Moral hazard and Texas banking in the 1920s.

Using recently collected examination data from a sample of Texas state-chartered banks over the period 1919-26, the role of moral hazard in increasing ex-ante asset risk is analyzed. During this period, a state-run deposit insurance system was in place that was mandatory for all state-chartered banks in Texas. Nationally chartered banks were not allowed to participate in the insurance program. Analyzing individual bank-level data, we find evidence that declines in capitalization were positively correlated with increases in loan concentrations at insured banks. We argue that this is consistent with a moral-hazard effect at work. No such relationship is found between capitalization and risk at uninsured banks.Banks and banking - Texas

Adverse selection and competing deposit insurance systems in pre-depression Texas

In 1910, Texas instituted a highly unique deposit insurance program for its state chartered banks consisting of two separate plans: the depositors guaranty fund, similar in operation to the deposit insurance schemes adopted in several other states; and the depositors bond security system, which required the procurement of a privately issued insurance policy. We hypothesize that the provision of a choice in funds led to risk-sorting among the banks, with the relatively conservative institutions opting for the comparatively rigorous bond security system. Employing a probit model with heteroskedasticity, the evidence we obtain from balance sheet data recorded at the time the banks were required to enlist in an insurance plan indicates that such was the case, as the alternative plan relying on privately issued insurance was widely unpopular except among relatively conservative and well-managed institutions.Deposit insurance

Kiwi talent flow : a study of chartered accountants and business professionals overseas

New Zealanders have always had a propensity to travel overseas. The globalisation of the world has seen an increase in the number of people who, having completed their education and gained some work experience, set off on their overseas experience. Concern has been expressed as to the potential “brain drain” that would result should these well-educated and talented citizens remain overseas permanently. This research considers the propensity to return of over 1,500 expatriate Kiwis working in the areas of accounting and finance. It examines their demographics, attitudes, values, motivations, factors of attraction to, and repulsion from, New Zealand and their concerns for change in New Zealand. It therefore provides insights into the nature and purpose of this significant group of professionals resident mainly in the United Kingdom and Australia. We find that less than half are likely to return to New Zealand. This is because of the lack of career and business opportunities despite the “pull” of family and relations in New Zealand

Distinct balance of excitation and inhibition in an interareal feedforward and feedback circuit of mouse visual cortex

Mouse visual cortex is subdivided into multiple distinct, hierarchically organized areas that are interconnected through feedforward (FF) and feedback (FB) pathways. The principal synaptic targets of FF and FB axons that reciprocally interconnect primary visual cortex (V1) with the higher lateromedial extrastriate area (LM) are pyramidal cells (Pyr) and parvalbumin (PV)-expressing GABAergic interneurons. Recordings in slices of mouse visual cortex have shown that layer 2/3 Pyr cells receive excitatory monosynaptic FF and FB inputs, which are opposed by disynaptic inhibition. Most notably, inhibition is stronger in the FF than FB pathway, suggesting pathway-specific organization of feedforward inhibition (FFI). To explore the hypothesis that this difference is due to diverse pathway-specific strengths of the inputs to PV neurons we have performed subcellular Channelrhodopsin-2-assisted circuit mapping in slices of mouse visual cortex. Whole-cell patch-clamp recordings were obtained from retrobead-labeled FF(V1→LM)- and FB(LM→V1)-projecting Pyr cells, as well as from tdTomato-expressing PV neurons. The results show that the FF(V1→LM) pathway provides on average 3.7-fold stronger depolarizing input to layer 2/3 inhibitory PV neurons than to neighboring excitatory Pyr cells. In the FB(LM→V1) pathway, depolarizing inputs to layer 2/3 PV neurons and Pyr cells were balanced. Balanced inputs were also found in the FF(V1→LM) pathway to layer 5 PV neurons and Pyr cells, whereas FB(LM→V1) inputs to layer 5 were biased toward Pyr cells. The findings indicate that FFI in FF(V1→LM) and FB(LM→V1) circuits are organized in a pathway- and lamina-specific fashion

Cultural relativism and the discourse of intercultural communication: aporias of praxis in the intercultural public sphere

The premise of much intercultural communication pedagogy and research is to educate people from different cultures towards open and transformative positions of mutual understanding and respect. This discourse in the instance of its articulation realises and sustains Intercultural Communication epistemologically – as an academic field of social enquiry, and judgementally – as one which locates itself on a moral terrain. By adopting an ethical stance towards difference, the discourse of intercultural communication finds itself caught in a series of aporias, or performative contradictions, where interculturalists are projected simultaneously into positions of cultural relativism on the one hand and ideological totalism on the other. Such aporias arise because the theoretical premises upon which the discourse relies are problematic. We trace these thematics to a politics of presence operating within the discourse of intercultural communication and links this to questions of judgement and truth in the intercultural public sphere. We propose that the politics of presence be set aside in favour of an intercultural praxis which is oriented to responsibility rather than to truth

