bluuebunny/crossref_metadata_2025 huggingface dataset:
No News Is Good News: The Relationship Between Media Attention and Strike Duration
Authors: Flynn Francis J.
Published: March 2003

Media attention has been overlooked as a potential determinant of strike duration. This study analyzed the impact of media attention on strike duration using a sample of the 90 largest U.S. strikes that occurred from 1980 to 1991. Results indicated that a strong positive relationship exists between prestrike media attention and strike duration, even while controlling for strike size, organizational fame, the occurrence of a federal intervention, the involvement of a famous union, history of conflict, and broad industry categories. A possible social psychological explanation—bargaining parties behave rigidly in response to increases in public attention—is discussed.
Youth Apprenticeship in a Laboratory of Democracy
Authors: Parker Eric
Published: March 2003

Wisconsin became the only state to adopt the German apprenticeship system for a sustained period of 1911 to 1933. The actual implementation is compared across sectors to identify the institutional conditions of successful state policy. The generalization of apprenticeship in metalworking and construction highlights the importance of secondary associations between government and the market. The subsequent divergence of these sectors suggests that the reconstruction of regional labor market institutions must accompany contemporary policy developments.
How the Swans Came to Lake Michigan: The Social Organization of Buddhist Chicago
Authors: Numrich Paul David
Published: March 2003

An analysis of the social organization of Buddhist groups and networks in metropolitan Chicago sheds light on the social organization of Buddhism and other new religions in American cities generally. Following an overview of the history and geography of Buddhist Chicago, this essay examines the dynamics underlying the emergence of local Buddhist groups and networks under two main headings: religious identities and sociological factors. First, Buddhism's various branches, traditions, and lineages are discussed; sociological factors discussed include organizational types, ethnic/racial distinctions, sociological functions played by Buddhism for “culture Buddhists” and “convert Buddhists,”and the role of local social dynamics in the emergence, proliferation, and interaction of Buddhist groups. As the field of American Buddhist studies enters a period of renewed productivity, this essay offers a conceptual framework for understanding major issues that can benefit both researchers within the field and interested social scientists outside of it.
Religious Attributions and Proximity of Influence: An Investigation of Direct Interventions and Distal Explanations
Authors: Weeks Matthew , Lupfer Michael B.
Published: March 2003

Investigations into religious attributions have focused on attributer's immediate, proximal causes of events, paying little attention to underlying, distal explanations. In an effort to explain the relatively low incidence of religious attributions and further a new model of proximal‐distal attributions, we present two experiments investigating the proximal and distal use of religious and nonreligious supernatural attributions. Participants in both studies were presented a series of sixteen vignettes that varied on several attribution‐relevant dimensions. After reading each vignette, subjects gave an initial explanation for the event, and were then probed for any underlying explanations. Experiment 1 used an interview format that allowed participants maximum latitude when explaining the event's outcome. Consistent with our predictions, participants perceived God as having a greater distal than proximal influence, though this difference was not evident for attributions to Satan or nonreligious supernatural agents. Experiment 2 was performed via a microcomputer, with a participant's initial attributional response branching to a set of appropriate distal explanations. Overall, the results suggest that attributer's perceive God working through indirect influences rather than direct intervention, with this effect being moderated by the attributer's level of religiosity. This pattern was evident in the use of God as a distal explanation as well as in the distal explanations to proximal attributions to God.
Investigating the Sect‐Church‐Sect Cycle: Cohort‐Specific Attendance Differences Across African‐American Denominations
Authors: Sherkat Darren E.
Published: March 2003

Varying religious commitment across generations plays a key role in explaining transitions from sect to church, and the formation of sectarian movements. Within a sect, elite members of younger generations are seen to spur internal secularization that transforms otherworldly sects into world‐affirming churches. In this paper I examine how cohort differences in religious commitment across denominations evidence the sect‐church transformation process, and point to sources of sect formation among African‐Americans. Using data from the 1972–1998 General Social Surveys, I analyze denomination‐specific cohort differences in religious participation among African‐Americans. Cohort‐specific shifts in religious participation across denominations demonstrate the secularization of African‐American mainline Methodist and Baptist groups, the continued vitality of sectarian denominations, and the nascent ascendance of “nondenominational” churches on the fringes of the religious marketplace.
The Effects of Switching on Denominational Subcultures
Authors: Gay David A. , Lynxwiler John P. , Peek Charles W.
Published: March 2003

For many years, sociologists have examined the role of religious collectivities in shaping individual attitudes and behaviors. This research has assumed that religious groups are the “locus of subcultural differences” in social attitudes. However, scholars have not addressed how denominational mobility or switching affects denominational subcultures. Our research uses data from the General Social Surveys to examine the consequences of switching on denominational subcultures. Our analysis investigates denominational differences in central tendencies and differences in homogeneity for “switchers” and those who remain affiliated with the same religious group over the life course. Further, comparisons of both types of religious group differences are adjusted to account for sociodemographic characteristics. Several promising directions for future research on religious variations in social values and attitudes are discussed.
Agency Costs, Risk Management, and Capital Structure
Authors: Leland Hayne E.
Published: March 2003

The joint determination of capital structure and investment risk is examined. Optimal capital structure reflects both the tax advantages of debt less default costs (Modigliani and Miller (1958, 1963)), and the agency costs resulting from asset substitution (Jensen and Meckling (1976)). Agency costs restrict leverage and debt maturity and increase yield spreads, but their importance is small for the range of environments considered.

