Everyday Lives in Vertical Neighbourhoods: Exploring Bangladeshi Residential Spaces in Toronto's Inner Suburbs

In the Toronto Census Metropolitan Area (CMA), almost a third of the total housing stock is comprised of high‐rise apartment buildings. Not only do most new immigrants reside in these structures upon arrival, they often continue living here for a prolonged period, for a variety of interrelated economic and psychological reasons. It is therefore important to ask: How do these vertical structures affect the life worlds of the residents? What functions do these spaces perform? How do immigrants develop attachments to these spaces, and how do they make them their own? By drawing upon the experiences of 30 Bangladeshi immigrant households in Toronto's inner suburbs, I demonstrate that even though these vertical stacks are not conducive to frequent social interaction by design, the residents variously transform such functional spaces into unique ‘Bengali’ neighbourhoods that are filled with ambivalent feelings of hope and despair, imaginations of the future, becoming a place they can call home away from home.     

CEO Ownership and Discretionary Investments

Abstract:  This study investigates empirically the relationship between CEO ownership and discretionary investments such as R&D and capital expenditures. We assert that the under-investment problem is high for R&D-intensive projects, while the over-investment problem is high for capital expenditures because of differences in risk between the two types of investments. Building on the linkages between investments and investment-related agency problems, we hypothesize that the relationship between CEO ownership and investments depends on whether increasing ownership mitigates or exacerbates the under- or over-investment problem. We find a non-linear association between CEO stock ownership and R&D investments; R&D investments increase and then decline across increasing levels of ownership. Further, we find that R&D investments and CEO stock options are positively associated at high levels of option holdings. In contrast, capital expenditures do not vary with CEO ownership (stock or options). Finally, consistent with our underlying assumption, we find that the influence of R&D investments on future firm risk is significantly larger than that of capital expenditures. Our findings indicate that managerial risk aversion affects discretionary investments.     

The Effect of Fair Value Method Adoption: Evidence from Real Estate Firms in the EU

The Journal of Real Estate Finance and Economics - The adoption of the International Accounting Standard 40 (IAS 40) in 2005 by public companies in the European Union required firms to disclose the...     

Does Globalisation Affect Crime? Theory and Evidence

Globalisation sceptics argue that trade liberalisation has high social costs, including an increase in expropriative behaviour such as civil conflict, coercion of labour and crime. We show that a theoretical relationship between trade and expropriation exists, but the sign differs for developed and developing economies. We verify this empirically using data on crime rates. Specifically, we find that trade liberalisation, as measured by both higher openness and lower import duty rates, tends to increase burglaries and theft in very labour‐abundant countries. For other countries, however, we find that trade liberalisation has either a small negative effect on crime or no effect, depending on the country's capital abundance.     

HOW DID STATE‐OWNED BANKS RESPOND TO PRIVATIZATION? EVIDENCE FROM THE INDIAN EXPERIMENT

ABSTRACT ** : The paper examines the response of banks to privatization. Using data on all state‐owned banks for the period 1990–2006, the findings indicate that fully state‐owned banks are significantly less profitable than partially privatized ones. The improvements in performance by partially privatized banks are, in fact, sustained after privatization. In addition, the analysis indicates that privatization improves profitability, efficiency and improves bank soundness, while lowering bank risk. While the improvement in bank risk is typically spread out over a much longer period, the progress in terms of profitability and economic efficiency typically occurs in the post‐privatization period.