bluuebunny/crossref_metadata_2025 huggingface dataset:
Cohabiting Couples: Rethinking Money in the Household at the Beginning of the Twenty First Century
Authors: Vogler Carolyn
Published: March 2005

This paper assesses the implications of existing research on the intra-household economy for current debates about the emergence of new forms of radically democratic intimate relationships in ‘late modern’ or ‘world risk’ society. The different ways in which couples organise money are particularly important in evaluating these debates because as Pahl (1989 , 1997 , 1999 ) argues, money can be seen as a tracer for other aspects of a couples' lives together, especially the power relationship between them. One of the groups currently thought to be in the vanguard of shifts to new forms of egalitarian and radically democratic intimate relationships are heterosexual cohabiting couples. So far however, there has been little, if any, research on the ways in which cohabiting couples organise money, particularly in Britain. This paper therefore assesses the possible implications of existing research on the intra-household economy amongst heterosexual couples in the UK and elsewhere, for the ways in which cohabiting couples may possibly be organising household money in Britain today, and what light this sheds on current debates about shifts towards greater equality in new forms of intimate relationships. One of the main questions underlying the discussion concerns the extent to which trends towards individualisation in intimate relationships are coming to be associated with greater sharing and equality in the distribution of financial resources, as Giddens' (1992) thesis would lead us to expect, or whether as Pahl (1999) and others ( Jamieson, 1999 ) have suggested, an increasing proportion of couples may now be coming to use individualised or privatised systems of money management which while enhancing individual control over finances, may nevertheless still be associated with the maintenance and reproduction of some very traditional gender inequalities between male and female partners, albeit in a new and apparently impersonal, ‘marketised’ form.
Lone Motherhood and Socio-Economic Disadvantage: Insights from Quantitative and Qualitative Evidence
Authors: Rowlingson Karen , McKay Stephen
Published: March 2005

Children's socio-economic origins have a major impact on their socio-economic destinations. But what effect do they have on other kinds of destinations, such as family life? In this article we assess the extent and nature of the relationship between social class background and lone motherhood, using a combination of research methods. We analyse three large datasets and explore in detail qualitative information from 44 in-depth interviews. Our analysis shows that women from working class backgrounds are more likely to become lone mothers (especially never-married lone mothers) than women from middle class backgrounds. Moreover, the experience of lone motherhood is very different for women from working class backgrounds compared with other women.
Mothering, Class and Rationality
Authors: Duncan Simon
Published: March 2005

Class theorists ask for research on the ‘paradox of class’ – the fact that while class appears to be materially just as important as ever, it hardly features as part of a self-conscious social identity. At the same time mothering is usually seen as a classless activity. This paper describes class based differences in how mothers combine employment and caring for their children, how they divide labour with their partners, and how they choose childcare. These are not simple structural divisions between working class and middle class, but instead refer to more nuanced social identities. These class based differences in mothering present different mixes of choice and constraint, or of ‘rationality’ and ‘preference’ in choosing alternative courses of action. However, theories focusing on classless individualised preference (Hakim) and class–based rationality (Goldthorpe) do not go far beyond a tautological description of these alternatives. Rather, the paper shows how preference and rationality are socially and culturally created through the development of career as an identity, through biographical experience, through relations with partners, and through the development of normative views in social networks.
Retirement and Risk: The Individualisation of Retirement Experiences?
Authors: Vickerstaff Sarah , Cox Jennie
Published: March 2005

A climate of uncertainty and risk exists in the field of retirement and pensions. Many employers have modified their pension schemes shifting the financial risk onto employees. Many individuals with private pensions have watched the value of their savings diminish. Added to this, the trend toward early retirement before state pension age has destabilised the traditional life course notion of a fixed retirement age, (especially for men). As a result, the concept of retirement itself has become more unpredictable and difficult to define. In this article we examine the extent of the individualisation of retirement experiences by reference to a study of retirement transitions in two organisations. The research investigated the influences on people's retirement decisions and the extent to which they experienced choice and control over how and when they retired. It is possible to identify a pattern of individualisation in contrast to its opposite of a mass transition into retirement, collectively understood and embedded in formal, institutionalised arrangements. However, underlying this fragmentation of experience there are clear structural patterns. The form that structured individualisation took here, was less to increase the majority of people's range of alternatives and choices over when and how to retire and more to enlarge the range of risks they had to cope with.
Different Worlds of Motoring: Choice, Constraint and Risk in Household Consumption
Authors: Froud Julie , Johal Sukhdev , Leaver Adam , Williams Karel
Published: March 2005

