Stabilising the international wheat market with a US buffer stock

An aggregate simulation model of the wheat market is presented and the simulator is used to analayse (a) a free or non-buffered wheat market, (b) a market buffered by a US wheat reserve, and (c) a free market with fewer trade restrictions. The authors conclude that a US-owned buffer stock of 15M tonnes could greatly reduce US and world wheat price variability at an average annual cost a little under $300 million.     

The dot.com retail failures of 2000: Were there any winners?

In the year 2000, several dot.com retailers filed for bankruptcy, shut down their operations, or faced the risk of their stock being delisted on the stock market. But did any dot.com retailer do it right? Were there any winners? If yes, who are these winners? What is the product and firm profile of these winners? What lesson, if any, can be learned from these winners and losers? This article addresses these questions based on a study of 48 dot.com retailers, conducted in December 2000. The study identified 1–800contacts.com as the sole winner, using two performance indicators: percentage change in stock price since the initial public offering and stock options underwater. Based on a proposed conceptual framework of product and firm characteristics, the profile of 1–800contacts.com is compared with the hypothesized winner, Amazon.com, and other dot.com retailers. Implications of the study and limitations and opportunities for future research are discussed.     

Lesotho's food priorities

Lesotho is a small independent nation completely surrounded by South Africa. Of its 33000 km², 87% is peaks and high mountain pastures, leaving only one km² of arable land for each 325 people. Low yields on limited arable land leave the country serious food deficit. Production shortfalls are overcome with large commercial imports and substantial concessional food aid. Commercial imports through retail channels are financed by migrant remittances. Nearly half of the male labour force work in South Africa. Their repatriated wages contribute 40% of gross national income and 63% of rural household income.¹ Thus consumer markets are relatively well monetized and 55% of migrant remittances is spent on food.²     

AGENCY COSTS AND CAPTIVE FINANCE SUBSIDIARIES IN CANADA

Agency theory is employed to formalize the intuitive rationale for the widespread practice of setting up captive finance subsidiaries: reduced agency costs of debt increase the firm's consolidated debt capacity. Of the two Canadian industries tested, firms forming captives had significantly higher use of debt in manufacturing but failed to show any significant difference for merchandising. In light of confounding influences from tax-clientele effects, size difference, and support in tests on U.S. firms, the mixed finding should encourage further testing. The outcome of these tests suggests that it is potentially useful to think of captive finance subsidiaries in light of agency theory.     

On the Consequences of the Discontinuation of the Eleventh District Cost of Funds Index

The Journal of Real Estate Finance and Economics - The Federal Home Loan Bank of San Francisco announced its intention to discontinue the three Eleventh District Weighted Average Cost of Funds...     

Asian North Americans' Leisure: A Critical Examination of the Theoretical Frameworks Used in Research and Suggestions for Future Study

ABSTRACT

The aim of this study was to critically examine the theoretical frameworks employed in the existing research on Asian North Americans' leisure and to offer insights into additional theories that might be used in future research on the topic. The study reviewed three major theoretical frameworks employed by previous research in the field of leisure studies: (1) assimilation and acculturation theory, (2) ethnicity-based theories, and (3) self-construal. The study also provides recommendations for alternative theoretical approaches that could be used in investigations of Asian North Americans' leisure, including racial discrimination and stereotyping, the multiple hierarchy stratification perspective, transnationalism, and cultural and social capital.