What If Immigrants Had Not Migrated?

A bstract .   Despite strong theoretical arguments and models about international migration, very few empirical studies rigorously test these arguments and models. The purpose of the present study is to analyze determinants and consequences for international migration, focusing particularly on the returns to post-hoc international migration. The present study compares residential well-being of Korean international migrants in the United States with that of their hypothetical well-being if they had not migrated. Our suggested models of the selectivity corrected returns to various characteristics for immigrants and nonimmigrants enable us to estimate the "opportunity well-being" of individuals and households; that is, the well-being of immigrants-had-they-stayed and of nonimmigrants-if-they-had-immigrated. The data for our analyses are drawn from the 1990 Korea Census Data and the Public Use Microdata Samples (PUMS) of the 1990 U.S. Census. In either case of migrants-had-they-stayed or of nonimmigrants-had-they-migrated, international migration to the United States has a significant and positive effect on the probability of homeownership, especially for women. The results show that the predicted probability of homeownership attainment increases as a result of migration by 15 percent to 16 percent for women and by 8 percent for men. The study concludes that migrating to the United States offers better opportunities for homeownership than staying in Korea does, particularly for women.     

The Financing of Research and Development

Evidence on the ‘funding gap’ for R&D is surveyed.The focus is on financial-market reasons for under-investmentin R&D that persist even in the absence of externality inducedunder-investment. The conclusions are that (i) small and newinnovative firms experience high costs of capital that are onlypartly mitigated by the presence of venture capital; (ii) evidencefor high costs of R&D capital for large firms is mixed,although these firms do prefer internal funds for financingthese investments; (iii) there are limits to venture capitalas a solution to the funding gap, especially in countries wherepublic equity markets are not highly developed; and (iv) furtherstudy of governmental seed capital and subsidy programmes usingquasi-experimental methods is warranted.     

Financing bank stock ownership: A question of conflict of interest

The bank stock loan conflict of interest question arises when compensating balances are intermingled with a bank's correspondent balances for the benefit of those bank stockholders seeking a bank stock loan. This study attempts to determine if this practice exists usign two-stage least square regression analysis and cross-sectional data obtained from one-bank holding company applications in the Tenth Federal Reserve District. Our results suggest that bankers with established correspondent banking relationships capitalize on their correspondent balances to obtain favorable interest rates on bank stock loans.     

Postauditing capital assets and firm performance: An empirical investigation

The argument presented in this paper is that the adoption of sophisticated postaudit procedures should be associated with improved firm performance. Based on a matched-pair experimental design, utilizing the Wilcoxon matched-pairs signed-ranks test and a newly developed statistic to test for a change point, empirical evidence is provided to support this argument.     

Market reactions to the disclosure of internal control weaknesses and to the characteristics of those weaknesses under section 302 of the Sarbanes Oxley Act of 2002

We examine the stock price reaction to management’s disclosure of internal control weaknesses under §302 of the Sarbanes Oxley Act and to the characteristics of these weaknesses, controlling for other material announcements in the event window. We find that some characteristics of the weaknesses—their severity, management’s conclusion regarding the effectiveness of the controls, their auditability, and the vagueness of the disclosures—are informative. We also find that the information content of internal control weakness disclosures depends on the severity of the internal control weakness. Moreover, in a sub-sample uncontaminated by other announcements in the event window, we find negative price reactions to the disclosure of internal control weaknesses and material weaknesses.

Toxic hazard reduction with passive mitigation systems

A major component of the United States Environmental Protection Agency's 112(r) Risk Management Program Rule is the evaluation and control of potential public exposures to toxic chemicals. The rule requires identification and evaluation of a worst case accidental toxic release scenario, but provides for the inclusion of passive mitigation systems in modeling the dispersion hazard zones that are to be communicated to the public. These passive mitigation systems can be taken into account in the consequence modeling if they will withstand the initiating event that causes the accidental release and function as intended. This paper discusses several passive mitigation systems that can be designed as an integral part of storage or processing of highly toxic chemicals. These include, but are not limited to, optimizing storage conditions, design of secondary containment, toxic vapor generation control, and enclosure design. The effectiveness of various passive mitigation systems is evaluated using consequence modeling for case studies involving highly toxic chemicals such as phosgene, chlorine, and ethylene oxide.     

‘Wiped From the Map of the World’? Zanzibar,Critical Geopolitics and Language

This essay uses the case of Zanzibar in its complicated relationship with the United Republic of Tanzania (of which it is a part) as a lens on debates in political geography on empirical and conceptual approaches to critical geopolitics. We test the veracity of a multi-faceted critical geopolitics in the contemporary public contestation of Zanzibar's place in the United Republic from 2008–2012. We analyze Tanzanian media, the speech acts of Tanzanian leaders, and the key events and processes related to what is termed the ‘Zanzibar problem’ during the selected years, to make two points about a critical geopolitics approach: to strengthen critical geopolitics by broadening the analysis of language to engage political acts and languages beyond the Global North; and taking ‘subaltern geopolitics’ more seriously via engagement with critical geopolitical voices on discourses, events and processes from the Global South.     

Commonplaces in Risk Talk: Face Threats and Forms of Interaction

Talk about risk is problematic for interaction; it can involve the speaker or hearer saying things that threaten participants' ‘face’, the ways they want themselves to be seen by others. One way of dealing with these threats to face, and to keep the conversation going, is the use of commonplaces. Commonplaces, generally applicable and generally known arguments, play an important role in interaction, invoking shared, taken‐for‐granted perspectives embedded in familiar roles and everyday practices. They are similar to some of the frames discussed in risk communication, but they focus our attention on rhetoric and interaction rather than cognition. In this paper, I show how commonplaces are used in focus group discussions of public choices involving dangers to life or health. They tend to be used in response to dilemmas, when a speaker is put on the spot, and they tend to lead to other commonplaces. Analysis of commonplaces supports those who argue that studies of public perception of risks and programmes of communication about risks need to be sensitive to the personal interactions, rhetorical strategies, and cultural embeddedness of any risk talk.