bluuebunny/crossref_metadata_2025 huggingface dataset:
Small‐scale mining and its socio‐economic impact in developing countries
Authors: Hilson Gavin
Published: March 2003

This article examines both the positive and negative socio‐economic impacts of small‐scale mining in developing countries, and outlines some key measures for improving sustainability in the sector. It is important to clarify that, in spite of experiencing its share of environmental‐ and health‐related problems that adversely impact human quality‐of‐life, small‐scale mining plays a pivotal role in alleviating poverty in the developing world, and contributes significantly to national revenues and foreign exchange earnings. Though these important socio‐economic contributions make small‐scale mining an indispensable economic activity, there is an obvious need for improved sustainability in the industry, more specifically, for operations to resolve pressing problems, many of which have wide‐ranging impacts. However, because most small‐scale mines are low‐tech and employ poorly trained uneducated people, it is difficult for the sector to improve on its own. Thus, governments and regional international bodies must play an expanded role in bridging critical information, techno‐logic and economic gaps. It is concluded that governments and regional organizations could accomplish much in the way of improved sustainability in the small‐scale mining industry by: (1) legalizing small‐scale mining and implementing sector‐specific legislation; (2) contributing to community development and providing increased economic support; and (3) providing training and educational assistance, and playing an expanded role in the dissemination and transfer of important technologies.
Abandoned artisanal gold mines in the Brazilian Amazon: A legacy of mercury pollution
Authors: Veiga Marcello M. , Hinton Jennifer J.
Published: March 2003

The modern gold rush in the Brazilian Amazon attracted millions of people to become artisanal miners in order to escape complete social marginalization. The rudimentary nature of artisanal mining activities often generates a legacy of extensive environmental degradation,both during operations and well after mining activities have ceased. One of the most significant environmental impacts is derived from the use of mercury (Hg), which is illegal for use in gold amalgamation in Brazil, but continues to be the preferred method employed by artisanal gold miners. The general population is unaware of the capricious nature of mercury and artisanal mining activities. Moreover, individuals in positions of political or economic infiuence tend to be negatively biased towards artisanal mining and government policies do not effectively address the realities of these activities. Affected communities have consequently been ignored,and mistrust towards outside parties is high. Not surprisingly, miners are suspicious of and unlikely to employ externally derived solutions to reduce mercury emissions. This article reviews the use of mercury in artisanal mining and highlights the role miners, governments and non‐governmental organizations (NGOs) have played in communicating facts, perpetuating myths and deriving solutions for mercury pollution. This article also raises some key concerns that must be addressed to understand the behaviour of mercury in the environment and identifies solutions for problems facing communities where artisanal gold mining operations have been abandoned.
A Second Republic for Italy?
Authors: Donovan Mark
Published: March 2003

Radical change in the representative dimension of Italy's political system was expected to bring a transition to a ‘Second Republic’ in Italy. That has not happened. Nevertheless, after three consultations using the new parliamentary electoral system, studies focusing on the ‘input’ side of Italian politics are beginning to agree that substantial change has occurred. It is, however, too early to identify the extent of change in public administration and centre–local government relations, whilst even in parliament it is argued that consensual decision-making continued at least into the late 1990s. The impact of party system change on policy-making has thus been shown to be less direct than many expected, providing rich material for research into the relationship between institutional and policy change. Nevertheless, institutional change continues, particularly with regard to the decentralisation of government, and some studies suggest that this is the key to Italy's political transformation, rather than electoral reform or even change in the form of government. Still, the election of Italy's first right-wing majority government in 2001 may yet bring change in parliamentary practice and policy-making more generally.
Middle‐Class African American Parents’ Conceptions of Parenting in Early Adolescence
Authors: Smetana Judith , Chuang Susan
Published: March 2003

Conceptions of parenting were examined in 87 middle‐class African American parents (87 mothers and 51 fathers) of early adolescents (M= 13.11 years of age). Using semistructured interviews, parents were queried about two developmentally salient issues of early adolescence: parental limit‐setting and adolescent independence. Parents primarily defined firm limits in terms of nonnegotiation, strongly endorsed setting firm limits regarding a range of issues, and justified the importance of limits by focusing on adolescents’ socialization and psychological development. Mothers rated limiting adolescents’ behavior as more important than permitting or encouraging adolescents’ independence. Limits were seen as more important by mothers of younger rather than older early adolescent females, but mothers encouraged independence more for younger rather than older early adolescent males. Mothers permitted independent decisions regarding a limited range of issues such as clothes and appearance, based on psychological concerns with adolescents’ developing autonomy and competence; they encouraged independence primarily by encouraging greater responsibility. The results demonstrate that there is considerable heterogeneity in African American parents’ beliefs and goals about parenting in early adolescence.
Adolescent Transitions to Young Adulthood: Antecedents, Correlates, and Consequences of Adolescent Employment
Authors: Leventhal Tama , Graber Julia A. , Brooks‐Gunn Jeanne
Published: March 2003

