bluuebunny/crossref_metadata_2025 huggingface dataset:
Stars and Fans
Authors: Replogle-Wong Holley
Published: February 2013

The article provides insight into the major elements of star-making. Star-making is a reciprocal project that is mediated between the star figure, the media, the mass audience, and the individual fan. These elements work together to create the star's image, which is the persona that the public sees and follows. A star's image is made up of media “texts”, including the roles and performances and also artifacts such as recordings, films, publicity pictures, and interviews. Fan practice and the relationship between fans and stars are intricate and varied. Stars are multivalent personae and they are people who work as actors who portray characters. Stars combine distinctive talents with recognizable looks and personalities that are perpetuated as an image. A star's image includes the voice, manner of speech, and patterns of behavior in addition to visual content. Their voices and personae are recognizable, and their abilities and charm are extremely impressive. Innovative technologies have bridged the gap between stars and their fans. Internet fan sites and discussion boards are important locations of community for fans, making ethnographic research over the Internet a useful way of engaging with fans from different geographic locations in dialogue within online communities. Some shows develop fan cults that track favorite performers across national tours and replacement casts.
Economics of League Design
Authors: Szymanski Stefan
Published: February 2013

This chapter examines the implications of the closed and open league systems for economic performance. It also describes the distinction between sporting competition and economic competition, the objectives of league organizers, and the general implications of open versus closed leagues in professional sport. The chapter then addresses the economic theory of contests and the insights of the theory for promotion and relegation. Moreover, some of the practical implications of open and closed leagues are explained. The insights presented from contest theory can be used to think about the comparison of open and closed systems in practice. It might almost seem that, although the open systems punish failure, the closed systems reward it. There still remains relatively little research into the practical implications of the two systems, and there is scope for more work, both on the theory and the empirical side.
Baseball's Antitrust Exemption
Authors: Blair Roger D. , Haynes Jessica S.
Published: February 2013

This chapter explores Major League Baseball (MLB)'s antitrust exemption and its current relevance, starting by presenting a brief overview of the antitrust laws in the United States. Next, MLB's anomalous antitrust exemption and its vulnerability to Congressional action are explained, and it is argued that the antitrust exemption is largely irrelevant today. The anticompetitive pooling of broadcast rights is covered by the Sports Broadcasting Act, which shields such pooling from the antitrust laws. The exemption had an enormous financial impact for over fifty years as it protected and preserved MLB's monopsonistic reserve system, which meant that the club owners obtained nearly the entire surplus generated by the business of baseball. The agreements on other labor issues, namely player drafts, age restrictions, and roster size, are considered. There is still an extremely good reason for MLB to jealously guard its antitrust exemption.
The Reserve Clause and Labor Mobility
Authors: Staudohar Paul D.
Published: February 2013

This chapter explores sports institutions, particularly players' unions, leagues, and the role of government. Topics covered include origins of the reserve clause, union opposition, antitrust law, breakthrough on free agency, labor-market theories, and impact of free agency. The reserve clause gave clubs a continuing option on player services, and the main arguments for and against it are given. The union's constitution sought to limit but not abolish the reserve clause. A reasonable semblance of competitive balance is necessary for a league to be successful. Rottenberg's theory holds that, under the reserve clause, trades and sale of players ensure that a player will wind up on the team for which he generates the highest marginal revenue product. The topic of the reserve clause and labor mobility is concerned with the operation of the labor market.
The Economics of NASCAR
Authors: Abere Andrew , Bronsteen Peter , Elzinga Kenneth G.
Published: February 2013

This chapter presents a description and brief history of NASCAR, and also explores the economic logic of the NASCAR business model. It then provides a partial explanation, based on outcome uncertainty, about the popularity of NASCAR and why it has outpaced other professional sports competitors. NASCAR sanctions a number of local, regional, and national racing series. From an economic perspective, the consolidation was a watershed event in the history of NASCAR and its host tracks. NASCAR continued to split broadcast revenue as it had in the past: 65% going to the tracks, 25% going to the teams and drivers, and 10% going to NASCAR. Many factors contribute to NASCAR's growth in competing for consumer patronage against other sports and other forms of auto racing. Many analysts have contemplated why demand for NASCAR events has grown so dramatically over time.
Career Duration in Professional Football
Authors: Frick Bernd
Published: February 2013

