Why Are U.S. Stocks More Volatile?

U.S. stocks are more volatile than stocks of similar foreign firms. A firm's stock return volatility can be higher for reasons that contribute positively (good volatility) or negatively (bad volatility) to shareholder wealth and economic growth. We find that the volatility of U.S. firms is higher mostly because of good volatility. Specifically, stock volatility is higher in the United States because it increases with investor protection, stock market development, new patents, and firm‐level investment in R&D. Each of these factors is related to better growth opportunities for firms and better ability to take advantage of these opportunities.     

The Path to Service Encounter Performance in Public and Private ‘Bureaucracies’

This article examines the evolution of building societies against a background of environmental change. By the application of specific analytical measures developed by Ansoff five distinct periods of change can be isolated. Key events in the environment have become progressively more novel, less predictable and costlier to deal with, which, in turn, has necessitated both operational and strategic redirection.     

Sport and common‐sense racial science

This paper confronts the salience of arguments that identify the racial basis of athletic ability. It is argued that these notions of racial athleticism are developed through the interaction between ideas and ways of thinking about human beings and racial groups, reflecting Gramsci's concept of ‘common sense’ that explores the complex correspondence between the presentation of fact and opinion, science and myth. The paper suggests that the mobilization of objective scientific method and subjective plural multiculturalist values within racial athleticism help reinforce its claims to logical validity and moral legitimacy. In response, it is argued that the presentation of the biological basis of race and integrity of cultural difference and particularity within a scientific, intuitive, and principled framework constitutes racial athleticism as a powerful common‐sense idea that cannot be easily dismantled by the simple counter‐presentation of alternative facts. Rather, it is suggested that a progressive response requires building an ethical critique that does not use the mantra of social constructionism to evade corporeality and understandings of embodied difference. It is asserted that the iniquitous applications and palatable racism that lurk beneath the reasonable façade of racial athleticism can only be uncovered through interrogating its common‐sense configuration and analytical weaknesses.     

Teaching Interactive Media Design

In todays, computer-centered society, designing interactive media has emerged as a new profession. Interactive design is often associated with spread of computers as a communication and interaction tool. However, interactive design has been a staple of artists and designers for many centuries. We present a historical perspective upon interactive design and point out the close relationship of this field with different fields of art and design. We argue that interactive media design is a distinct and evolving field and that it is imperative to teach it as such. In this paper, we have adopted this perspective and detailed a new four-year under-graduate curriculum on interactive media design education. This curriculum stresses the various components of interactive media design and its close relationship with computer science. This revised version was published online in July 2006 with corrections to the Cover Date.     

The Environmental Outcome of Emissions-intensive Economic Growth: A Critical Look at Official Growth Projections for Sweden up to the Year 2000

Implications for carbon dioxide, sulphur dioxide and nitrogen oxides emissions from the Swedish government's medium-term economic projections are assessed, considering Sweden's environmental goals. Data from the first environmental accounting matrix of Sweden are exploited within the framework of the interindustry model to give emission multipliers for various components of aggregate demand. In view of these emission multipliers, it is evident that the outlined macro-economic development does not conform with Sweden's environmental goals. The oil price and the structural changes assumed in the economic projections stress still further the need for strong environmental policy measures to attain the emission goals. The allocation of total expenditure is shown here to be a critical factor for bringing down the emissions to accepted levels.