Corporate Social Responsibility and the Environment: A Theoretical Perspective

We survey the growing theoretical literature on the motives for and welfare effects of corporate greening. We show how both market and political forces are making environmental CSR profitable, and we also discuss morally-motivated or altruistic CSR. Welfare effects of CSR are subtle and situation-contingent, and there is no guarantee that CSR enhances social welfare. We identify numerous areas in which additional theoretical work is needed.corporate social responsibility, environment, self-regulation, preemption, private politics

Polytropic spheres in Palatini f(R) gravity

We examine static spherically symmetric polytropic spheres in Palatini f(R) gravity and show that no regular solutions to the field equations exist for physically relevant cases such as a monatomic isentropic gas or a degenerate electron gas, thus casting doubt on the validity of Palatini f(R) gravity as an alternative to General Relativity.Comment: Talk given by EB at the 30th Spanish Relativity Meeting, 10 - 14 September 2007, Tenerife (Spain). Based on arXiv:gr-qc/0703132 and arXiv:0712.1141 [gr-qc

Cardiorespiratory fitness and aerobic performance adaptations to a 4-week sprint interval training in young healthy untrained females

Purpose: The aim of this study was to test the effects of sprint interval training (SIT) on cardiorespiratory fitness and aerobic performance measures in young females.Methods: Eight healthy, untrained females (age 21 ± 1 years; height 165 ± 5 cm; body mass 63 ± 6 kg) completed cycling peak oxygen uptake ( V˙O2V˙O2  peak), 10-km cycling time trial (TT) and critical power (CP) tests pre- and post-SIT. SIT protocol included 4 × 30-s “all-out” cycling efforts against 7 % body mass interspersed with 4 min of active recovery performed twice per week for 4 weeks (eight sessions in total).Results: There was no significant difference in  V˙O2V˙O2  peak following SIT compared to the control period (control period: 31.7 ± 3.0 ml kg−1 min−1; post-SIT: 30.9 ± 4.5 ml kg−1 min−1; p > 0.05), but SIT significantly improved time to exhaustion (TTE) (control period: 710 ± 101 s; post-SIT: 798 ± 127 s; p = 0.00), 10-km cycling TT (control period: 1055 ± 129 s; post-SIT: 997 ± 110 s; p = 0.004) and CP (control period: 1.8 ± 0.3 W kg−1; post-SIT: 2.3 ± 0.6 W kg−1; p = 0.01).Conclusions: These results demonstrate that young untrained females are responsive to SIT as measured by TTE, 10-km cycling TT and CP tests. However, eight sessions of SIT over 4 weeks are not enough to provide sufficient training stimulus to increase  V˙O2V˙O2  peak

Determinants of the Closing Probability of Residential Mortgage Applications

After allowing applicants to "lock" the interest rate, mortgage originators are concerned with protecting themselves from adverse outcomes due to interest-rate changes. One may expect applicants would strive to close applications when rates rose, while letting themselves fall out when rates decline. Our results show that applicant response to interest-rate changes and volatility are modest. The most important predictor of closing probability is the length of the lock period, with shorter locks being more likely to close. Applications for single-family are more likely to close than are those for multiunit dwellings. Applications for owner-occupied properties are more likely to close than are those for investment properties. Applicant characteristics such as loan affordability, education and age have a small influence on closing rate. Gender has an effect for some loan programs, and marital status appears to be irrelevant. Discount points affect refinance mortgages more than purchase mortgages. Conventional applications are more likely to close than FHA and VA, and applications for refinance, in general, are less likely to close. Results are mixed for ARM and fifteen-year applications, as well as for whether it was the original application, or a relock.

Astroturf: Interest Group Lobbying and Corporate Strategy

We study three corporate nonmarket strategies designed to influence the lobbying behavior of other special interest groups: (1) astroturf, in which the firm covertly subsidizes a group with similiar views to lobby when it normally would not; (2) the bear hug, in which the firm overtly pays a group to alter its lobbying activitives; and (3) self-regulation, in which the firm voluntarily limits the potential social harm from its activities. All three strategies reduce the informativeness of lobbying, and all reduce the payoff of the public decision-maker. We show that the decision-maker would benefit by requiring the public disclosure of funds but that the availability of alternative strategies limits the impact of such a policy.

The Influence of Race in Residential Mortgage Closings

This study examines how applicants identified as Asian, Black or Hispanic differ in mortgage closing outcomes compared to the remaining applicants. First, the findings show that minority applicants are somewhat less likely to close a loan for purchase, but equally likely to close a loan for refinance. A more important question this study addresses is whether minority borrowers have less efficient closing outcomes. The findings show no statistical difference between minority and non-minority applicants. This indicates that originators do not demonstrate a ‘‘taste for discrimination’’ by basing their loan approval for minorities on whether the loan can be profitably sold.

A no-go theorem for polytropic spheres in Palatini f(R) gravity

Non-vacuum static spherically-symmetric solutions in Palatini f(R) gravity are examined. It is shown that for generic choices of f(R), there are commonly-used equations of state for which no satisfactory physical solution of the field equations can be found within this framework, apart from in the special case of General Relativity, casting doubt on whether Palatini f(R) gravity can be considered as giving viable alternatives to General Relativity.Comment: 7 pages, 1 figure. Version accepted for publication as a Fast Track Communication in CQ

Axial range of conjugate adaptive optics in two-photon microscopy

We describe an adaptive optics technique for two-photon microscopy in which the deformable mirror used for aberration compensation is positioned in a plane conjugate to the plane of the aberration. We demonstrate in a proof-of-principle experiment that this technique yields a large field of view advantage in comparison to standard pupil-conjugate adaptive optics. Further, we show that the extended field of view in conjugate AO is maintained over a relatively large axial translation of the deformable mirror with respect to the conjugate plane. We conclude with a discussion of limitations and prospects for the conjugate AO technique in two-photon biological microscopy

The Direct Costs and Benefits of US Electric Utility Divestitures

This paper studies the impact of divestiture on the efficiency and costs of electric utilities. The empirical literature shows that there exist economies of scope for electric utilities and that divestiture decreases distribution efficiency but increases generation efficiency. This paper is to bring together these different results. Our analysis covers distribution, transmission, and power sourcing. Our data is an unbalanced panel of about 138 US electric utilities for the years 1994 to 2006 over which we observe 30 divestitures between 1997 and 2003. First, we regress firmlevel efficiencies for distribution and power sourcing on various divestiture indicators. Second, we compare the weighted cost between divested and non-divested firms and calculate a net present value for the entire sample of divestitures. Last, we regress net benefits from divestiture on the distribution side on the net benefit for power sourcing to see whether individual firms successfully off-set any costs of divestiture. We find that divestiture reduces distribution efficiency but increases power sourcing efficiency. Both effects depend on the amount of own nuclear generation output but not fossil-fuel or hydro output. The net present value for all divestitures in our sample is $11.3 billion. It seems that relatively lower costs of power outweigh losses in economies of scope as well as other restructuring costs. However, lower costs of power might be the result of favourable contracts put in place at the time of divestiture. Our study complements traditional studies of economies of scope and shows that divestitures might well be worth it