This chapter discusses the institutional framework and the nomination procedure that is currently applied in the German “Bundesliga” (GBL), and then provides the data and some descriptive evidence on career length of soccer referees. A plea for further research on the determinants of career length of referees from a comparative perspective is presented, and it is shown that financial incentives do not motivate the referees to put forth higher levels of effort. The number of matches a referee is assigned to over the course of his career is highly concentrated among a small minority of match officials. The distribution of career length of head coaches in the GBL exhibits an even more pronounced bimodal pattern than is the case for referees since the early 1990s. Comparing the duration of individual careers in different institutional environments would allow the researcher to better understand how selection and incentive effects interact.
The Economics of Discrimination
Authors: Kahn Lawrence M.
Published: February 2013

This article uses basketball as the laboratory to look at discrimination in pay, hiring, and retention against black National Basketball Association (NBA) players and coaches, and gender discrimination among college coaches. It describes Gary Becker's analysis of the possible sources of discrimination in labor markets. It then outlines the evidence on each of the possible forms of discrimination in basketball, including both a discussion of methodological issues and substantive findings. Racial discrimination in professional basketball seemed more prevalent in the 1980s than is the case today. The issue of whether a gender difference in revenue produced is a legitimate factor upon which to base a gender difference in coaching salaries is an open question from the legal point of view. The evidence for customer discrimination in the NBA in the 1990s and 2000s seems weaker than it was during the 1980s.
Gender and Discrimination in Professional Golf
Authors: Shmanske Stephen
Published: February 2013

This article explores the evidence of gender discrimination in professional golf. It explains the methodology used to examine the earnings gap. This is followed by explanations of the golf production function. Then, the description of the data is presented, including summary comparisons between men and women for the years 1998 and 2008. A natural outcome of hitting the ball farther is the decrease in driving accuracy noted in the statistics. The 2008 regressions on levels of earnings per tournament are estimated with less precision than those from 1998. Some care should be exercised when interpreting the SANDSAVE portion of the decomposition. Only 9% of the gap between the women's average earnings and the men's average earnings is attributable to discrimination. The PGA Tour, which is the source of the data for the male golfers in the sample, does not discriminate against women.
Measuring Performance in the National Basketball Association
Authors: Berri David J.
Published: February 2013

This article explores the several empirical attempts to quantify the productivity of National Basketball Association (NBA) players, and argues that models should be judged both on the consistency of the measures through time and on the correlation with winning percentages. The scoring models have a good job of explaining player salary. It also appears to be quite consistent over time. The plus-minus approach can explain wins. Wins Produced and Win Shares seem to trump the scoring models or the plus-minus models. Although research in basketball is not without its challenges, the performance metrics the researcher can employ in basketball might be the best player data available in the study of professional team sports.
Frontier Models and Their Application to the Sports Industry
Authors: Lee Young Hoon
Published: February 2013

This article presents an extensive discussion of stochastic frontier “effects” models, which analyze factors influencing efficiency. The recent literature on team sports efficiency is also addressed. It offers an overview of the stochastic frontier model and equations for general models. It then compares various models that may be useful in analyses of determinants of efficiency and the effects models. The methodologies for inference within team efficiency estimation are explained. Additionally, a more detailed discussion of frontier models with time-varying efficiency is shown. The confidence interval from the percentile bootstrap should be precise enough for panel data with sufficiently large time-series observations because a bias problem is less likely. The discussion of the selection of input variables revealed that team playing talents can be decomposed into positional playing talents that have different roles in the process of producing output (producing wins).
Demand, Attendance, and Censoring
Authors: Schmidt Martin B.
Published: February 2013

This article addresses the censoring of the data that comes about because of capacity constraints on game-day attendance. Using high-quality data about National Football League (NFL) attendance, it explores why and shows how a Tobit estimation technique is superior to OLS for testing propositions about price and demand shift variables in the context of the demand to attend sporting events. The OLS results are almost uniformly lower, in absolute terms, than those produced when the censoring is explicitly recognized. In addition, the marginal significance of several of the variables differs across the two. It is found that game-day attendance in the NFL depends negatively on time and positively on the perceived competitiveness and scoring output of the game. It also increases when the team plays a division rival or when the game is played on Thanksgiving.
Contingent Valuation of Sports
Authors: Johnson Bruce K. , Whitehead John C.
Published: February 2013

This article takes up the task of using surveys to quantify ex ante the value of a public investment project that offers both an excludable benefit stream and an intangible, subjectively valued benefit stream. It specifically describes the use of the Contingent Valuation Method (CVM) to conduct such surveys and to analyze the data to measure the benefits produced by sports public goods. The Lexington survey showed the feasibility of using the CVM to estimate willingness-to-pay for sports public goods, but left unanswered the question of how much major league sports public goods are worth. Pittsburgh's civic pride in its major league status would be intact if the Penguins left, since the city also hosts baseball's Pirates and football's Steelers. Conducting a CVM survey offers an opportunity to ask questions to allow stated preference methods other than CVM to be employed to inform public policy related to sports.
Illustrations of Price Discrimination in Baseball
Authors: Rascher Daniel A. , Schwarz Andrew D.
Published: February 2013