The article shows how the old economic variable of income can be related to spatial location and used to reinforce recent revisionism in sociology which questions the automatic link between consumption and identity. The diversity of motoring experience is demonstrated through a case study of motoring in inner and outer London which draws on a variety of resources, including interviews from two London boroughs, survey evidence on household expenditure and other official statistics. The analysis shows how income and space variably define household motoring experience as one of choice or constraint and risk. The end result is a cultural economy analysis that shows how motoring sustains multiple, overlapping identities in different worlds of enabling and enforced consumption which connect with production. I change cars when I get bored with them (Income quintile 4/5, London household, DB 24) [the] price of petrol means I have had to cut back on a lot of other things (income quintile 2, London household, SH17) Once this one (car) packs in, I can't afford a new one … I will keep it till it packs in (income quintile 1, retired London household, SH10)
Employment, Individualization and Insecurity: Rethinking the Risk Society Perspective
Authors: Mythen Gabe
Published: March 2005

German sociologist Ulrich Beck maintains that economic, technological and environmental transitions have radically reshaped employment relations in Western Europe. Whilst theories of employment transformation are historically ubiquitous, Beck's contribution is rather unique. Utilising risk as a lens through which subterranean shifts in employment, the economy and society can be visualised, Beck's work has been heralded as a significant theoretical landmark. The risk society perspective emphasizes the diffusion of two interlinked macro-social processes. Firstly, Beck identifies a sweeping process of individualization which recursively generates personal insecurity and reflexive decision-making. Secondly, changes in the relationship between capital and labour are said to have facilitated an underlying shift in the pattern of social distribution. This paper scrutinises Beck's understanding of these two processes, as a means of developing a broader critique of the risk society perspective. Theoretically, it will be argued that Beck deploys unsophisticated and artificial categories, amalgamates disparate forms of risk and compacts together diverse employment experiences. Empirically, the paper demonstrates that – far from being directed by a universal axis of risk – labour market inequalities follow the grooves etched by traditional forms of stratification.
Birth, Blood and Belonging: Identity Claims in Post-Devolution Scotland
Authors: Kiely Richard , Bechhofer Frank , McCrone David
Published: March 2005

Scotland is often seen as a good example of a civic/territorial rather than an ethnic/cultural form of nationalism. From the 1970s the campaign for a Scottish parliament stressed an inclusive, residence based, civic sense of being Scottish, and more recently, Scotland's political elites have seen the new parliament as an endorsement of territorial belonging. How valid are these assumptions? To what extent is political ideology at odds with people's sense of their national identity? Using a qualitative approach, we explore different identity claims currently being made in post-devolution Scotland – those based on blood, birth and belonging. We argue that these are better conceptual tools for the purpose of unravelling the complexities of identity politics in this context than the contrast between civic and ethnic. Our data come from the Scottish part of a study in England and Scotland, and focus on three sets of respondents: English migrants to Scotland making blood or birth claims to Englishness and/or Britishness; English migrants making belonging claims to Scottishness; and Scottish nationals making claims for themselves as well as assessing migrants’ claims. We also explore the significance of constitutional change in the context of respondents’ identity negotiations, and examine whether it has affected their understandings of Scottishness.
Joining, Constructing and Benefiting from the Global Workplace: Transnational Professionals in the Building-Design Industry
Authors: Kennedy Paul
Published: March 2005

More and more professionals, and other key contributors to transnational capitalism, find themselves working overseas at some point during their careers and this trend seems set to continue. However, while a great deal of research has now been carried out on other kinds of transnationals, especially migrants, we are much less well informed about the key players who contribute towards the working of an ever more globalized economy. In particular, we know little about the reasons why professionals and others embark on overseas employment, how they perceive and deal with their experiences and what consequences prolonged overseas encounters may have both for their individual careers and skill endowments and for their companies and indeed the global economy as a whole. Moreover, the central importance for these professionals of patterns of sociality built around close interpersonal relations and embedded within concrete locations in enabling them to cope with the global workplace and to perform competently for their companies – despite, and indeed because of, their encapsulation within a highly competitive economic system increasingly dispersed over vast distances, dependent upon the space of flows – requires much more investigation. This exploratory study of architects and related professionals, working for large cosmopolitan firms in the building-design industry, tries to make a contribution towards deepening our understanding of these issues.
GLOBAL JUSTICE WITHOUT END?
Authors: Tasioulas John
Published: March 2005

Abstract: John Rawls argued in The Law of Peoples that we should reject any principle of international distributive justice, whether in ideal theory or nonideal theory. Instead, he advocated a duty of assistance on the part of well‐ordered societies toward burdened societies. I argue that Rawls is correct that we should endorse a principle with a target and cut‐off point rather than a principle of international distributive justice. But the target and cut‐off point he favors is too undemanding, because it can be met by assisting a burdened society to become a decent people. Instead, only a society that respects the right to an adequate standard of living, and not simply a right to subsistence, can be an acceptable target. Rawls is prevented from drawing this conclusion by a failure to disentangle issues of intervention and assistance, a failure bound up with his flawed, intervention‐driven account of human rights in defining a decent people.
ASSESSING GLOBAL POVERTY AND INEQUALITY: INCOME, RESOURCES, AND CAPABILITIES
Authors: Robeyns Ingrid
Published: March 2005