Risk management is also examined. Hedging permits greater leverage. Even when a firm cannot precommit to hedging, it will still do so. Surprisingly, hedging benefits often are greater when agency costs are low.
The Declining Credit Quality of U.S. Corporate Debt: Myth or Reality?
Authors: Blume Marshall E. , Lim Felix , Mackinlay A. Craig
Published: March 2003

In recent years, the number of downgrades in corporate bond ratings has exceeded the number of upgrades, leading some to conclude that the credit quality of U.S. corporate debt has declined. However, an alternative explanation of this apparent decline in credit quality is that the rating agencies are now using more stringent standards in assigning ratings. An ordered probit analysis of a panel of firms from 1978 through 1995 suggests that rating standards have indeed become more stringent, implying that at least part of the downward trend in ratings is the result of changing standards.
Earnings Management and the Long‐Run Market Performance of Initial Public Offerings
Authors: Teoh Siew Hong , Welch Ivo , Wong T.J.
Published: March 2003

Issuers of initial public offerings (IPOs) can report earnings in excess of cash flows by taking positive accruals. This paper provides evidence that issuers with unusually high accruals in the IPO year experience poor stock return performance in the three years thereafter. IPO issuers in the most “aggressive” quartile of earnings managers have a three‐year aftermarket stock return of approximately 20 percent less than IPO issuers in the most “conservative” quartile. They also issue about 20 percent fewer seasoned equity offerings. These differences are statistically and economically significant in a variety of specifications.
Implied Volatility Functions: Empirical Tests
Authors: Dumas Bernard , Fleming Jeff , Whaley Robert E.
Published: March 2003

Derman and Kani (1994), Dupire (1994), and Rubinstein (1994) hypothesize that asset return volatility is a deterministic function of asset price and time, and develop a deterministic volatility function (DVF) option valuation model that has the potential of fitting the observed cross section of option prices exactly. Using S&P 500 options from June 1988 through December 1993, we examine the predictive and hedging performance of the DVF option valuation model and find it is no better than an ad hoc procedure that merely smooths Black–Scholes (1973) implied volatilities across exercise prices and times to expiration.
Corporate Ownership Around the World
Authors: La Porta Rafael , Lopez‐De‐Silanes Florencio , Shleifer Andrei
Published: March 2003

We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder protection, relatively few of these firms are widely held, in contrast to Berle and Means's image of ownership of the modern corporation. Rather, these firms are typically controlled by families or the State. Equity control by financial institutions is far less common. The controlling shareholders typically have power over firms significantly in excess of their cash flow rights, primarily through the use of pyramids and participation in management.
Transition Densities for Interest Rate and Other Nonlinear Diffusions
Authors: Aït‐Sahalia Yacine
Published: March 2003

This paper applies to interest rate models the theoretical method developed in Aït‐Sahalia (1998) to generate accurate closed‐form approximations to the transition function of an arbitrary diffusion. While the main focus of this paper is on the maximum‐likelihood estimation of interest rate models with otherwise unknown transition functions, applications to the valuation of derivative securities are also briefly discussed.
Inefficiency in Analysts' Earnings Forecasts: Systematic Misreaction or Systematic Optimism?
Authors: Easterwood John C. , Nutt Stacey R.
Published: March 2003

A rational analysis of analyst behavior predicts that analysts immediately and without bias incorporate information into their forecasts. Several studies document analysts' tendency to systematically underreact to information. Underreaction is inconsistent with rationality. Other studies indicate that analysts systematically overreact to new information or that they are systematically optimistic. This study discriminates between these three hypotheses by examining the interaction between the nature of information and the type of reaction by analysts. The evidence indicates that analysts underreact to negative information, but overreact to positive information. These results are consistent with systematic optimism in response to information.
CEO Involvement in the Selection of New Board Members: An Empirical Analysis
Authors: Shivdasani Anil , Yermack David
Published: March 2003

