Engineering their future: developments in the organisation of British professional engineers

Despite growing interest in professional unions, little attention has been given to the professional organisation of these employees. This article explores the relationship between professional and union organisation among a strategically important group — professional engineers.     

Research notes and communications: Characteristics distinguishing funded from unfunded business plans evaluated by venture capitalists

Business plans that were funded by venture capitalists were compared to unfunded plans. Comparisons on the basis of plan structure, plan organization, and financial projections indicate that plans which deviate too far from the norm of the variables studied tend to go unfunded. Implications for plan preparation are discussed.     

A policy for UK sugar supplies

A substantial shift in the balance of UK sugar supplies has taken place since entry into the European Economic Community (EEC) as a result of an increase in the production of domestic beet sugar, a fall in consumption, and a reduction in cane sugar imports. This shift in favour of beet sugar would have been greater had the domestic beet sugar industry been able to take full advantage of the increase in production quotas since 1975 under the Community's common sugar policy. A further increase in domestic beet sugar production might yet take place now that the Community's new sugar regulation, which was to have come into force in July 1980, has had to be deferred to 1981. The European Commission has proposed that under the new sugar regulation production quotas should be cut to reduce the size of the Community's structural sugar surplus. The UK government has issued a statement which welcomes the Commission's proposal to reduce the Community's sugar surplus but rejects any cuts in production quotas which would restrict the expansion of its own beet sugar industry.¹     

A 'long march' perspective on tobacco use in Canada

Abstract.  In this paper we present a model of tobacco demand in Canada, with a view to establishing if price and tax policy on the one hand or educational, regulatory, and demographic influences on the other have been primarily responsible for the substantial drop in consumption since 1980. We address some methodological and econometric issues that have escaped the attention of some analysts to this point. Using data for the period 1972–2000, we find that non‐price developments have had a strong deterrent effect and that the price elasticity of demand is now lower than even the recently obtained low estimates propose. These findings have strong public policy content. JEL Classification: I12, C13, C22     

The Role of Payout Ratio in the Relationship Between Stock Returns and Dividend Yield

Abstract:   This paper examines the relationship between returns and dividend yield in the UK stock market, and introduces earnings‐related data to the asset pricing model in the form of payout ratio. The latter has a considerable effect upon the inferences which would otherwise be drawn from a study of the dividend yield‐returns relationship in the absence of such earnings information. Payout ratio conveys additional signalling information and is an important adjunct to dividend yield in explaining returns.     

Ex post bidding and efficient coordination unemployment

Abstract.  We study the implementation of constrained‐efficient allocations in labour markets where a basic coordination problem leads to an equilibrium matching friction. We argue that these allocations can be achieved in a non‐cooperative equilibrium if wages are determined by ex post bidding. This holds true even in finite‐sized markets where the equilibrium‐matching process has decreasing returns to scale – where the 'Hosios rule' does not apply – both with and without heterogeneity. JEL classification: D83, J64