Financial Literacy in Local At-Risk Appalachia

Unfortunately, rural Appalachia is perennially one of the poorest areas of the United States. Many scholars have offered opinions as to why this trend of poverty continues in this region, but one potential cause has not been the subject of much research: do residents in Appalachia have a functional knowledge of the financial system, or even a simple understanding of basic savings, which is necessary for achieving certain levels of financial security? We conduct a survey modeled after a national study which measures basic financial literacy in local Appalachia, expecting to find that at-risk Appalachians would have less financial literacy than the national average. While our initial response rate was too low to justify a concrete claim, our preliminary findings suggest that local at-risk Appalachians were more likely to incorrectly answer basic financial literacy questions, and we believe that a larger study into this issue is warranted. Should a concrete outcome arise in the affirmative, we offer suggestions for policy responses, including implementation of free personal finance classes to combat the issue

Issues in funding the activities of small firms through SBICs

Bank investments ; Small business

How are small firms financed? Evidence from small business investment companies

This article examines the investment decisions of small business investment companies (SBICs). The results indicate that potential costs of contracting among SBICs, small firms, and others may have significant effects on how small firms are funded. For instance, projects generating tangible assets and firms operating in industries with few growth opportunities are more likely to be financed with debt than nondebt.Small business ; Venture capital

A Trojan horse or the golden fleece? small business investment companies and government guarantees

Profitability is a central concern when governments provide guarantees to increase the flow of funds to disadvantaged groups. We examine the profitability of small business investment companies (SBICs) that are chartered and regulated by the U.S. Small Business Administration (SBA) to finance the activities of small firms. We document, over the 1986-91 period, dismal performance by SBICs. Because SBICs have access to government-guaranteed funds, financial distress among SBICs can expose the SBA, and hence taxpayers, to losses. Using two alternative sample selection models, we examine the relationship between SBICs’ use of SBA funds and returns on equity (ROE) and survival probabilities. The first sample selection model is based on a model of failure/survival. The second selection model is based on our observation that many SBICs do not take advantage of SBA leverage: nearly one-third of SBICs use no leverage at all, and that figure rises to three-fifths for bank-owned SBICs. The results from our sample selection models indicate that SBA leverage--the amount of funds borrowed from the SBA as a percent of private capital--reduces ROE and the probability of survival. In addition, we find that the probability of using SBA leverage decreases for bank-owned SBICs relative to other SBICs and for highly profitable and efficient SBICs, while it increases for SBICs using debt to finance the activities of small firms. Thus, our results suggest that an SBIC’s performance is negatively correlated with SBA leverage.Small business

Performance and access to government guarantees: the case of small business investment companies

This article analyzes the performance of small business investment companies (SBICs) that are chartered and regulated by the Small Business Administration (SBA). Our principal finding is that poor performance over the 1986-91 period is associated with high usage of funds from the SBA.Small business

Effect of Technological Innovation on Personnel Skill of Selected Manufacturing Firms in Nigeria

Technology in any organization that has a significant influence on the quality and quantity of production of its goods or services. But despite this, technology is prone to constant change which organizations have to monitor, manage and cope with. Manufacturing firm that will like to be competitive and profitable should ensure that employees are trained and involved in the management of technological innovation for organizational survival. But most organization tends to undermine the contribution of employee in managing technological innovation, the outcome of which are low profitability and performance. This study examines how technological innovation influence personnel skill of manufacturing firms in Nigeria It also seeks to determine effective method of using technological innovation for improved performance in the Nigerian manufacturing firm. Two hypotheses were formulated to determine the relationship between technological innovation and personnel skill; and between technological innovation and performance. Question based on the hypotheses were formulated and 300 questionnaires were distributed to select 10 manufacturing firms in foods and beverages firms in Nigeria. Findings reveal that personnel skill do not have significant relationship with technological innovation. The study recommends that personnel skill should be considered in the management technological innovation for profitability, competitiveness and survival of the Nigerian Manufacturing firm

Casting Light Upon The Great Endarkenment

While the Enlightenment promoted thinking for oneself independent of religious authority, the ‘Endarkenment’ (Millgram 2015) concerns deference to a new authority: the specialist, a hyperspecializer. Non-specialists need to defer to such authorities as they are unable to understand their reasoning. Millgram describes how humans are capable of being serial hyperspecializers, able to move from one specialism to another. We support the basic thrust of Millgram’s position, and seek to articulate how the core idea is deployed in very different ways in relation to extremely different philosophical areas. We attend to the issue of the degree of isolation of different specialists and we urge greater emphasis on parallel hyperspecialization, which describes how different specialisms can be embodied in one person at one time

Novel electrocardiographic criteria for the diagnosis of arrhythmogenic right ventricular cardiomyopathy

Aims: In order to improve the electrocardiographic (ECG) diagnosis of arrhythmogenic right ventricular cardiomyopathy (ARVC), we evaluated novel quantitative parameters of the QRS complex and the value of bipolar chest leads (CF leads) computed from the standard 12 leads. Methods and results: We analysed digital 12-lead ECGs in 44 patients with ARVC, 276 healthy subjects including 44 age and sex-matched with the patients and 36 genotyped members of ARVC families. The length and area of the terminal S wave in V1 to V3 were measured automatically using a common for all 12 leads QRS end. T wave negativity was assessed in V1 to V6 and in the bipolar CF leads computed from the standard 12 leads. The length and area of the terminal S wave were significantly shorter, whereas the S wave duration was significantly longer in ARVC patients compared with matched controls. Among members of ARVC families, those with mutations (n = 15) had shorter QRS length in V2 and V3 and smaller QRS area in lead V2 compared with those without mutations (n = 20). In ARVC patients, the CF leads were diagnostically superior to the standard unipolar precordial leads. Terminal S wave duration in V1 >48 ms or major T wave negativity in CF leads separated ARVC patients from matched controls with 90% sensitivity and 86% specificity. Conclusion: The terminal S wave length and area in the right precordial leads are diagnostically useful and suitable for automatic analysis in ARVC. The CF leads are diagnostically superior to the unipolar precordial leads