Human capital and the internationalisation of venture capital firms

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.     

Bank mergers and components of risk: An evaluation

The present study empirically examines the contribution of the acquired banks in only the nonconglomerate types of mergers (i.e., banks with banks), where the bulk of the payment is in the form of equity to the acquiring bank and finds overwhelmingly statistically significant evidence that nonconglomerate types of mergers definitely reduce the total as well as the unsystematic risk while having no statistically significant effect on systematic risk. Therefore, it seems that diversification may be a possible motive for bank mergers.     

Strategic profiles and performance: An empirical test of select key propositions

Competing theories on internal orientation versus external orientation are examined. The relevant theories are amalgamated and condensed into a number of competing propositions that are empirically tested. The findings suggest that the internally oriented businesses as well as the externally oriented businesses underperform the efficient, marketing oriented businesses.     

Recent warming of Tonle Sap Lake,Cambodia: Implications for one of the world’s most productive inland fisheries

Tonle Sap Lake in Cambodia is arguably the world's most productive freshwater ecosystems, as well as the dominant source of animal protein for the country. The rapid rise of hydropower schemes, deforestation, land development and climate change impacts in the Mekong River Basin, however, now represent serious concerns in regard to Tonle Sap Lake's ecological health and its role in future food security. To this end, the present study identifies significant recent warming of lake temperature and discusses how each of these anthropogenic perturbations in Tonle Sap's floodplain and the Mekong River Basin may be influencing this trend. The lake's dry season monthly average temperature increased by 0.03°C/year between 1988 and 2018, being largely in synchrony with warming trends of the local air temperature and upstream rivers. The impacts of deforestation and agriculture development in the lake's floodplain also exhibited a high correlation with an increased number of warm days observed in the lake, particularly in its southeast region (agriculture R² = .61; deforestation R² = .39). A total of 79 dams, resulting in 72 km³ of volumetric water capacity, were constructed between 2003 and 2018 in the Mekong River Basin. This dam development coincided with a decreasing trend in the number of dry season warm days per year in the lower Mekong River, while Tonle Sap Lake's number of dry season warm days continued to increase during this same period. The present study revealed that Tonle Sap Lake's temperature trends are highly influenced by temperature trends in the local climate, agriculture development and deforestation of the lake's watershed. Although there were no noticeable impacts observed from upstream dam development in the Mekong River Basin, local‐to‐regional agricultural and land management of the lake's watershed appear to be effective strategies for maintaining a stable thermal regime in the lake in order to facilitate maximum ecosystem health.     

A simple search model of money with heterogeneous agents and partial acceptability

Summary. Simple search models have equilibria where some agents accept money and others do not. We argue such equilibria should not be taken seriously. This is unfortunate if one wants a model with partial acceptability. We introduce heterogeneous agents and show partial acceptability arises naturally and robustly. There can be multiple equilibria with different degrees of acceptability. Given the type of heterogeneity we allow, the model is simple: equilibria reduce to fixed points in [0,1]. We show that with other forms of heterogeneity equilibria are fixed points in set space, and there is no method to reduce this to a problem in R¹.Received: 4 September 2002, Revised: 23 September 2002JEL Classification Numbers: C78, E40.A. Shevchenko, R. Wright: We thank seminar participants at the Federal Reserve Bank of Cleveland, Indiana University, Purdue University, University of Toronto, the 2002 Midwest Macroeconomics Conference at Vanderbilt University, and the 2001 Conference on Economic Dynamics at the University of Essex. The National Science Foundation and the Federal Reserve Bank of Cleveland provided financial support. Braz Ministerio de Camargo and Gabriel Camera provided some helpful suggestions. Correspondence to: R. Wright     

Do we now collect any revenue from taxing capital income?

The U.S. income tax system has long been recognized as a hybrid of an income and consumption tax system, with elements that do not fit naturally into either pure system. What it actually is has important policy implications for, among other things, understanding the impact of moving closer to a pure consumption tax regime. In this paper, we examine the nature of the U.S. income tax system by calculating the revenue and distributional implications of switching from the current system to one form of consumption tax, a modified cash flow tax.     

The philosophical contributions of Ludwig von Mises

This paper was prepared for consideration for a Ludwig von Mises prize that was awared at the Mises Institute's 10th anniversary conference, October 9–11, 1992. I am grateful to Pat Heckman and Ralph Raico for their very helpful suggestions.