. This paper presents a survey of the theoretical and empirical aspects of convertible bond pricing. The limitations of these studies are highlighted to identify those areas of research that may improve the valuation process and facilitate the application of these securities for corporate financing.     

Local Venturing as Compassion Organizing in the Aftermath of a Natural Disaster: The Role of Localness and Community in Reducing Suffering

In contrast to models of compassion within existing organizations, this grounded theory study examines how ventures emerge relying on localness and community in direct response to ‘opportunities’ to alleviate suffering in the aftermath of a natural disaster. While a natural disaster is a surprising disruptive event devastating a local community, that local community is nested within a broader community, which can be a source of abundant resources. Ventures created in the aftermath of a natural disaster, given local knowledge and unencumbered by pre‐existing systems, procedures, and capabilities, are highly effective at connecting the broader community with the local community through customizing resources to meet victims' needs and to quickly delivering these resources to alleviate suffering.     

Work is a Four‐Letter Word: The Economics of Work in Historical and Critical Perspective*

The article highlights and explains the neglect of the activity of work in much of the mainstream economics literature. The neglect of work is seen to have denied space for mainstream economists to engage with the full range of possibilities for progress in human well‐being. The article also considers perspectives on work from within heterodox or non‐mainstream economics and argues that these perspectives provide a superior foundation for the theorization of work.     

The Value of Changes in Deer Season Length: An Application of the Nested Multinomial Logit Model

Increasing deer populations can be controlled through manipulatingharvest limits or season length. While such actions often result in benefitsto hunters, both motorists and the agricultural sector also benefit as alower deer population leads to fewer incidences of harmful human-deerencounters. Traditional recreation demand models are often employed toexamine the welfare implications of changes in daily hunting bag limits.Studies measuring the effects of changes in season length, however, arenoticeably absent from the literature. This study uses a nested randomutility model to examine hunter choice over site and season selection toderive the values of changes in season length.     

Investment in the absence of property rights; the role of incumbency advantages

In many situations the individuals who can generate some output must enter a contest for appropriating this output. This paper analyses the investment incentives of such agents and the role of incumbency advantages in the contest. Depending on the advantages, an increase in the productivity of the investment can decrease or increase the amount of investment. The results are applied to autocrats’ investment behavior and job specific investment in organizations.     

Agricultural Leadership Education: Past History,Present Reality,and Future Directions

The article explores the past, present, and projected future of agricultural leadership education. Beginning with roots in youth leadership development and grounded in land‐grant universities, agricultural leadership education has undergone a shift from working primarily with rural youth to a new focus on also educating undergraduate and graduate students to empower community members and create change. The renewed focus has encouraged recent growth and in the last 10 years, the profession has added three leadership majors, six leadership minors, seven leadership focus areas, seven undergraduate leadership programs, and four graduate leadership programs. Research exploring the student impact of agricultural leadership education revealed that nationwide a total of 7,904 students are exposed to 208 agricultural leadership education courses. As the discipline continues to mature, recommendations are made for continued program development. Discussion highlights prior research examining potential courses to include types of experiences, program objectives, and career connectedness relating to agricultural leadership education. Programs have ample opportunity for future growth and recommendations are made to continue the development of innovative leadership opportunities and consistent pedagogical practices across institutions.