More Faust than Frankenstein: the European debate about the precautionary principle and risk regulation for genetically modified crops

This paper analyses the range of risk-related problems that have arisen over the introduction of genetically modified (GM) crops and food products in the context of the adoption of the precautionary principle (PP) in Europe. Adoption of the PP was intended to avoid some of the environmental problems that arose from the earlier reactive/preventive regulatory system developed for pesticides and also to encourage public acceptance of the new technology but is failing to achieve either of these aims. It is argued that a distinction needs to be made between interest-based and ethical or valuebased responses to risk issues and different approaches to conflict resolution are needed in each case. The PP can be seen as having allowed ethical and value-based concerns to have a new role in risk debates in contexts where they were previously excluded. Despite journalistic references to 'Frankenstein foods' the major protagonists in the debate about GM crops and foods are more concerned about the Faustian bargain which puts science, technology and the industries that increasingly control them in charge of world food production systems. Rather than abandoning the PP, as has been suggested by some risk analysts, a more balanced approach to incorporating it into risk regulation, coupled to balanced skepticism about the motivations of stakeholders, is outlined as a starting point to break into the current escalating cycle of conflict while also meeting the needs of modern industrial societies.     

The IMF and the Liberalization of Capital Flows

We evaluate the claim that the International Monetary Fund precipitated financial crises during the 1990s, by pressuring countries to liberalize their capital accounts prematurely. Using data from a panel of developing economies from 1982–98, we examine whether the changes in the regime governing capital flows took place during participation in IMF programs. We find evidence that IMF program participation is correlated with capital account liberalization episodes during the 1990s. We verify the robustness of our results using alternative indicators of capital account openness. To determine whether decontrol was premature, we compare the economic and financial characteristics of countries that decontrolled during IMF programs with those of countries who did so independently, and find some evidence of IMF-led premature liberalizations.     

Benchmarking therapists: furthering the benchmarking method in its application to clinical practice

Psychotherapy research has been interested in understanding the variability observed among therapists with regard to their treatment effectiveness. An important initial step towards understanding the source of the differences is to reliably identify therapists that are effective. The current paper thus proposes a method for benchmarking therapists against predetermined criteria of effectiveness which could be conducted using any standard statistical package. Basic steps include (a) creating benchmark(s), (b) determining a prior the numerical criteria that constitute as ??effective?? based on the benchmark(s), (c) calculating pre-post effect sizes as an indicator of effectiveness at the case level using statistical adjustments so as to best match clinical (and other) differences among cases, and (d) statistically benchmarking the therapists using a random-effects hierarchical linear modeling. An example is provided that highlights the number of therapists who would be classified as effective based on various numerical criteria and confidence levels.     

Insolvency practice in the field of football

This paper is concerned with UK insolvency practice. It considers how the field of insolvency has developed since the passing of the Insolvency Act 1986 through a Bourdieusian theoretical lens. The case of the administration of Gretna football club is presented as a “special case of what is possible” to enable one to consider “the deepest logic of the social world” (Bourdieu, 1998, p. 4). Football is a field with its own complex insolvency rules which are incommensurable with the Insolvency Act. The case therefore presents an opportunity to reveal that whether insolvency laws are applied or not is determined by a complex socio-political process. Through revealing the socio-political process the paper problematises the notion that insolvency practice is neutral.     

Substantive and Associative Claims in Environmental Communication: A Study of Fortune 500 Websites

Corporations have increasingly used their websites to communicate their environmental policies with their stakeholders. Their claims fall into two categories: substantive claims, which include product- or process-related claims, and associative claims, which are not directly related to a firm's products or its processes. This paper aims to explore the use of these two types of claims on Fortune 500 websites. The findings indicate that both types of claims are used, although there are more substantive claims than associative claims. Both types of claims are positively correlated with firm sales. Implications of the research are also discussed.     

The governance of agro- and pharmaceutical biotechnology innovation: Public policy and industrial strategy

Multinational companies in the life science sector are heavily influenced by government policies and regulations and in turn attempt to influence these actors nationally and internationally. This paper focuses on recent and on-going research, principally on the agro-biotechnology and, to a lesser extent, on the pharmaceutical industries, covering the evolution of policy and regulation in Europe, how policies are influenced by stakeholder pressures and how policy in turn influences company strategies for product development. We focus particularly on new ‘governance’ agendas in Europe and consider the relative impacts of enabling, constraining, discriminating and indiscriminate policies on company strategies as part of our development of an integrated approach to policy and governance. We also consider changes in external operating environments for multinational companies and compare past histories and present pressures on agro-biotechnology and pharmaceutical companies. The paper argues, with evidence, that a more enabling and discriminating policy and regulatory environment can achieve public goals more efficiently and effectively, taking account of impacts on innovation, than more blunt policy instruments. This type of environment takes into account the resources and capabilities available to firms and research laboratories rather than relying on broad brush carrot and stick approaches.     

Market reaction to takeover rumour in Internet Discussion Sites

We examine the market reaction to takeover rumour postings in the Hotcopper Internet Discussion Site (IDS). Results from the interday analysis show abnormal returns and trading volumes on the day before and the day of the posting. Results of the intraday analysis show abnormal returns and trading volumes during the 10 min posting interval and abnormal trading volume during the 10 min interval immediately preceding it. Sensitivity analyses indicate that the results are robust to concerns regarding potential confounds, credibility and bid–ask spread bias. Taken together, these findings are consistent with the market reacting to the posting of takeover rumours in IDS.     

Fiscal Realities for the State and Local Governments

The U.S. economic slump of 2008, as usual for all economic slumps, has taken a dramatic toll on state and local government revenues and budget surpluses. As predictable as this is when properly modeled, states in particular have been even less well prepared than normal. Therefore, it appears that government budget officers, policymakers and their economic advisors, and private-sector economists need help in understanding the external and internal drivers of budget outcomes. A primary goal of this study is to quantify the highly regular, cyclical revenue patterns that emerge when actual revenues are purified of legislated changes. This should assist policy formulation today—as states consider higher tax rates or borrowing—by promoting an understanding of what is temporary and what is permanent in the current revenue weakness. Moreover, if these lessons are learned, future revenue forecasting and budget planning at the state and local levels should be materially enhanced. A second goal is to examine the true sources of the exceptional expenditure growth that precluded the normal buildup of a solid surplus during the economic boom of 2003–2007. The principal culprit is shown to be state and local government pay inflation that has far exceeded private sector norms for the past three years rather than an exceptional medical care burden, as some might think.