Independent Directors and Favoritism: When Multiple Board Affiliations Prevail in Mutual Fund Families

I examine whether independent directors with multiple board affiliations (IDMAs) trade off the interests of one fund relative to another (fund favoritism) or whether they benefit fund shareholders by increasing the level of the board's expertise. Using a sample of mutual funds affiliated with the top 55 fund sponsors from 2002 to 2008, I find that the presence of IDMAs is negatively related to performance/resource shifting across funds within fund families. IDMAs appear to decrease fund fees, increase the return gap associated with the unobserved actions of fund managers, and facilitate the transfer of information across funds in a fund family.     

DISSIMILAR STRUCTURAL AND CONTROL PROFILES OF EDUCATIONAL AND TECHNICAL ORGANIZATIONS[1]

This article contrasts the characteristic structural and control profiles of educational organizations with those of technical organizations. A group of primary and secondary schools and the operating units of an industrial firm differed both in structural variables and in three activities of control: buffering, smoothing, and forecasting. the article suggests that educational organizations emphasize modes of control that operate on components peripheral rather than central to the organization's technical core.     

华盛顿大学中国财政体系亟待改革

中国走上市场经济转轨25年之后,人们对于收入和地区差距、官员腐败和经济保障等发展不平衡问题的关注与日俱增。中国新一代领导人提出“科学发展观”．的确表现出纠正这些不平衡和社会矛盾的意向。然而．要真正纠正这些长期积累的问题．关键之一在于改革政府间财政体系。     

Horticulture,livelihoods, and urban transition in Africa: evidence from South‐West Cameroon

This article documents change in periurban horticulture using repeat surveys in 1995 and 2004 of about 300 households around Muea, Cameroon. Real household incomes increased by 14%, with a large shift from farm to nonfarm income. Within agriculture, activity shifted from staple crops to horticulture, both for sale and in home consumption. In 1995, there were large remittances from farmers involved in periurban horticulture to their village of origin; in 2004 remittances continued and horticultural farmers were also heavily involved in informal financial associations. Periurban horticulture is disproportionately practiced by women and older workers, and plays an important and growing role in African livelihoods.     

FUTURE DIRECTIONS IN UNDERGRADUATE INSURANCE EDUCATION: ACADEMIC AND REAL WORLD PERSPECTIVES

Abstract: The authors discuss the hiring patterns of some insurers and examine why insurers do not always seek out students with risk management and insurance backgrounds. The authors suggest that it is important for universities and insurers to work more closely so that students coming out of college insurance programs are well prepared to work in the insurance industry.     

The Aggregate Relation between Profits and Concentration is Consistent with Cournot Behavior

An important and controversial stylized fact inindustrial organization is the positive correlationbetween industry profit and concentration. Oneinterpretation of this finding is based on thetheories of Chamberlin and Stigler, which imply thatconcentrated industries facilitate collusion. Butnon-cooperative profit maximizing behavior can alsogenerate a positive correlation. This paperpresents an equilibrium model of oligopoly whichnests the behavioral assumptions of Bertrand,Cournot, and Chamberlin. Simulations of the modelunder the Cournot assumption yield regressioncoefficients for the profits-concentration relationthat are very close to the estimated coefficients inthe literature.     

Coda

Technology and globalization have the potential to make higher education more affordable and accessible. In practice, however, rising costs limit educational access, and competition threatens the sustainability of many colleges and universities (Grummon, 2009). With the relevance of traditional curricula in question and the demand for alternate delivery methods expanding, many higher learning institutions face a challenge to reinvent themselves (Barnatt, 2008; Grummon, 2009; Lee, Brennan, & Green, 2009). We asked four higher education leaders from demographically and structurally diverse institutions to address the question, “How will colleges and universities serve the global knowledge economy in the coming decades?” Our respondents represent perspectives from multiple educational paradigms—public and private, local and international, for‐profit and nonprofit, brick‐and‐mortar and online. George Mihel, president of Sauk Valley Community College in Illinois, offers a position paper on the need to transform some of higher education’s deep‐rooted institutional traditions. George Miller, chancellor of American InterContinental University, teams with Caroline Molina‐Ray, a University of Phoenix faculty member, to address how higher education can foster both technological competency and critically reflexive thinking. Naana J. S. Opoku‐Agyemang, vice chancellor of the University of Cape Coast in Ghana, offers insight into the unique challenges and accomplishments of higher education in Africa. Finally, Vicki T. Purslow, associate dean of the College of Arts and Sciences at Southern Oregon University, and Christine Cook Florence, a higher education marketing consultant, present a commentary synthesizing the symposium contributions and issuing a call to action for higher education leaders. Together, these diverse perspectives offer a glimpse into the higher education of the future.</     

The Effects of a Federal Flat Tax on Agriculture

This study examines the impact of a federal flat tax on agriculture by determining the tax liability under the current and flat tax systems using actual farm records. The study considers the linkages between agriculture and the rest of the economy by examining the impact of a flat tax on interest rates and capital investment and how those changes would affect agriculture. Results indicate that roughly 63% of agricultural producers would benefit from a flat tax in terms of lowering taxes paid. Under the flat tax, larger farms and more profitable farms would be relatively better off.     

Multikriterielles Entscheidungsmodell für Anpassungsmaßnahmen am Beispiel der L/H-Gas-Umstellung in Deutschland

The German gas supply system is separated into two networks: one for high-calorific gas (H-gas) and one for low-calorific gas (L-gas). In particular, the L-gas volume is declining significantly, which means that there will be problems in security of supply in near future. This paper highlights the most important aspects that have to be considered when adjusting the German gas network to the future decline of L-gas production. First, the article discusses different possible adjustment options: (1) adjustment of market areas from low-calorific gas supply to high-calorific gas supply, (2) blending facilities (conversion of high calorific gas using nitrogen or air) and (3) the combination of both options. Subsequently, the authors outline the necessary planning process that must precede any adjustment option. The so-called network differentiation is followed by the network modeling: Using the net present value method and taking into account certain constraints, the authors define a simple optimization problem to determine the most economical investment and adjustment times for each option. Based on first model considerations it can be concluded that the implementation of adjustment options should be delayed as long as possible without compromising the security of supply. Nevertheless, an early start of the planning process is mandatory to ensure that adjustment options can be established in due time before an L-gas supply deficit occurs. The question, which adjustment option should be chosen, cannot be answered universally. It depends on the conditions and structure of the network as well as the structure of the final consumers.