Reclaiming lost land

This article looks at the role land reclamation can play in increasing food output, alleviating hunger, reducing costs of food imports and creating employment. There are many problems associated with this practice, however, such as the low productivity of reclaimed land, the conflict between growth of subsistence versus cash crops, and the economic viability of schemes implemented thus far. It appears that a new definition of economic viability is necessary before assessing whether or not reclamation projects are feasible.     

Leading and Merging: Convex Costs,Stackelberg, and the Merger Paradox

This paper examines the consequences of a Stackelberg leader merging with followers when costs are convex. Such mergers are always profitable for the participants, and the followers often do better merging than remaining excluded rivals. This resolution of the merger paradox cannot be generated either by Stackelberg leadership without convex costs or by convex costs without leadership. In addition, with convex costs, a merger with the leader can actually harm excluded rivals (suggesting why they might object to the merger) and increase social welfare.     

Accounting Revolution at Oxford in 1882. The Case of a Governmental ‘Deus ex Machina’

In 1882 new statutes were prepared for the University and colleges of Oxford. This paper looks at the legislative developments leading up to these changes, and by examining the case of Magdalen College shows how these external pressures led to the replacement of charge and discharge accounting by double entry bookkeeping and the appointment of external auditors.     

Total Factor Productivity Growth and Technical Change in the Water and Sewerage Industry

The characteristics of total factor productivity growth and technical change in the water and sewerage industry of England and Wales are ‘examined within this article. Total factor productivity growth, technical change and the components of technical change are quantified using a time trend model. A translog specification of productive technology is employecl. Very low levels of technical change, the components of technical change and total factor productivity growth are observed over the sample period. Substantial economies of scale are recorded. Three major implications may be drawn from the study findings. Initially, the high levels of investment have yet to .substantially influence the productive technology of the water and sewerage firrns. Secondly, strong empirical evidence of the natural monopoly conditions in the water industry provided. Finally, it may be stated that privatisation does not appear to have raised the level of technical change or productivity growth since 1989.     

Hot and cold merger markets

We study mergers and acquisition during the period from 1988 to 2005 and examine the impact of merger market intensity, i.e., merger waves, on the means of payment and the returns to target and acquirer shareholders. We use two proxies to measure the intensity of the merger market—the number of mergers in the trailing 12-month period prior to a merger and the total dollar volume of mergers in the trailing 12-month period prior to a merger—and use these measures to define hot and cold merger markets. We find that stock financing is more common after a stock price run-up for the acquiring firm and in hot merger markets. We also find that the acquisition premium is larger in hot merger markets. Returns to acquiring company shareholders are lower for stock financed mergers and are lower when merger markets are intense. Our results are consistent with the predictions of the behavioral theory for merger waves.     

Long-term impact of investments in early schooling — Empirical evidence from rural Ethiopia

We examine the cumulative impact of early schooling investments on later schooling outcomes using enrollment status and relative grade attainment as short-run and long-run measures of schooling. Using a child-level longitudinal data set from rural Ethiopia, we estimate a dynamic conditional schooling demand function where the coefficient estimate on the lagged dependent variable captures the impact of all previous period schooling inputs and resources. We find that a child who is enrolled in the prior period is 33 percentage points more likely to be enrolled currently. These lagged effects are stronger for girls and for children from higher income households.     

Market Expansion and Productivity Growth: Do New Domestic Markets Matter as Much as New International Markets?

This paper asks how market expansion contributes to productivity growth. It investigates whether entry to both new international markets and new domestic markets is associated with greater productivity growth. It also examines whether exit from export markets is necessarily associated with deteriorating performance or whether it too can lead to success if associated with movements to new markets. Finally, the paper drills down into the strategic stance of firms that move to new markets to examine the strategic differences that set them apart from their compatriots that do not find themselves able to adapt.     

Northern Ireland: the politics of leisure in a divided society

The public provision of leisure services and the impact which this has on the community has become a political issue. Nowhere is this more the case than in Northern Ireland where economic and social problems, together with the Troubles, led to a massive increase in central government's sponsorship of public leisure provision in the 1970s. This was a political gesture made more political in the manner through which district councils and local government officials discharged their devolved responsibilities and the way in which local communities appropriated leisure facilities. The resultant pattern of leisure provision reflects existing community boundaries and, as such, reinforces rather than ameliorates sectarian divisions.