Explorations - Introduction: Towards Lesbian,Gay, and Bisexual Perspectives in Economics: Why and How They May Make a Difference

The economics profession has only recently begun to include research on lesbians and gay men, but we argue that a lesbian economics has long existed, with documentation of anti-lesbian discrimination, discussion of its private and social costs, and practical work for change. This tradition, along with the newer traditions built upon work with gay men and bisexual people, provides a basis for feminists to expand work in economics on lesbian and gay issues. The articles in the symposium propose ideas for future research, for learning from other disciplines, and for creating a more welcoming academic climate.     

The Effect of Board Independence on Target Shareholder Wealth

We seek insights into whether, and if so how, an independent board enhances the bid premiums offered to target firm shareholders during a takeover. The results indicate that the presence of an independent board enhances the initial bid premium by, on average, 21.1%. However, the results of more refined analysis suggest that the enhanced bid premium is in fact driven by independent boards comprising non-executive directors who have reputation capital at stake. We also find that independent boards that resist takeovers or include voluntary independent expert reports in target statements, increase the bid premium revision by, on average, 15.6% and 16.2%, respectively.     

Perestroika and parallelism: advanced information technology and the soviet union

This paper begins by examining the history of Soviet computer hardware and software development, in part seeking the roots of the persistent Soviet lag behind the West. Then some impressions of the current situation are given, based around visits to a leading Soviet research establishment, the Institute for Space Research. At that Institute and others. parallel architectures are being used to gain reasonable computing power from what is by contemporary Western standards mediocre hardware. Impressive expertise, particularly in software development, is to be found, but it is still operating under constraints, such as difficult access to Western technology and technologists. In the last section of the paper it is argued that it is now in the interests of both East and West to ease that access. Improving and diffusing Soviet information technology is a key goal of the process of perestroika (restructuring). Cooperation with, rather than hostility to, Soviet efforts in information technology now makes sense for the West, especially Europe, because of the possibilities for mutually beneficial trade and also because we should wish perestroika to succeed.     

An account of the Washington Lend Lease negotiations 1944 by E. A. G. Robinson

In September 1944, John Maynard Keynes set sail for Washingtonwhere Keynes was to be a key negotiator in the talks leadingup to Stage II of Lend Lease. Accompanying him and his wifewas Keynes's colleague and friend, E. A. G. (Austin) Robinson.Robinson's role was to be Head of Programmes Division for theMinistry of Production. While Keynes would deal with Harry Whiteand Henry Morgenthau, Robinson was involved with the underlyingproduction of a case for the urgent financial needs of war-timeBritain. Robinson saw the tensions at all levels of daily lifeand he recorded his demanding times in a series of letters hometo his wife, Joan Robinson. These letters are published herefor the first time.     

The Ethical Case for Affirmative Action

Affirmative action has been a particularly contentious policy issue that has polarised contributions to the debate. Over recent times in most western countries, support for affirmative action has, however, been largely snuffed out or beaten into retreat and replaced by the concept of ‹diversity management’. Thus, any contemporary study that examines the development of affirmative action would suggest that its opponents have won the battle. Nonetheless, this article argues that because the battle has been won on dubious ethical grounds it is important that we do not allow affirmative action to sink unnoticed. This article explores and challenges the ethical and philosophical underpinnings of opponents’ views and finds their cases against affirmative action are not ethically sound. The article concludes there are strong ethical grounds for those organisations which seek to do well, to reassert affirmative action programmes in the global efforts to eradicate systemic discrimination and disadvantage.     

The prevalence and co-occurrence of psychiatric conditions among entrepreneurs and their families

Small Business Economics - Psychiatric conditions and sub-threshold psychiatric temperaments may influence entrepreneurs’ affect, cognition, energy, motivation, circadian rhythms, activity...     

Adventure recreation and subjective well-being: a conceptual framework

ABSTRACT

Despite the documented positive outcomes of adventure experiences, subjective well-being (SWB) frameworks have been largely absent from discourse and analyses in adventure studies. This conceptual paper proposes a framework for understanding how adventure recreation experiences promote eudaemonic SWB. In our framework, we propose that adventure recreation fosters eudaemonic aspects of SWB by supporting the satisfaction of basic psychological needs for autonomy, competence, relatedness and beneficence. The framework also integrates ‘contact with nature’ as an important mechanism through which adventure recreation fosters eudaemonic SWB. Analysis of research and practice across diverse aspects of adventure recreation (leisure, tourism, and education contexts) is used to support the proposed framework and to critically evaluate how psychological models, such as self-determination theory (SDT) and SWB, can advance theory and practice in adventure recreation. We conclude by offering a number of suggestions for future research directions and practical implications.     

An empirical test of the Brennan-Schwartz bond pricing model in the Australian context

This paper presents an empirical test of some aspects of the Brennan and Schwartz arbitrage bond pricing model. Specifically it evaluates the assumed discrete version of the joint interest process for the short and long rates by estimating it for a series of sample periods under varying market conditions. The implications of the specified form of these two interest rates within the context of hypotheses of interest rate behaviour are also examined. The bond valuation model is tested for bond price index data. The model is found to have a consistent estimation error of 10% and predominantly overestimated the actual price index. The performance of the model is not found to be sensitive to the value of the utility dependent parameter.We thank seminar participants at the University of New South Wales, the Australian National University, and participants at the Inaugural International Conference on Asian-Pacific Financial Markets, November 16–18, 1989, the National University of Singapore for many helpful comments and suggestions. We are responsible for any remaining errors.