We study whether CEO involvement in the selection of new directors influences the nature of appointments to the board. When the CEO serves on the nominating committee or no nominating committee exists, firms appoint fewer independent outside directors and more gray outsiders with conflicts of interest. Stock price reactions to independent director appointments are significantly lower when the CEO is involved in director selection. Our evidence may illuminate a mechanism used by CEOs to reduce pressure from active monitoring, and we find a recent trend of companies removing CEOs from involvement in director selection.
Agency Problems and Dividend Policies around the World
Authors: La Porta Rafael , Lopez‐de‐Silanes Florencio , Shleifer Andrei , Vishny Robert W.
Published: March 2003

This paper outlines and tests two agency models of dividends. According to the “outcome model,” dividends are paid because minority shareholders pressure corporate insiders to disgorge cash. According to the “substitute model,” insiders interested in issuing equity in the future pay dividends to establish a reputation for decent treatment of minority shareholders. The first model predicts that stronger minority shareholder rights should be associated with higher dividend payouts; the second model predicts the opposite. Tests on a cross section of 4,000 companies from 33 countries with different levels of minority shareholder rights support the outcome agency model of dividends.
Going Public without Governance: Managerial Reputation Effects
Authors: Gomes Armando
Published: March 2003

This paper addresses the agency problem between controlling shareholders and minority shareholders. This problem is common among public firms in many countries where the legal system does not effectively protect minority shareholders against oppression by controlling shareholders. We show that even without any explicit corporate governance mechanisms protecting minority shareholders, controlling shareholders can implicitly commit not to expropriate them. Stock prices of such companies are significantly higher and firms are more likely go public because of this reputation effect. Moreover, insiders divest shares gradually over time, at a rate that is negatively related to the degree of moral hazard.
Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk
Authors: Heaton John , Lucas Deborah
Published: March 2003

Using cross‐sectional data from the SCF and Tax Model, we show that entrepreneurial income risk has a significant influence on portfolio choice and asset prices. We find that households with high and variable business income hold less wealth in stocks than other similarly wealthy households, although they constitute a significant fraction of the stockholding population. Similarly for nonentrepreneurs, holding stock in the firm where one works reduces the portfolio share of other common stocks. Finally, we show that adding proprietary income to a linear asset pricing model improves its performance over a similar model that includes only wage income.
Equilibrium Forward Curves for Commodities
Authors: Routledge Bryan R. , Seppi Duane J. , Spatt Chester S.
Published: March 2003

We develop an equilibrium model of the term structure of forward prices for storable commodities. As a consequence of a nonnegativity constraint on inventory, the spot commodity has an embedded timing option that is absent in forward contracts. This option's value changes over time due to both endogenous inventory and exogenous transitory shocks to supply and demand. Our model makes predictions about volatilities of forward prices at different horizons and shows how conditional violations of the ‘Samuelson effect’ occur. We extend the model to incorporate a permanent second factor and calibrate the model to crude oil futures data.
Price Discovery without Trading: Evidence from the Nasdaq Preopening
Authors: Cao Charles , Ghysels Eric , Hatheway Frank
Published: March 2003

This paper studies Nasdaq market makers' activities during the one and one‐half hour preopening period. Price discovery during the preopening is conducted via price signaling as opposed to the auction used to open the NYSE or the continuous market used during trading. In the absence of trades, Nasdaq dealers use crossed and locked inside quotes to signal to other market makers which direction the price should move. Furthermore, we find evidence of price leadership among market makers that bears little resemblance to their IPO/SEO lead underwriter participation.
Price Momentum and Trading Volume
Authors: Lee Charles M.C. , Swaminathan Bhaskaran
Published: March 2003

This study shows that past trading volume provides an important link between “momentum” and “value” strategies. Specifically, we find that firms with high (low) past turnover ratios exhibit many glamour (value) characteristics, earn lower (higher) future returns, and have consistently more negative (positive) earnings surprises over the next eight quarters. Past trading volume also predicts both the magnitude and persistence of price momentum. Specifically, price momentum effects reverse over the next five years, and high (low) volume winners (losers) experience faster reversals. Collectively, our findings show that past volume helps to reconcile intermediate‐horizon “underreaction” and long‐horizon “overreaction” effects.
Imperfect Competition among Informed Traders
Authors: Back Kerry , Cao C. Henry , Willard Gregory A.
Published: March 2003

We analyze competition among informed traders in the continuous‐time Kyle(1985) model, as Foster and Viswanathan (1996) do in discrete time. We explicitly describe the unique linear equilibrium when signals are imperfectly correlated and confirm the conjecture of Holden and Subrahmanyam (1992) that there is no linear equilibrium when signals are perfectly correlated. One result is that at some date, and at all dates thereafter, the market would have been more informationally efficient had there been a monopolist informed trader instead of competing traders. The relatively large amount of private information remaining near the end of trading causes the market to approach complete illiquidity.
Information Asymmetry, R&D, and Insider Gains
Authors: Aboody David , Lev Baruch
Published: March 2003

