The New Deal and the origins of the modern American real estate loan contract

The fully amortized mortgage loan contract is an important instance of financial innovation in the U.S. residential mortgage market. We examine the adoption of this contract from the 1880s to the 1930s by building and loan (B&L) associations, the nation's most important institutional home mortgage lenders at the time. A chain of complementary innovations by B&Ls gradually reduced the costs of adopting amortization, supporting moderate use by the 1920s. During the crisis of the 1930s, the poor performance of the traditional B&L loan contract radically increased the benefit of adoption, as borrowers demanded the new contract. The adoption examined here occurred primarily in the conventional loan market because B&Ls, unlike other lenders, generally avoided the use of the new Federal Housing Administration insurance program. The New Deal may have had more impact through new federal savings and loan charters, which incorporated many of the complementary innovations that supported the new form of lending.     

大学生参与不同类型社团与其社会化进程的关系分析

通过4所在宁省部属高校3220份参与社团大学生的有效问卷调查可以发现,大学生参与不同类型的社团对其社会化具有不同的影响程度;依此为基础,进行统筹兼顾,合理规划,改善大学生社团的结构功能,会使大学生社团活动在素质教育中的作用得到更充分的发挥。     

Culture and Economics: On Values,Economics and International Business

In his Idea of Justice, Amartya Sen compares the two basic approaches to evaluating institutions, transcendental institutionalism and realization-focused comparisons. Referring to Adam Smith's Impartial Spectator, he argues in favor of the latter and proposes the principle of open impartiality. However, this cannot solve the tension between universalism and contextualization of values that Sen has inherited from Smith. Based on recent Hegel scholarship, we argue that some of the difficulties can be resolved, considering the role Smith played in the development of Hegel's thinking. Hegel's concept of recognition plays an essential role in establishing the possibility of impartiality both on the level of consciousness and on the level of institutional intersubjectivity. Hegel's critique of Kant's formalist ethics (also considered as transcendental institutionalism by Sen) and his analysis of the civil society in the Philosophy of Right, especially his focus on associations and Estates, can serve as a model for making Sen's focus on public discourse theoretically more concise and pragmatically feasible. Hegel shows that universalistic attitudes can only emerge in specific institutional contexts.     

关于加强林业行业协会建设的几点思考

从大力发展林业产业协会的现实意义出发,从林业行业协会的发展现状、区域分布、人员构成、作用发挥等四个方面总结了林业行业协会的特点,同时针对阻碍林业行业协会发展的制约因素,提出了加快企会分离、明确协会定位、加强监督和完善自身建设等具有针对性的对策建议。     

Enough is enough! When identification no longer prevents negative corporate associations

Negative publicity has the potential to create negative corporate associations. However, consumers’ identification with a company might moderate the extent of this effect. This article examines the impact of consumer-company identification on reactions to variable levels of negative publicity about a company. Exposing consumers who had strong identification with a company to moderately negative publicity was found to result in less negative corporate associations than for consumers who had relatively weak identification. In contrast, consumers’ levels of identification did not affect reactions to extremely negative information, resulting in equally negative corporate associations for those with strong versus weak consumer-company identification. Thus, strong identification mitigates the effects of moderately negative publicity but does not attenuate the effects of extremely negative publicity. Consumers’ perceptions of and thoughts regarding negative information about a company partially mediated the effect of identification on attitudes and behavioral intentions. Sabine A. Einwiller (sabine.einwiller@fhso.ch) is a lecturer and researcher at the University of Applied Sciences Northwestern Switzerland. She worked on this research as a visiting scholar at the University of Southern California, visiting from the University of St. Gallen, Switzerland, where she received her Ph.D. She has published in journals such as theJournal of Consumer Psychology and thePersonality and Social Psychology Bulletin. Her research interests include causes and the measurement of corporate reputation and stakeholder-company identification. Alexander Fedorikhin (sfedorik@iupui.edu) is an associate professor in the Kelley School of Business at Indiana University. His research focuses on the intersection of affect and cognition in consumer decision making. He has published in such journals as theJournal of Consumer Research, theJournal of Consumer Psychology, andOrganizational Behavior and Human Decision Processes. Allison R. Johnson (ajohnson@business.queensu.ca) is an assistant professor of marketing in Queen’s School of Business, Queen’s University. She received her Ph.D. from the Marshall School of Business, University of Southern California. Her research interests include corporate social responsibility, customer-company identification, and consumer emotion. Michael A. Kamins (mkamins@marshall.usc.edu) is an associate professor at the University of Southern California, Marshall School of Business. Dr. Kamins’s current research interests he in pricing strategy in the context of online auctions as well as in the impact of color on consumers’ perceptions of products. He has published over 40 academic articles and proceedings in major academic journals, including theJournal of Marketing, theJournal of Marketing Research, theJournal of Consumer Research, theJournal of Consumer Psychology, theJournal of Advertising, and theJournal of Advertising Research.     

