A RE-EXAMINATION OF THE RELATIONSHIP BETWEEN CLOSED-END FUND DISCOUNTS AND EXPENSES

In this paper the role of expenses in explaining closed-end fund discounts is re-examined. A present value model is developed to illustrate the relationship between expenses and discounts. Earlier studies find that discounts are not related to management fees. In this paper, using a larger sample over a longer and different period and a better specification of the expense variable consistent with the model developed, discounts are found to be significantly related to expenses. The relationship between expenses and discounts holds in the presence of other control variables.     

Working-time reduction and employment: experiences in Europe and economic policy recommendations

The paper seeks to evaluate the evidence on the employment effectsof the collective working-time reductions in Europe over thepast 20 years. While theoretical analyses produce contradictoryassessments, most empirical studies show positive employmenteffects but take insufficient account of these conditions underwhich the reductions in working time were implemented. Theseconditions for the success of collective working-time reductionsinclude an active training policy designed to minimise skillshortages in the labour market, the modernisation of work organisation,wage increases in conjunction with productivity gains and amore equal income distribution.     

Squatting as a transition problem in South Africa

This paper applies principles of transition to land tenure and squatting in South Africa. Political transition in South Africa reassigned political property rights, which produced contestable, and rent‐seeking incentives for squatting as a means to privatize land and redistribute wealth. Government failure to establish and protect private property rights in a squatter camp resulted in common‐pool problems that resisted private and public resolution with consequent rent dissipation and social loss. In response to this retreat from duty, informal agents emerged to claim their own share of the prize. Without enforceable rules of capture, the growth of squatter camps in South Africa will continue. JEL classification: D7, H8, K1, K4, R1, R4.     

The effects of an advertising retrieval cue on young children's memory and brand evaluations

Young children's memory for television advertising is important in order for children to recognize brands in stores and/or to recall the brand name in making a purchase request. Two experiments showed that the use of visual advertising retrieval cue (a green frog as the brand character) improved memory performance and brand evaluations. Study 1 (n = 40) showed promise in the cue's assistance in children's recalling the brand name (cued recall) from the ad memory trace. Study 2 (n = 40) contained multiple exposures to the ad, which resulted in greater free recall and in support for the cue's assistance in better access of the brand name from the ad memory trace (cued recall). Affected ad memory resulted in more favorable brand evaluations and intent to request the brand's purchase. © 1994 John Wiley & Sons, Inc.