This article explores the ticket pricing behavior of the clubs to illustrate the theory of price discrimination. An example presented shows how useful it is to be flexible in recognizing that while a box seat to a game is not an identical product to an upper reserved seat at the same game, the two tickets sufficiently share the core product that the price discrimination framework is useful for analyzing pricing, even if the products are clearly not identical on every dimension of quality. It is stated that every single Major League Baseball ticket is sold under some form of price discrimination. As teams grow increasingly sophisticated in their pricing strategies, price discrimination is becoming more precise, more widespread, and more profitable, while at the same time providing more opportunities for more fans to find tickets at a price they are willing to pay.
Aggression, Impulsivity, and Personality Disorders
Authors: Siever Larry J. , Kuluva Joshua E.
Published: February 2013

Aggressivity and impulsivity are traits that are core features of the Cluster B personality disorders. Within these disorders, impulsive aggression leads to a significant amount of morbidity and mortality. This type of behavior is intrinsically linked to violence, suicide, and substance abuse. In this chapter, we will discuss the phenomenology of these traits, the neurobiology of impulsive aggression, and some potential treatment options. We will conclude with some thoughts on the future direction of research in this filed.
Phenomenology and Epidemiology of Problematic Internet Use
Authors: Liu Timothy C.
Published: February 2013

This chapter discusses the phenomenology and epidemiology of problematic Internet se (PIU). Interest in the addictive potential of Internet activities has grown in the past two decades. Problematic Internet use can be broadly defined as uncontrolled use of the Internet that leads to significant psychosocial and functional impairments. It is currently conceptualized as an impulse control disorder that may share features with substance dependence disorders. Reliable studies have estimated the prevalence in the general population to be about 1%, but higher proportions of individuals might be at risk. Comorbidities with other psychiatric disorders are common. Concerns exist regarding the appropriateness and implications of formally recognizing PIU as a distinct disorder in current diagnostic systems. Given the ever-growing exposure to the Internet, especially in younger generations, PIU might become an emerging public health problem. Further studies are greatly needed, especially those using valid measures and longitudinal designs. Neuroimaging and genetic studies should also be explored.
Epidemiology and Phenomenology of Compulsive Buying Disorder
Authors: Black Donald W.
Published: February 2013

Compulsive buying disorder (CBD) is defined as excessive shopping cognitions and buying behavior that leads to distress or impairment. This chapter presents an overview of its definition and recognition, clinical symptoms, epidemiology, natural history, and both cultural and family factors. Compulsive buying disorder is found worldwide and has a lifetime prevalence of 5.8% in the U.S. general population. The disorder has a female preponderance, has an onset in the late teen years or early 20s, appears to be chronic or recurrent, and occurs mainly in women. Subjects with CBD report a preoccupation with shopping, prepurchase tension or anxiety, and a sense of relief following a purchase. Compulsive buying disorder is associated with significant psychiatric comorbidity, particularly mood and anxiety disorders, substance use disorders, eating disorders, other disorders of impulse control, and Axis II disorders, although there is no special “shopping” personality. The disorder tends to run in families, and these families are filled with mood and substance use disorders.
Assessment and Treatment of Pathological Gambling
Authors: Tavares Hermano
Published: February 2013

As gambling becomes more popular, more people will be exposed to it; thus, the prevalence of and demand for gambling-related treatments are expected to increase. Pathological gambling (PG) is the most severe level of gambling compromise, characterized by unrestrained gambling to the point of financial and psychosocial harm. Classified among the impulse control disorders, PG resembles other addictive disorders. A host of scales for screening and diagnosing PG are available for both the specialist and the general practitioner. The diagnosis of PG, like that of other addictions, is based upon signs of loss of control over the target behavior (i.e., gambling), dose escalation (increasing amounts wagered to get the same excitement as in previous bets), withdrawal-like symptoms, psychosocial harm, persistent desire, and persistent betting despite the negative consequences. Its treatment requires thorough assessment of psychiatric related conditions, motivational intervention, gambling-focused psychotherapy, relapse prevention, and support for maintenance of treatment gains. Psychopharmacological tools to treat craving and gambling recurrence are an incipient but promising field.
The Assessment and Treatment of Trichotillomania
Authors: Christenson Gary A.-H.
Published: February 2013