Women, know your limits: Cultural sexism in academia

Despite the considerable advances of the feminist movement across Western societies, in Universities women are less likely to be promoted, or paid as much as their male colleagues, or even get jobs in the first place. One way in which we can start to reflect on why this might be the case is through hearing the experiences of women academics themselves. Using feminist methodology, this article attempts to unpack and explore just some examples of ‘cultural sexism’ which characterise the working lives of many women in British academia.This article uses qualitative methods to describe and make sense of just some of those experiences. In so doing, the argument is also made that the activity of academia is profoundly gendered and this explicit acknowledgement may contribute to our understanding of the under-representation of women in senior positions

Transcendence over Diversity: black women in the academy

Universities, like many major public institutions have embraced the notion of ‘diversity’ virtually uncritically- it is seen as a moral ‘good in itself’. But what happens to those who come to represent ‘diversity’- the black and minority ethnic groups targeted to increase the institutions thirst for global markets and aversion to accusations of institutional racism? Drawing on existing literature which analyses the process of marginalization in higher education, this paper explores the individual costs to black and female academic staff regardless of the discourse on diversity. However despite the exclusion of staff, black and minority ethnic women are also entering higher education in relatively large numbers as students. Such ‘grassroots’ educational urgency transcends the dominant discourse on diversity and challenges presumptions inherent in top down initiatives such as ‘widening participation’. Such a collective movement from the bottom up shows the importance of understanding black female agency when unpacking the complex dynamics of gendered and racialised exclusion. Black women’s desire for education and learning makes possible a reclaiming of higher education from creeping instrumentalism and reinstates it as a radical site of resistance and refutation

Negotiating professional and social voices in research principles and practice

This paper draws on work conducted for a qualitative interview based study which explores the gendered racialised and professional identifications of health and social care professionals. Participants for the project were drawn from the professional executive committees of recently formed Primary Care Trusts. The paper discusses how the feminist psychosocial methodological approach developed for the project is theoretically, practically and ethically useful in exploring the voices of those in positions of relative power in relation to both health and social care services and the social relations of gender and ethnicity. The approach draws on psychodynamic accounts of (defended) subjectivity and the feminist work of Carol Gilligan on a voice-centred relational methodology. Coupling the feminist with the psychosocial facilitates an emphasis on voice and dialogic communication between participant and researcher not always captured in psychosocial approaches which tend towards favouring the interviewer as ‘good listener’. This emphasis on dialogue is important in research contexts where prior and ongoing relationships with professional participants make it difficult and indeed undesirable for researchers to maintain silence

Mothers behaving badly: chaotic hedonism and the crisis of neoliberal social reproduction

This article focuses on the significance of the plethora of representations of mothers ‘behaving badly’ in contemporary anglophone media texts, including the films Bad Moms, Fun Mom Dinner and Bad Mom’s Christmas, the book and online cartoons Hurrah for Gin and the recent TV comedy dramas Motherland, The Let Down and Catastrophe. All these media texts include representations of, first, mothers in the midst of highly chaotic everyday spaces where any smooth routine of domesticity is conspicuous by its absence; and second, mothers behaving hedonistically, usually through drinking and partying, behaviour that is more conventionally associated with men or women without children. After identifying the social type of the mother behaving badly (MBB), the article locates and analyses it in relation to several different social and cultural contexts. These contexts are: a neoliberal crisis in social reproduction marked by inequality and overwork; the continual if contested role of women as ‘foundation parents’; and the negotiation of longer-term discourses of female hedonism. The title gestures towards a popular British sitcom of the 1990s, Men Behaving Badly, which popularized the idea of the ‘new lad’; and this article suggests that the new lad’s counterpart, the ladette, is mutating into the mother behaving badly, or the ‘lad mom’. Asking what work this figure does now, in a later neoliberal context, it argues that the mother behaving badly is simultaneously indicative of a widening and liberating range of maternal subject positions and symptomatic of a profound contemporary crisis in social reproduction. By focusing on the classed and racialised dynamics of the MBB – by examining who exactly is permitted to be hedonistic, and how – and by considering the MBB’s limited and partial imagining of progressive social change, the article concludes by emphasizing the urgency of creating more connections between such discourses and ‘parents behaving politically’

Migrant African women: tales of agency and belonging

This paper explores issues of belonging and agency among asylum seekers and refugee women of African origin in the UK. It discusses the ways these women engendered resistance in their everyday life to destitution, lack of cultural recognition, and gender inequality through the foundation of their own non-governmental organization, African Women’s Empowerment Forum, AWEF, a collective ‘home’ space. The focus of this account is on migrant women’s agency and self-determination for the exercise of choice to be active actors in society. It points to what might be an important phenomenon on how local grassroots movements are challenging the invisibility of asylum seekers’ and refugees’ lives and expanding the notion of politics to embrace a wider notion of community politics with solidarity. AWEF is the embodiment of a social space that resonates the ‘in-between’ experience of migrant life providing stability to the women members regarding political and community identification