The antecedents, correlates, and consequences of adolescent employment were investigated in a sample of 251 low‐income, African American youth that were followed since birth. The youth (age: M at preschool = 4.89, SD= .70; M at adolescence = 16.44, SD= .66; M at transition to adulthood = 19.36, SD= .76; and M at early adulthood = 27.67, SD= .75) were the firstborn children of African American teenage mothers who gave birth in Baltimore in the 1960s. Analyses examined the antecedents and correlates of age of entry into employment and stability of employment during adolescence. The associations of adolescent work experiences with subsequent adult education and employment outcomes also were considered. Findings indicate that among this sample of low‐income, African American youth, those who repeated a grade in school during middle childhood were more likely to enter the workforce at later ages than their peers who did not repeat a grade. The small subset of adolescents who never worked (n= 12) appear to be markedly more disadvantaged than their peers who worked. At the transition to adulthood, adolescents who entered the workforce earlier were more likely to complete high school than their peers. In addition, stable employment during the adolescent years had more beneficial effects on young men's chances of attending college than young women's postsecondary education. This pattern of findings is consistent with ethnographic accounts of adolescent employment among poor, minority, urban youth.
Psychological Control and Autonomy Granting: Opposite Ends of a Continuum or Distinct Constructs?
Authors: Silk Jennifer S. , Morris Amanda S. , Kanaya Tomoe , Steinberg Laurence
Published: March 2003

This article explores the relationship between parental psychological control and parental autonomy granting, and the relations between these constructs and indicators of adolescent psychosocial functioning, in a sample of 9,564 adolescents from grades 9 to 12. Participants completed a comprehensive parenting questionnaire as well as several measures of psychosocial adjustment. Confirmatory factor analyses of the parenting items revealed discrete factors for psychological control and autonomy granting, suggesting that these are distinct parenting constructs rather than opposite ends of a parental control continuum. Moreover, structural equation modeling showed that these factors were weakly correlated and differentially related to adolescent internalizing symptoms. Findings have implications for future conceptualization and measurement of psychological control and autonomy granting, and for research examining their effects on adolescent development.
Differences in Pharmacokinetics Between Children and Adults—II. Children's Variability in Drug Elimination Half‐Lives and in Some Parameters Needed for Physiologically‐Based Pharmacokinetic Modeling
Authors: Hattis Dale , Ginsberg Gary , Sonawane Bob , Smolenski Susan , Russ Abel , Kozlak Mary , Goble Rob
Published: March 2003

In earlier work we assembled a database of classical pharmacokinetic parameters (e.g., elimination half‐lives; volumes of distribution) in children and adults. These data were then analyzed to define mean differences between adults and children of various age groups. In this article, we first analyze the variability in half‐life observations where individual data exist. The major findings are as follows. The age groups defined in the earlier analysis of arithmetic mean data (0–1 week premature; 0–1 week full term; 1 week to 2 months; 2–6 months; 6 months to 2 years; 2–12 years; and 12–18 years) are reasonable for depicting child/adult pharmacokinetic differences, but data for some of the earliest age groups are highly variable. The fraction of individual children's half‐lives observed to exceed the adult mean half‐life by more than the 3.2‐fold uncertainty factor commonly attributed to interindividual pharmacokinetic variability is 27% (16/59) for the 0–1 week age group, and 19% (5/26) in the 1 week to 2 month age group, compared to 0/87 for all the other age groups combined between 2 months and 18 years. Children within specific age groups appear to differ from adults with respect to the amount of variability and the form of the distribution of half‐lives across the population. The data indicate departure from simple unimodal distributions, particularly in the 1 week to 2 month age group, suggesting that key developmental steps affecting drug removal tend to occur in that period. Finally, in preparation for age‐dependent physiologically‐based pharmacokinetic modeling, nationally representative NHANES III data are analyzed for distributions of body size and fat content. The data from about age 3 to age 10 reveal important departures from simple unimodal distributional forms—in the direction suggesting a subpopulation of children that are markedly heavier than those in the major mode. For risk assessment modeling, this means that analysts will need to consider “mixed” distributions (e.g., two or more normal or log‐normal modes) in which the proportions of children falling within the major versus high‐weight/fat modes in the mixture changes as a function of age. Biologically, the most natural interpretation of this is that these subpopulations represent children who have or have not to yet received particular signals for change in growth pattern. These apparently distinct subpopulations would be expected to exhibit different disposition of xenobiotics, particularly those that are highly lipophilic and poorly metabolized.
Family Support and Health Status of the Elderly in Imo State of Nigeria
Authors: Unanka Godwin O.
Published: March 2003

