Summary of findings
In most developing countries capital markets are relatively undeveloped and banks are often unable or unwilling to undertake term lending. Also, banks prefer to lend to larger established businesses with well-developed balance sheets and credit histories. While operations of microenterprises and small businesses (MSBs) are cash-flow oriented they rarely have organized historical and financial records and additional assets for the collateral required in conventional bank financing. The paper explores the potential of leasing as an additional financing technique to expand the access of MSBs to medium-term financing for capital equipment and new technology. In a lease financing contract the lessor-financier...
- Phyllis J. Meltzer
Occupational careers, the multiple paths that individuals pursue throughout their lives, offer fertile ground for research in occupational science. A life-review instrument designed to record adults ’ occupational careers, called the Self-Discovery Tapestry, was developed by applying gerontology-based lifespan theories to occupational science concepts. This article presents research into the ways mature women who had recently enrolled in higher education utilized the Tapestry to gain insights into their life-altering transitional events and adaptive coping styles. The Tapestry encompasses interpersonal relationships, occupation, personal and family health and finance, and self-evaluation against which individuals record their life histories and occupational careers. A...
Modulo 9 "Soberanía Fiscal y Función
- De Los Donantes; Altamente Endeudados; D. Cassimon; R. Renard
Universidad de Amberes, Bélgica. Los autores agradecen a Réda Lebtahi por su excelente aporte en la investigación. 1 3. La iniciativa HIPC, el control fiscal y la calidad de la ayuda 3.1. El impacto cuantitativo y cualitativo de la Iniciativa HIPC Hemos aplicado hasta ahora un marco macroeconómico que nos permitió encontrar los temas conceptuales importantes alrededor de las implicaciones del sector fiscal en las intervenciones de los donantes y nos dieron alguna historia sobre el nivel y tipo de intervenciones y el tipo de incentivos implícitos de los donantes y de las reglas que han aparecido con ellos. Evaluemos...
Chem. Educator 2001, 6, 295–305 295 The Dry Martini: Chemistry, History, and Assorted Lore *
- George B. Kauffman
Abstract: In the opinion of countless authors, thinkers, statesmen, and connoisseurs, the martini is America’s favorite apéritif. Famous martini quotes; celebrity martini drinkers; movies, books, and songs; the martini and alcohol in chemical education; the 1999 Canadian bioanalytical study of the antioxidant activities of martinis in the British Medical Journal; the standardization of the martini; brief histories of gin, vermouth, and the martini; martini-drinking presidents; the dryness of the martini; and the place of the drink in American society are presented. In the opinion of countless authors, thinkers, statesmen, and connoisseurs, the martini is America’s favorite apéritif. John Doxat proclaimed...
group on the formation and decay of economic networks. 1 When Do Scientists Become Entrepreneurs? The Social Structural Antecedents of
- Toby E. Stuart; Waverly W. Ding
Commercial Activity in the Academic Life Sciences We examine the conditions prompting university-employed life scientists to become entrepreneurs, defined to occur when a scientist (i) founds a biotechnology company, or (ii) joins the scientific advisory board of a new biotechnology firm. We draw on theories of socialization, social influence, and status dynamics to examine how social and physical proximity to colleagues in commercial science influence individuals ’ propensity to transition to entrepreneurship. To shed light on the mechanisms at work, we also assess how proximity effects change over time as for-profit science diffuses through the academy. We use Securities and...
reflejan necesariamente los del Banco Interamericano de Desarrollo. Information Sharing in Credit Markets:
- Marco Pagano; Acknowledgements We; Andrew Powell; Robert Townsend For Their; Comments Margaret Miller; Joe Pegues; Gennaro Scarfiglieri; Flavia Terribile; Lia Ambrosio Excellent; Marco Pagano
Theory predicts that information sharing among lenders attenuates adverse selection and moral hazard, and can therefore increase lending and reduce default rates. We construct a new international data set on credit bureaus and public credit registers. The theoretical predictions are broadly consistent with our data. We also study why central banks often supplement private arrangements by creating public credit registers and distribution of information about borrowers ’ credit histories. Public intervention is more likely where creditor rights are poorly protected and private arrangements have not arisen spontaneously.
