Supply Dynamics in the U.S. Hog Industry

A variety of methods and empirical techniques are now available for estimating dynamic economic relationships. Unfortunately, most dynamic modeling procedures rely heavily on the sample data for specification. This is due to a lack of a priori information useful for determining the appropriate lag structure. However, there is frequently a rich source of information that can be used to define lag structures in agricultural supply models. This information is related to the biological and physiological processes characterizing agricultural production. In this paper, a quarterly econometric model of supply response in the U.S. hog industry is specified and estimated. This model incorporates relevant biological features of hog production directly into the specification. The structural integrity of the model is evaluated by examining post-sample predictive ability and mean-path elasticities. The results indicate performance that is consistent with observed behavior in the U.S. hog industry. Nous disposons aujourd'hui de toute une gamme de méthodes et de techniques empiriques pour ?estimation des rapports économiques dynamiques. Malheureusement, la plupart des méthodes de modélisation dynamique dépendent étroitement, pour leurs spécifications, sur des données échantillonnées. Ceci découle ?un manque ?informations a priori utiles pour la détermination de la structure de retard appropriée. Toutefois, on dispose fréquemment ?une riche source ?informations qui peuvent servir à définir les structures de retard dans les modèles de ?offre en agriculture. Cette information est liée aux processus biologiques et physiologiques caractérisant la production agricole. Dans le présent document, nous procédons à la spécification et à ?estimation ?un modèle économétrique trimestriel du comportement de ?offre dans le secteur américain du pore. Ce modèle incorpore directement dans la spécification les caractéristiques biologiques pertinentes de la production porcine. Nous évaluons ?intégrité structurale du modèle en examinant ?aptitude prédictive post-échantillonnage et les valeurs moyennes ?élasticité. Nos résultats laissent conclure à une performance qui vient corroborer le comportement observé dans le secteur américain du porc.     

The permanent income hypothesis and the real interest rate: Some evidence from panel data

A test of the permanent income hypothesis in panel data is formulated taking into account both the time-series and cross-section variation in the rate of return. The over-identifying restrictions of the theory rejected.     

Sugarcane farming in KwaZulu: Two communities investigated

The social and economic impact of sugarcane farming in two rural communities in KwaZulu is described. Attention is focused on the cash benefits which accrue to those smallholders cultivating the crop. It was found that only a small percentage of smallholders could expect a monthly income equivalent to the household subsistence level. The majority of smallholders will continue to depend upon migrant remittances to meet their subsistence requirements as they will only obtain a supplementary income from sugarcane. The result of this is continued dependence on the sugarcane mill for financial assistance and the de facto loss of control by the smallholder over the utilization of his land. It is recommended that where the smallholder possesses less than three to four hectares of arable land, he should be encouraged to cultivate traditional food crops on a scientific basis rather than sugarcane.     

A Theory of the Distribution of Underpriced Initial Public Offers by Investment Banks

It is well documented that a firm may choose to offer underpriced securities in an initial public offer. An open question is why investment banks do not retain underpriced offers in their portfolio. We argue that the distribution of underpriced securities allows banks of high qualify to signal their value to their customers, promoting in this way their other product lines. We show that the total dollar value of underpriced securities distributed (rather than the percentage value) acts as the signal. We also find that, all else equal, larger customers and those with more elastic demand functions receive n larger total dollar value of underpricing.     

Mutual fund corporate culture and performance

In this paper we test if a mutual fund's own corporate culture predicts fund performance. To do this we use Morningstar's corporate culture ratings for mutual funds and then examine the ability of these corporate culture ratings to predict risk-adjusted performance of domestic equity funds over the period 2005–2010. Using methods that are robust to survivorship bias, we find there is little significant evidence that corporate culture predicts better fund performance. Indeed, we find that no individual component of the Morningstar stewardship rating including board quality, fees, manager incentives and regulatory issues is able to consistently predict fund performance.     

The visible hand: finger ratio (2D:4D) and competitive bidding

In an experiment using two-bidder first-price sealed bid auctions with symmetric independent private values and 400 subjects, we scan also the right hand of each subject. We study how the ratio of the length of the index and ring fingers (2D:4D) of the right hand, a measure of prenatal hormone exposure, is correlated with bidding behavior and total profits. 2D:4D has been reported to predict competitiveness in sports competition (Manning and Taylor in Evol. Hum. Behav. 22:61–69, 2001, and H?nekopp et al. in Horm. Behav. 49:545–549, 2006), risk aversion in lottery tasks (Dreber and Hoffman in Portfolio selection in utero. Stockholm School of Economics, 2007; Garbarino et al. in J. Risk Uncertain. 42:1–26, 2011), and the average profitability of high-frequency traders in financial markets (Coates et al. in Proc. Natl. Acad. Sci. 106:623–628, 2009). We do not find any significant correlation between 2D:4D on either bidding or profits. However, there might be racial differences in the correlation between 2D:4D and bidding and profits.     

The Value of Environmental Social Responsibility to Facility Managers: Revealing the Perceptions and Motives for Adopting ESR

This study is grounded in the debate surrounding the perceived value of environmental social responsibility (ESR). Applying the Managerial Theory of the Firm, in-depth interviews were conducted to identify managerial motives, perceptions, and perceived value of ESR. Using sport and public assembly facilities as the research context, environmentally responsible information was obtained from facility managers who were members of the International Association of Venue Managers. In total, 15 one-hour, interviews with key facility personnel demonstrate that (1) internal stakeholder pressure, (2) organizational culture, (3) financial cost-benefit, (4) competitiveness, and (5) ethical motives were the drivers for ESR engagement. Taken together, the findings suggest that establishing a culture of ESR, the ??business case?? for environmental responsibility, and ethical concerns offered the most value for the sport and public assembly facility managers.