The role of spirituality in Islamic business networks: The case of internationalizing Turkish SMEs

This paper sets out to investigate the role of religion and spirituality in a business network context, with an empirical focus on the international business development of Turkish SMEs. By drawing on the concept of homophily and tie strength, we argue that, while religion can act as a bridge and thus create a multitude of weak ties within a business network, spirituality can deepen these ties and make them stronger through increased emotional intensity, intimacy and reciprocal service. The data were collected from participants in two Islamic business associations in Turkey. The results suggest that spirituality indeed drives members’ commitment to the network and the presence of spirituality has a distinctive effect on members’ contributions to and demands on the network. More specifically, members who treat their network membership as an extension of their spiritual practice tend to mainly benefit from intangible resources, while members who view their shared religion as an entry point into the network seem to benefit from both tangible and intangible network resources. The findings have several theoretical and practical implications, including the introduction of the spirituality concept into the discussion of homophily and tie strength in business networks, and the role of home networks in the internationalization of SMEs.     

A directional slacks-based measure of technical inefficiency

Radial measures of efficiency estimated using linear programming (LP) methods can be biased since slack in the constraints defining the technology suggests that at least one input can be reduced, or one output can be expanded, even though a firm is deemed to be “technically efficient.” In this paper, we propose a directional slacks-based measure of technical inefficiency to account for the potential of slack in technological constraints. When no such slacks exist, directional slacks-based inefficiency collapses to the directional technology distance function. Our proposed measure helps to generalize some of the existing slacks-based measures of inefficiency. We examine the financial services provided by Japanese cooperative Shinkin banks, and estimate their inefficiency during the period 2002–2005. This inefficiency declined slightly during the period. We thus propose that slack is an important source of inefficiency which is often not captured by the directional technology distance function.     

STRATEGIC PLANNING AND PERFORMANCE: AN EXPLORATORY STUDY OF HOUSING ASSOCIATIONS IN NORTHERN IRELAND

Based on qualitative data this paper explores the resons for the non-profit housing sectors enthusiastic embrace of strategic planning practices. Evidence is presented on the use of specified techiniques by housing associations in Northeren Ireland and their impact on the performance of the assocaitions. Without dismissing rational goel seeking explanations for adoption, the study concludes the strategic planning is also a legimation seeking practice. Evidence suggest that the contested nature of performance in the non-profit sector makes it hard for chief executives to sustain a rational goal based argument for adopting strategic planing.     

The interaction between public and private governments: An empirical analysis

Private governments, found in planned developments and condominiums, are increasingly common methods of delivering local services to residents. This paper provides the first empirical study of their impact on local public finance. A novel data set of homeowners' associations allows construction of a panel of private governments in California. Panel methods test whether public expenditures respond to private government prevalence. Estimates indicate that local governments lower spending moderately in response to private government activity, consistent with strategic substitution. The paper then examines various mechanisms to explain this downloading and shows that the substitutability between public and private providers is key to which services are downloaded. Evidence also suggests that the economies of scale in service production in small cities temper the offloading of public services to private governments.     

当前高校社团面临的问题及对策研究

大学生社团是高校大学生自发组织起来的学生群众性组织,是学校对大学生进行思想政治教育、学风建设和校园文化建设的重要载体和有效途径。目前高校社团普遍存在发展不平衡、物质基础差等问题,如何突破这一瓶颈,成都理工大学在管理上采取以人为本,进一步完善社团的制度管理;打造社团活动品牌;改善硬软环境条件等措施,使学生能够在社团中真正进行自我塑造、自我管理、自我服务．得到全面发展,最终实现学校文化的和谐发展。