Increasing the Early Retirement Age Under Social Security: Health, Work, and Financial Resources
- V. Leonesio; Denton R. Vaughan; Bernard Wixon
Policies that would reduce or eliminate Social Security benefits for early retirees could have adverse consequences for older workers in poor health. This Brief documents the health and financial status of people aged 62–64 who receive reduced Social Security benefits as retired workers, spouses, and widowed spouses. Although most of these early retirees do not have a serious health condition, almost half report some type of health problem. About 25 percent are estimated to have health problems that substantially impair their ability to work. When compared to other early retirees, those who have severe health problems have lower lifetime earnings,...
Coming from Good Stock: Career Histories and New Venture Formation
- M. Diane Burton; Jesper B. Sørensen; Christine M. Beckman
helpful ideas and comments on early drafts. We are indebted to Mike Hannan and Jim Baron for their role in the Stanford Project on Emerging Companies. Stephanie Woerner provided assistance of many types. Finally, we thank Thomas Hellmann and Manju Puri for sharing their financing data. Coming from Good Stock: Career Histories and New Venture Formation We examine how the social structure of existing organizations influences the entrepreneurial process and suggest that resources accrue to entrepreneurs based on the structural position of their prior employers. We argue that information advantages allow individuals from entrepreneurially prominent prior firms to identify new...
Member News..........................9 “Looking Forward to Claim Our Past… ” Wyoming’s First Statewide Records and History
- Coshrc In Providence
gathered in Casper to attend Wyoming’s first State Historical Records Advisory Board (SHRAB) conference on records and history. The event attracted individuals with various levels of authority and professional abilities. Represented were numerous museums, archives, libraries, the Eastern Shoshone Tribe, private industry, city and county offices, state and federal agencies, and universities and community colleges. Planned as having something for everyone, the conference offered the latest developments in managing and caring for business and public records. Session topics for the two tracks included understanding electronic records issues, conducting oral history, and promoting archives to young people to foster interest in...
and Jeremy Shapiro for truly outstanding research assistance. We also thank Damien De-
- Luís Cabral; Ali Hortaçsu; Svetlozar Nestorov; Mike Riordan; Anne Rogers; Steve Tadelis; Seminar Participants
We propose a basic theoretical model of eBay’s reputation mechanism, derive a series of implications and empirically test their validity. Our theoretical model features both adverse selection and moral hazard. We show that when a seller receives a negative rating for the first time his reputation decreases and so does his effort level. This implies a decline in sales and sale price; and an increase in the rate of arrival of subsequent negative feedback. Our model also suggests that sellers with worse records are more likely to exit (and possibly re-enter under a new identity), whereas better sellers have more...
The geographic distribution of monoamine oxidase haplotypes supports a bottleneck during the dispersion of modern humans from Africa
- Jorune Balciuniene; Anne-christine Syvänen; Howard L. Mcleod; Ulf Pettersson; Elena E. Jazin
Abstract. Every genetic locus mingles the information about the evolutionary history of the human species with the history of its own evolution. Therefore, to address the question of the origin of humans from a genetic point of view, evolutionary histories from many genetic loci have to be gathered and compared. We have studied two genes residing on the X chromosome encoding monoamine oxidases A and B (MAOA and MAOB). Both genes have been suggested to play a role in psychiatric and/or behavioral traits. To search for DNA variants of the MAO genes, the sequences of exonic and flanking intronic regions...
Estimating Willingness-to-Pay and Brand Market Power in Auctions: A Hedonic Approach
- Tat Y. Chan; Vrinda Kadiyali; Young-hoon Park
Washington University, St. Louis for their constructive We model how to measure consumer willingness-to-pay (WTP) from an English or ascending first-price auction based on two general bidding premises: no bidder bids more than her WTP, and no bidder allows a rival bidder to win at a price that she is willing to beat. We thus impose no structural assumptions on rationality of bidders or sellers. The proposed model is general enough to include buy-it-now (BIN) auction mechanism, and to provide controls for competition among bidders including those who do not participate in an auction, and competition among various items up...