The successful treatment of trichotillomania necessitates an initial clinical evaluation of the cognitive, emotional, behavioral, and situational characteristics contributing to an individual’s hair pulling. Assessment also requires a comprehensive psychological/psychiatric interview to assess for comorbid illness, which may either contribute to hair pulling or require separate attention. Several instruments have been designed to assist in quantifying the core symptoms of trichotillomania and can be useful for monitoring treatment progress over time. Treatment approaches include medication, hypnosis, and behavioral therapies, especially modifications of habit reversal therapy. Controlled studies are few in number and are limited to only a few behavioral treatment approaches and medication classes. Research suggests that variations of habit reversal therapy have the greatest efficacy of the interventions investigated thus far. There is additional support for treatment with clomipramine, N-acetylcysteine, and olanzapine, in contrast to multiple other drugs that have been studied or suggested as useful for trichotillomania.
Assessment and Treatment of Pathological Skin Picking
Authors: Siev Jedidiah , Reese Hannah E. , Timpano Kiara , Wilhelm Sabine
Published: February 2013

Pathological skin picking (PSP) refers to chronic skin picking or scratching that causes tissue damage and distress. It is a heterogeneous category of behaviors and may be manifest in the context of various psychological disorders. This chapter presents an overview of the empirical literature on the assessment and treatment of PSP, including (1) a cognitive-behavioral model as heuristic for conceptualizing treatment, (2) assessment tools, (3) a review of the pharmacological and psychosocial treatment outcome literatures, (4) cognitive-behavioral treatment techniques, and (5) future directions. The chapter is intended to introduce the clinician to the assessment and psychological tools used to treat PSP, as well as to provide impetus to advance research in this understudied domain.
Assessment and Treatment of Problem Internet Use
Authors: Young Kimberly
Published: February 2013

Research over the last decade has identified Internet addiction as a new and often unrecognized clinical disorder that impacts a user’s ability to control online use to the extent that it can cause relational, occupational, and social problems. Symptoms of problem Internet use are compared to the criteria used to diagnose other addictions. In particular, pathological gambling is compared to problematic Internet use because of overlapping criteria. As new cases of problem Internet use are being documented, this chapter describes the diagnostic and treatment implications of the disorder. As computers are used with great frequency, detection and diagnosis of Internet addiction are often difficult. Symptoms of a possible problem may be masked by legitimate use of the Internet, and clinicians may not ask questions about computer use because problem Internet use is still a new and often unrecognized condition. This chapter outlines diagnostic conceptualizations of problem Internet use including the DSM-V proposed criteria for Pathological Computer Use, assessment techniques, and treatment considerations.
Gender and Impulse Control Disorders
Authors: Takacs Alexea , Madrid Sonia , Potenza Marc N.
Published: February 2013

Although women and men (and girls and boys) share similarities, they also exhibit differences that may contribute to the etiology and development of impulse control disorders. Such differences may hold significant implications for the generation of optimal prevention and treatment strategies. In this chapter, we review data on gender-related differences in impulse control disorders, considering epidemiological, clinical, biological, and therapeutic perspectives. Implications for improving prevention and treatment interventions are discussed.
Assessment Instruments for Impulsivity and Impulse Control Disorders
Authors: Matusiewicz Alexis K. , Reynolds Brady , Lejuez Carl
Published: February 2013

This chapter provides a review of measures used to assess the impulse control disorders (ICDs) included in the Diagnostic and Statistical Manual of Mental Disorders (4th ed., DSM-IV) and those proposed for DSM-V, as well as measures used to assess the related psychological construct of impulsivity implicated in the development and maintenance of ICDs. We first present instruments used to assess ICDs including diagnostic interviews, as well as self-report and clinician-rated measures of symptom severity. Second, we present self-report and behavioral measures of impulsivity. The review includes theoretical rationales, procedural details, and empirical evidence, including detailed psychometric data for each measure to provide a comprehensive guide to the assessment of ICDs and the construct of impulsivity.
Impulse Control Disorders and Impulsivity: Future Directions
Authors: Potenza Marc N. , Grant Jon E.
Published: February 2013

Although research funding for impulse control disorders has been lacking, the last several years have seen an explosion in the amount of research and clinical information on these fairly common and debilitating behaviors. This information has been helpful in developing improved prevention and treatment strategies for many people. Despite these advances, substantial gaps remain in our understanding of impulse control disorders. The field of impulse control disorders therefore remains an important frontier in clinical research.
Religion, Human Capital Investments, and the Family in the United States
Authors: Lehrer Evelyn L.
Published: February 2013