Abstract: Are global poverty and inequality on the rise or are they declining? And is the quality of life of the world's poorest people getting worse or better? These questions are often given conflicting answers by economists, the World Bank, and social activists. One reason for this is that assessments of quality of life can be made in terms of people's income, their resources, or their functionings and capabilities. This essay discusses the pros and cons of these evaluative approaches, and it argues that all approaches have complementary strengths and should therefore in principle all be considered. Moreover, being aware that assessments of poverty and inequality can be made using these different frameworks helps us to understand the conflicting claims.
BOUNDARY MAKING AND EQUAL CONCERN
Authors: Tan Kok‐Chor
Published: March 2005

Abstract:Liberal nationalism is a boundary‐making project, and a feature of this boundary‐making enterprise is the belief that the compatriots have a certain priority over strangers. For this reason it is often thought that liberal nationalism cannot be compatible with the demands of global egalitarianism. In this essay, I examine the sense in which liberal nationalism privileges compatriots, and I argue that, properly understood, the idea of partiality for compatriots in the context of liberal nationalism is not at odds with global equal concern for all persons. In particular, I argue that the three central goals and aspirations of liberal nationalism—promoting individual autonomy and cultural identity, the realization of deliberative democracy, and the aspiration for social justice within the state—do not entail or require a form of compatriot partiality that is inconsistent with the demands of global egalitarian justice.
THEORIZING INTERNATIONAL FAIRNESS
Authors: Kokaz Nancy
Published: March 2005

Abstract:Institutionalized practices of collective justification are central for theorizing international fairness. Institutions matter because they play a significant part in the construal of fairness claims through the provision of internal standards for moral assessment. Conceptions of international fairness must spell out how collective justification works by addressing the jurisprudential and institutional issues at stake in the specification of the moral grounds for compliance with international institutions on the one hand and international civil disobedience on the other. Theoretical models of institutions that do not pay attention to collective justification are inadequate on fairness grounds. More specifically, mainstream neoliberal institutionalist accounts of international regimes are deeply problematic when used in the normative evaluation of international institutions, as they offer the wrong benchmark for moral assessment, given their roots in a brand of exchange theory that is blind to the distribution of burdens and benefits from cooperation.
THREE (POTENTIAL) PILLARS OF TRANSNATIONAL ECONOMIC JUSTICE: THE BRETTON WOODS INSTITUTIONS AS GUARANTORS OF GLOBAL EQUAL TREATMENT AND MARKET COMPLETION
Authors: Hockett Robert
Published: March 2005

Abstract:This essay aims to bring two important lines of inquiry and criticism together. It first lays out an institutionally enriched account of what a just world economic order will look like. That account prescribes, via the requisites to that mechanism which most directly instantiates the account, “three realms of equal treatment and market completion”—the global products, services, and labor markets; the global investment/financial markets; and the global preparticipation opportunity allocation. The essay then suggests how, with minimal if any departure from familiar canons of traditional international legal mandate interpretation, each of the Bretton Woods institutions—particularly the GATT/WTO and the IMF—can be viewed at least in part as charged with the task of fostering equal treatment and ultimate market completion within one of those three realms. The piece then argues that one of the institutions in particular—the World Bank—has, for reasons of at best negligent and at worst willful injustice on the part of influential state actors in the world community, fallen farthest short in pursuit of what should be viewed as its proper mandate. The article accordingly concludes that a fuller empowerment of the Bank to effect its ideal mission will press the Bretton Woods system more nearly into ethical balance, and with it the world into justice; and that full empowerment of the GATT/WTO and IMF should be partly conditioned upon the fuller empowerment of the Bank.
NETWORK POWER AND GLOBAL STANDARDIZATION: THE CONTROVERSY OVER THE MULTILATERAL AGREEMENT ON INVESTMENT
Authors: Grewal David Singh
Published: March 2005

Abstract:This essay examines the controversy over the attempt to establish rules governing global capital flows in the Multilateral Agreement on Investment (MAI), which became a target of “antiglobalization” activism. Making sense of the activists' concerns about the MAI requires understanding how the emergence of transnational standards in contemporary globalization constitutes an exercise in power. I develop the concept of “network power” to explain the way in which the rise of a single coordinating standard for global activity can be experienced as coercive, as it eclipses alternative standards and abrogates the genuinely free choice among different conventions. Using a network‐power analysis, I reinterpret the controversy over the MAI as a concern about the processes by which neoliberal globalization is being brought about.
THE WORLD TRADE ORGANIZATION AND EGALITARIAN JUSTICE
Authors: Moellendorf Darrel
Published: March 2005

