Costs of financial instability, household-sector balance sheets and consumption

Extant work on costs of financial instability focuses on fiscal costs and declines in aggregate GDP following banking crises. We estimate effects of banking and currency crises on consumption in 19 OECD countries, showing consumption plays an important role in the adjustment following a crisis, and effects are not captured solely by the impact of crises on standard consumption determinants, income and wealth. Additional effects, attributable to factors such as time-varying confidence, uncertainty and credit rationing, are aggravated by high and rising leverage, despite financial liberalisation easing liquidity constraints. High leverage implies that banking crises taking place now could have greater incidence than in the past.     

CONSUMER THEORY, HOME PRODUCTION, AND ENERGY EFFICIENCY

Arguments about the existence of the so-called energy efficiency gap are typically based on evaluations of efficiency measures as investments whose end result is to reduce the cost of providing a given level of energy services. This article demonstrates that the investment approach tends to undervalue energy efficiency improvements because it omits the increase in utility that results from the consumer's substitution of energy services for other goods. The substitution occurs because the efficiency measure reduces the marginal cost (implicit price) of energy services. Sample calculations based on a Cobb-Douglas utility function are used to illustrate the potential size of the undervaluation of efficiency investments.     

Competitive and Information Effects of Cross-Border Stock Listings

We examine the effect of 269 cross‐border listings on rivals in the listing and domestic markets and find that U.S. rivals experience significant gains whereas domestic rivals do not. Both competitive and information effects are important in explaining the reaction of U.S. rivals. Regarding the competitive effects, the reaction of rivals is less favorable when listings originate in developed countries and more favorable when listing firms do not have prior operating presence in the United States. Regarding the information effects, the reaction is less favorable when listings are combined with equity offerings and more favorable when the listing is the first to occur within an industry.     

Managing New Product Design and Development: an Anglo-German Study

This article reports the results of a study of innovation and product development at 245 manufacturing sites in the UK and Germany. It examines the relationship between design and performance and the competitiveness of the UK and Germany in design and manufacturing. Overall, few sites reached "world-class" standards - 9% in Germany and 3% in the UK, although many sites were not far below these standards.     

A CROSS-NATIONAL STUDY OF LEADERSHIP: PARTICIPATION AS A FUNCTION OF PROBLEM STRUCTURE AND LEADER POWER

This study explores the effects of task structure and leader power on participative leadership across Australian, African, Papua-New Guinea and Pacific Island managers. Managers in all national groups are more participative in situations of low structure and low power than for high structure and high power, respectively. Participation in situations of low structure and low power declines in the order: Australia, Africa, Papua-New Guinea, Pacific Islands. It is argued that this effect is an instrumental effect of managerial education, rather than being culturally determined. the Vroom-Yetton leadership methodology is used to measure participation levels. Subjects are a total of 150 middle-level managers attending management education courses.     

Seasonality and non-linear price effects in scanner-data-based market-response models

Scanner data for fast moving consumer goods typically amount to panels of time series where both N and T are large. To reduce the number of parameters and to shrink parameters towards plausible and interpretable values, Hierarchical Bayes models turn out to be useful. Such models contain in the second level a stochastic model to describe the parameters in the first level.     

Effects of demographic,experiential, and attitudinal factors on occupational sex stereotypes

The purpose of this study was to (a) compare the occupational sex stereotypes of 366 college students with those reported by Shinar in 1975, and (b) examine the relationships between demographic, experiential, and attitudinal variables and these occupational sex stereotypes. The results indicated a significant difference in occupational ratings from Shinar's study, with females' perceptions shifting more than males' perceptions. In addition, subjects' gender, tenure with female managers, and attitudes toward women as managers, were shown to be significant predictors of occuptational ratings. The implications of these findings for both employees and managers are then discussed.     

Book briefs

Key variables in social investigation, Routledge & Kegan Paul, London, 1986, vii + 276 pp.

Reproductive change in developing countries, Insights from the World Fertility Survey, Oxford University Press, Oxford 1985, xvi + 301 pp, ISBN 0‐19‐828465‐9.

The world crisis in education, The view from the eighties, Oxford University Press, New York, 1985, vii + 353 pp ISBN 0‐19‐503503‐8

Reaching the Urban Poor, Project implementation in developing countries, Westview Press, Boulder Colorado. 1986, vii + 264 pp, ISBN 0‐8133‐7129‐5

Housing policy, An international bibliography, Mansell Publishing Limited, New York, 1986, ix ‐ 398 pp, ISBN 0‐7201‐1785‐2

Agribusiness and the small‐scale farmer: A dynamic partner for development, Westview Press, Boulder, 1985

Agriculture and employment in developing countries: Strategies for effective rural development, Westview Press, Boulder, 1985

Progress in natural resource economics, Clarendon Press, Oxford, 1985

International agricultural trade: Advanced readings in price formation, market structure and price instability 1984

The role of markets in the world food economy, Westview Press, Boulder, 1983     

生物技术:一个烫手的市场

即使是生物技术公司能够带来丰厚利润的时候．投资者仍需谨慎小心。有关的建议是：确保你所投资的公司既能赚钱又有有前途的新产品。公司的产品越弱．投资失败的机会就越大。