Although researchers have documented gains from insider trading, the sources of private information leading to information asymmetry and insider gains have not been comprehensively investigated. We focus on research and development (R&D)—an increasingly important yet poorly disclosed productive input—as a potential source of insider gains. Our findings, for the period from 1985 to 1997 indicate that insider gains in R&D‐intensive firms are substantially larger than insider gains in firms without R&D. Insiders also take advantage of information on planned changes in R&D budgets. R&D is thus a major contributor to information asymmetry and insider gains, raising issues concerning management compensation, incentives, and disclosure policies.
Learning about Predictability: The Effects of Parameter Uncertainty on Dynamic Asset Allocation
Authors: Xia Yihong
Published: March 2003

This paper examines the effects of uncertainty about the stock return predictability on optimal dynamic portfolio choice in a continuous time setting for a longhorizon investor. Uncertainty about the predictive relation affects the optimal portfolio choice through dynamic learning, and leads to a state‐dependent relation between the optimal portfolio choice and the investment horizon. There is substantial market timing in the optimal hedge demands, which is caused by stochastic covariance between stock return and dynamic learning. The opportunity cost of ignoring predictability or learning is found to be quite substantial.
Explaining the Rate Spread on Corporate Bonds
Authors: Elton Edwin J. , Gruber Martin J. , Agrawal Deepak , Mann Christopher
Published: March 2003

The purpose of this article is to explain the spread between rates on corporate and government bonds. We show that expected default accounts for a surprisingly small fraction of the premium in corporate rates over treasuries. While state taxes explain a substantial portion of the difference, the remaining portion of the spread is closely related to the factors that we commonly accept as explaining risk premiums for common stocks. Both our time series and cross‐sectional tests support the existence of a risk premium on corporate bonds.
Extreme Correlation of International Equity Markets
Authors: Longin François , Solnik Bruno
Published: March 2003

Testing the hypothesis that international equity market correlation increases in volatile times is a difficult exercise and misleading results have often been reported in the past because of a spurious relationship between correlation and volatility. Using “extreme value theory” to model the multivariate distribution tails, we derive the distribution of extreme correlation for a wide class of return distributions. Empirically, we reject the null hypothesis of multivariate normality for the negative tail, but not for the positive tail. We also find that correlation is not related to market volatility per se but to the market trend. Correlation increases in bear markets, but not in bull markets.
Profitability of Momentum Strategies: An Evaluation of Alternative Explanations
Authors: Jegadeesh Narasimhan , Titman Sheridan
Published: March 2003

This paper evaluates various explanations for the profitability of momentum strategies documented in Jegadeesh and Titman (1993). The evidence indicates that momentum profits have continued in the 1990s, suggesting that the original results were not a product of data snooping bias. The paper also examines the predictions of recent behavioral models that propose that momentum profits are due to delayed overreactions that are eventually reversed. Our evidence provides support for the behavioral models, but this support should be tempered with caution.
Consumption, Aggregate Wealth, and Expected Stock Returns
Authors: Lettau Martin , Ludvigson Sydney
Published: March 2003

This paper studies the role of fluctuations in the aggregate consumption–wealth ratio for predicting stock returns. Using U.S. quarterly stock market data, we find that these fluctuations in the consumption–wealth ratio are strong predictors of both real stock returns and excess returns over a Treasury bill rate. We also find that this variable is a better forecaster of future returns at short and intermediate horizons than is the dividend yield, the dividend payout ratio, and several other popular forecasting variables. Why should the consumption–wealth ratio forecast asset returns? We show that a wide class of optimal models of consumer behavior imply that the log consumption–aggregate wealth (human capital plus asset holdings) ratio summarizes expected returns on aggregate wealth, or the market portfolio. Although this ratio is not observable, we provide assumptions under which its important predictive components for future asset returns may be expressed in terms of observable variables, namely in terms of consumption, asset holdings and labor income. The framework implies that these variables are cointegrated, and that deviations from this shared trend summarize agents' expectations of future returns on the market portfolio.
The High‐Volume Return Premium
Authors: Gervais Simon , Kaniel Ron , Mingelgrin Dan H.
Published: March 2003

The idea that extreme trading activity contains information about the future evolution of stock prices is investigated. We find that stocks experiencing unusually high (low) trading volume over a day or a week tend to appreciate (depreciate) over the course of the following month. We argue that this high‐volume return premium is consistent with the idea that shocks in the trading activity of a stock affect its visibility, and in turn the subsequent demand and price for that stock. Return autocorrelations, firm announcements, market risk, and liquidity do not seem to explain our results.
Automated Versus Floor Trading: An Analysis of Execution Costs on the Paris and New York Exchanges
Authors: Venkataraman Kumar
Published: March 2003