Abstract: After briefly surveying the mission and principles of the World Trade Organization (WTO), I argue that international trade may be assessed from the perspective of justice, and that the correct account of justice for these purposes is egalitarian in fundamental principle. I then consider the merits of the WTO's basic commitment to liberalized trade in the light of egalitarian considerations. Finally, I discuss the justice of several WTO policies. While noting the complexity of the empirical issues relating to the effects of trade institutions and policies, I conclude that egalitarians have reasons to object to certain of the principles and policies of the WTO.
THE OWNERSHIP MODEL OF BUSINESS ETHICS
Authors: Rodin David
Published: March 2005

Abstract: This essay attempts to develop a new theoretical model for business ethics distinct from the two canonical business‐ethics theories, the stakeholder theory and the shareholder value theory. Milton Friedman argued that because managers are agents of the company's owners, their sole moral responsibility is to maximize owner returns. Thomas Pogge has recently suggested that such a view involves a kind of moral incoherence and that we should reject the efficacy of social arrangements like the principal‐agent relationship in altering moral obligations. Both views fail to give proper account of the dispersal of moral responsibilities in business contexts. We must distinguish “minimal moral obligations” (stemming from justice and rights) from “maximal moral obligations” (stemming from all other moral considerations, including duties of aid, beneficence, and the virtues). Minimal obligations apply to all persons, but maximal obligations can be effected by social arrangements like the owner‐manager relationship. There may be moral obligations incumbent on owners that do not apply to managers. Understanding this distribution of responsibilities enables us to develop a new and attractive model of business ethics––“the ownership model”––which places greater emphasis on the rights and responsibilities of the owners of business than has been traditional in business ethics.
HUMAN RIGHTS AND GLOBAL HEALTH: A RESEARCH PROGRAM
Authors: Pogge Thomas W.
Published: March 2005

Abstract:One‐third of all human lives end in early death from poverty‐related causes. Most of these premature deaths are avoidable through global institutional reforms that would eradicate extreme poverty. Many are also avoidable through global health‐system reform that would make medical knowledge freely available as a global public good. The rules should be redesigned so that the development of any new drug is rewarded in proportion to its impact on the global disease burden (not through monopoly rents). This reform would bring drug prices down worldwide close to their marginal cost of production and would powerfully stimulate pharmaceutical research into currently neglected diseases concentrated among the poor. Its feasibility shows that the existing medical‐patent regime (trade‐related aspects of intellectual property rights—TRIPS—as supplemented by bilateral agreements) is severely unjust—and its imposition a human‐rights violation on account of the avoidable mortality and morbidity it foreseeably produces.
APPLYING THE CONTRIBUTION PRINCIPLE
Authors: Barry Christian
Published: March 2005

Abstract: When are we responsible for addressing the acute deprivations of others beyond state borders? One widely held view is that we are responsible for addressing or preventing acute deprivations insofar as we have contributed to them or are contributing to bringing them about. But how should agents who endorse this “contribution principle” of allocating responsibility yet are uncertain whether or how much they have contributed to some problem conceive of their responsibilities with respect to it? Legal systems adopt formal norms that set the burden of proof, the standard of proof, and the constraints on admissible evidence, which help courts to apply liability rules in cases where there are significant evidential uncertainties. Applying principles for determining ethical responsibilities, too, require such norms. Their content, however, should be much different from that found in criminal and even civil legal settings, where the moral costs of falsely holding those responsible for bringing about some harm are more worrisome. Instead of demanding that an agent be shown to have contributed to some deprivation “beyond a reasonable doubt,” we should express a willingness to err in favor of the acutely deprived subjects, demanding that even those agents who merely suspect that they may have substantially contributed to these deprivations undertake efforts to address them.
GLOBAL JUSTICE AND THE LOGIC OF THE BURDEN OF PROOF
Authors: Räikkä Juha
Published: March 2005

Abstract: The question of who has the burden of proof is often important in practice. We must frequently make decisions and act on the basis not of conclusive evidence but of what is reasonable to presume true. Consequently, it happens that a given practical question must be solved by referring to principles that explicitly or implicitly determine, at least partly, where the burden of proof should rest. In this essay, I consider the role of the logic of the burden of proof in a debate on global justice. In particular, I ask how the logic of the burden of proof is seen by those who defend conservative positions in a debate and deny our obligations to reduce poverty beyond borders. I argue that defenders of conservative positions tend to shift the burden of proof in an unjustified way.
EXTREME POVERTY AND GLOBAL RESPONSIBILITY
Authors: Haydar Bashshar
Published: March 2005

