23,401 research outputs found

    OPTIMAL GRAZING PRESSURE UNDER OUTPUT PRICE AND PRODUCTION UNCERTAINTY WITH ALTERNATIVE FUNCTIONAL FORMS

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    This study uses a Cox parametric bootstrap test to select between two specifications of the von Liebig hypothesis, a switching regression model and a non-linear mixed stochastic plateau function. The selected production function was used to determine optimal stocking density for dual-purpose winter wheat, under production and output price uncertainty. The switching regression approach was rejected in favor of the non-linear mixed stochastic plateau function. The relatively small difference in optimal stocking density between risk aversion and risk neutrality suggests that risk-aversion is much less important in explaining producer response to uncertainty than is nonlinearity in the production function.Agribusiness,

    Look at Me Now: What Attracts U.S. Shareholders?

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    This paper investigates the underlying determinants of home bias using a comprehensive data set on U.S. investors' aggregate holdings of every foreign stock. Among those foreign stocks that are not listed on U.S. exchanges, which account for more than 96 percent of our usable data sample, we find that U.S. investors prefer firms with characteristics associated with greater information transparency, such as stronger home-country accounting standards. We document that a U.S. cross-listing is economically important, as U.S. ownership of a foreign firm roughly doubles upon cross-listing in the United States. We explore the cross-sectional variation in this "cross-listing effect" and find that the increase in U.S. investment is greatest for firms that are from weak accounting backgrounds and are otherwise informationally opaque, suggesting that the key effect of cross-listing is improvements in disclosure that are valued by U.S. investors. By contrast, cross-listing does not increase the appeal of stocks from countries with weak shareholder rights, suggesting that U.S. cross-listing cannot substitute for legal protections in the home country. Nor does the cross-listing effect appear to be driven simply by increased "familiarity"� with the stock or lowered cross-border transactions costs.

    U.S. International Equity Investment

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    U.S. investors are the largest group of international equity investors in the world, but to date conclusive evidence on which types of foreign firms are able to attract U.S. investment is not available. Using a comprehensive dataset of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. We also show that our firm-level analysis has implications for country-level studies, suggesting that research investigating equity investment patterns at the country-level should include cross-listing as an endogenous control variable. We describe easy-to-implement methods for including the importance of cross-listing at the country level.

    A latest Cretaceous to earliest Paleogene dinoflagellate cyst zonation of Antarctica, and implications for phytoprovincialism in the high southern latitudes

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    The thickest uppermost Cretaceous to lowermost Paleogene (Maastrichtian to Danian) sedimentary succession in the world is exposed on southern Seymour Island (65° South) in the James Ross Basin, Antarctic Peninsula. This fossiliferous shallow marine sequence, which spans the Cretaceous–Paleogene boundary, has allowed a high-resolution analysis of well-preserved marine palynomorphs. Previous correlation of Cretaceous–Paleogene marine palynomorph assemblages in the south polar region relied on dinoflagellate cyst biozonations from New Zealand and southern Australia. The age model of the southern Seymour Island succession is refined and placed within the stratigraphical context of the mid to high southern palaeolatitudes. Quantitative palynological analysis of a new 1102 m continuous stratigraphical section comprising the uppermost Snow Hill Island Formation and the López de Bertodano Formation (Marambio Group) across southern Seymour Island was undertaken. We propose the first formal late Maastrichtian to early Danian dinoflagellate cyst zonation scheme for the Antarctic based on this exceptional succession. Two new late Maastrichtian zones, including three subzones, and one new early Danian zone are defined. The oldest beds correlate well with the late Maastrichtian of New Zealand. In a wider context, a new South Polar Province based on Maastrichtian to Danian dinoflagellate cysts is proposed, which excludes most southern South American marine palynofloras. This interpretation is supported by models of ocean currents around Antarctica and implies an unrestricted oceanic connection across Antarctica between southern South America and the Tasman Sea

    Applying psychological type theory to cathedral visitors : a case study of two cathedrals in England and Wales

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    This study employs Jungian psychological type theory to profile visitors to Chester Cathedral in England and St Davids Cathedral in Wales. Psychological type theory offers a fourfold psychographic segmentation of visitors, distinguishing between introversion and extraversion, sensing and intuition, thinking and feeling, and judging and perceiving. New data provided by 157 visitors to Chester Cathedral (considered alongside previously published data provided by 381 visitors to St Davids Cathedral) demonstrated that these two cathedrals attract more introverts than extraverts, more sensers than intuitives, and more judgers than perceivers, but equal proportions of thinkers and feelers. Comparison with the population norms demonstrated that extraverts and perceivers are significantly under-represented among visitors to these two cathedrals. The implications of these findings are discussed both for maximising the visitor experiences of those already attracted to these cathedrals and for discovering ways of attracting more extraverts and more perceivers to explore these cathedrals

    Propagators in Lagrangian space

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    It has been found recently that propagators, e.g. the cross-correlation spectra of the cosmic fields with the initial density field, decay exponentially at large-k in an Eulerian description of the dynamics. We explore here similar quantities defined for a Lagrangian space description. We find that propagators in Lagrangian space do not exhibit the same properties: they are found not to be monotonic functions of time, and to track back the linear growth rate at late time (but with a renormalized amplitude). These results have been obtained with a novel method which we describe alongside. It allows the formal resummation of the same set of diagrams as those that led to the known results in Eulerian space. We provide a tentative explanation for the marked differences seen between the Eulerian and the Lagrangian cases, and we point out the role played by the vorticity degrees of freedom that are specific to the Lagrangian formalism. This provides us with new insights into the late-time behavior of the propagators.Comment: 14 pages, 5 figure
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