The value of tax benefits and the cost of liquidating versus selling failed thrift institutions

This paper examines the 205 insolvent thrifts that were resolved in 1988 and assesses the cost savings obtained by selling 179 of the institutions through assisted acquisitions rather than liquidating them. It is hypothesized that the cost savings were determined by factors related both to the future viability of the acquired institution and the particulars of the deal arranged by the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation. The added value by selling a thrift is determined primarily by the level of core deposits obtained by the acquired thrift. However, the branch structure and purchased mortgage-servicing rights should also add franchise value to the firm. In addition to these factors, the analysis accounts for the tax benefits and other regulator forbearances associated with the deals. Other characteristics of the deals are also considered. It is found that core deposits, tax benefits, purchased mortgage-servicing rights, average branch size, and type of acquirer, as well as some other factors, were significant determinants of the cost savings obtained through selling an institution rather than liquidating it.     

Towards a complete real-time electricity market design

The general design for the real-time electricity market presented in this paper optimizes and prices both real and reactive power simultaneously in an AC setting, where all assets—generation, load and transmission—are allowed to bid and are financially settled at the locational price times energy consumed or produced. The result is that transmission lines are compensated for both capacity and admittance, providing incentives for efficient operation of transmission-related assets such as FACTS devices, if price-taking behavior is assumed. Losses are incorporated into the design and become an operating cost for transmission. The market design is shown to be revenue neutral and, under some assumptions, nonconfiscatory.      

Barcode Empires: Politics,Digital Technology,and Comparative Retail Firm Strategies

Like other service sectors, information technology has dramatically altered the growth and character of the retail trade sector in the affluent economies. Nevertheless, significant variation exists in the typical strategies of retail firms in different countries. This article explores this variation and proposes an explanation for why retailers achieved scale and solved their make, buy, and partner decisions along such different trajectories. It argues that national bases for scale retailing were shaped by a series of political negotiations starting in the 1960s and 1970s. This demonstrates once again that technology implementation is rarely determined by the technology itself, but more often by social and political rules. Future technology platforms, such as web-based or mobile commerce, should be expected to follow similar political logics. As multinational retailing firms spread around the globe, this has important implications for national competition policy.     

Trade Affected Workers in the Service Sector

A bstract . Using input output data for 1987 and 1990, this study identified those groups of service sector workers most vulnerable to trade-related employment displacements. Relative to other industry groups, workers (both black and white) in service industries which experienced an increase in (positive) net trade-related employment, were more likely to be male, elderly (over 65 years of age), less educated (high school graduates) and unskilled (laborers). In contrast, service industries which suffered a decline in (positive) net trade-related employment between 1987 and 1990, were relatively more skill-intensive (as measured by the share of college educated workers, scientists, engineers and managers in the labor force) , and more likely to employ women, married couples and individuals in the 25 to 35 age bracket. Union members on the other hand, were overrepresented in service industries which suffered net trade–related employment losses in 1987 and 1990. The latter industries, however, experienced an improvement over the period.     

Fred Turner. From Counterculture to Cyberculture: Stewart Brand, the Whole Earth Network, and the Rise of Digital Utopianism

The Whole Earth Catalog provided the commune-dwellers of the1960s with a forum in which to discuss tools and systems forbuilding alternative life styles. From Counterculture to Cybercultureexplains why and how the Catalog's perspective on tools andsystems became a dominant paradigm for information networksand the technology industry. Using archival material and hisown interviews with many key figures, Fred Turner has writtenan engrossing and in-depth account of the role the Catalog andits founder, Stewart Brand, played     

Religion's influence on the financial well-being of consumers: A conceptual framework and research agenda

Religion is an indelible force in society, yet research examining its influence on consumption, particularly in the context of financial well-being is lacking. Thus, this paper presents a conceptual framework of factors influencing, and outcomes associated with, the effects of religion on financial well-being. Specifically, this paper introduces a conceptual framework aimed at understanding how religion influences financial decisions and well-being, both from a consumer and a business perspective. Focus groups were conducted with consumers and financial practitioners to support the development of the conceptual framework. Most novel to this framework is the identification of potential process mechanisms explaining this relationship, including trust, affect, risk propensity, and perceived personal control. The framework concludes with potential interventions targeted at consumers and businesses to improve financial well-being. This propositions-based conceptual framework serves as a research agenda to guide and aid scholars, consumer advocacy groups, policymakers, and marketers in promoting greater financial well-being.