Abstract: This essay addresses the questions of whether and how much responsibility for extreme poverty should be assigned to global and domestic institutional orders. The main focus is on whether the global order brings about the existing levels of extreme poverty or merely allows them. By examining Thomas Pogge's recent contribution on this topic, I argue that although he builds a plausible case for the claim that the global order brings about, and not merely fails to prevent, extreme poverty, the moral and empirical complexity of the situation leaves room for doubting his conclusions. I conclude, however, that it is enough that there be a reasonable chance—though not conclusive evidence—that the global order brings about the existing extreme poverty to reduce considerably the moral weight of its privileged participants' appeal to cost when justifying their not taking steps to alleviate extreme poverty.
Management of femoral artery thrombosis in an immature dog
Authors: Tater Kathy C. , Drellich Sharon , Beck Kathy
Published: March 2005

Objective:To report a case of femoral artery thrombosis and its medical management in a young dog.

Case summary:A 13‐week‐old, female Boxer puppy presented with hind limb paralysis after an abdominal crush injury. A left femoral artery thrombus was identified on ultrasound. No spinal trauma was visualized in imaging studies. Clinical management of arterial thrombosis in a 13‐week‐old puppy with streptokinase and dalteparin therapy is described.

New or unique information provided:This paper describes an unusual presentation of arterial thrombosis. The medical management with streptokinase and dalteparin is also out of the ordinary. Images that document the development of compensatory circulation around the thrombosed vessel are included. Additionally, this paper also documents the altered development that occurred in this immature dog after the thrombotic event.
Testing Agency Theory with Entrepreneur Effort and Wealth
Authors: BITLER MARIANNE P. , MOSKOWITZ TOBIAS J. , VISSING‐JØRGENSEN ANNETTE
Published: March 2005

We develop a principal‐agent model in an entrepreneurial setting and test the model's predictions using unique data on entrepreneurial effort and wealth in privately held firms. Accounting for unobserved firm heterogeneity using instrumental‐variables techniques, we find that entrepreneurial ownership shares increase with outside wealth and decrease with firm risk; effort increases with ownership; and effort increases firm performance. The magnitude of the effects in the cross‐section of firms suggests that agency costs may help explain why entrepreneurs concentrate large fractions of their wealth in firm equity.
Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986 to 1999
Authors: GOMPERS PAUL , LERNER JOSH , SCHARFSTEIN DAVID
Published: March 2005

We examine two views of the creation of venture‐backed start‐ups, or “entrepreneurial spawning.” In one, young firms prepare employees for entrepreneurship, educating them about the process, and exposing them to relevant networks. In the other, individuals become entrepreneurs when large bureaucratic employers do not fund their ideas. Controlling for firm size, patents, and industry, the most prolific spawners are originally venture‐backed companies located in Silicon Valley and Massachusetts. Undiversified firms spawn more firms. Silicon Valley, Massachusetts, and originally venture‐backed firms typically spawn firms only peripherally related to their core businesses. Overall, entrepreneurial learning and networks appear important in creating venture‐backed firms.
Liquidity Shortages and Banking Crises
Authors: DIAMOND DOUGLAS W. , RAJAN RAGHURAM G.
Published: March 2005

We show in this article that bank failures can be contagious. Unlike earlier work where contagion stems from depositor panics or contractual links between banks, we argue that bank failures can shrink the common pool of liquidity, creating, or exacerbating aggregate liquidity shortages. This could lead to a contagion of failures and a total meltdown of the system. Given the costs of a meltdown, there is a possible role for government intervention. Unfortunately, liquidity and solvency problems interact and can cause each other, making it hard to determine the cause of a crisis. We propose a robust sequence of intervention.
The Stock Market's Reaction to Unemployment News: Why Bad News Is Usually Good for Stocks
Authors: BOYD JOHN H. , HU JIAN , JAGANNATHAN RAVI
Published: March 2005

We find that on average, an announcement of rising unemployment is good news for stocks during economic expansions and bad news during economic contractions. Unemployment news bundles three types of primitive information relevant for valuing stocks: information about future interest rates, the equity risk premium, and corporate earnings and dividends. The nature of the information bundle, and hence the relative importance of the three effects, changes over time depending on the state of the economy. For stocks as a group, information about interest rates dominates during expansions and information about future corporate dividends dominates during contractions.
Trade Generation, Reputation, and Sell‐Side Analysts
Authors: JACKSON ANDREW R.
Published: March 2005