This article explores the role of religion in human capital investments and the family in the United States, based on analyses of microlevel data. The economic perspective views an individual's religious affiliation as affecting economic and demographic behavior because the norms and teachings of various faiths influence the perceived benefits and costs of numerous decisions that people make over the life cycle, including choices regarding the pursuit of investments in secular human capital, cohabitation, marriage, divorce, family size, and employment. These decisions are closely interrelated, so when religious teachings directly influence any one of them, all others are indirectly affected. Consistent with existing structures of perceived benefits and costs, several religious groups in the United States exhibit patterns of economic and demographic behavior that differ significantly from those of mainline Protestants. A higher level of religious participation can affect economic and demographic behavior by accentuating the effects of affiliation. The article also examines patterns of non-marital sex and divorce among conservative Protestants and discusses the role of religion in the second demographic transition in the United States.
Toward Better Measures of Supply and Demand for Testing Theories of Religious Participation
Authors: Olson Dan
Published: February 2013

The supply-side approach to understanding religious participation is perhaps one of the more influential ideas of the religious economies model. The term “supply side” was first applied by R. Stephen Warner to Roger Finke and Rodney Stark's analyses found in the Churching of America (1992). In that book, Finke and Stark suggest that most previous historical and sociological explanations of changing religious participation rates over time and across national and geographic settings had been based on notions of changing levels of demand for religion, theories which have since been labeled demand-side theories. This article describes some of the data limitations that make it difficult to distinguish the separate influences of supply and demand in real life analyses of religious participation rates. It then presents a method which, when applied to common geographically based data sets, can be used to construct measures of demand that are independent of measures of the supply of religion. The article summarizes the results of the 2000 Religious Congregations and Church Membership Study (RCMS) and presents U.S. county-level census data from 2000.
Immigrants, Migration, and Religious Economies
Authors: Sherkat Darren E.
Published: February 2013

Over the twentieth century, Western democracies began to adopt more inclusive immigration laws, which enabled people from diverse nations to move to Europe and North America. Not surprisingly, many of these immigrants carried with them religious traditions not commonly found in their new homelands. Yet immigration also has a more elemental relationship with religion, because religion often contributes to political conflicts that lead to forced migration, and religious oppression frequently motivates religious minorities to seek more accepting cultural environments. Research in the economics of religion often draws on the impact of immigrants on religious markets and the impact of religious markets on immigrants' religious practices. This article reviews studies on the connections between religion and migration, and discusses how these are related to economic theories of religious and cultural behaviors and institutions. It presents findings from the United States detailing how migration impacts religious markets, how religious factors structure migration, and some economic consequences of religious commitments among immigrants.
On the (Lack of) Stability of Communes
Authors: Abramitzky Ran
Published: February 2013

This article uses an economic perspective to shed light on the conditions under which communes that strive for equality and cooperation are stable, how they persist, and why they often collapse. It presents a view of communes as communities striving for internal equality while mitigating the inherent problems associated with a high degree of equality/redistribution, namely, the tendency of more productive members to leave (brain drain), the tendency to shirk (moral hazard), and the tendency of less-productive individuals to join (adverse selection). The economic framework also explains many of the characteristics of communes discussed in historical and sociological literature. The article illustrates how ideology and religion play important roles in alleviating brain drain, adverse selection, and moral hazard by focusing on communes in North America since the mid-1700s and the Israeli kibbutzim, mainly because these are better documented than communes in earlier periods.
Religion and Civil Liberties in the United States
Authors: Gill Tony
Published: February 2013

In the contemporary era, and indeed ever since the Age of Enlightenment, the issue of civil liberties has taken an increasingly important role in the world of politics and economics. These civil liberties frequently include the rights to free speech, to petition government, to a fair trial before a jury of one's peers, to assemble peacefully, and prohibitions on the arbitrary seizure of property. Given that religious freedom is a crucial link in the economic explanation of religion, it behooves us to understand how this vital civil liberty produces religious pluralism and vibrancy, and how religious freedom develops within polities. This article frames religious freedom in the United States as a regulatory issue, proposes an economically rooted explanation for why politicians would deregulate the religious marketplace, and discusses why religious civil liberties are important for promoting spiritual vibrancy and a strong civic culture in society. It also examines the link between religious liberty and political economy.
Secularization and Economic Models of Religious Behavior
Authors: Bruce Steve
Published: February 2013

