Law and finance: why does legal origin matter?

This paper assesses empirically two theories of why legal origin influences financial development. The political channel stresses that legal traditions differ in the priority they give to the rights of individual investors vis-à-vis the state and this has repercussions for financial development. The adaptability channel holds that legal traditions differ in their ability to adjust to changing commercial circumstances and legal systems that adapt quickly will foster financial development more effectively. We use historical comparisons and cross-country regressions to assess the validity of these two channels. We find that legal origin matters for financial development because legal traditions differ in their ability to adapt efficiently to evolving economic conditions. Journal of Comparative Economics 31 (4) (2003) 653–675.     

Timing Equilibria in an Urban Model with Congestion

All spatial urban models with congestion assume that the departure (arrival) time of commutes is exogenously determined and assume that travel speed at a given time and location depends upon the traffic density at that point in time and space. This paper presents a framework that encompasses such models, but allows workers to choose the time at which they leave home (arrive at work). This paper then proves that in general only one equilibrium exists for urban models with traditional congestion technology: a commuting pattern in which commuting is continuous and the rush hour never ends, which is unrepresentative of traffic patterns anywhere. This paper concludes by discussing alternative general equilibrium urban models with congestion that may have more realistic equilibria.     

Looking inside the spiky bits: a critical review and conceptualisation of entrepreneurial ecosystems

The concept of entrepreneurial ecosystems has quickly established itself as one of the latest ‘fads’ in entrepreneurship research. At face value, this kind of systemic approach to entrepreneurship offers a new and distinctive path for scholars and policy makers to help understand and foster growth-oriented entrepreneurship. However, its lack of specification and conceptual limitations has undoubtedly hindered our understanding of these complex organisms. Indeed, the rapid adoption of the concept has tended to overlook the heterogeneous nature of ecosystems. This paper provides a critical review and conceptualisation of the ecosystems concept: it unpacks the dynamics of the concept; outlines its theoretical limitations; measurement approaches and use in policy-making. It sets out a preliminary taxonomy of different archetypal ecosystems. The paper concludes that entrepreneurial ecosystems are a highly variegated, multi-actor and multi-scalar phenomenon, requiring bespoke policy interventions.     

Stock Market Development and Financial Intermediaries: Stylized Facts

World stock markets are booming, and emerging stock marketsaccount for a disproportionate share of this growth. Yet economistslack a common concept or measure of stock market development.This article collects and compares a broad array of indicatorsof stock market and financial intermediary development, usingdata from forty-four developing and industrial countries duringthe period from 1986 to 1993. The empirical results exhibitwide cross-country differences for each indicator as well asintuitively appealing correlations between various indicators.The article constructs aggregate indexes and analyzes them todocument the relationship between the emergence of stock marketsand the growth of financial intermediaries. It produces a setof stylized facts that facilitates and stimulates research intothe links among stock markets, economic development, and corporatefinancing decisions.     

CPA credential perceptions: a case study of Hispanic accountants

One of the recommendations of The Pathways Commission report was to increase the number of diverse entrants into the accounting profession. While the Commission’s recommendation is commendable, the lack of diversity in the accounting profession is not a new problem. Hence, the accounting profession has attempted to address the underrepresentation of minority Certified Public Accountants (CPAs) for many years. To this end, organizations such as American Institute of CPAs (AICPA), National Association of Black Accountants (NABA), Association of Latino Professionals in Finance and Accounting (ALPFA), and the Ph.D. Project have provided different types of support to alleviate the problem. However, the numbers are still disturbingly low. This is particularly true for Hispanic accountants. Therefore, the purpose of this study was to examine Hispanic accountants’ perception of the CPA credential. While the results indicate that gender, exam affordability, and job incentives are positively associated with the likelihood of being a CPA, the 150-hour requirement was not perceived as a hindrance for certification.     

We share; we connect: how shared brand consumption influences relational brand connections

This research examines how married consumers form relational brand connections. Findings from two studies contribute to research on identity‐related brand consumption by showcasing how shared brand consumption and marital satisfaction influence relational brand connections and the perceived importance of the brand to the marital relationship. This research has important theoretical contributions and managerial implications. From a theoretical perspective, the authors show how consumers incorporate brands into their interpersonal relationships through shared brand consumption and that relational brand connections influence brand‐related outcomes, such as brand attitudes, purchase intentions, brand affect, and brand separation distress. From a managerial perspective, the findings highlight the importance of considering relational aspects of brand consumption when designing branding strategy and advertising appeals.     

How Might Companies Value ESOs?

There has been a steady growth in the use of employee equity compensation plans, and in the use of executive stock options (ESOs) in particular, along with a rise in shareholder and public perceptions that the values of compensation plans are not always fully disclosed. The IFSA of Australia recently called for separate reporting in financial statements of numbers and values of ESOs. Companies, when negotiating employment contracts, frequently agree to compensate an executive if a share option plan is subsequently not approved by shareholders. These facts suggest that reporting the value of an ESO plan is a useful and important exercise. We outline a model for the valuation of ESOs typically issued by Australian listed companies and illustrate the application of the model with a case study.     

Low amplitude P, QRS and T wave pattern in lead I--the "isoelectric lead I sign"

An applicant's electrocardiogram contains a low amplitude P, QRS and T wave pattern in lead I. The diagnostic and prognostic implications of this ECG pattern are discussed.