This paper examines the trade‐generation and reputation‐building incentives facing sell‐side analysts. Using a unique data set I demonstrate that optimistic analysts generate more trade for their brokerage firms, as do high reputation analysts. I also find that accurate analysts generate higher reputations. The analyst therefore faces a conflict between telling the truth to build her reputation versus misleading investors via optimistic forecasts to generate short‐term increases in trading commissions. In equilibrium I show forecast optimism can exist, even when investment‐banking affiliations are removed. The conclusions may have important policy implications given recent changes in the institutional structure of the brokerage industry.
The Geography of Equity Analysis
Authors: MALLOY CHRISTOPHER J.
Published: March 2005

I provide evidence that geographically proximate analysts are more accurate than other analysts. Stock returns immediately surrounding forecast revisions suggest that local analysts impact prices more than other analysts. These effects are strongest for firms located in small cities and remote areas. Collectively these results suggest that geographically proximate analysts possess an information advantage over other analysts, and that this advantage translates into better performance. The well‐documented underwriter affiliation bias in stock recommendations is concentrated among distant affiliated analysts; recommendations by local affiliated analysts are unbiased. This finding reveals a geographic component to the agency problems in the industry.
Wealth Destruction on a Massive Scale? A Study of Acquiring‐Firm Returns in the Recent Merger Wave
Authors: MOELLER SARA B. , SCHLINGEMANN FREDERIK P. , STULZ RENÉ M.
Published: March 2005

Acquiring‐firm shareholders lost 12 cents around acquisition announcements per dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all of the 1980s, or 1.6 cents per dollar spent. The 1998 to 2001 aggregate dollar loss of acquiring‐firm shareholders is so large because of a small number of acquisitions with negative synergy gains by firms with extremely high valuations. Without these acquisitions, the wealth of acquiring‐firm shareholders would have increased. Firms that make these acquisitions with large dollar losses perform poorly afterward.
Lifting the Veil: An Analysis of Pre‐trade Transparency at the NYSE
Authors: BOEHMER EKKEHART , SAAR GIDEON , YU LEI
Published: March 2005

We study pre‐trade transparency by looking at the introduction of NYSE's OpenBook service that provides limit‐order book information to traders off the exchange floor. We find that traders attempt to manage limit‐order exposure: They submit smaller orders and cancel orders faster. Specialists' participation rate and the depth they add to the quote decline. Liquidity increases in that the price impact of orders declines, and we find some improvement in the informational efficiency of prices. These results suggest that an increase in pre‐trade transparency affects investors' trading strategies and can improve certain dimensions of market quality.
Do Domestic Investors Have an Information Advantage? Evidence from Indonesia
Authors: DVOŘÁK TOMÁŠ
Published: March 2005

Using transaction data from Indonesia, this paper shows that domestic investors have higher profits than foreign investors. In addition, clients of global brokerages have higher long‐term and smaller medium (intramonth) and short (intraday) term profits than clients of local brokerages. This suggests that clients of local brokerages have a short‐lived information advantage, but that clients of global brokerages are better at picking long‐term winners. Finally, domestic clients of global brokerages have higher profits than foreign clients of global brokerages, suggesting that the combination of local information and global expertise leads to higher profits.
Managers, Workers, and Corporate Control
Authors: PAGANO M. , VOLPIN P. F.
Published: March 2005

If management has high private benefits and a small equity stake, managers and workers are natural allies against takeover threats. Two forces are at play. First, managers can transform employees into a “shark repellent” through long‐term labor contracts and thereby reduce the firm's attractiveness to raiders. Second, employees can act as “white squires” for the incumbent managers. To protect their high wages, they resist hostile takeovers by refusing to sell their shares to the raider or by lobbying against the takeover. The model predicts that wages are inversely correlated with the managerial equity stake, and decline after takeovers.
Optimal Life‐Cycle Asset Allocation: Understanding the Empirical Evidence
Authors: GOMES FRANCISCO , MICHAELIDES ALEXANDER
Published: March 2005

We show that a life‐cycle model with realistically calibrated uninsurable labor income risk and moderate risk aversion can simultaneously match stock market participation rates and asset allocation decisions conditional on participation. The key ingredients of the model are Epstein–Zin preferences, a fixed stock market entry cost, and moderate heterogeneity in risk aversion. Households with low risk aversion smooth earnings shocks with a small buffer stock of assets, and consequently most of them (optimally) never invest in equities. Therefore, the marginal stockholders are (endogenously) more risk averse, and as a result they do not invest their portfolios fully in stocks.
Does Idiosyncratic Risk Really Matter?
Authors: BALI TURAN G. , CAKICI NUSRET , YAN XUEMIN (STERLING) , ZHANG ZHE
Published: March 2005

