Repressed inflation in the Soviet Union: A temporary equilibrium approach

The Soviet economy is modeled by means of temporary general equilibrium theory. Three temporary equilibrium states are distinguished. In Walrasian equilibrium, all markets clear. Under repressed inflation, there is excess consumer demand for goods marketed by the state, while consumer demand is deficient in the underconsumption regime. The dynamics of these temporary equilibrium states are studied and the dynamic adjustment equations fitted to Soviet data. Simulation of the model offers an explanation for the tendency of the inventories/cash balances ratio to fall since 1965.     

Progressive politics and populism: Classes of labour and rural–urban political sociology—An introduction to the special issue

This special issue analyses the prospects for a progressive politics against right-wing populism and capitalism. Taken as a whole, its articles underline the need to understand progressive movements as encompassing agrarian, rural, and urban settings and as socially rooted among labourers and petty commodity producers that do not accumulate (classes of labour), which includes the majority of farmers. Most of the world's rural population now reproduce themselves to some degree in towns and cities, which necessitates further development of a rural–urban political sociology. Articles in the special issue discuss existing and potential organizations and networks of classes of labour. They point to the political potential of migrant populations to erode the social divisions of race, ethnicity, and nationality that capitalism and right-wing populism construct to defend their interests. They contribute to understanding of why some members of classes of labour support racist nationalist populisms that pit them against fellow members of classes of labour. And they show why national contexts matter. Forms of capitalist government, including varieties of populism, are linked to world-historical dynamics of accumulation and reproduction, as well as racialized class relations, and constrain routes to progressive politics in different ways. Analysis of them can inform counter-strategies.     

Wage claims in the British private sector: 1979–2003

Wage claims have been an important feature of British industrial relations during the postwar period. They help set the boundaries within which wage negotiations take place and provide an insight into the conduct of negotiations, especially during periods of change in industrial relations. Despite this, claims remain an underinvestigated area. This article provides a unique investigation of the dimensions of wage claims over a period of free collective bargaining. The number of wage claims declined along with unionisation but, over a period of economic turbulence, the conduct of British wage setting began to change. We examine data on claims and investigate the influences on changes in those claims over time. We find that external factors (inflation, unemployment and legislative control of unions) were more prominent in shaping the development of claims than changes in the composition of groups who continued to post claims.     

Rural entrepreneurship in place: an integrated framework

ABSTRACT

Agglomeration-oriented theories have grown significantly in the past decade in the explanation and promotion of entrepreneurship. Theoretical frameworks and normative models such as entrepreneurial ecosystems are insufficient to observe, explain, and inform policies at the communal level in rural contexts. In this paper, we propose a socio-spatial lens as a more fruitful way of understanding the holistic picture of rural entrepreneurship. By means of abductive research, we explore the distinct elements of entrepreneurial places in rural contexts and derive an integrated meso-level framework, comprising place-sensitive determinations and dimensions, to observe and further analyse the enabling conditions of such places. The findings obtained and the framework developed will be of great use for the evaluation and decision-making, regarding entrepreneurship in rural communities.     

Living on the slopes: entrepreneurial preparedness in a context under continuous threat

ABSTRACT

In this paper, we examine how entrepreneurs living in communities under continuous threat prepare themselves to continue with their enterprising activities or engage in new ones after the expected crisis occurs. Most of the crisis literature on disasters and entrepreneurship focuses on aftermath responses, but the antecedents of such entrepreneurial behaviour and its connection to past and future crises remains largely unexplored. Based on a two-stage exploratory study pre and post the Calbuco Volcano eruptions in 2015 and 2016 in Chile, we introduce the notion of entrepreneurial preparedness in a context of continuous threat and elaborate on its four central attributes: anchored reflectiveness, situated experience, breaking through, and reaching out. Subsequently, our work develops a refined understanding of pre and post-disaster entrepreneurship and offers a novel base for theorizing on the relationship between entrepreneurial preparedness in contexts of continuous threat.     

