Linking technical change to research effort: an examination of aggregation and spillovers effects

We used a disaggregate approach to examine investment efficiency of wheat breeding research in India. India's total research effort comprizes 20 research programs spread across 50 experiment stations. A technology spillover matrix was constructed for both potential and actual spillovers. Spillovers and free‐riding were dominant characteristics of technical change during the period studied. Although the aggregate rate of return to wheat improvement research in India was estimated to be 55%, eight programs were found to have earned a negative rate of return when spillins were taken into account. Research output is concentrated on a few strong programs. The two strongest programs generated 75% of all the technical change benefits, even though they claimed just 22% of research resources. These two programs include a significant degree of overlap, while on the other hand many farmers were not reached by any of the programs – 56 and 78% of rainfed and durum area, respectively, in 1990 was still sown with pre‐1976 varieties.     

The evolution of global farming land: facts and interpretations

Although land plays a crucially important role in economic development and structural transformation, the causes and consequences of the evolution of farming land have received scant attention in recent decades. In this article, I document global and regional changes in aggregate agricultural land use, per capita land use, and average farm sizes. The spatial distribution of global farming land has changed dramatically, with developed countries substantially reducing their share of global agricultural land, and land‐abundant developing countries substantially increasing their share. In per capita terms, we see a rather different pattern, with average farm sizes increasing in rich and more commercialized agricultural systems, and generally declining or staying constant in poorer and less commercialized systems. These outcomes are the result of complex processes that are not always well understood. I conclude the article by suggesting new, or neglected, areas of research that would facilitate a better understanding of these critically important developments.     

The rule 10b5-1 loophole: an empirical study

This paper seeks to empirically examine the market effects of a loophole in insider trading law that allows insiders to cancel supposedly irrevocable pre-planned trades under SEC Rule 10b5-1 based on inside information. Based on an econometric analysis of a dataset of 81 NASDAQ-listed companies from 2004 to 2006, the paper concludes that: (1) the trading public attaches primary significance to the announcement of a 10b5-1 plan rather than the specified start date of that plan; (2) insiders make above-market profits using 10b5-1 plans but do not appear to arbitrarily or continually create such plans; (3) 10b5-1 plans have a significant negative effect on the liquidity of a firm’s shares, and therefore the firm’s cost of capital; and (4) insiders do not appear to increase the volatility of their own firms’ shares in order to profit by trading on the basis of material nonpublic information under the protection of the 10b5-1 safe harbor.     

Youth unemployment in South Africa revisited

One of the most pressing socio-economic problems of the South African economy is high youth unemployment. Recent studies only briefly examined how youths have fared since the transition by comparing the 1995 October Household Survey with a Labour Force Survey, and hardly investigated whether the discouraged workseekers are different from the unemployed. This paper re-examined youth unemployment trends in the 2008–12 Quarterly Labour Force Surveys, before comparing the characteristics of discouraged workseekers and narrow unemployed. Whether different policies are needed to boost youth employment in each group is also discussed.     

Towards a Comprehensive Accounting for Convertible Debt

Although convertible debt is an old and quite well-used form of finance, its accounting treatment has been almost ignored by those who set standards in the United Kingdom. The recent Technical Release TR 677 observed that there is a problem with convertible debt. The problem is that, after it has been issued by a company, the obligations of the company to third parties may change through time. This paper suggests that one approach to the problem is to follow a finance model of convertible debt, and to allow the accounting to develop from this. Accordingly, convertible debt may be considered on the basis of either equivalent straight debt or equivalent equity. The paper concludes with the suggestion that the accounting for convertible debt could be on the mixed basis or either the debt or the equity, but that this would be determined by the condition of the convertible debt at the date of the accounts.     

Application of Risk Theory to Interpretation of Stochastic Cash-Flow-Testing Results

Abstract

In this paper we consider the Sparre Andersen insurance risk model. Three cases are discussed: the ordinary renewal risk process, stationary renewal risk process, and s-delayed renewal risk process. In the first part of the paper we study the joint distribution of surplus immediately before and at ruin under the renewal insurance risk model. By constructing an exponential martingale, we obtain Lundberg-type upper bounds for the joint distribution. Consequently we obtain bounds for the distribution of the deficit at ruin and ruin probability. In the second part of the paper, we consider the special case of phase-type claims and rederive the closed-form expression for the distribution of the severity of ruin, obtained by Drekic et al. (2003, 2004). Finally, we present some numerical results to illustrate the tightness of the bounds obtained in this paper.     

The marketing effectiveness of UK environmental charity websites compared to best practice

All nonprofit organisations need to give attention to their marketing strategies in order to maximise the funding and support they receive and the numbers using their services. The web offers a new communications medium with which to achieve this. This paper compares suggested best practice approaches to web marketing using the websites of UK environmental charities as a type of nonprofit organisation. Copyright © 2003 Henry Stewart Publications     

Neither fish nor fowl? An assessment of teacher capability procedures

There has been an increasing focus on the performance of workers through appraisal, performance-related pay and performance management and this emphasis on measuring performance has extended to the public sector—more specifically, to the teaching profession. This paper uses research commissioned by the DfES to investigate the operation of capability procedures introduced to deal with the perceived problem of incompetent teachers. It revealed that the procedures suffered from a number of defects both in modus operandi and style and there was little evidence that their application resulted in either improved performance or dismissal when satisfactory performance was not achieved.     

A Mesoeconomic Approach to Socioeconomics

Economics has developed extensive modeling of household, firm, and aggregated economy‐wide behavior utilizing rational actors. It has not developed social behavior analysis in as great of depth. The model presented here presents justification of the adoption of social norms by the individual as a method of examining the breakdown of social order by self‐identified subgroups and society in general.