This article highlights ageing issues in a community in a developing African nation. This exploratory study uses quantitative and qualitative methods. Seventy–five elders were sampled from Imo State, Nigeria. Results indicate that family support is potentially available at a ratio of 3 to 1 with most of the elderly depending on their children, wives, in–laws,and God. The elderly express satisfaction with family care and they rarely live alone. The elders attach greater value to non–material (physical presence/emotional) support. The most prevalent acute and chronic illnesses of the elderly are respectively malaria, followed by severe headache, flu, sleeping problems; and rheumatism/arthritis, followed by failing vision, general weakness and hip problems. The implications of these findings for policy are considered.
Can You See the Real Me? Activation and Expression of the “True Self” on the Internet
Authors: Bargh John A. , McKenna Katelyn Y. A. , Fitzsimons Grainne M.
Published: March 2003

Those who feel better able to express their “true selves” in Internet rather than face‐to‐face interaction settings are more likely to form close relationships with people met on the Internet (McKenna, Green, & Gleason, this issue). Building on these correlational findings from survey data, we conducted three laboratory experiments to directly test the hypothesized causal role of differential self‐expression in Internet relationship formation. Experiments 1 and 2, using a reaction time task, found that for university undergraduates, the true‐self concept is more accessible in memory during Internet interactions, and the actual self more accessible during face‐to‐face interactions. Experiment 3 confirmed that people randomly assigned to interact over the Internet (vs. face to face) were better able to express their true‐self qualities to their partners.
When Are Net Effects Gross Products? Communication
Authors: Spears Russell , Postmes Tom , Lea Martin , Wolbert Anka
Published: March 2003

The rush to judgment about the social effects of the new communications media has branded them as positive and negative in equal measure. Alienation from “real world” relationships coupled with a lack of social regulation within the medium is balanced by liberation from the influences, inequalities, and identities to which people are subjected in face‐to‐face interaction. We argue that such general conclusions may in fact be turned upside down and propose that these media may actually strengthen social bonds but also reinforce power inequalities. Reviewing evidence of our research with university students, employing the social identity model of deindividuation effects, we show how these technologies can often be more “social,” and socially regulated, than face‐to‐face interaction.
Is the Internet Changing Social Life? It Seems the More Things Change, the More They Stay the Same
Authors: Tyler Tom R.
Published: March 2003

Although there has been a tremendous amount of discussion in the popular press about how the Internet is changing all facets of social life, research on the impact of the Internet is only beginning to emerge. A review of the studies reported in this issue suggests that the Internet may have had less impact on many aspects of social life than is frequently supposed. In many cases, the Internet seems to have created a new way of doing old things, rather than being a technology that changes the manner in which people live their lives. As a consequence, the policy implications of increasing Internet use may be less than is often believed.
Dispositional and Organizational Influences on Sustained Volunteerism: An Interactionist Perspective
Authors: Penner Louis A.
Published: March 2003

Community service often involves sustained prosocial actions by individuals. This article focuses on one kind of such actions, volunteerism. Volunteerism involves long–term, planned, prosocial behaviors that benefit strangers, and usually occur in an organizational setting. A selective review of the literature on the correlates of volunteerism is presented. One part of the review concerns the relationship between dispositional variables and volunteerism; it includes new data from an on–line survey that show significant relationships among personality traits, religiosity, and volunteer activities. The other part concerns how organizational variables, alone and in combination with dispositional variables, are related to volunteerism. A theoretical model of the causes of sustained volunteerism is presented and the practical implications of this model are discussed.
Inter–Group Helping Relations as Power Relations: Maintaining or Challenging Social Dominance Between Groups Through Helping
Authors: Nadler Arie
Published: March 2003

The article presents a model which proposes that groups may establish or challenge dominance through helping. It begins by noting the centrality of inequality in helping and inter–group relations. The implications of this to affirmative action programs are noted. Following this, a model of inter–group helping relations is proposed. It suggests that when the high status group provides to the low status group dependency oriented help, it may do so in order to establish dominance. The willing receptivity of the low status group may indicate its acceptance of the inequality, and lack of receptivity for such help may be motivated by the desire to achieve social equality. Empirical findings that are relevant to this analysis are presented in studies using Israeli students as research participants.
Community Involvement: Opportunities and Challenges in Socializing Adults to Participate in Society
Authors: Clary E. Gil , Snyder Mark
Published: March 2003

