The Relationships Between Mortgage Rates and Capital-Market Rates Under Alternative Market Conditions

Mortgage interest rates have become more integrated with other capital-market interest rates over recent decades, apparently as a result of the deregulation of financial markets. The link is both imperfect and time-varying. Mortgage rates during some time periods appear to be sticky with respect to their adjustment to changes in capital-market rates. We examine the relationship between weekly conventional mortgage rates and the interest rates on treasury and corporate securities under differing market conditions. We draw three conclusions based on the analysis. First, deregulation changed the link between mortgage rates and riskless interest rates, which confirms the findings of Goebel and Ma (1993). Second, mortgage rates were cointegrated with risky interest rates even before deregulation. Third, the link between mortgage rates and the risky bond rate can be associated with the behavior of the risk premium in the bond rate. The observed relationship is consistent with the stickiness observed by Haney (1988) and causes a more pronounced stickiness when rates are falling than when they are rising.     

Food literacy competencies: A conceptual framework for youth transitioning to adulthood

Objective : The modern foodscape has changed dramatically in recent decades in terms of where, what, how and with whom we eat. This has been facilitated by a transition from traditional, healthy and basic foods prepared in the home to ultraprocessed, unhealthy foods requiring little planning and preparation prior to consuming. Consequently, many youth lack the food literacy (knowledge, skills and critical perspectives) necessary to be well and minimize their risk of obesity and chronic diseases, in the context of a complex food system. The specific dimensions of these knowledge, skills and dispositions, however, are unknown. This study identified critical food literacy competencies required by youth as they transition to independent adulthood. Design : This study employed a Delphi methodology to achieve consensus statements on critical food literacy competencies within a framework encompassing cognitive, psychomotor and affective dimensions. Participants : A panel of 41 experts including dietitians, teachers and college/university students participated in in‐depth interviews. Analysis : Results were thematically analysed and incorporated into two subsequent surveys completed by panel members. Rater agreement was set at 75% agreeing/strongly agreeing with survey items. A panel subgroup further delineated results into competency statements. Results : Within the themes of “confidence and empowerment,” “joy and meaning” and “sustainable and equitable food systems,” 16 broad competency areas, and 59 specific competencies were identified. These were assembled into a Food Literacy Framework. Conclusion : Results can be used to support food and nutrition education in community settings as well as the formal school system, and to advocate for resources to support food literacy education programmes.     

Poverty effects of Russia's WTO accession: Modeling “real” households with endogenous productivity effects

We employ a computable general equilibrium model of the Russian economy to assess the impact of accession to the World Trade Organization (WTO) on income distribution and the poor. We incorporate all 55,098 households from the Russian Household Budget Survey as agents in the model. The model includes FDI in services and Dixit–Stiglitz endogenous productivity effects in imperfectly competitive goods and services sectors, features which are crucial to the results. We show that incorporating the diversity of households though a real household model is important for assessing household impacts, but getting the key model features right is equally important.     

Regional Impacts of Liberalization of Barriers against Foreign Direct Investment in Services: The Case of Russia's Accession to the WTO

In this paper, the authors develop a 10-region comparative static computable general-equilibrium model of Russia to assess the impact of accession to the World Trade Organization on the regions of Russia. The model allows for foreign direct investment in business services and endogenous productivity effects from additional varieties of business services and goods produced under imperfect competition. The authors then show that these features are crucial to the results, as the welfare gains are about 20 times greater than in a constant-returns-to-scale model. The results for the estimated gains vary considerably across the regions; this is principally explained by the ability of the different regions to benefit from a reduction in barriers against foreign direct investment.     

The Influence of Large Stake Family Control on Performance: Is It Agency or Entrenchment?

Agency theory posits that the greater degree of control by those with decision-making authority, the greater the overall organizational performance. Conversely, entrenchment theory implies that at extremely high levels of inside control by those with decision authority, organizational performance decreases. Using a nationwide sample of 2,631 privately held and publically traded family businesses, we examined if the relationship of percent family ownership is an agency or entrenchment relationship and found the latter. Specifically, there was a statistically significant negative relationship between percent of family control and sales growth as well as a strong inverse relationship between percent of family controlling the top management team and all measures of financial performance.     

Discount Brokerage in Residential Real Estate Markets

Transaction costs are thought to affect asset prices and market liquidity, but the direction and magnitude of these effects continue to be the subject of debate. In the single‐family residential market, discount brokers offer to list a house for a lower price and thus reduce the transaction costs associated with obtaining a match. In this article we obtain empirical estimates of the price and liquidity impact of a seller selecting a discount broker to market a single‐family residential property. The unique data set allows for the identification of residential properties that were listed by a discount brokerage firm. The empirical results confirm the predictions of our theoretical model. Using a sample of 318,221 listings and 243,625 sales, we find that houses listed by discount brokers sell at prices similar to non‐discount brokerage listings, but are less likely to sell, and when they do sell, take approximately three days longer to sell. The results indicate that lower transaction costs do not impact housing prices in this market, but that they are related to asset liquidity.     

Nursing is the room rate

Shrinking dollars increase the need for health care stakeholders to clearly understand nursing's worth. For nursing to assure an adequate investment in nurses, it needs to articulate its value drivers. Nursing revenue offers a data source that reflects stakeholder choices and patient needs. The daily nursing billing supports hospital payment and provides cost data, important for hospital financial decision making. This revenue is a tangible asset reflecting nursing value and can be used to justify an investment in the profession. Nursing leadership can use this daily nursing charge data to monitor and measure the impact of efficiencies related to patient care.