A global trend towards automated trading systems raises the important question of whether execution costs are, in fact, lower than on trading floors. This paper compares the trade execution costs of similar stocks in an automated trading structure (Paris Bourse) and a floor‐based trading structure (NYSE). Results indicate that execution costs are higher in Paris than in New York after controlling for differences in adverse selection, relative tick size, and economic attributes across samples. These results suggest that the present form of the automated trading system may not be able to fully replicate the benefits of human intermediation on a trading floor.
Equity Premia as Low as Three Percent? Evidence from Analysts' Earnings Forecasts for Domestic and International Stock Markets
Authors: Claus James , Thomas Jacob
Published: March 2003

The returns earned by U.S. equities since 1926 exceed estimates derived from theory, from other periods and markets, and from surveys of institutional investors. Rather than examine historic experience, we estimate the equity premium from the discount rate that equates market valuations with prevailing expectations of future flows. The accounting flows we project are isomorphic to projected dividends but use more available information and narrow the range of reasonable growth rates. For each year between 1985 and 1998, we find that the equity premium is around three percent (or less) in the United States and five other markets.
LAPM: A Liquidity‐Based Asset Pricing Model
Authors: Holmström Bengt , Tirole Jean
Published: March 2003

The intertemporal CAPM predicts that an asset's price is equal to the expectation of the product of the asset's payoff and a representative consumer's intertemporal marginal rate of substitution. This paper develops an alternative approach to asset pricing based on corporations' desire to hoard liquidity. Our corporate finance approach suggests new determinants of asset prices such as the distribution of wealth within the corporate sector and between the corporate sector and the consumers. Also, leverage ratios, capital adequacy requirements, and the composition of savings affect the corporate demand for liquid assets and, thereby, interest rates.
On the Perils of Financial Intermediaries Setting Security Prices: The Mutual Fund Wild Card Option
Authors: Chalmers John M. R. , Edelen Roger M. , Kadlec Gregory B.
Published: March 2003

Economic distortions can arise when financial claims trade at prices set by an intermediary rather than direct negotiation between principals. We demonstrate the problem in a specific context, the exchange of open‐end mutual fund shares. Mutual funds typically set fund share price (NAV) using an algorithm that fails to account for nonsynchronous trading in the fund's underlying securities. This results in predictable changes in NAV, which lead to exploitable trading opportunities. A modification to the pricing algorithm that corrects for nonsynchronous trading eliminates much of the predictability. However, there are many other potential sources of distortion when intermediaries set prices.
Internal Monitoring Mechanisms and CEO Turnover: A Long‐Term Perspective
Authors: Huson Mark R. , Parrino Robert , Starks Laura T.
Published: March 2003

We report evidence on chief executive officer (CEO) turnover during the 1971 to 1994 period. We find that the nature of CEO turnover activity has changed over time. The frequencies of forced CEO turnover and outside succession both increased. However, the relation between the likelihood of forced CEO turnover and firm performance did not change significantly from the beginning to the end of the period we examine, despite substantial changes in internal governance mechanisms. The evidence also indicates that changes in the intensity of the takeover market are not associated with changes in the sensitivity of CEO turnover to firm performance.
Managerial Ownership, the Method of Payment for Acquisitions, and Executive Job Retention
Authors: Ghosh Aloke , Ruland William
Published: March 2003

This study investigates how acquiring and target firm managers' preferences for control rights motivate the payment for corporate acquisitions. We expect that managers of target firms who value influence in combined firms will prefer to receive stock. One reason top managers desire influence is to enhance their chances of retaining jobs in the combined firm. Our analysis shows a strong, positive association between managerial ownership of target firms and the likelihood of acquisitions for stock. We also find that managers of target firms are more likely to retain jobs in combined firms when they receive stock rather than cash.
Contributions to Change in the Input‐Output Model: The Search for Inverse Important Coefficients
Authors: Casler Stephen D. , Hadlock Darren
Published: March 2003

The relationship between changes in input‐output structural coefficients and changes in the coefficients of the Leontief inverse is explained in a calculus‐based framework. Knowledge of this relationship is essential for understanding how structural changes in one sector are transmitted across the economy, and is useful in forming updates to I‐O tables given limited information. Empirically, we identify those coefficients likely to be the most important in causing inverse changes. We find that a selective and systematic updating procedure can lead to accurate updates without the need for complete data.
Intervening Opportunities, Competing Searchers, and the Intrametropolitan Flow of Male Youth Labor
Authors: Raphael Steven
Published: March 2003