The concluding article of this issue devoted to community involvement considers the unique perspective offered by each article on this topic in this issue, yet does so in the context of the commonalities among them. Most important of these commonalities, perhaps, is that all of the articles address, to some degree, the question of how adults can best be socialized to develop a habit of community participation. Some articles consider this question of encouraging community involvement in educational settings, while others consider the question in more general settings. Some articles focus on key conceptual processes, whereas others concentrate on practical issues in promoting involvement. Finally, virtually all of the articles consider the benefits of community involvement; some of the articles also explore the downside to efforts to promote community involvement.
Functional Capacity and Self–Evaluation of Health and Life of Oldest Old in China
Authors: Yi Zeng , Vaupel James W.
Published: March 2003

This study is based on survey data from a sample of 8,805 elders aged 80–105 in 22 provinces of China. Rural oldest old are significantly more active in daily living than urban oldest old; adaptation is perhaps the major explanation of this difference. Female oldest old are seriously disadvantaged in functional capacities and self–reported health as compared with their male counterparts. Percentages of being active in daily living, having good physical performance, normal cognitive function and well–being drop dramatically from age 80–84 to 100–105. Proportion reporting satisfaction in current life, however, remains almost constant from age 80–84 to 90–94 and declines slightly afterwards. This may suggest that being more positive in self–feeling of life is one of the secrets of longevity.
Language Learning and Perfectionism: Anxious and Non‐Anxious Language Learners' Reactions to Their Own Oral Performance
Authors: Gregersen Tammy , Horwitz Elaine K.
Published: March 2003

This interview study sought to clarify the relationship between foreign language anxiety and perfectionism. The comments of anxious and non‐anxious language learners were audiorecorded as they watched themselves interact in a videotaped oral interview. By examining the reactions of the language learners to their actual oral performance and analyzing the audiotapes for instances of perfectionism, evidence was gathered suggesting that anxious and non‐anxious learners differ in their personal performance standards, procrastination, fear of evaluation, and concern over errors. Because the results of this study indicated a link between language anxiety and perfectionism, the article ends with a discussion of procedures that have been used to overcome perfectionism and that may also be helpful to anxious foreign language learners.
Cloze Tests Revisited: Exploring Item Characteristics with Special Attention to Scoring Methods
Authors: Kobayashi Miyoko
Published: March 2003

This study examined the effects of item characteristics on cloze test performance. A particular focus of the study was to investigate the relationship between a number of cloze item characteristics and scoring methods. The item characteristics examined were: (a) content/function words, (b) parts of speech, (c) word frequency, (d) the number of occurrences of a word in the text, (e) alternative answers, (f) syntactic variation, (g) the amount of context, and (h) knowledge base. A total of 255 Japanese university students participated and were randomly assigned 1 of 4 sets of cloze tests. The data revealed variations in the results of cloze tests attributable to different scoring methods. The study showed the complex effects of item characteristics and scoring methods on test performance, both in terms of item difficulty and discrimination. These findings have important implications for the use of cloze tests.
Procedural Facilitators and Cognitive Strategies: Tools for Unraveling the Mysteries of Comprehension and the Writing Process, and for Providing Meaningful Access to the General Curriculum
Authors: Baker Scott , Gersten Russell , Scanlon David
Published: March 2003

A solid, emerging research base exists to inform how we provide meaningful access to the general education curriculum for students with learning disabilities (LD). For example, the presentation of challenging content to academically diverse learners can be demystified using content enhancement techniques. Additionally, a range of strategies can be taught to enhance reading comprehension and expressive writing abilities. Examples from several lines of research in comprehension and writing are used to highlight the underlying features of these empirically based approaches and to introduce the reader to the history of this expanding body of research.
The Role of Conversation in a Thematic Understanding of Literature
Authors: Morocco Catherine Cobb , Hindin Alisa
Published: March 2003

Opportunities to discuss literature with peers are critical to students' development of literary understanding. Despite the importance of these discourse experiences, many middle‐school students are not afforded these opportunities or the necessary teacher support in their English language arts classrooms. Based on a sociocultural perspective, we set out to examine the ways that middle‐grades students, particularly those with disabilities, contribute to peer‐led discussions and how their participation enables them to build toward textual understanding, social understanding, and understanding of literary discourse. We conducted an in‐depth analysis of a verbatim transcription of a video‐taped literacy lesson in an urban classroom. Drawing on that analysis, we describe the ways students participated in the literary discourse and the teacher practices that supported students' participation in this discourse. This analysis provides evidence that students with disabilities can acquire the discourse practices needed for interpreting challenging literature with their regular education peers.
Municipal Capital Spending during the “Boom”
Authors: Pagano Michael A.
Published: March 2003

This article analyzes municipal governments, capital spending, and revenue‐raising decisions between 1993 and 2000, an era of unprecedented economic growth. It finds that, as anticipated, greater‐than‐expected revenues allowed many cities to advance projects from their capital improvement plans to their capital budgets. Moreover, the article concludes that growth in cities' own‐source‐revenue‐generating capacity and transfers from carryover or ending balances from earlier years, rather than debt issuances and intergovernmental aid, seem to be the most important fuel for the remarkable growth rate in capital spending.
The Effects of Environmental Turbulence on New Product Development Strategy Planning
Authors: Calantone Roger , Garcia Rosanna , Dröge Cornelia
Published: March 2003

