Westward Thrusts the Pioneer Zone in Venezuela: A Half Century of Economic Development Along the Llanos-Andes Border

A bstract . Observations in the Llanos-Andes border area of Venezuela were summarized by the writer in the Geographical Review in 1932 and again in 1956. After further held investigations in 1982, he chronicles some of the changes that have taken place during the last quarter century, collates observations made over the last halt century, and places this major physiographic boundary zone in a broader national context. Several coactive factors are in large measure responsible for the rapid thrust westward of the pioneer zone along the Llanos-Andes border: highway construction has proceeded apace, public education and health services have been introduced, and large government credits and subsidies have been made available to farmers and ranchers with large holdings. Many colonists have been provided with titles to small holdings on frontier land. New technologies are being introduced in agriculture and animal husbandry as well as in mining and industry. From this position of strength, the country should gradually be able to supply the domestic demand for staple foodstuffs.     

CONVERTIBLE BOND VALUATION: AN EMPIRICAL TEST

This research applies the options pricing model to the valuation of convertible bonds. A numeric algorithm is used to obtain theoretical values for a sample of 103 convertible bond issues. When market prices are compared with model valuations, the means are not significantly different, and 90 percent of model predictions are within 10 percent of market values. As a further test, the sample is divided on the basis of whether the model prices are (1) greater or (2) less than market prices. Returns are compared over a subsequent three-year holding period. The results indicate that without risk adjustment, the returns for the subsample identified by the model as “undervalued” (model prices exceed market prices) are significantly greater than returns for the subsample identified by the model as “overvalued” (market prices exceed model prices).     

The Social Limits to Markets

In spite of the failure of the old totems of socialism, much remains to offer contemporary socialists a body of ideas to which they can add strands of market thinking. But the market mentality, argues Raymond Plant, Professor of Politics at Southampton University, neglects values that socialists hold to be more important than mere efficiency.     

Tourism in the East Midlands — some environmental considerations

The East Midlands has hitherto claimed only a small proportion of domestic and international tourism to the UK. However as patterns of holidaying change and day trips to the countryside increase in popularity the rural East Midlands, because of its central UK location, is likely to find itself under increasing environmental pressure. Mark Cook and Raymond Wells of Nene College, Northampton, identify some of the shifting holiday habits of the region and the environmental problems that may result if planning for the future is not undertaken.     

Marine preference cargo market: Opportunities for minority shippers

Conclusion It appears that the general cargo market should not be the primary target for a minority shipper. After a more detailed analysis of the market, on a specific commodity basis and by trading areas, a profitable niche may be developed for a minority shipper in the Dry Bulk market, in light of the recently completed Russian grain deal. Fifty percent of that tonnage must be moved in U.S. flag vessels. Under the terms of the new grain treaty, the Soviets are obligated to purchase 5.9 million long tons (2,240 pounds) of grain annually, with the right to purchase two million more tons. The agreement is for five years, beginning in 1976.     

Homeownership Effects of Alternative Mortgage Instruments*

Most of the interest in alternatives to the standard mortgage instrument has centered on the ability of the alternatives to improve on the performance of the mortgage instrument over the business cycle. The focus in this paper is on the long-term effects on homeownership rates and associated additional residential construction. The instruments are found to offer potentially large increases in homeownership rates by reducing monthly mortgage payments. Widespread adoption of those instruments causing larger payment reductions would allow around one million more households to become owner-occupants. The demand for new single-family homes would increase over the long run by 3 to 4 percent a year. Homeownership could be further increased by a time-limited subsidy directed at moderate income families.