This paper analyzes the determinants of the journey‐to‐work commuting patterns for male teenage workers within a single local labor market: the Oakland Primary Metropolitan Statistical Area. Controlling for the intervening opportunities and the intervening labor supply between a given origin and destination reduces the estimated negative effect of distance on the interzonal flow of labor by nearly 90 percent. Nonetheless, physical distance has a significant and substantial negative effect on intrametropolitan youth labor flows. Despite the high correlation between intervening opportunities and intervening competing workers, both spatial variables have sizable, and independent, effects on labor flows.
Producer Services, Economic Geography, and Services Tradability
Authors: De Vaal Albert , Van Den Berg Marianne
Published: March 2003

We investigate how the incorporation of producer services linkages affects the outcome of an economic geography model. We specify the production of manufactures such that a variety of producer services is needed to transform tradable unfinished goods into final consumption goods. We find that service linkages promote the concentration of economic activity in a single region, but whether full concentration is achieved depends on the costs and mode of services trade. Applying the model to a multiregion world shows that incorporating producer services may also give rise to regions that specialize in different economic activities.
The Exclusion Theorem in the Weberian Space
Authors: Hsu Song‐Ken , Tan Lin‐Ti
Published: March 2003

In this paper we employ a unifying approach to examine the exclusion theorem in a Weberian space under various types of uncertainty: input price or output price uncertainty, transport rate uncertainty, and technology uncertainty. The novelty of our approach is the usage of second‐order conditions and comparative static analysis in the derivation of conditions for thevalidity of the exclusion theorem. Our main results are new and some are generalizations of those obtained in prior studies.
Regional Competition for Mobile Oligopolistic Firms: Does Public Provision of Local Inputs Lead to Agglomeration?
Authors: Maurer Boris , Walz Uwe
Published: March 2003

We develop a model in which two regional governments compete for two mobile oligopolistic firms. Regional governments provide local infrastructure to attract mobile firms in order to increase regional employment and income. Firms face the trade‐off between better regional infrastructure and fiercer competition for local workers. Strategic interaction prevails at the regional level as well as at the firm level. We show that an equilibrium with spatial concentration of firms as well as an equilibrium with spatial diversification of firms exists. In almost all cases regional competition leads to a suboptimal provision of local infrastructure.
Regulatory Federalism and Environmental Protection in the United States
Authors: List John A. , Gerking Shelby
Published: March 2003

In this paper we address two aspects of regulatory federalism in U.S. environmental policy. First, we suggest that environmental quality in U.S. states responds positively to increases in income. Second, we provide evidence that environmental quality did not decline when President Reagan's policy of new federalism returned responsibility for many environmental regulations to the states. Thus, state environmental quality appears to reflect more than just the dictates of federal policy. Additionally, we find that a “race to the bottom” in environmental quality did not materialize in the 1980s.
Fitness and Fatness in Relation to Health: Implications for a Paradigm Shift
Authors: Miller Wayne C.
Published: March 2003

Health care professionals most often approach health promotion for large persons in the context that health improvement can be attained only through weight loss. Unequivocal acceptance of the notion that thinness equals health and fitness has been the only health intervention strategy available for many large men and women. The apparent ineffectiveness of traditional diet and exercise programming to reduce body weight has caused many health care providers, obesity researchers, and lay persons to challenge the further use of diet and exercise for the sole purpose of reducing body weight in the large person. A brief survey of the most popular dieting techniques used over the past 40 years shows that most techniques cycle in and out of popularity, and that many of these techniques are hazardous to health. Data from the scientific community indicate that diet and exercise programs for weight loss are ineffective in producing reduced weight maintenance after a period of 3 to 5 years. On the other hand, there are data indicating that overweight men and women can become healthy without losing significant amounts of weight. Furthermore, epidemiological studies indicate that fitness, not fatness, is related to disease and mortality. Any intervention strategy for the obese should be one that promotes the development of a healthy lifestyle. The outcome parameters used to evaluate the success of such an intervention should be specific to disease risk and symptomatologies and not limited to medically ambiguous variables like body weight or body composition.
Mindful and Masculine: Freeing Women Leaders From the Constraints of Gender Roles
Authors: Kawakami Christine , White Judith B. , Langer Ellen J.
Published: March 2003

Despite gains in women's status, successful leaders are more likely to be men than women. The styles that successful leaders set tend to be masculine. Female leaders face a paradox: If they emulate a masculine leadership style, their male subordinates will dislike them. If they adopt a stereotypically warmand nurturing feminine style, they will be liked, but not respected. Two experiments found that female leaders who are mindful can escape this paradox. In an experiment, college‐aged men perceived a woman who was masculine and mindful to be a better leader than a woman who was masculine and mindless. A second experiment replicated that result with middle‐aged businessmen.
The Contribution of Second Language Acquisition Research
Authors: Klein Wolfgang
Published: March 2003

