Dynamic Voluntary Contribution to a Public Project

We consider the dynamic private provision of funds to projects that generatepublic benefits. Participants have complete information about theenvironment, but imperfect information about individual actions: each periodthey observe only the aggregate contribution. Each player may contribute anyamount in any period before the contributing horizon is reached. All Nashequilibrium outcomes are characterized. In many cases they are all alsoperfect Bayesian equilibrium outcomes. If the horizon is long, if theplayers' preferences are similar, and if they are patient or the periodlength is short, perfect Bayesian equilibria exist that essentially completethe project. In some of them the completion time shrinks to zero with theperiod length—efficiency is achieved in the limit.     

Reconciling conflict: The role of accounting in the American Indian Trust Fund debacle

In 1887, the United States Congress broke American Indian Tribal lands into allotments which it held and controlled “on behalf” of individual American Indians in trust funds. The following century has been marked by allegations of fraud, mismanagement and accounting failures prompting repeated calls for reform, none very successful. As a result, neither the federal government nor trust holders themselves are sure whether the account balances are $7 or $100 billion currently.In 1994, Congress passed yet another attempt to reconcile the American Indian Trusts. This time, legislation spelled out the responsibility of the Secretary of the Interior (the department in charge of the trust accounts) to provide a complete “historical” accounting including accurate reports of balances, and to ensure that future payments of principal and interest were accurate and timely. More than 10 years later, the Interior reported its progress in a 24-page brochure that defended the Interior's narrowed definition of “historical” and its decision to limit its reconciliation to accounts that were open on 1994 or later. In the brochure, the Interior argued that its limited definition of historical and any other shortcoming in the Interior's efforts were acceptable given the cost of a more complete accounting. Finally, the brochure argued that the Interior Department had fulfilled its role as trustee and, as such, is the good guy in the conflict over these accounts. It is the Interior's American Indian Trust holders who are unreasonable troublemakers.In this paper, we examine the Interior's brochure and locate it within the larger conflicted relations between American Indians and the federal government. We are interested in the Interior's narrow vision of historical accounting, and the role this narrowness might play in deepening or resolving centuries long conflicts. We argue that the brochure provides an example of how parties in dispute over economic resources may attempt to frame or control the accounting process itself as a way to control those conflicts and limit the possible meanings that could be accorded to accountability within a particular set of relations. This episode illustrates how the ability to frame accounting definitions, formulations, and boundaries becomes a powerful means of controlling the final allocation of both dollars and political privilege. We conclude by accentuating the limitations of accounting in restoring a sense of justice and “balance” to relationships that embody uneven access to power and long-standing conflicts over economic claims.     

Consumer e-shopping acceptance: Antecedents in a technology acceptance model

This study integrates e-shopping quality, enjoyment, and trust into a technology acceptance model (TAM) to understand consumer acceptance of e-shopping. Online surveys with college students (n = 298) were conducted. E-shopping quality for apparel products consists of four dimensions: web site design, customer service, privacy/security, and atmospheric/experiential. A structural equation model reveals that e-shopping quality determines perceptions of usefulness, trust, and enjoyment, which in turn influence consumers' attitudes toward e-shopping. Consumer perceptions of usefulness and attitude toward e-shopping influence intention to shop online, while perceived ease of use does not influence attitude toward e-shopping. Shopping enjoyment and trust play significant roles in consumers' adoption of e-shopping. This study provides important implications for e-tailers whose web site developers must keep in mind that customers are not only web users with trust/safety and information needs, but also shoppers with service and experiential needs.     

Cross‐Country Determinants of Early‐Stage Necessity and Opportunity‐Motivated Entrepreneurship: Accounting for Model Uncertainty

Model uncertainty is one of the most pervasive challenges in the social sciences. Cross‐country studies in entrepreneurship have largely ignored this issue. In this paper, we evaluate the robustness of 44 possible determinants of early‐stage opportunity‐motivated entrepreneurship (OME) and necessity‐motivated entrepreneurship (NME) that are broadly classified in four groups: (1) economic variables, (2) formal institutions, (3) cultural values, and (4) legal origins and geography. The results, which are based on a representative world sample of up to 73 countries, suggest that institutional variables associated with the principles of economic freedom are most robustly correlated with OME and NME. Our findings also identify net income inequality and Scandinavian legal origins as weakly robust predictors of both types of entrepreneurial activity. Furthermore, we find that log GDP per capita is only a weakly robust predictor of NME, but not OME. We discuss implications for future research.     

The Appraisal of Ordinary Shares by Investment Analysts in the UK and Germany

This paper reports the findings of a two-country survey of the approaches to and information used by investment analysts. It examines the changes in the ordinary share appraisal approaches adopted by UK analysts over the past decade, and investigates the differences between British and German analysts in share appraisal methods, goals and information sources. The principal findings are that (i) deregulation and the introduction of new technology to the UK market has had little impact on the equity appraisal approach employed by analysts other than the greater reliance placed on personal contact with companies, and (ii) UK analysts are no more ‘short-termist’ than their German counterparts in assessing ordinary shares.     

Computer support for work across space,time, and social worlds

Collaboration is at the heart of the academic enterprise; proposals for systems such as the National Science Foundation's “National Collaboratory”; or Apple Computer's “Knowledge Navigator”; seek to support these collaborative efforts by means of a variety of computing technologies. We examine the assumptions of the model of collaborative work behind such proposals and suggest ways to extend that model. We draw on a case study of collaborative efforts in classical scholarship in order to explore more fully the existing modalities of academic collaboration as it actually occurs. The development of a broader understanding of collaborative activities will enable us to address more effectively the challenge of constructing systems to support collaborative work.     

Extreme divorce: the managerial revolution in UK companies before 19141

We present the first broadly representative study for any early twentieth‐century economy of the extent to which quoted company ownership was already divorced from managerial control. In the 337 largest, independent, UK companies in the Investor's year book (those with £1 million or more quoted share capital in 1911), the generality of public shareholders were a narrower group than today, but directors personally owned only 3.4 per cent of the shares. This indicates a lower level of personal ownership (and board voting control) in the largest securities market of the early twentieth century than in any of the world's major securities markets toward the end of that century. Berle, Means, Gordon, and others subsequently quantified the US's later and (on this dimension) less advanced managerial ‘revolution’. Their evidence was widely misinterpreted: some erroneously concluded that the US pioneered this aspect of ‘modernity’ and that the ‘divorce’ of ownership from control, globally, was a new and continuing trend.