Tournament behavior in Australian superannuation funds: A non-parametric analysis

Taylor's [Taylor, J. (2003). Risk-taking behavior in mutual fund tournaments, Journal of Economic Behavior and Organisation 50, 373–383] extension of the tournament model of Brown et al. [Brown, K. C., Harlow, W. V., Starks, L. T. (1996). Of tournaments and temptations: An analysis of managerial incentives in the mutual fund industry, Journal of Finance 15, 85–110] proposes that using an exogenous (endogenous) benchmark, will induce losing (winning) managers to gamble. This presents two competing testable hypotheses that are investigated in the current study. We use a sample period covering 1989 to 2001 of Australian multi-sector growth funds. We apply the non-parametric Cross-Product Ratio methodology. Generally, we find evidence in support of Taylor's model.     

The early American style: A history of marketing and consumer values

Since the 1876 Centennial, furniture companies, decorators, and home builders have incorporated early American designs into their products. This article recounts the marketing history of this style and some clusters of consumer values—the search for authenticity, status presentation and ethnic identification, nostalgia and tradition making, domesticity and femininity, and aesthetic conservatism—with which early American objects and architecture have been associated. © 1998 John Wiley & Sons, Inc.     

Crops and Livestock Productivity Growth in the Prairies: The Impacts of Technical Change and Scale

This study undertakes a comprehensive analysis of productivity growth in Canadian Prairie primary agriculture from 1940 to 2004. Total factor productivity (TFP) is measured using Törnqvist‐Theil indexing procedures for the Prairie provinces (Alberta, Manitoba, and Saskatchewan). During the 1940–2004 period, productivity growth in Prairie agriculture grew at a rate of 1.56% a year. This aggregate measure does not indicate the substantial variations in productivity growth that have occurred between crops and livestock, between the provinces, and over time: productivity growth in crops is considerably higher than productivity growth in livestock; Manitoba and Saskatchewan display consistently higher productivity growth than Alberta; and from 1980 to 2004 livestock productivity growth increased considerably in Manitoba and Saskatchewan. The productivity growth estimates are decomposed econometrically using a translog cost function to indicate the relative roles of technical change and scale effects. Productivity growth in crops has largely been the result of technical change while economies of scale have played a critical role in generating productivity growth in the livestock sector. La présente étude est une analyse approfondie de la croissance de la productivité du secteur de l’agriculture primaire dans les provinces des Prairies (Alberta, Manitoba et Saskatchewan), de 1940 à 2004. Nous avons mesuré la productivité totale des facteurs (PTF) à l’aide de l’indice Törnqvist‐Theil. De 1940 à 2004, la productivité de l’agriculture dans les provinces des Prairies a cru au rythme annuel de 1,56 p. 100. Cette mesure globale n’indique pas les variations substantielles de la croissance de la productivité entre le secteur des cultures et le secteur de l’élevage, entre les provinces, et au fil du temps. La croissance de la productivité dans le secteur des cultures a été considérablement plus élevée que celle observée dans le secteur de l’élevage. La croissance de la productivité au Manitoba et en Saskatchewan a été supérieure à celle observée en Alberta. De 1980 à 2004, la croissance de la productivité du secteur de l’élevage a enregistré une hausse considérable au Manitoba et en Saskatchewan. Nous avons décomposé la croissance de la productivité de façon économétrique à l’aide d’une fonction de coût de type translog afin de faire ressortir le rôle des changements technologiques et des économies d’échelle. Les changements technologiques ont joué un rôle important dans la croissance de la productivité du secteur des cultures, tandis que les économies d’échelle ont joué un rôle primordial dans la croissance de la productivité du secteur de l’élevage.     

Development, Productivity, and Sustaining Natural Capital

The elimination of hunger, the reduction of poverty, and the wiser management of natural capital remain as critical, but elusive, objectives of society worldwide. In this Address, the issues of development, productivity, and the use of natural capital are explored and important linkages among these three areas are drawn. A special challenge is the identification of the conditions under which the productive base of a nation or region would increase on a sustainable basis, enhancing well-being of its citizens over time. Policy reforms are identified, which would help to ensure that development is more sustainable, that productivity growth is adequate and appropriate, and that natural capital, particularly its critical components, is managed more wisely.
L'élimination de la faim, la réduction de la pauvreté et la gestion judicieuse du capital naturel demeurent, pour les sociétés de partout dans le monde, des objectifs extrêmement importants, mais difficiles à atteindre. Le présent exposé analyse les questions liées au développement, à la productivité et à l'utilisation du capital naturel, et établit d'importants liens entre ces trois domaines. La détermination des conditions qui contribueraient à augmenter de façon viable la base productive d'une nation ou d'une région, et ainsi accroître le bien-être de tous ses citoyens au fil du temps, pose un défi de taille. Les réformes politiques qui aideraient à assurer un développement durable, une croissance de la productivité adéquate et appropriée ainsi qu'une gestion judicieuse du capital naturel, particulièrement des éléments essentiels, sont mises en lumière.     

Are CEOs’ purchases more profitable than they appear?

Little is known about why CEOs voluntarily purchase shares of their firm other than to earn direct profits. Since CEOs are risk-averse, undiversified, and face litigation costs from trading on private information, direct profits are unlikely to be the sole motive—especially since many purchases are ultimately unprofitable. We find that CEOs who have recently purchased shares are less likely to be terminated following poor performance and that this relation varies predictably with (i) their cost of purchasing shares, (ii) the profitability of their prior purchases, and (iii) their board's access to alternative sources of information about them. We find that some CEOs voluntarily purchase shares despite the cost of foregone diversification—and, sometimes outright unprofitability—to indirectly benefit by prolonging their tenure. Our estimates imply that the average abnormal returns that CEOs earn from their purchases increases from 3% to 58% after incorporating the indirect benefit of prolonged tenure.     

Discount Point Concessions: Comment

This article comments on a recent article by Asabere and Hoffman. It addresses calculation and econometric measurement issues of their work and offers an explanation for their (anomalous) findings.     

Non-parametric Productivity Analysis with Undesirable Outputs: An Application to the Canadian Pulp and Paper Industry

This article extends the Chavas–Cox approach to non-parametric analysis by incorporating undesirable outputs to provide a more complete representation of the production technology. Inner and outer non-parametric technology bounds are constructed. The methods are illustrated with application to time series data for the Canadian pulp and paper industry. Conventional measures that ignore changes in pollutant outputs underestimate true productivity growth. Further, there is a large gap between estimates generated with reference to inner and outer bounds to the technology, suggesting that researchers need to be aware of the limitations of results derived from analyses relying only on DEA methods.