"Hard Times, Easy Money? Countercyclical Stabilization in an Uncertain Economy"

The tools of countercyclical monetary policy have been brought fully to bear on a potentially severe recession. This note argues, however, that such a policy is less effective in times such as these--that is, when uncertainty is especially high--and so is likely to be particularly ineffective in combating the current economic slowdown.

Italian Corporate Governance, Investment, and Finance

Italian industrial structure and financial markets have several distinct features. Italian firms are relatively small, few trade publicly and no corporate bond market exists. The limited types of external funds available to Italian firms makes them prone to financing constraints. We examine a panel containing over 1100 Italian firms. We find that firm size does not appear correlated with the severity of financing constraints. We also find that small firms are frequently mature. Our results suggest that young firms face financing constraints, while mature firms may develop relationships with lenders that lower the costs of external funds. Small, young firms appear to face the tightest financing constraints. Many firms are affiliated with pyramidal business groups. We find that affiliation with pyramidal business groups appears to reduce the effect of financing constraints. Our results have important implications for government policy to promote small firm growth in Italy.

Investment behavior, observable expectations, and internal funds: a comment on Cummins et al. (AER, 2006)

Cummins et al. (2006) construct a new measure of fundamentals, and show that the positive cash flow effects typically found in investment-Q models disappear when traditional Q is replaced with their new measure. Their results are not robust to small changes in their specification or in the dataset used to estimate their model. The explanatory power of cash flow does not disappear when replacing traditional Q with their new measure of Q; it is never there to begin with. Investment’s lack of sensitivity to cash flow may be because their data is biased towards firms with positive cash flow (it is negative for only 242 observations of 11431). This bias and our results mute their argument that the positive cash-flow effects obtained in such models may reflect a failure to control properly for fundamentals rather than the presence of financial constraints.Investment, Cash flow, Financial constraints.

The ionization of silicic acid

The purpose of this research was to gain further knowledge of the ionization of silicic acid

Inventory Investment, Internal-Finance Fluctuation, and the Business Cycle

macroeconomics, inventory investment, internal-finance fluctuation, business cycle

First-Person Perspectives on Dual Diagnosis Anonymous (DDA): A Qualitative Study

Objective: People dually diagnosed with substance abuse and mental illnesses often feel alienated at traditional 12-step meetings, yet they need the peer support provided by such groups. Dual Diagnosis Anonymous (DDA) is a peer-support program specifically for people with co-occurring disorders, which addresses many of the factors that members find alienating about traditional 12-step groups. This study aimed to elicit first-person perspectives on DDA. Methods: Occupational therapy students conducted 13 focus groups with 106 DDA members in three settings: the community (6 groups, n = 36), correctional facilities (5 groups, n = 53), and the state psychiatric hospital (2 groups, n = 17). Researchers inductively analyzed focus group transcripts to identify prominent themes. Results: The vast majority of participants were between the ages of 18 and 49 (n = 87, 82.1%) and were non-Hispanic/White (n = 82, 77.4%). Most participants had been using substances for more than 10 years and had been diagnosed with a mental illness for more than 10 years. The most common substance of choice among those in the community and corrections setting was multiple substances, while those in the state hospital identified alcohol most often. Bipolar disorder was the most common mental illness diagnosis among participants in the state hospital, but depression and anxiety were the two most common diagnoses in the community and corrections participants. Four primary themes emerged from the qualitative analysis: (1) feeling accepted by others in the group, (2) acceptance within the group of mental illness and substance abuse together, (3) the structure of DDA meetings compared to other 12-step meetings, and (4) a focus on hope and recovery from both illnesses. Conclusions: DDA provides a helpful alternative for individuals who do not feel comfortable at traditional 12-step groups due to their mental illness. Members value the acceptance, understanding, discussion, and hope in DDA meetings

Mobile test fixture system for use in a thermal vacuum facility

A turnkey thermal vacuum facility is discussed. A system is described that integrates five major subsystems including the transporters, multiplexers, a thermal shrouded test fixture, a thermal isolation system and an internal utility distribution system into a mobile test fixture system. This concept allows the spacecraft to be mounted outside of the chamber. Instrumentation and checkout of the spacecraft and its instrumentation is accomplished at this station. The spacecraft, which is still mated to the test fixture, is then moved into the chamber using an air transporter system

Going public to grow? Evidence from a panel of Italian firms

WP 10/2004; This paper investigates the consequences of the going public decision for the growth of Italian firms using US firms as a benchmark for comparison. We find Italian firms conducting IPOs are larger than US firms, but raise fewer funds from the IPO and grow more slowly afterwards. We also compare Italian IPOs across time. Firms going public in the 1990s display features that are more similar to US IPOs. We describe changes to the Italian economy and financial markets potentially responsible for the change. We also compare firms of different size and with different governance structure, and we find that they behave differently after going public. Our results suggest that public policies that simply increase access to equity markets may not be effective unless they provide incentives for the firms’ decision-makers to use the new capital to grow