Efficient minimum distance estimation with multiple rates of convergence

This paper extends the asymptotic theory of GMM inference to allow sample counterparts of the estimating equations to converge at (multiple) rates, different from the usual square-root of the sample size. In this setting, we provide consistent estimation of the structural parameters. In addition, we define a convenient rotation in the parameter space (or reparametrization) to disentangle the different rates of convergence. More precisely, we identify special linear combinations of the structural parameters associated with a specific rate of convergence. Finally, we demonstrate the validity of usual inference procedures, like the overidentification test and Wald test, with standard formulas. It is important to stress that both estimation and testing work without requiring the knowledge of the various rates. However, the assessment of these rates is crucial for (asymptotic) power considerations.Possible applications include econometric problems with two dimensions of asymptotics, due to trimming, tail estimation, infill asymptotic, social interactions, kernel smoothing or any kind of regularization.     

An exploratory review of global leadership: The example of French and British leadership styles

The emerging global leader must demonstrate specific competencies to succeed in the international marketplace. International leaders must be able to create strategic partnerships with individuals from different cultures. In this article, the author, after reviewing state of the art research in the field, describes the difficulties involved in leading multicultural teams in Franco–British collaborative ventures. Corporate human resource managers at British Petroleum and Vivendi Corporation in the United Kingdom and Eurotunnel Corporation in France revealed that cultural differences impact international leadership styles.     

A Socio-Historical Interpretation of Toxic Waste Sites

A bstract . At a recent conference in San Francisco, the American Health Foundation reported that "blacks may be more likely than whites to develop lung cancer from smoking" ( Boston Globe , 4/11/94, 10). According to John Richie of the AHF, this is the result of biological differences between blacks and whites. The AHF study is currently part of an attack against the alleged tobacco industry's targeting of specific populations in advertising. This type of study is not uncommon. Similar studies have identified race and gender-based genetic differences that are used to account for differences in public health. However, it is impossible to control for all environmental variables and link causality to genetic composition. Doing so reinforces claims that some people are genetically superior to others and lays a foundation for "scientifically" justified exclusionary policies. The danger in these studies is that they define race as a biological variable and ignore its social components. Recently, Robert Bullard and others in the social justice movement have attacked the definition race as a biological variable and empirically demonstrated the necessity of recognizing its social component. This paper builds on the interpretation of race as a social variable in a two step process. First, it empirically documents the existence of "environmemal nicLsm" in the greater Boston area. Second, it historically analyzes the conditions which have created existing biases.     

Balancing corporate culture: Grid-group and Austrian economics

The aim of this paper is twofold: firstly to discuss the foundations of Grid-Group “Cultural Theory” and highlight the compatibility with Austrian economics, and secondly to apply this framework to the context of organisational culture. My claim is that “Corporate Cultural Theory” provides a rigorous and grounded social anthropological framework to take Austrian economics beyond its traditional uses and improve upon competing explanations of corporate culture.     

The Mystery of the Missing Sovereign Debt Restructuring Mechanism

The absence of a formal international regulatory mechanism tofacilitate sovereign debt restructuring has long been recognizedas a most serious gap in the architecture of global finance.Why has it proven so difficult to create such a sovereign debtrestructuring mechanism (SDRM) at the international level? Politicaleconomists have devoted relatively little scholarly attentionto this question. This paper attempts to begin to fill thisgap in the literature by examining four failed initiatives tocreate a SDRM over the past century. In place of a realist orstructural Marxist account, the paper puts forward a more contingentexplanation for these failures that highlights three distinctpolitical problems that must be overcome in the constructionof a SDRM: (1) collective action problems on both the side ofsovereign debtors and that of private foreign creditors; (2)basic distributional conflicts embodied in any debt restructuringeffort; and (3) the uncertain behavior of the private creditors'home states.     

Postwar slowdowns and long-run growth: a Bayesian analysis of structural break models

Using Bayesian methods, we re-examine the empirical evidence from Ben-David, Lumsdaine, and Papell (Empir Econ 28:303–319, 2003) regarding structural breaks in the long-run growth path of real output series for a number of OECD countries. Our Bayesian framework allows the number and pattern of structural changes in trend and variance to be endogenously determined. We find little evidence of postwar growth slowdowns across countries, and smaller output volatility for most of the developed countries after the end of World War II. Our empirical findings are consistent with neoclassical growth models, which predict increasing growth over the long run. The majority of the countries we analyze have grown faster in the postwar era as opposed to the period before the first break.     

A methodology for the assessment of ridesharing program benefits and impacts

Due to the increased cost and decreased availability of energy, many cities are developing experimental ridesharing programs. The evaluation of such public transportation programs often involves some form of benefit/cost analysis. In this paper we review a methodology proposed by Wagner for calculating ridesharing program benefits. We propose a modification for calculating vehicle-miles reduction and suggest a survey instrument for collecting the appropriate data. In addition, we present a surrogate measure which is simpler to compute and allows sensitivity analysis for incorporating certain intangible factors. Data from a survey conducted in the Greater Cincinnati area is used to illustrate the calculations. The results can be useful in evaluating other ridesharing programs.