Goyal and Santa‐Clara (2003) find a significantly positive relation between the equal‐weighted average stock volatility and the value‐weighted portfolio returns on the NYSE/AMEX/Nasdaq stocks for the period of 1963:08 to 1999:12. We show that this result is driven by small stocks traded on the Nasdaq, and is in part due to a liquidity premium. In addition, their result does not hold for the extended sample of 1963:08 to 2001:12 and for the NYSE/AMEX and NYSE stocks. More importantly, we find no evidence of a significant link between the value‐weighted portfolio returns and the median and value‐weighted average stock volatility.
Hedging or Market Timing? Selecting the Interest Rate Exposure of Corporate Debt
Authors: FAULKENDER MICHAEL
Published: March 2005

This paper examines whether firms are hedging or timing the market when selecting the interest rate exposure of their new debt issuances. I use a more accurate measure of the interest rate exposure chosen by firms by combining the initial exposure of newly issued debt securities with their use of interest rate swaps. The results indicate that the final interest rate exposure is largely driven by the slope of the yield curve at the time the debt is issued. These results suggest that interest rate risk management practices are primarily driven by speculation or myopia, not hedging considerations.
Can Managers Forecast Aggregate Market Returns?
Authors: BUTLER ALEXANDER W. , GRULLON GUSTAVO , WESTON JAMES P.
Published: March 2005

Previous studies have found that the proportion of equity in total new debt and equity issues is negatively correlated with future equity market returns. Researchers have interpreted this finding as evidence that corporate managers are able to predict the systematic component of their stock returns and to issue equity when the market is overvalued. In this article we show that the predictive power of the share of equity in total new issues stems from pseudo‐market timing and not from any abnormal ability of managers to time the equity markets.
Partial Privatization and Firm Performance
Authors: GUPTA NANDINI
Published: March 2005

Most privatization programs begin with a period of partial privatization in which only non‐controlling shares of firms are sold on the stock market. Since management control is not transferred to private owners it is widely contended that partial privatization has little impact. This perspective ignores the role that the stock market can play in monitoring and rewarding managerial performance even when the government remains the controlling owner. Using data on Indian state‐owned enterprises we find that partial privatization has a positive impact on profitability, productivity, and investment.
Is Debt Relief Efficient?
Authors: ARSLANALP SERKAN , HENRY PETER BLAIR
Published: March 2005

When developing countries announce debt relief agreements under the Brady Plan, their stock markets appreciate by an average of 60% in real dollar terms—a $42 billion increase in shareholder value. There is no significant stock market increase for a control group of countries that do not sign Brady agreements. The stock market appreciations successfully forecast higher future resource transfers, investment, and growth. Since the market capitalization of U.S. commercial banks with developing country loan exposure also rises—by $13 billion—the results suggest that both borrower and lenders can benefit from debt relief when the borrower suffers from debt overhang.
Tree-Based Dependency Analysis in Decomposition and Re-decomposition of Complex Design Problems
Authors: Chen Li , Ding Zhendong , Li Simon
Published: March 2005

We have developed a formal method for decomposition of complex design problems in two phases: dependency analysis and matrix partitioning. Of the most distinct characteristic in this method is the support of cost-effective re-decomposition (as is often required in decomposition solution synthesis), where dependency analysis serves as a platform for the enabling of re-decomposition. Yet, this requires that the result of the dependency analysis be robust and thus reusable for re-decomposition. In this paper, after revealing the deficiency in the current practice of dependency analysis, we present an enhanced dependency analysis method that is built on ordinary tree structure (instead of binary tree structure). This new approach, which is more systematic, ensures robust dependency analysis, whose result is insensitive to the arrangement of a tree structure in tree-based dependency analysis. A complete set of tree-based algorithms is also provided, along with their applications to two design examples
Decomposition-Based Assembly Synthesis of a Three-Dimensional Body-in-White Model for Structural Stiffness
Authors: Lyu Naesung , Saitou Kazuhiro
Published: March 2005

This paper presents an extension of our previous work on decomposition-based assembly synthesis for structural stiffness, where the three-dimensional finite element model of a vehicle body-in-white (BIW) is optimally decomposed into a set of components considering (1) stiffness of the assembled structure under given loading conditions, (2) manufacturability, and (3) assembleability of components. Two case studies, each focusing on the decomposition of a different portion of a BIW, are discussed. In the first case study, the side frame is decomposed for the minimum distortion of front door frame geometry under global bending. In the second case study, the side/floor frame and floor panels are decomposed for the minimum floor deflections under global bending. In each case study, multiobjective genetic algorithm with graph-based crossover, combined with finite element methods analyses, is used to obtain Pareto optimal solutions. Representative designs are selected from the Pareto front and trade-offs among stiffness, manufacturability, and assembleability are discussed.
Decision-Based Conceptual Design: Modeling and Navigating Heterogeneous Design Spaces
Authors: Wood William H. , Agogino Alice M.
Published: March 2005