2002), “Macroeconomic Switching
- Christopher A. Sims; Tao Zha
ABSTRACT. We discuss the results of fitting a 6-variable structural VAR in which we allow for certain types of parameter variation over time. Allowing structural equation variances to change over time is extremely important in improving fit. Allowing the coefficients that define the model’s dynamics to change is less important to improving fit, though models with changing parameters are consistent with the data. We pay special attention to a version of the model that allows the monetary policy rule, but not other parts of the model, to show changing coefficients. Results from this model fit some aspects of conventional wisdom...
bank sector workplace activists in France and Britain
The authors address the argument that as the contemporary European trade union movement has become more bureaucratised and remote from the workers so its activists are likely to have become increasingly instrumental and individual in their union involvement. They note that trade union activism has been under-researched but yet is crucial for trade union renewal. This Franco-British qualitative research reports on interviews conducted between 1999 and 2002 among participants at CFDT-Banque and UNIFI union conferences concerning the activists ’ ideological beliefs and trajectories towards activism. The authors find some small national differences, reflecting the different industrial relations histories, but virtually...
10.1177/1087057103260741 ARTICLE Stein High-Throughput Screening in Academia Invited Perspective High-Throughput Screening in Academia: The Harvard Experience
- Ross L. Stein
To identify small-molecule modulators of biologic systems, academic scientists are beginning to use high-throughput screening (HTS) approaches that have traditionally been used only in industry. The HTS laboratories that are being established in universities, while differing in details of staffing, equipment, and size, have all been created to attain 1 or more of 3 principal goals: drug discovery, chemical genetics, or training. This article will examine the role that these activities play in 4 HTS laboratories that have been created within the academic community of Harvard Medical School and its affiliated institutions. First, the 3 activities will be defined with...
WP 2001-18Earnings Mobility in the US: A New Look at Intergenerational Inequality
- Bhashkar Mazumder; Bhashkar Mazumder
This study uses a new data set that contains the Social Security earnings histories of parents and children in the 1984 Survey of Income and Program Participation, to measure the intergenerational elasticity in earnings in the United States. Earlier studies that found an intergenerational elasticity of 0.4 have typically used only up to five-year averages of fathers ’ earnings to measure fathers ’ permanent earnings. However, dynamic earnings models that allow for serial correlation in transitory shocks to earnings imply that using such a short time span may lead to estimates that are biased down by nearly 30 percent. Indeed,...
Financial intermediation with heterogenous agents: Transitional dynamics and policy responses
- Martin Berka; Christian Zimmermann
Traditionally, the literature on financial intermediation and credit channels, especially credit crunches, emphasized the relation between banks and entrepreneurs requiring credit, neglecting the funding of banks. With this paper, we want to be much more precise in this respect and study the impact of funding on credit. Indeed, regulation that has become world wide with the Basle Accord puts limits on the amount of loans banks can give. How much equity the banks hold depends in particular on how much households are willing to buy equity in addition to deposits. In our model economy, households have heterogenous asset holdings because...
Ed265i-- Unit 2 Lecture: Hypertext
- Hypermedia Hypermedium; Kathy Rutkowski
There were two primary factors essential for the popularization of the Web. The first was the privatization and growth of the Internet in the 1990s. Another significant factor was the emergence and growth of the PC computer in the1980s. A HISTORY OF THE INTERNET Many people who are now exploring the World Wide Web are unaware that they are also utilizing the power of the Internet. Indeed the World Wide Web was designed to operate as an application layer on top of the communications services provided by TCP/IP. Thus, any discussion of the historical evolution of the World Wide Web...
- Astrid Kunze
This paper investigates the gender wage gap in entry wages and in the early career for German skilled workers in the period 1975-1990. We use a new administrative longitudinal data source that allows to observe complete work and skill accumulation histories from the beginning for up to 13 years in the labour market. Descriptives show an entry wage differential of 22 percent between male and female full-time workers. Furthermore, the differential stays almost constant throughout the first8eightyearsinthe labour market. Among the factors that explain the entry wage gap, premarket choices of training schemes are found to be particular important. Gender...
An Analysis of the Journal Article Output of
- Alan Barrett; Brian Lucey
Abstract: This paper provides, for the first time, a comprehensive analysis of the journal article output of Irish-based economists over a thirty-year period. Using EconLit data, and supplementing where necessary, we provide details of the journals wherein Irish-based economists have published, provide details of the publishing histories of high volume publishers and discuss the evolving productivity profile of Irish-based economists. Our evidence shows that in general Irish-based economists have greatly increased the levels of output in the 1990s, but that this may have been at the expense of quality. I