Managers need guidance on how to cope with turbulent environments in order to improve corporate performance. Research on environmental turbulence has suggested that firms adopt a less centralized, more organic structure in dynamic, uncertain environments. Little work has been done specifically, however, on how environmental turbulence affects strategy planning for new product development (NPD). In this article, we specify a baseline model with firm innovativeness, market orientation and top management risk taking as antecedents to NPD speed and corporate strategic planning; these in turn are modeled as antecedents to NPD program (not project) performance. Two conceptualizations of the role of environmental turbulence are examined: (1) that market turbulence and technological turbulence are additional direct antecedents to NPD program performance; and (2) that the baseline model is moderated by turbulence (that is, that the strengths of the paths differ depending on levels of turbulence). A cross‐sectional survey methodology including four diverse industries [automotive, electronics, publishing, and manufacturing/research and development (R&D) laboratories] was used to test the hypotheses. The latter conceptualization is supported. In particular, the paths from innovativeness to strategic planning and from risk taking to NPD speed are significantly greater in highly turbulent environments. A set of managerial recommendations and implications are provided. First, managers must recognize the possible improvements in new product performance by actively including NPD personnel in corporate strategic planning and also by involving corporate planners in NPD activities. Second, managers also should recognize that turbulent environments heighten the need to make risky investments, and sometimes, risky decisions; risk‐taking decisions ought to be encouraged in such environments.
Nonmission–Based Values in Results–Oriented Public Management: The Case of Freedom of Information
Authors: Piotrowski Suzanne J. , Rosenbloom David H.
Published: March 2003

Since the 1940s, Congress and the federal courts have sought to make U.S. federal administration more responsive to democratic–constitutional values, including representation, participation, transparency, and individual rights. As manifested in the National Performance Review, the New Public Management emphasis on results may reduce attention to these values, which for most agencies are not intrinsically mission–based. Freedom of information illustrates the problem of protecting nonmission–based, democratic–constitutional values in results–oriented public management. Agencies’ annual performance plans under the Government Performance and Results Act overwhelmingly ignore freedom of information, even though it is a legal requirement and performance measures for it are readily available. This study concludes that focusing on results may weaken commitment to democratic–constitutional values by default. It suggests that using a balanced scorecard approach in performance plans could enhance attention to freedom of information and other democratic–constitutional values.
Reengineering Nonprofit Financial Accountability: Toward a More Reliable Foundation for Regulation
Authors: Keating Elizabeth K. , Frumkin Peter
Published: March 2003

The annual Internal Revenue Service Form 990 tax filing is the principal disclosure mechanism for nonprofit organizations. Although considerable efforts have been made to improve the accuracy and accessibility of Form 990, questions remain as to whether this data source is the most desirable foundation for a system of nonprofit accountability. Taking a broad perspective on financial accountability, this article assesses not only the quality and availability of the financial data, but also the entire financial–reporting model. The article develops a framework for thinking critically about nonprofit financial accountability. After examining the current structure of nonprofit financial reporting and contrasting it with alternative systems developed for other industries, the article concludes with recommendations for reengineering nonprofit financial accountability.
Contract–Management Capacity in Municipal and County Governments
Authors: Brown Trevor L. , Potoski Matthew
Published: March 2003

Under pressure to do more with less, governments across the country have moved from direct service provision to providing services by contract. Proponents argue that contracting can reduce costs and improve flexibility and customer satisfaction. Critics point to a growing number of failed contracts, arguing there are numerous pitfalls associated with contracting. Missing from these debates is a discussion of how governments’ managerial capacity can improve contract performance. In this article, we identify specific capacities that governments can use to harness the promise of contracting while avoiding its pitfalls. We present analyses of data on municipal and county government contracting activities that show how governments invest in contract– management capacity in response to several internal and external threats to effective contract performance. Because government investment in contract–management capacity is uneven—that is, some governments invest in less capacity even when circumstances would call for more—our analyses may help to explain why some contract arrangements are more successful than others.
Estimation of the Rental Adjustment Process
Authors: Hendershott Patric H. , MacGregor Bryan D. , Tse Raymond Y.C.
Published: March 2003