Information gathering and refinement are critical activities in conceptual design. A decision-based framework is developed consisting of three main components: a flexible, extensible design space model based on a Gaussian kernel which synthesizes information from design instances; expected value decision-making which focuses the design process on the most promising subspaces within this model; and information value theory which identifies uncertainty in the design evaluation whose reduction could redirect the design process. Together, these components form a normative method for conceptual design around a key process—the co-evolution of a design and the evaluation model used to quantify its value. Formalizing conceptual design toward reducing arbitrary design decisions and focusing attention on the most critical design concerns holds the potential to substantially improve both the process and product of design. The proposed methodology is demonstrated through an example in the domain of electric motor selection.
Mechanical Optimization of Servo Motor
Authors: Basu A. , Moosavian S. A. , Morandini R.
Published: March 2005

A servo system moves a mass from one position to another as quickly as possible. A servo motor requires very high short term torque and should be able to accelerate and decelerate very quickly. In other words, a servomotor should be able to produce high torque and its inertia must be low. The paper concentrates on the mechanical design optimization of the rotor assembly, given the existing physical constraints of the prototype motor. The existing physical constraints include the rotor dimensions. To reduce the cogging torque, the different magnet shape and skew were manufactured and tested. Using the above design the ratio of torque to the moment of inertia of the rotor goes to its minimum amount. As a result, the acceleration and deceleration of the system will be improved.
A Multiple Cross-Sectional Shape Optimization Method for Automotive Body Frames
Authors: Yoshimura Masataka , Nishiwaki Shinji , Izui Kazuhiro
Published: March 2005

Automotive body frames, which profoundly affect automotive performance such as crashworthiness, are generally formed using pressed metal sheets, and the assembled cross-sectional shapes govern the frame characteristics. This paper proposes a cross-sectional shape generating method for achieving the cross-sectional properties assigned by design engineers. The cross-sectional shape-generating problem for pressed metal sheets is formulated as a multiobjective optimization problem that involves a marriage of continuous variables, such as shape dimensions, and discrete design variables, such as types of material and their thicknesses. Genetic algorithms are applied to solve the optimization problem.
Fuzzy Approaches to Evaluation in Engineering Design
Authors: Vanegas Libardo V. , Labib Ashraf W.
Published: March 2005

As variables in the design evaluation stage are imprecise (fuzzy), tools, such as fuzzy set theory, should be used. This paper presents several fuzzy approaches to design evaluation. Weights of criteria and performance levels are captured by fuzzy numbers, and the overall performance of an alternative is calculated through the new fuzzy weighted average. Different approaches to express and calculate performance are discussed. Two metrics for measuring performance levels per criterion of a solution are proposed. Also, a new type of fuzzy goal is suggested. Finally, a novel way of comparing the overall performance of a design candidate by drawing an aggregate profile of performance is proposed. It is concluded that fuzzy set theory is a powerful and flexible tool for dealing with the imprecision in different types of problems in design evaluation.
Configuration Bifurcations Analysis of Six Degree-of-Freedom Symmetrical Stewart Parallel Mechanisms
Authors: Wang Yu-Xin , Wang Yi-Ming
Published: March 2005

The configuration bifurcations of Stewart parallel manipulators at singular positions induce the uncertainty of the moving trends of the manipulative platform. The Jacobian matrix method can determine the singular position of Stewart manipulators, but it cannot determine the configuration variation trend in the vicinity of the singular position. In order to investigate the concrete motion behaviors of the Stewart parallel manipulator at singular positions, we construct the algorithm for determining all the configuration branches and bifurcation points. Through detailed investigations of configuration bifurcation characteristics, we have found that with a decrease of the extensible legs’ length, the bifurcation points of configuration branches of the movable platform get together gradually and the bifurcation type changes from turning to dual-point bifurcation, and then, finally, it becomes multiple-point bifurcation.
Tripod Dynamics and Its Inertia Effect
Authors: Xi Fengfeng , Angelico and Ottavio , Sinatra Rosario
Published: March 2005

In this paper the tripod dynamics and its inertia effect is studied. The tripod design is becoming popular for the development of parallel kinematic machines (PKMs). The combination of a tripod with a gantry system forms a hybrid machine that offers the advantages from both serial and parallel structures. The tripod dynamics under study includes the mass of the moving platform as well as those of the legs. The natural orthogonal complement method is applied to derive the dynamic equations. The inertia effect of the moving platform and the legs is investigated in terms of two parameters, namely, the ratio of the total leg mass to the mass of the moving platform, and the velocity of the moving platform. The dynamic equations are separated by three terms, inertia, coupling, and gravity. Quantitative studies are carried out by simulation to examine how the two parameters affect the three respective terms. Based on the simulation results, the dynamic equations can be simplified by retaining the dominant terms while neglecting less significant ones. The simplified dynamic equations provide an efficient model for design and control of tripods.