Are the Seeds of Bad Governance Sown in Good Times?

This paper examines the extent to which the corporate governance structure of a firm arises endogenously in response to its performance. We demonstrate that following periods of abnormally good performance, managers are more likely to call special meetings and to propose and pass governance measures that are contrary to shareholder interests (based on IRRC classification). These results are driven primarily by firms that are characterized as having poor governance according to either the GIM Index or the proportion of activist shareholders. Following these special meetings, we find that the next quarter performance of the firm is negative. Our results are consistent with an interpretation of shareholder inattention to governance following good firm performance or a desire to reward management for good past performance. Overall, our evidence seems more consistent with the former interpretation.

On the relationships between self-reported bicycling injuries and perceived risk among cyclists in Queensland, Australia

The focus of governments on increasing active travel has motivated renewed interest in cycling safety. Bicyclists are up to 20 times more likely to be involved in serious injury crashes than drivers so understanding the relationship among factors in bicyclist crash risk is critically important for identifying effective policy tools, for informing bicycle infrastructure investments, and for identifying high risk bicycling contexts. This study aims to better understand the complex relationships between bicyclist self reported injuries resulting from crashes (e.g. hitting a car) and non-crashes (e.g. spraining an ankle) and perceived risk of cycling as a function of cyclist exposure, rider conspicuity, riding environment, rider risk aversion, and rider ability. Self reported data from 2,500 Queensland cyclists are used to estimate a series of seemingly unrelated regressions to examine the relationships among factors. The major findings suggest that perceived risk does not appear to influence injury rates, nor do injury rates influence perceived risks of cycling. Riders who perceive cycling as risky tend not to be commuters, do not engage in group riding, tend to always wear mandatory helmets and front lights, and lower their perception of risk by increasing days per week of riding and by increasing riding proportion on bicycle paths. Riders who always wear helmets have lower crash injury risk. Increasing the number of days per week riding tends to decrease both crash injury and non crash injury risk (e.g. a sprain). Further work is needed to replicate some of the findings in this study

THE PRODUCTION THEORY APPROACH TO IMPORT DEMAND ANALYSIS: A COMPARISON OF THE ROTTERDAM MODEL AND THE DIFFERENTIAL PRODUCTION APPROACH

Results indicate that, when comparing the unconditional derived-demand elasticities to the unconditional consumer demand elasticities, significant differences emerge due to the differences in the first-stage estimation procedure between the differential production approach and the Rotterdam model. In comparing the consumer demand price/corss-price elasticities to the derived-demand price/cross-price elasticities, it is clear that use of the Rotterdam model when a production approach should be used can lead to overestimation, underestimation, and incorrect signs in deriving unconditional price effects.dairy, demand, imports, international, production, Rotterdam, trade, Demand and Price Analysis, D12, D24, F10, F14, Q17,

Segregation and Black Political Efficacy

The impact of segregation on Black political efficacy is theoretically ambiguous. On one hand, increased contact among Blacks in more segregated areas may mean that Blacks are better able to coordinate political behavior. On the other hand, lesser contact with non-Blacks may mean that Blacks have less political influence over voters of other races. As for non-Blacks, inter-group conflict theory suggests that greater contact yields greater conflict between the groups while inter-group contact theory suggests exactly the reverse. We investigate this question empirically. We find that exogenous increases in segregation lead to decreases in Black civic efficacy, as measured by an ability to elect Representatives who vote liberally and more specifically in favor of legislation that is favored by Blacks. This tendency for Representatives from more segregated MSAs to vote more conservatively arises in spite of the fact that Blacks in more segregated areas hold more liberal political views than do Blacks in less segregated locales. We find evidence that this decrease in efficacy is driven by more conservative attitudes amongst non-Blacks in more segregated areas.