The economics of religion often creeps into the corner of the sociologist of religion's vision. Although their minds are generally on higher things, religious organizations have financial concerns. Since the early 1990s, a number of U.S. scholars have tried to radically reshape our understanding of religion by applying economic principles to such core problems as the explanation of belief, conversion, membership, and commitment. Inspired by Nobel Prize winner Gary Becker's grand vision of an economics of everything, Rodney Stark, Roger Finke, and Laurence Iannaccone have produced a large body of work that seeks to explain both large-scale social patterns (such as why some societies are more religious than others) and micro-decision making (such as shifting between denominations) by considerations of market structure and cost-benefit calculations. The supply-side explanation of religious vitality was promoted as an alternative to the secularization approach. Stark's interest in it stemmed from his earlier commitment to a theory of religion that makes the demand for religion high and stable. This article discusses secularization and economic models of religious behavior.
The Political Economy of the Medieval Church
Authors: Ekelund, Jr. Robert B. , Hébert Robert F. , Tollison Robert D.
Published: February 2013

The exact starting and ending dates of the Middle Ages may be difficult to specify, but historians are virtually unanimous that the period, however demarcated, represented the high tide of Christianity in Western Europe. Medieval Europe provides an interesting case study, not only of religion and politics, but of the overlap between them, which was far greater in medieval society than it is today. The medieval Roman Catholic Church, as an economic and political entity, attempted to accomplish its otherworldly goals in this world by acquiring power and influence. Most large corporations need access to capital markets to grow and prosper. The medieval Church was no exception, but it was constrained by its own admonitions against “laying up earthly treasure” and “serving Mammon instead of God.” This article discusses the political economy of the medieval Church, focusing on its response to the Crusades and also considering purgatory, indulgences, and the Protestant Reformation, as well as marriage as a sacrament.
The Development of Complex Societies in Formative-Period Pacific Guatemala and Chiapas
Authors: Love Michael
Published: February 2013

This article discusses the development of complex societies during the Formative period in the Pacific coastal plain, stretching from Chiapas, Mexico, to El Salvador. Data shows that a trend of increasing complexity began soon at the end of the Archaic period and climaxed with the emergence of urbanism and early state societies during the Late Formative period. The long-term trajectory of increasing social complexity was not seamless, however, and there were significant disjunctions that suggest episodes of political cycling at various points within the sequence, manifested in the movement of political centers, economic reorganization, and changes in the ideological justifications of political power.
The Rise of Formative-Period Complex Societies in the Northern Maya Lowlands
Authors: Stanton Travis W.
Published: February 2013

This article reviews archaeological evidence on the development of Formative-period communities in the northern Maya lowlands. The earliest data available for a Maya occupation of the northern lowlands indicate a fairly complex society with strong, but distinct, cultural ties to their neighbors to the south. These data have spawned speculations that the northern lowlands were populated by Maya migrating out of the south, but the evidence to date remains ambiguous. It is now known that large sites existed in the Late Formative and that the Maya of the northern lowlands experienced a similar collapse as that documented for the southern lowlands. The pace and pattern of this development, collapse, and transition to the Classic era, however, have yet to be teased out of the archaeological data. Finally, while there is solid evidence that the northern lowland Maya developed the institution of divine kingship in the Early Classic period, there is scant evidence of Teotihuacan “influence” among the northern kingdoms.
The Archaeology of the Late Postclassic Maya Highlands
Authors: Borgstede Greg , Robinson Eugenia
Published: February 2013

This article reviews archaeological evidence of the Late Postclassic period in the Maya highlands. The Maya highlands contain a diverse and complex geography, a diversity that is represented in the material record. While archaeological and ethnohistoric evidence from the central Guatemalan highlands has long dominated discussion of the Late Postclassic period, research has shown that developments outside of this subregion were extremely variable and localized. A focus on the Quiché and Kaqchikel states has resulted in an important and rich body of evidence that has undeniable importance to Maya and Mesoamerica studies, as well as modern Maya peoples.
The Tarascan Empire
Authors: Pollard Helen Pearlstein
Published: February 2013

In the vast region of western Mexico, social complexity first emerged during the Late Preclassic and Classic periods in the Teuchitlán cultural tradition of Jalisco. But it was during the Postclassic period that unequivocal states and a powerful empire appeared; this was the Tarascan Empire, the most complex polity known to us from western Mexico and a significant enemy of the contemporaneous Aztec Empire. During the Late Postclassic period the Tarascan Empire was the second largest in Mesoamerica (more than 75,000 square kilometers) and was ethnically dominated by a population the Spaniards called Tarascos, who spoke a language known as Tarasco, or Purépecha. This article discusses Tarascan archaeology and ethnohistory, cultural roots of the Tarascan Empire, and the Tarascan state and empire.
The Conquest of Mexico
Authors: Oudijk Michel R.
Published: February 2013