Salience in Quality Disclosure: Evidence from the U.S. News College Rankings

This paper investigates the impact of college rankings, and the visibility of those rankings, on students’ application decisions. Using natural experiments from U.S. News and World Report College Rankings, we present two main findings. First, we identify a causal impact of rankings on application decisions. When explicit rankings of colleges are published in U.S. News, a one‐rank improvement leads to a 1‐percentage‐point increase in the number of applications to that college. Second, we show that the response to the information represented in rankings depends on the way in which that information is presented. Rankings have no effect on application decisions when colleges are listed alphabetically, even when readers are provided data on college quality and the methodology used to calculate rankings. This finding provides evidence that the salience of information is a central determinant of a firm's demand function, even for purchases as large as college attendance.     

Does fair value accounting contribute to market price volatility? An experimental approach

This paper contributes to the debate on the impact of accounting measurement rules for financial assets. We examine the association between fair value accounting for financial assets and market price volatility for nonfinancial firms in an experimental setting. One group of participants was provided with financial statements where held‐for‐trading securities were reported at fair market value (FVA). Another group received financial statements with investments reported at historical cost (HCA). Controlling for accounting data, we find no systematic difference between FVA and HCA for three different measures of market price volatility, despite higher earnings volatility and marginally heavier trading under FVA.     

Is transcatheter aortic valve implantation (TAVI) a cost-effective treatment in patients who are ineligible for surgical aortic valve replacement? A systematic review of economic evaluations

Objectives:

Health Technology Assessment (HTA) agencies often undertake a review of economic evaluations of an intervention during an appraisal in order to identify published estimates of cost-effectiveness, to elicit comparisons with the results of their own model, and to support local reimbursement decision-making. The aim of this research is to determine whether Transcatheter Aortic Valve Implantation (TAVI) compared to medical management (MM) is cost-effective in patients ineligible for surgical aortic valve replacement (SAVR), across different jurisdictions and country-specific evaluations.

Methods:

A systematic review of the literature from 2007–2012 was performed in the MEDLINE, MEDLINE in-process, EMBASE, and UK NHS EED databases according to standard methods, supplemented by a search of published HTA models. All identified publications were reviewed independently by two health economists. The British Medical Journal (BMJ) 35-point checklist for economic evaluations was used to assess study reporting. To compare results, incremental cost effectiveness ratios (ICERs) were converted to 2012 dollars using purchasing power parity (PPP) techniques.

Results:

Six studies were identified representing five reimbursement jurisdictions (England/Wales, Scotland, the US, Canada, and Belgium) and different modeling techniques. The identified economic evaluations represent different willingness-to-pay thresholds, discount rates, medical costs, and healthcare systems. In addition, the model structures, time horizons, and cycle lengths varied. When adjusting for differences in currencies, the ICERs ranged from $27K–$65K per QALY gained.

Conclusions:

Despite notable differences in modeling approach, under the thresholds defined by using either the local threshold value or that recommended by the World Health Organization (WHO) threshold value, each study showed that TAVI was likely to be a cost-effective intervention for patients ineligible for SAVR.     

Managerial Expectations of Synergy and the Performance of Acquiring Firms: The Contribution of Soft Data

This study examines whether the “soft” information present in merger and acquisition (M&A) announcement press releases contains incrementally valuable news relative to traditional “hard” data. Using the methodology of Loughran and McDonald [2011], we construct measures of synergy expectations and managerial optimism for more than 1,200 M&A announcements over the period 1995–2007. We find that synergy expectations are positively related to announcement period returns, longer-run performance, and the market's reaction to quarterly earnings announcements. Managerial optimism is insignificant for explaining a merger's subsequent performance. We conclude that the soft information contained in M&A announcements concerning synergy expectations can provide useful information to investors.     

Stigma and business failure: implications for entrepreneurs’ career choices

We use data from global entrepreneurship monitor to examine the act of entrepreneurial reentry by entrepreneurs who exit a failed business. We study reentry by mode of entry and by form of organizing. We find that, in countries where the levels of stigma and regulatory conveyance of stigma markings were at their highest, entrepreneurs who exited failed businesses were less likely to reenter into entrepreneurial activity. Our finding suggests that negative social and economic sanctions that are associated with stigma markings speak only to one side of the entrepreneurship phenomenon. On the other side, stigma can function as a stimulus for entrepreneurs to defy the illegitimacy of the failed business and to actively seek out and engage in innovative behaviors that contribute to the overall diversity of entrepreneurial activities in their country.