The Effects of Government Regulations on the Supply of Pawn Loans: Evidence from 51 Jurisdictions in the U.S.

We contribute to the modest amount of existing empirical research on the fringe banking industry by examining the effects of two jurisdiction-specific restrictive regulations on the supply of pawn loans. Controlling for poverty levels, education levels, and population density, state-by-state data presented in this paper from the 51 political jurisdictions in the United States suggests considerable effects in expected ways on five aspects of supply from the two regulations. More specifically, the study provides support for the suggestion that interest rate ceilings and a requirement to return excess proceeds from the sale of collateral items tend to reduce the number of store hours, loan/value ratios, the number of very small loans made, and the number of existing pawnshops. An erratum to this article is available at .     

Duration of share repurchase programs and firm performance

It is widely known that under asymmetric information, share repurchasss can be used by firms to signal firm quality. In this paper, it is shown that the duration of share repurchase programs can signal the degree of firm quality. The model predicts that the highest quality firms repurchase a fraction of their shares outstanding over a short duration, medium quality firms repurchase the same fraction over a longer duration, and low quality firms do not repurchase shares at all. An empirical investigation of firms that engage in repurchase activity supports the model.     

The Social Welfare Loss from Egg and Poultry Marketing Boards, Revisited

Continuing conflict over supply management warrants another look at its costs. The authors' model combines the traditional welfare triangle with the social welfare loss created when farmers bear the investment risk associated with possible termination of quota protection. The annual net social welfare loss from egg and poultry marketing boards likely exceeds $100 million, with consumers losing more than $500 million. Half the net social welfare loss is the cost of risk bearing. Quota prices imply that farmers expect quota lives to be relatively short. Therefore, changing to short fixed terms might halve the social welfare loss without imposing capital losses on farmers and might facilitate a return to a free market or auctioning new fixed term quotas.     

Synthetic diamond developments: perspectives from technology analysis

Synthetic diamond technology appears to have the capability of significantly changing the future technological landscape. Accordingly, The Institute for the Management of Technology regards it as a 'marker' technology. This paper suggests that there is a need to review expectations concerning synthetic diamond developments. Technology analysis is used as a method to understand and communicate the expectations. The history trends and applications are presented. Two challenges are revealed: First, High Pressure and High Temperature is being challenged by Chemical Vapour Deposition as the dominant manufacturing technology, suggesting that the latter should be monitored for breakthroughs. Second, the distinction between synthetic and natural gems is becoming harder to determine. This threat to the gem industry, in combination with the expanding industrial use, suggests that efforts should be pursued to establish the uniqueness of natural gems and to prevent the name 'diamond' from being ubiquitously used.     

Estimates of Cash-Based Income Tax Evasion in Australia

This article provides new estimates of the size of the cash economy in Australia over the period from 1950–51 to 1989–90. This series is used to estimate income tax revenue losses for each year and to examine the factors which influence the incentive to evade income tax.     

An analysis of intermarket sales inflows/outflows within a shift-share framework

This article describes a method to analyse retail trade flows among competing retail centres. A case study of three nearby communities in the Southeastern United States is used to demonstrate the application of the technique. Results of the case study and their implications are discussed.