Rental adjustment equations have been estimated for a quarter century. In the United States, models have used the deviation of the actual vacancy rate from the natural rate as the main explanatory variable, while in the United Kingdom, drivers of the demand for space have dominated the estimation. The recent papers of Hendershott (1996) and Hendershott, Lizieri and Matysiak (HLM 1999) fall into the former category. We reestimate these equations using alternative formulations and present evidence that changes in real interest rates were not capitalized into Sydney and London real land prices. We then derive a model incorporating supply and demand factors within an Error Correction framework and show how the U.S. and U.K. traditions are special cases of this more general formulation. We next estimate a two‐equation variant with a separate vacancy rate equation using data from the City of London office market. This model allows calculation of the underlying price (rent) and income (employment) elasticities and explains the data marginally better than the HLM model. Importantly, our model passes standard modern econometric requirements for unit roots and cointegration.
Latino Phenotypic Discrimination Revisited: The Impact of Skin Color on Occupational Status
Authors: Espino Rodolfo , Franz Michael M.
Published: March 2003

Objective. We reexamine the issue of phenotypic discrimination against Mexicans in the U.S. labor market, originally studied by Telles and Murguia (1990) and later by Bohara and Davila (1992). We also seek to explain this topic with respect to the Puerto Rican and Cuban populations in the United States. Methods. Instead of using household income as a dependent variable, we use occupational ranking scores computed by Hauser and Warren (1996) in combination with data from the 1990 Latino National Political Survey (LNPS). The occupational rankings more accurately reflect the level of labor market discrimination faced by individuals. Furthermore, the use of the more recent LNPS allows us to update the work of previous scholars and extend the analysis to two previously unexamined Latino groups—Puerto Ricans and Cubans. Results. Our findings indicate that darker‐skinned Mexicans and Cubans face significantly lower occupational prestige scores than their lighter‐skinned counterparts even when controlling for factors that influence performance in the labor market. However, we find no conclusive evidence that skin‐color differences impact occupational prestige scores for Puerto Ricans. Conclusions. Using earlier data, some scholars found evidence for difference in labor market performance among Mexican Americans as a function of phenotypic variations among Mexican Americans. Today, dark‐skinned Mexican Americans and Cuban Americans continue to face higher levels of discrimination in the labor market, whereas dark‐skinned Puerto Ricans do not, which may indicate regional differences across the three groups that need to be controlled for.
Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit‐taking
Authors: Kashyap Anil K. , Rajan Raghuram , Stein Jeremy C.
Published: March 2003

What ties together the traditional commercial banking activities of deposit‐taking and lending? We argue that since banks often lend via commitments, their lending and deposit‐taking may be two manifestations of one primitive function: the provision of liquidity on demand. There will be synergies between the two activities to the extent that both require banks to hold large balances of liquid assets: If deposit withdrawals and commitment takedowns are imperfectly correlated, the two activities can share the costs of the liquid‐asset stockpile. We develop this idea with a simple model, and use a variety of data to test the model empirically.
The World Price of Insider Trading
Authors: Bhattacharya Utpal , Daouk Hazem
Published: March 2003

The existence and the enforcement of insider trading laws in stock markets is a phenomenon of the 1990s. A study of the 103 countries that have stock markets reveals that insider trading laws exist in 87 of them, but enforcement—as evidenced by prosecutions—has taken place in only 38 of them. Before 1990, the respective numbers were 34 and 9. We find that the cost of equity in a country, after controlling for a number of other variables, does not change after the introduction of insider trading laws, but decreases significantly after the first prosecution.
A Rational Expectations Model of Financial Contagion
Authors: Kodres Laura E. , Pritsker Matthew
Published: March 2003

We develop a multiple asset rational expectations model of asset prices to explain financial market contagion. Although the model allows contagion through several channels, our focus is on contagion through cross‐market rebalancing. Through this channel, investors transmit idiosyncratic shocks from one market to others by adjusting their portfolios' exposures to shared macroeconomic risks. The pattern and severity of financial contagion depends on markets' sensitivities to shared macroeconomic risk factors, and on the amount of information asymmetry in each market. The model can generate contagion in the absence of news, as well as between markets that do not directly share macroeconomic risks.
The Quality of ECN and Nasdaq Market Maker Quotes
Authors: Huang Roger D.
Published: March 2003

This paper compares the quality of quotes submitted by electronic communication networks (ECNs) and by traditional market makers to the Nasdaq quote montage. An analysis of the most active Nasdaq stocks shows that ECNs not only post informative quotes, but also, compared to market makers, ECNs post quotes rapidly and are more often at the inside. Additionally, ECN quoted spreads are smaller than dealer quoted spreads. The evidence suggests that the proliferation of alternative trading venues, such as ECNs, may promote quote quality rather than fragmenting markets. Moreover, the results suggest that a more open book contributes to quote quality.
Institutional Allocation in Initial Public Offerings: Empirical Evidence
Authors: Aggarwal Reena , Prabhala Nagpurnanand R. , Puri Manju
Published: March 2003

