Financial systems, innovation and economic performance

There is growing evidence of international divergence in the performance of newindustries. While the United States is at the forefront of the recent revolution ininformation technologies, European economists and policy makers are concerned thatEurope is falling behind with negative implications for long-term economicperformance. This paper investigates the role of financial systems as a crucialdeterminant of apparent differences in national abilities to promote innovativeactivities in specific sectors. Firstly, a short overview of the relevant finance andinnovation literature is provided, and a synthetic view of the finance-innovation linkis sketched. It is argued that national financial systems have an impact on thestructure of growth through their differing abilities to promote innovation in sector-specifictechnology regimes. Secondly, I apply a simple econometric model to a dataset consisting of 17 OECD countries and 20 manufacturing industries to identifyempirical patterns. The evidence suggests that sectors characterized by hightechnological opportunity and a focus on product innovation perform relatively betterin financial systems with large stock markets, competitive banking sectors and goodaccounting standards. In contrast, the performance of sectors geared towardsinnovation in processes benefits from a more bank-oriented financial system andconcentrated ownership structures.economics of technology ;

Necessity and Opportunity Entrepreneurs and their Duration in Self-employment: Evidence from German Micro Data

Using data from the German Socio-Economic Panel Study (GSOEP), we analyze whether necessity entrepreneurs differ from opportunity entrepreneurs in terms of self-employment duration. Using univariate statistics, we find that opportunity entrepreneurs remain in self-employment longer than necessity entrepreneurs. However, after controlling for the entrepreneurs’ education in the professional area where they start their venture, this effect is no longer significant. We therefore conclude that the difference observed is not an original effect but rather is due to selection. We then go on to discuss the implications of our findings for entrepreneurship-policy making, and give suggestions to improve governmental start-up programs

Measurements of farfield sound generation from a flow-excited cavity

Results of 1/3-octave-band spectral measurements of internal pressures and the external acoustic field of a tangentially blown rectangular cavity are compared. Proposed mechanisms for sound generation are reviewed, and spectra and directivity plots of cavity noise are presented. Directivity plots show a slightly modified monopole pattern. Frequencies of cavity response are calculated using existing predictions and are compared with those obtained experimentally. The effect of modifying the upstream boundary layer on the noise was investigated, and its effectiveness was found to be a function of cavity geometry and flow velocity

Experimental pressure drop investigation of wetting and nonwetting mercury condensing in uniformly tapered tubes

Pressure drop of wetting and nonwetting mercury condensing in tapered tubes - turbogenerator system

Demonstration of an E-mailed Worksite Nutrition Intervention Program

INTRODUCTION: Dietary fat and low fruit and vegetable intake are linked to many chronic diseases, and U.S. population intake does not meet recommendations. Interventions are needed that incorporate effective behavior-change principles and that can be delivered inexpensively to large segments of the population. METHODS: Employees at a corporate worksite were invited to participate in a program, delivered entirely by e-mail, to reduce dietary fat and increase fruit and vegetable intake. Behavior-change principles underlying the intervention included tailoring to the participant's dietary lifestyle, baseline assessment and feedback about dietary intake, family participation, and goal setting. Assessment, tailoring, and delivery was fully automated. The program was delivered weekly to participants' e-mail inboxes for 12 weeks. Each e-mail included information on nutrition or on the relationship between diet and health, dietary tips tailored to the individual, and small goals to try for the next week. In this nonrandomized pilot study, we assessed technical feasibility, acceptability to employees, improvement in Stage of Change, increase in fruit and vegetable consumption, and decrease in fat intake. RESULTS: Approximately one third (n = 84) of employees who were offered the 12-week program signed up for it, and satisfaction was high. There was significant improvement in Stage of Change: 74% of those not already at the top had forward movement (P <.001). In addition, results suggest significant increase in fruit and vegetable consumption (0.73 times/day, P <.001) and significant decrease in intake of fat sources (-0.39 times/day, P < .001). CONCLUSION: This inexpensive program is feasible and appears to be effective. A randomized controlled trial is needed

Are Education and Entrepreneurial Income Endogenous and Do Family Background Variables Make Sense as Instruments?: A Bayesian Analysis

Education is a well-known driver of (entrepreneurial) income. The measurement of its influence, however, suffers from endogeneity suspicion. For instance, ability and occupational choice are mentioned as driving both the level of (entrepreneurial) income and of education. Using instrumental variables can provide a way out. However, three questions remain: whether endogeneity is really present, whether it matters and whether the selected instruments make sense. Using Bayesian methods, we find that the relationship between education and entrepreneurial income is indeed endogenous and that the impact of endogeneity on the estimated relationship between education and income is sizeable. We do so using family background variables and show that relaxing the strict validity assumption of these instruments does not lead to strongly different results. This is an important finding because family background variables are generally strongly correlated with education and are available in most datasets. Our approach is applicable beyond the field of returns to education for income. It applies wherever endogeneity suspicion arises and the three questions become relevant.Education, income, entrepreneurship, self-employment, endogeneity, instrumental variables, Bayesian analysis, family background variables

Experimental investigation of reactor-loop transients during startup of a simulated SNAP-8 system

Primary loop transients during startup of Rankine cycle space power system in SNAP 8 simulato

Political Economy of Agricultural Trade Interventions in Africa

This paper uses new data on agricultural policy interventions to examine the political economy of agricultural trade policies in Sub-Saharan Africa. Historically, African governments have discriminated against agricultural producers in general (relative to producers in non-agricultural sectors), and against producers of export agriculture in particular. While more moderate in recent years, these patterns of discrimination persist. They do so even though farmers comprise a political majority. Rather than claiming the existence of a single best approach to the analysis of policy choice, we explore the impact of three factors: institutions, regional inequality, and tax revenue generation. We find that agricultural taxation increases with the rural population share in the absence of electoral party competition; yet, the existence of party competition turns the lobbying disadvantage of the rural majority into political advantage. We also find that privileged cash crop regions are particular targets for redistributive taxation, unless the country's president comes from that region. In addition, governments of resource-rich countries, while continuing to tax export producers, reduce their taxation of food consumers.African and African American Studie

A compact 90 kilowatt electric heat source for heating inert gases to 1700 F

Design and fabrication of compact electric heat source for heating inert gase