During the last 25 years, second language acquisition (SLA) research hasmade considerable progress, but is still far from proving a solid basis for foreign language teaching, or from a general theory of SLA. In addition, its status within the linguistic disciplines is still very low. I argue this has not much to do with low empirical or theoretical standards in the field—in this regard, SLA research is fully competitive—but with a particular perspective on the acquisition process: SLA researches learners' utterances as deviations from a certain target, instead of genuine manifestations of underlying language capacity; it analyses them in terms of what they are not rather than what they are. For some purposes such a “target deviation perspective” makes sense, but it will not help SLA researchers to substantially and independently contribute to a deeper understanding of the structure and function of the human language faculty. Therefore, these findings will remain of limited interest to other scientists until SLA researchers consider learner varieties a normal, in fact typical, manifestation of this unique human capacity.
Language in the Balance: Lexical Repetition as a Function of Topic, Cultural Background, and Writing Development
Authors: Reynolds Dudley W.
Published: March 2003

Writers' use of lexical repetition changes in relation to writing topic, cultural background, and development of writing ability. As the principal means of explicitly marking cohesion in a text, lexical repetition offers insight into how texts are structured and the balance of old and new information. Nonnative writers (134) from four cultural backgrounds (Arab, Japanese, Korean, and Spanish) and NS high school students (57) wrote a timed assessment essay on either a descriptive or a persuasive topic. Multiple regression analysis indicates that writing ability measures are the most important variables for predicting changes in repetition usage, with less significant effects found for topic and cultural background. Discussion focuses on how characteristics of learner texts change in relation to different combinations of the independent variables.
Chronological and Stylistic Aspects of Second Language Acquisition of Consonant Clusters
Authors: Major Roy C.
Published: March 2003

A major focus in second language acquisition (SLA) studies for the past two or three decades has been the role that universal factors play in acquisition. Prior to then, the influence of transfer had been well documented, since the early work of Lado (1957) and even earlier work of Weinreich (1953). However, in 1971 Nemser reported Hungarian learners of English used substitutions that occurred in neither native English nor Hungarian; likewise, Johansson (1973) noted that L2 learners of Swedish produced sounds that occurred in neither Swedish nor the native languages. These nontransfer substitutions have been termed universal developmental variants (part of Universal Grammar [UG]) because they are similar or identical to those occurring in L1 acquisition. Although these substitutions had been well documented, there was no attempt to describe the interrelationship of transfer and developmental factors until Major (1986a, 1987) proposed the Ontogeny Model (OM) to describe a relationship of these two factors for both chronology and style. The present study further tests this model, the data largely supporting the claims for chronology but not for style. This work is significant because it rigorously tests claims concerning the interaction of transfer and universal factors, and although the claims for stylistic variation were not supported, the study provides extensive data with research implications for variation studies. The importance of variation in SLA has been pointed out by numerous researchers, including Tarone (1988), and in a recently published volume on variation in SLA (Bayley & Preston, 1996), which quite significantly contains a chapter by Labov.

Although about a dozen years old, the OM has implications for an ongoing debate in SLA (not restricted to phonology): whether UG is or is not accessible to the learner. The model predicts that at early stages of acquisition, UG will not play a major role because the influence of transfer is strong and the influence of developmental factors (subsumed under UG) is minimal.According to the model, however, at later stages of acquisition the role of UG will increase because transfer decreases and developmental factors decrease.

The OM has also had an impact on very recent work in L2 phonology, for example, Broselow, Chen, and Wang (1998) and Hancin‐Bhatt and Bhatt (1997), who employ Optimality Theory (Prince and Smolensky, 1993). From an Optimality Theory framework, Hancin‐Bhatt and Bhatt discuss the interaction of transfer and developmental factors and state: “In so doing, we can begin to give a linguistic‐theoretic interpretation to Major's (1986, 1987, 1994) ontogeny model” (p. 368).
Communication Strategies in a Second Language: Definitions and Taxonomies
Authors: Dörnyei Zoltán , Scott Mary Lee
Published: March 2003

This paper examines trends in second language (L2) communication strategy (CS) research to date. We give a comprehensive review of the relevant literature from the last two decades, with particular consideration of the different ways in which CSs have been defined and of corresponding influences on the organization of strategy taxonomies. We first outline the history of CS research and discuss problem‐orientedness and consciousness as defining criteria for CSs. We then offer a comprehensive list of strategic language devices and describe the major CS taxonomies, noting key trends, with special attention to current and future research orientations.
A Frame Grabber Related Error In Subpixel Target Location
Authors: Clarke T. A.
Published: March 2003

The accuracy of subpixel target image location is an important factor that contributes to the overall precision of three dimensional measurement when using CCD cameras. This shorter contribution reports the effect of an electrical adjustment of a frame grabber that results in a significant and systematic error in the accuracy of target image location using some target location methods.
The Problems of Specifications
Authors: Gwaspari J.
Published: March 2003

