Cities and the ‘War on Terror’

Programmes of organized, political violence have always been legitimized and sustained through complex imaginative geographies. These tend to be characterized by stark binaries of place attachment. This article argues that the discursive construction of the Bush administration’s ‘war on terror’ since September 11th 2001 has been deeply marked by attempts to rework imaginative geographies separating the urban places of the US ‘homeland’ and those Arab cities purported to be the sources of ‘terrorist’ threats against US national interests. On the one hand, imaginative geographies of US cities have been reworked to construct them as ‘homeland’ spaces which must be re‐engineered to address supposed imperatives of ‘national security’. On the other, Arab cities have been imaginatively constructed as little more than ‘terrorist nest’ targets to soak up US military firepower. Meanwhile, the article shows how both ‘homeland’ and ‘target’ cities are increasingly being treated together as a single, integrated ‘battlespace’ within post 9/11 US military doctrine and techno‐science. The article concludes with a discussion of the central roles of urban imaginative geographies, overlaid by transnational architectures of US military technology, in sustaining the colonial territorial configurations of a hyper‐militarized US Empire.     

CERCLA AND DEEP POCKETS: MARKET RESPONSE TO THE SUPERFUND PROGRAM

This paper uses event study methods to estimate wealth effects upon shareholders who are named by the U.S. Environmental Protection Agency (EPA) as potentially responsible parties at a Superfund site. Impacts appear to be divided into three periods: an initial program period where stock market effects depend largely on prior visibility of the site, a second period where likely financial impact is more important, and a third period where notification has little association with either visibility or financial measures. However, the expected remediation cost burden is not borne evenly. "Deep-pocket" firms appear to be disproportionately penalized by the market during the second period.     

WELFARE LOSS OF WETLANDS DISINTEGRATION: A LOUISIANA STUDY

This study estimates the loss in welfare of projected Louisiana coastal wetlands disintegration. Various programs have initiated costly projects to terminate this disintegration process. But can these projects succeed, and will their benefits exceed their costs? This study addresses the benefits issues and estimates reductions in incomes and consumption opportunities and increases in costs that would be avoided if restoration and enhancement projects are successful. Estimated welfare losses that would be avoided do not include non-user and lifestyle losses, which may be very important, and they do not include the costs of dismantling coastal infrastructure. These exclusions make the estimates of this study minimum estimates of welfare losses. Future economic welfare losses represent a 1990 present value in a range between $5.9 and $24.3 billion, depending upon discount rates and whether low or high loss estimates are used. In order to make these estimates more meaningful, the implied wetlands values were calculated on a per acre basis. These values ranged from $8,437 to $15,763 per acre.     

MAY ISSUE VERSUS SHALL ISSUE: EXPLAINING THE PATTERN OF CONCEALED-CARRY HANDGUN LAWS, 1960–2001

We analyze the timing and pattern of adoption of "shall issue" concealed-carry handgun laws. "Shall issue" laws require the authorities to issue permits to qualified applicants; "may issue" laws give the authorities more latitude to reject applications. We find three factors influence the shift from "may issue" to "shall issue." First, more urban states are less likely to shift to "shall issue," although the size of this effect is quantitatively small. Second, the switch is influenced by the decisions taken by neighboring states. Third, we find evidence that increases in the crime rate accelerated the switch to "shall issue." ( JEL K40)     

Two Models of the Auditor - Client Interaction: Tests with United Kingdom Data*

Abstract. Accounting research contains two distinct approaches to the interaction between accounting management and the independent auditor. Game theory suggests that the auditor's testing strategy will affect the manager's reporting strategy and that the two strategies form an equilibrium. The game-theoretic approach views the auditor as active, in that the auditor acknowledges the effect that his or her testing strategy has on the manager's reporting. In contrast, in the decision-theoretic approach, the auditor tests reports, but ignores the effect that such testing might have on the manager's reporting behavior. Essentially, the decision-theoretic approach views the auditor as passive, taking the reporting strategy as given when designing tests. We use United Kingdom data to estimate both models and test their validity using nested hypothesis tests. Our results demonstrate that the active, game-theoretic model better describes the auditor-manager interaction. This is the first empirical validation of the game-theoretic model using archival accounting data.     

Personal Lending Relationships

I identify the effects of personal relationships on loan contracting using executive deaths and retirements at other firms as a source of exogenous variation in executive turnover. After plausibly exogenous turnover, borrowers choose lenders with which their new executives have personal relationships 4.1 times as frequently, and loans from these lenders have 20 basis points lower spreads and 12.5% larger amounts. Personal relationships benefit firms across loan terms, especially during macroeconomic downturns. Increased financial flexibility from personal relationships insulated firms from financial shocks during the recent financial crisis: they exhibited less constrained investment and were less likely to layoff employees.     

Journal Influence on the Design of Finance Doctoral Education

This article surveys the influence of research journals on finance doctoral education. Influence is measured by citations from syllabi of finance seminars. A sample of 101 distinct syllabi submitted by 33 finance doctoral programs yields a list of 1,031 articles cited by at least two schools. These 1,031 articles generate 3,273 citations referencing 17 finance, economics, and accounting journals, where multiple citations from a single school are counted as a single citation. The most notable findings are the wide variety of seminar content across finance doctoral programs and the dominance of five finance journals in providing this diverse content.