We analyze institutional allocation in initial public offerings (IPOs) using a new data set of U.S. offerings between 1997 and 1998. We document a positive relationship between institutional allocation and day one IPO returns. This is partly explained by the practice of giving institutions more shares in IPOs with strong premarket demand, consistent with book‐building theories. However, institutional allocation also contains private information about first‐day IPO returns not reflected in premarket demand and other public information. Our evidence supports book‐building theories of IPO underpricing, but suggests that institutional allocation in underpriced issues is in excess of that explained by book‐building alone.
Explaining the Diversification Discount
Authors: Campa Jose Manuel , Kedia Simi
Published: March 2003

This paper argues that the documented discount on diversified firms is not per se evidence that diversification destroys value. Firms choose to diversify. We use three alternative econometric techniques to control for the endogeneity of the diversification decision, and find evidence supporting the selfselection of diversifying firms. We find a strong negative correlation between a firms choice to diversify and firm value. The diversification discount always drops, and sometimes turns into a premium. There also exists evidence of selfselection by refocusing firms. These results point to the importance of explicitly modeling the endogeneity of the diversification status in analyzing its effect on firm value.
What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions
Authors: Fuller Kathleen , Netter Jeffry , Stegemoller Mike
Published: March 2003

We study shareholder returns for firms that acquired five or more public, private, and/or subsidiary targets within a short time period. Since the same bidder chooses different types of targets and methods of payment, any variation in returns must be due to the characteristics of the target and the bid. Results indicate bidder shareholders gain when buying a private firm or subsidiary but lose when purchasing a public firm. Further, the return is greater the larger the target and if the bidder offers stock. These results are consistent with a liquidity discount, and tax and control effects in this market.
Is Information Risk a Determinant of Asset Returns?
Authors: Easley David , Hvidkjaer Soeren , O'Hara Maureen
Published: March 2003

We investigate the role of information‐based trading in affecting asset returns. We show in a rational expectation example how private information affects equilibrium asset returns. Using a market microstructure model, we derive a measure of the probability of information‐based trading, and we estimate this measure using data for individual NYSE‐listed stocks for 1983 to 1998. We then incorporate our estimates into a Fama and French (1992) asset‐pricing framework. Our main result is that information does affect asset prices. A difference of 10 percentage points in the probability of information‐based trading between two stocks leads to a difference in their expected returns of 2.5 percent per year.
The Making of a Dealer Market: From Entry to Equilibrium in the Trading of Nasdaq Stocks
Authors: Ellis Katrina , Michaely Roni , O'Hara Maureen
Published: March 2003

This paper provides an analysis of the nature and evolution of a dealer market for Nasdaq stocks. Despite size differences in sample stocks, there is a surprising consistency to their trading. One dealer tends to dominate trading in a stock. Markets are concentrated and spreads are increasing in the volume and market share of the dominant dealer. Entry and exit are ubiquitous. Exiting dealers are those with very low profits and trading volume. Entering market makers fail to capture a meaningful share of trading or profits. Thus, free entry does little to improve the competitive nature of the market as entering dealers have little impact. We find, however, that for small stocks, the Nasdaq dealer market is being more competitive than the specialist market.
When Is Bad News Really Bad News?
Authors: Conrad Jennifer , Cornell Bradford , Landsman Wayne R.
Published: March 2003

We examine whether the price response to bad and good earnings shocks changes as the relative level of the market changes. The study is based on a complete sample of annual earnings announcements during the period 1988 to 1998. The relative level of the market is based on the difference between the current market P/E and the average market P/E over the prior 12 months. We find that the stock price response to negative earnings surprises increases as the relative level of the market rises. Furthermore, the difference between bad news and good news earnings response coefficients rises with the market.
Clearly Irrational Financial Market Behavior: Evidence from the Early Exercise of Exchange Traded Stock Options
Authors: Poteshman Allen M. , Serbin Vitaly
Published: March 2003

This paper analyzes the early exercise of exchange‐traded options by different classes of investors over the 1996 to 1999 period. A large number of exercises are identified as clearly irrational without invoking any model of market equilibrium. Customers of discount brokers and customers of fullservice brokers both engage in a significant number of irrational exercises while traders at large investment houses exhibit no irrational early exercise behavior. Rational and irrational exercise is triggered for discount and full‐service customers by the underlying stock price attaining its highest level over the past year and by high returns on the underlying stock.
Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts
Authors: Hong Harrison , Kubik Jeffrey D.
Published: March 2003