Based on his personal experiences with preparing specifications, the author defines the objective of a specification and lists particular problems that may arise when confusion of purpose exists. Guidelines for drawing up a specification are then presented. Finally it is emphasized that communication between provider and client is the most essential factor in achieving a successful specification.
The Metric Impact of Reduction Optics in Digital Cameras
Authors: Fraser C. S. , Edmundson K. L.
Published: March 2003

The recently released Nikon E2 still video camera incorporates reduction optics technology which enables a full conventional 35mm image to be recorded on a 2/3 inch (17mm) CCD array. This paper investigates the metric impact of reduction optics through application of the technique of multisensor system self‐calibration. The influence of the JPEG image compression facility contained within the E2 is also assessed in an overall evaluation of the camera for vision metrology applications which demand relatively high object point triangulation accuracies.
The Changing Role of Ordnance Survey International With Case Studies in Trinidad, Guyana and Albania
Authors: Papps N. G. , Vincent G. N. , Leslie D.
Published: March 2003

This paper discusses the role of Ordnance Survey International as a division within Ordnance Survey and outlines the work currently being carried out world‐wide. It identifies the commercial structure of the business and justifies the reasons for participation in overseas markets. The key business activities of Adviser to the United Kingdom Department for International Development, international relations, library services, training and consultancy are all described. In addition, three case studies are included to support the main text.
Emergence of an Integrated Softcopy Stereoplotter System to Replace Analogue Stereoplotters
Authors: Kern P. F. , Fagerman J.
Published: March 2003

Stereoscopic softcopy photogrammetric systems were originally as expensive as analytical stereoplotters, which prohibited their use in most small production firms. At the lower end of the cost spectrum, the functioning of these systems has previously been somewhat limited. Advances in computing technology and software architecture have now made an economic replacement of analogue stereoplotters a reality. A reasonably priced, high performance, off the shelf production solution is now possible on standard PC hardware. This paper provides a comparison of analogue and digital photogrammetry for a production work flow, commencing after scanning the films and progressing through project set up, orientations, stereodisplay and feature collection, DTM collection and editing, finally ending prior to orthophotography production. The underlying breakthrough software architecture making an effective digital system possible at moderate cost is described in detail and the benefits of such a system compared with analogue plotters are highlighted.
Towards a New Approach for Absolute and Exterior Orientation
Authors: Smith M. J. , Park D. W. G.
Published: March 2003

This paper briefly examines the current position in absolute and exterior orientation and highlights some of the limitations of existing techniques. An alternative system for performing absolute orientation and, potentially, exterior orientation is introduced. Some preliminary tests have given encouraging results.
Photo Orientation Under Unstable Conditions: A Robust Trial and Error Approach Using Range Ratios
Authors: Croitoru Arie , Ethrog Uzi
Published: March 2003

Relative orientation is one of the fundamental steps in forming a photogrammetric model. Whilst relative orientation is straightforward in most cases of aerial photogrammetry this may not be the case in close range photogrammetry where the nature of the photographs and the cameras being used often raise unfamiliar problems. This paper addresses the problem of performing relative orientation of non‐metric photographs under unstable conditions where there are no ground control points and the ray intersection geometry is poor. The relative orientation problem is approached from several viewpoints, including a method that relies on little information about the exterior or relative orientation parameters. The solution is based on an iterative process, in which a set of three virtual control points (VCPs) is created, using photo coordinates and range ratios. The validity of the VCPs is checked during every iteration by an estimation of the coplanarity condition using two or more conjugate checkpoints. During the iteration a database is formed, which is then used to obtain a net of VCPs that fulfil the coplanarity condition for the checkpoints. The VCPs are then used to compute the “relative” exterior orientation by space resection. The proposed method was tested on both simulated and real photographs and was found to have some advantages over more commonly used techniques.
Remembering while Forgetting: The Role of Automorphism in City Management in Warsaw
Authors: Czarniawska Barbara
Published: March 2003

This article summarizes the results of a study of city management in Warsaw. Contrary to the common opinion, the difficulties in effective city management in Warsaw do not stem from its communist past, but from a veneered sedimentation of a rationalist‐legalist frame of action. These problems are aggravated by a negative attitude toward imitation of foreign models. The article discusses possibilities for reframing that are created by automorphism, that is, an imitation of the city's invented tradition.
Some Unfinished Business in Public Administration
Authors: Rutledge Philip
Published: March 2003

In July 1995, the American Society for Public Administration's Endowment Board established the Donald C. Stone Fund to honor the memory of this public administration legend. Income from this fund is used to sponsor a lecture or symposium at ASPA's national conference, which reflects Stone's varied interests and contributions to the field. This year marked the seventh Donald C. Stone Lecture. On March 26, Philip Rutledge was ASPA's Stone Lecturer and gave the following speech.