THE PRODUCTION THEORY APPROACH TO IMPORT DEMAND ANALYSIS: A COMPARISON OF THE ROTTERDAM MODEL AND THE DIFFERENTIAL PRODUCTION APPROACH

The primary objective of this paper is to present the differential approach to the theory of the firm and to present the methodology of how it can be applied to import demand analysis. Furthermore, this paper compares and contrasts the use of the differential production approach with the Rotterdam model.Demand and Price Analysis,

Flight calibration of compensated and uncompensated pitot-static airspeed probes and application of the probes to supersonic cruise vehicles

Static pressure position error calibrations for a compensated and an uncompensated XB-70 nose boom pitot static probe were obtained in flight. The methods (Pacer, acceleration-deceleration, and total temperature) used to obtain the position errors over a Mach number range from 0.5 to 3.0 and an altitude range from 25,000 feet to 70,000 feet are discussed. The error calibrations are compared with the position error determined from wind tunnel tests, theoretical analysis, and a standard NACA pitot static probe. Factors which influence position errors, such as angle of attack, Reynolds number, probe tip geometry, static orifice location, and probe shape, are discussed. Also included are examples showing how the uncertainties caused by position errors can affect the inlet controls and vertical altitude separation of a supersonic transport

THE DERIVED DEMAND FOR IMPORTED CHEESE INTO JAPAN: A TWO-STAGE DIFFERENTIAL PRODUCTION APPROACH

The goal of this paper is to provide the U.S. dairy industry with elasticities of Japan's derived demand for imported cheese differentiated by source country of production. These estimates are then used to assess the relative competitiveness of cheese imported from the U.S. to cheese imported from other source countries.Demand and Price Analysis, Research and Development/Tech Change/Emerging Technologies,

THE DERIVED DEMAND FOR IMPORTED CHEESE IN HONG KONG DIFFERENTIATED BY SOURCE COUNTRY OF PRODUCTION

The major goal of this paper is to provide the U.S. dairy industry with empirical estimates of the sensitivity (elasticities) of Hong Kong's derived demand for imported cheese differentiated by source country of production with respect to price changes and total import changes.Demand and Price Analysis,

THE DERIVED DEMAND FOR IMPORTED CHEESE INTO JAPAN BY COUNTRY

This paper was presented at the INTERNATIONAL TRADE IN LIVESTOCK PRODUCTS SYMPOSIUM in Auckland, New Zealand, January 18-19, 2001. The Symposium was sponsored by: the International Agricultural Trade Research Consortium, the Venture Trust, Massey University, New Zealand, and the Centre for Applied Economics and Policy Studies, Massey University. Dietary changes, especially in developing countries, are driving a massive increase in demand for livestock products. The objective of this symposium was to examine the consequences of this phenomenon, which some have even called a "revolution." How are dietary patterns changing, and can increased demands for livestock products be satisfied from domestic resources? If so, at what cost? What will be the flow-on impacts, for example, in terms of increased demands for feedgrains and the pressures for change within marketing systems? A supply-side response has been the continued development of large-scale, urban-based industrial livestock production systems that in many cases give rise to environmental concerns. If additional imports seem required, where will they originate and what about food security in the importing regions? How might market access conditions be re-negotiated to make increased imports achievable? Other important issues discussed involved food safety, animal health and welfare and the adoption of biotechnology, and their interactions with the negotiation of reforms to domestic and trade policies. Individual papers from this conference are available on AgEcon Search. If you would like to see the complete agenda and set of papers from this conference, please visit the IATRC Symposium web page at: http://www1.umn.edu/iatrc.intro.htmDemand and Price Analysis, International Relations/Trade,

Does Less Income Mean Less Representation?

We assemble a novel dataset of matched legislative and constituent votes and demonstrate that less income does not mean less representation. We show 1) The opinions of high and low income voters are highly correlated; the legislator’s vote often reflects the desire of both. 2) What differences in representation by income exist, vary by legislator party. Republicans more often vote the will of their higher income over their lower income constituents; Democratic legislators do the reverse. 3) Differences in representation by income are largely explained by the correlation between constituent income and party affiliation.