We examine security analysts' career concerns by relating their earnings forecasts to job separations. Relatively accurate forecasters are more likely to experience favorable career outcomes like moving up to a high‐status brokerage house. Controlling for accuracy, analysts who are optimistic relative to the consensus are more likely to experience favorable job separations. For analysts who cover stocks underwritten by their houses, job separations depend less on accuracy and more on optimism. Job separations were less sensitive to accuracy and more sensitive to optimism during the recent stock market mania. Brokerage houses apparently reward optimistic analysts who promote stocks.
Globalization, Gender, and Work: Perspectives on Global Regulation
Authors: LENZ ILSE
Published: March 2003

abstract This article proposes a working definition of globalization, which, although recognizing power asymmetries and risks, focuses on the changing options of actors. I link globalization to the options of diverse actors such as feminist networks and supranational and state institutions and enterprises. These options are related to resources, power, and capacities. The United Nations Decades of Women provided a dramatically opening opportunity structure for the global women's movement that could enlarge and diversify their options. They had developed a common charter while respecting differences and capacities for global orientation. Finally, I illustrate the argument by looking at processes of feminist regulations, which were negotiated by women's movements in Japan and Germany. Both cases suggest that negotiations and regulations in the global context are possible from an asymmetric position and that innovative capacities for transnational and global orientation and horizontal organization are crucial. Further research is necessary on innovative and egalitarian forms of regulation in globalization.
Global Changes in Kaposi's Sarcoma-Associated Virus Gene Expression Patterns following Expression of a Tetracycline-Inducible Rta Transactivator
Authors: Nakamura Hiroyuki , Lu Michael , Gwack Yousang , Souvlis John , Zeichner Steven L. , Jung Jae U.
Published: March 2003

An important step in the herpesvirus life cycle is the switch from latency to lytic reactivation. In order to study the life cycle of Kaposi's sarcoma-associated herpesvirus (KSHV), we developed a gene expression system in KSHV-infected primary effusion lymphoma cells. This system uses Flp-mediated efficient recombination and tetracycline-inducible expression. The Rta transcriptional activator, which acts as a molecular switch for lytic reactivation of KSHV, was efficiently integrated downstream of the Flp recombination target site, and its expression was tightly controlled by tetracycline. Like stimulation with tetradecanoyl phorbol acetate (TPA), the ectopic expression of Rta efficiently induced a complete cycle of viral replication, including a well-ordered program of KSHV gene expression and production of infectious viral progeny. A striking feature of Rta-mediated lytic gene expression was that Rta induced KSHV gene expression in a more powerful and efficient manner than TPA stimulation, indicating that Rta plays a central, leading role in KSHV lytic gene expression. Thus, our streamlined gene expression system provides a novel means not only to study the effects of viral gene products on overall KSHV gene expression and replication, but also to understand the natural viral reactivation process.
Epstein-Barr Virus Nuclear Antigen 3C Recruits Histone Deacetylase Activity and Associates with the Corepressors mSin3A and NCoR in Human B-Cell Lines
Authors: Knight Jason S. , Lan Ke , Subramanian Chitra , Robertson Erle S.
Published: March 2003

Epstein-Barr virus (EBV) nuclear antigen 3C (EBNA3C) is a known regulatory transcription factor that has been shown to interact with histone deacetylase 1 (HDAC1) when cotransfected in human cell lines and by in vitro binding experiments. Previous studies have shown that EBNA3C interacts with p300 and prothymosin alpha (ProTα) in EBV-infected cells and may be involved in recruiting acetyltransferases to the chromatin for acetylation of histones and transcriptional activation. EBNA3C has also been shown to function as a repressor of transcription when directed to promoters. In this report, we show that EBNA3C complexed with ProTα can also recruit deacetylase activity and associates in a complex that includes HDAC1 and HDAC2 in human B cells. A complex of EBNA3C and ProTα coimmunoprecipitated with HDAC1 and HDAC2 in cell lines stably expressing EBNA3C. Additionally, this complex associated with the mSin3A and NCoR corepressors in EBNA3C-expressing cell lines and may function in a complex with additional transcription factors known to be repressors of transcription. EBNA3C in complex with ProTα recruited deacetylase activity in cell lines stably expressing EBNA3C, and this activity was shown to be partially sensitive to trichostatin A (TSA). This suggests an association with other deacetylases that are insensitive to the general inhibitory effects of TSA, as the entire activity was not abolished in multiple assays. The association between EBNA3C and the corepressors as well as HDACs is likely to depend on the presence of ProTα in the complex. Immunoprecipitation with anti-ProTα antibody immunoprecipitated EBNA3C and the other repressors, whereas immunoprecipitation with anti-EBNA3C antibody resulted in little or no association with these molecules associated with transcription repression. Clearly, EBNA3C functions as a component of a number of dynamic complexes which function in repression and activation of transcription.
MESONS IN PHOTOPRODUCTION
Authors: Eugenio Paul
Published: March 2003

In this contribution I touch upon the motivations for gluonic hybrid meson searches via photoproduction. Details are given on the benefits of linear polarization and its advantages in identifying resonance parameters, and how these advantages can be exploited to provide insight on the production mechanism.