This article focuses on the sources describing the Spanish conquest of Mexico. Historians all have continuously asked the same question: How was it possible for five hundred Spaniards to conquer a Mexican empire? In trying to resolve the question, historians have applied all kinds of methodological instruments but particularly they have critically analyzed the sources. All have recognized the obvious subjectivity of the main sources of Hernán Cortés, López de Gómara, and Díaz del Castillo. The response has been either to verify the information given by these authors with that of archival documents and other accounts by Spanish conquerors, or to confront the Spanish sources with indigenous ones. These have been very useful methods that have clarified many of the doubts and mistakes represented in the main sources, but they have always confirmed the main story line of the Spanish conquest of Mexico.
Mesoamerica and the Southwest/Northwest
Authors: McGuire Randall H.
Published: February 2013

This article explores the parallels between the southwest of the United States and the northwest of Mexico (the Southwest/Northwest) and Mesoamerica. Parallels occur in cosmology, iconography, metaphor, and ritual. While a profound degree of shared cosmology, iconography, metaphor, and ritual between the two regions has been identified, the societies of the two regions remain qualitatively different. Resolving this paradox begins by realizing that the parallels between the two areas have different histories and origins. Some of them transcend both regions.
Central Mexican States and Imperial Tribute Systems
Authors: Berdan Frances F.
Published: February 2013

This article discusses central Mexican tribute systems. Tribute in central Mexican prehistory consisted of one-way movements of goods and labor from conquered polities to their conquerors. Military conquests were frequent, especially during the Postclassic period, and repeated aggressive excursions often resulted in conquest states or, more extensively, in empires. A common goal of conquest was control over economic resources and production, and this goal was achieved through the imposition of tribute demands on conquered peoples. Tribute payments consisted of both raw materials and manufactured goods, with an emphasis on manufactured items. Conquerors demanded materials and items that were readily available to the conquered people. As the empire expanded geographically, more and more luxuries were demanded in tribute.
Historical Archaeology in Central and Western Mesoamerica
Authors: Fournier G. Patricia , Charlton Thomas H.
Published: February 2013

Recently there has been increasing interest in historical archaeology on a worldwide scale. A number of papers have been published dealing with the emergence and growth of historical archaeology in Mexico in general, and in western and northern Mesoamerica specifically, considering the characteristics of diverse research strategies and the incorporation of different approaches as used by historical archaeology in these regions. Other studies have addressed historical archaeology briefly or focused on particular topics of interest. This article summarizes background information relevant to the development of historical archaeology in Mexico, and presents key research themes to examine the current status of historical archaeology in central and western Mesoamerica.
Bubbles in Asset Prices
Authors: Malkiel Burton G.
Published: February 2013

This article addresses three topics. First, it describes what economists mean when they use the term “bubble,” and contrasts the behavioral finance view of asset pricing with the efficient market paradigm in an attempt to understand why bubbles might persist and why they may not be arbitraged away. Second, it reviews some major historical examples of asset-price bubbles as well as the (minority) view that they may not have been bubbles at all. It also examines the corresponding changes in real economic activity that have followed the bursting of such bubbles. Finally, it examines the most hotly debated aspect of any discussion of asset-price bubbles: what, if anything, should policy makers do about them? Should they react to sharp increases in asset prices that they deem to be unrelated to “fundamentals?” Should they take the view that they know more than the market does? Should they recognize that asset-price bubbles are a periodic flaw of capitalism and conduct their policies so as to temper any developing excesses? Or should they focus solely on their primary targets of inflation and real economic activity? The discussion pays particular attention to bubbles that are associated with sharp increases in credit and leverage.
Direct Investments in Private Firms by Institutional Investors: Issues And Evidence
Authors: Nielsen Kasper Meisner
Published: February 2013

This article discusses the intermediation model and focuses on direct investments by institutional investors. It also introduces “indirect investments,” which refer to investments that are made through funds of funds. The first section presents some evidence of direct investments in private firms from various countries around the world. It then discusses the relevant issues that surround direct investments. This article determines that there are implications for the governance and success connected to the use of different private equity structures.
The Size and Internal Structure of Private Equity Firms
Authors: Knyphausen-Aufsess Dodo Zu , Koehnemann Marc
Published: February 2013

This article investigates the internal structure and size of private equity firms. It notes that private equity firms are getting larger and identifies the factors that affect the size and structure of private equity funds. It studies the consequences of having a large size and structure, as well as the implications for listed private equity. It also considers the structures of private equity funds and listed private equity funds.
Private Equity Governance and Financing Decisions
Authors: Zambelli Simona
Published: February 2013

This article focuses on the structure, governance, and performance of leveraged buyouts in Italy. It defines the term “private equity” as an expansion financing of existing firms. It notes that Italy has previously experienced periods of exhausting regulation over such transactions. The discussion analyzes the governing and financing behavior used by private equity investors in order to manage investment risks and related agency problems. From there it turns to a study of how venture capitalists affect the governance of their portfolio companies within the private equity market of Italy.
Leveraged Buyouts and Control-Oriented Investments in Asia
Authors: Fleming Grant , Takeuchi Mai
Published: February 2013

