Private borrowing during the financial revolution: Hoare's Bank and its customers, 1702–241

The financial revolution improved the British government's ability to borrow, and thus its ability to wage war. North and Weingast argued that it also permitted private parties to borrow more cheaply and widely. We test these inferences with evidence from a London bank. We confirm that private bank credit was cheap in the early eighteenth century, but we argue that it was not available widely. Importantly, the government reduced the usury rate in 1714, sharply reducing the circle of private clients that could be served profitably.     

How Does Size Affect Mutual Fund Behavior?

If actively managed mutual funds suffer from diminishing returns to scale, funds should alter investment behavior as assets under management increase. Although asset growth has little effect on the behavior of the typical fund, we find that large funds and small‐cap funds diversify their portfolios in response to growth. Greater diversification, especially for small‐cap funds, is associated with better performance. Fund family growth is related to the introduction of new funds that hold different stocks from their existing siblings. Funds with many siblings diversify less rapidly as they grow, suggesting that the fund family may influence a fund's portfolio strategy.     

Trade and Biotechnology in Latin America: Democratization, Contestation and the Politics of Mobilization

This research explores the role of agrarian and environmental movements in contesting the development and promotion of agricultural biotechnology through trade liberalization in Latin America. Organized around themes of mobilization, participation and representation, it raises key questions about who mobilizes and how, and about the strategic dilemmas that arise when movements with different histories, membership bases and cultures of protest attempt to work together. Issues of accountability, representation and participation run through the analysis of strategies of organization and claim-making adopted by an eclectic range of groups seeking to contest the role of biotechnology in the structure of agricultural production, the institutions that manage that relationship and the discourses which sustain it. In particular, analysis centres on their responsiveness to the concerns and agendas of poorer groups in the front line of the 'gene revolution' as it plays out in the Latin American countryside, in particular in Argentina and Brazil, the key players in biotechnology in the region.     

Comparable Worth and Factor Point Pay Analysis in State Government

This study examines how factor point systems have treated state government jobs, which are held disproportionately by women, minorities, and union members. The findings indicate that female jobs may gain from comparable worth pay proposals, but the gains are dissipated in actual pay; unionized and minority workers tend to lose both proposed and actual pay; and the dispersion of points and pay is narrowed for jobs covered by collective bargaining agreements     

COMPETITIVE CONSIDERATIONS IN CABLE TELEVISION FRANCHISING

Franchising and renewing of franchises for cable television systems is an important urban policy issue. Of particular interest is whether franchise authorities ought to grant more than one franchise to provide cable service in a given area. This paper reports results of an empirical investigation into the cost structure of large, modern, urban cable systems. We find modest economies of scale in dimensions relevant to the feasibility of direct competition. The economies are not so large as to rule out the possibility that competition…whether direct or potential…can be an important disciplinary force in the marketplace.     

Are Co-integrated Stock Prices Consistent with the Efficient Market Hypothesis?

This paper responds to the unsatisfactory argument that there is no correspondence between co-integration and the efficient market hypothesis. A law of one co-integrating vector of prices is proposed for the exchange rate and domestic and overseas stock prices. Markets must therefore be efficient in long-run equilibrium because no arbitrage opportunities exist. However, arbitrage activity via the disequilibrium error correction allows above-average (risk-adjusted) returns to be earned in the short run. The elimination of these arbitrage opportunities means that stock market inefficiency in the short run ensures stock market efficiency in the long run.     

COMMON PROPERTY AS AN INSTITUTIONAL RESPONSE TO ENVIRONMENTAL VARIABILITY

Relationships between the potential productivity of land and property rights generally are couched in terms of measures of central tendency or means. However, risk or variance as a measure of uncertainty also is critical in relating property rights and organizational arrangements developed within various property regimes. Meteorological and hydrological research results support the appropriateness of risk-spreading property regimes, especially in semi-arid and arid lands. Spatial diversification models indicate that common property regimes can be a rational response to environmental variability. Efforts by the public sector to privatize and fence grazing lands on the extensive margin may have limited appeal to pastoralists throughout the world .