This article looks at Asia's leveraged buyouts and control-oriented investments. It describes buyout activity throughout Asia along with the governance mechanisms that are used to create value. It studies the institutional development of Asian LBO markets while referring to historical comparative studies. It then analyzes the financial returns to Asian LBOs and growth investments using data from returns to going-private transactions and realized private equity investments. This article concludes with evidence on governance and operational change in Asian LBOs and features a new data set that is composed of company-level data across all major Asian economies.
Venture Capital Reputation
Authors: Krishnan C.N.V. , Masulis Ronald W.
Published: February 2013

The reputations of venture capital firms that operate in a highly fragmented private equity industry are examined in several recent studies, and this evidence is further developed in this article. The relations of a large number of suggested venture capitalist (VC) reputation measures to the probability of future successful initial public offers (IPOs) are analyzed, as well as four well-known measures of firm long-run performance: the rate of return on assets, market-to-book ratio, firm survival, and abnormal stock return. The primary finding is that a VC's past market share of VC-backed IPOs consistently shows a significant positive relation with the probability of future IPOs as well as with all four post-IPO issuer long-run performance measures investigated. This result holds after controlling for VC backing, VC banks, underwriter reputation, and issue and issuer characteristics. There is also evidence that more reputable VCs select stronger portfolio firms. However, the relation of VC reputation to firm performance continues to hold after adjusting for self-selection using well-known approaches. Thus after taking VC selectivity into account, strong evidence is found that more reputable VCs do add value to their portfolio firms after they go public.
Philanthropic Venture Capital From A Global Perspective: Definition and Investment Strategy
Authors: Scarlata Mariarosa , Alemany Luisa
Published: February 2013

The aim of this article is threefold. First, it provides a definition of the philanthropic venture capital concept and presents different typologies of philanthropic venture capitalists in terms of the social enterprises they support and the outcomes to which they tend to give rise. Second, it describes the investment model adopted by philanthropic venture capitalists. And third, it presents the investment policy that characterizes the emerging philanthropic venture capital industry, with a special focus on the composition of its portfolio.
Venture Capital Before The First Dollar: Deal Origination, Screening, and Evaluation
Authors: Yung Chris
Published: February 2013

This article reviews the activities undertaken by venture capitalists before the first dollar is invested. The unifying theme is information acquisition. Specifically, it reviews how venture capitalists elicit or produce information about the new venture, using their due diligence activities, network of professional contacts, and financial contracting choices.
Capital Structure Determinants In Growth Firms Accessing Venture Funding
Authors: Balboa Marina , Martí José , Tresierra-Tanaka Álvaro Edmundo
Published: February 2013

This article analyzes the determinants of the capital structure of venture capital (VC)-backed firms before the entrance of the VC investors. The analyses are carried out on a large representative sample of Spanish VC-backed firms, which is also free of survivorship bias. The results are compared with those obtained in a matched sample of similar non-VC-backed firms. The article contributes to identifying, if any, the existence of specific economic and financial characteristics of firms in which venture capitalists invest later, prior to the initial investment event.
Venture Capital Staging: Domestic Versus Foreign Vc-Led Investments
Authors: Li Yong , Yao Beiqing
Published: February 2013

This article serves two purposes: to review how the agency and real options perspectives inform us about the venture capital staging decision, and to examine whether the staging decision differs between domestic venture capitalist (VC)-led and foreign VC-led investment projects. The article proceeds as follows. First, it reviews how agency theory informs venture capital staging decisions and analyzes whether domestic VCs and foreign VCs differ in using staged financing to address agency concerns. Then it considers how real options theory informs venture capital staging decisions, and examines whether domestic VCs and foreign VCs differ in using staged financing to tackle project-specific uncertainty and market volatility. It discusses the methods for the empirical test and presents empirical results. It concludes with a discussion of the study for research and practice.
Follow-On Financing of Venture Capital–Backed Companies
Authors: Vanacker Tom , Seghers Arnout , Manigart Sophie
Published: February 2013

This article empirically investigates the different sources of finance raised by young companies after they received their first round of venture capital finance. It begins with a discussion of the theoretical background and development of the hypotheses. Next it discusses the data set and describes the data sources used, how finance events are defined, and how the independent variables are measured. It then presents the main research findings, which provide stylized facts about how growth-oriented entrepreneurial companies finance their operations after having received venture capital. This is followed by a discussion and conclusion.