Interim report on the ground-water resources of Manatee County, Florida

A large part of western Manatee County is devoted to the growing of winter vegetables and citrus fruits. As in most of peninsular Florida, rainfall in the county during the growing season is not sufficient for crop production and large quantites of artesian water are used for irrigation. The large withdrawals of artesian water for irrigation result in a considerable decline of the artesian head in the western part of the county. This seasonal decline of the artesian head has become larger as the withdrawal of artesian water has increased. The lowering of the fresh-water head in some coastal areas in the State has resulted in an infiltration of sea water into the water-bearing formations. The presence of salty water in the artesian aquifer in parts of the coastal area of Manatee County indicates that sea water may also have entered the waterbearing formations in this area as a result of the decline of artesian pressure during the growing season. The purpose of the investigation is to make a detailed study of the geology and ground-water resources of the county, primarily to determine whether salt-water encroachment has occurred or is likely to occur in the coastal area. (PDF contains 38 pages.

The Kalman-Yakubovich-Popov lemma in a behavioural framework

The classical Kalman-Yakubovich-Popov Lemma provides a link between dissipativity of a system in state-space form and the solution to a linear matrix inequality. In this paper we derive the KYP Lemma for linear systems described by higher-order differential equations. The result is an LMI in terms of the original coefficients in which the dissipativity problem is posed. Subsequently we study the connection between dissipativity and spectral factorization of polynomial matrices. This enables us to derive a new algorithm for polynomial spectral factorization in terms of an LMI in the coefficients of a polynomial matrix

Corporate control mechanisms, voting and cash flow rights, and the performance of Dutch firms

This paper exploits several unique institutional features in the Dutch system of corporate control to examine the relations among investor protections, concentrated ownership, and firm performance. Four conclusions emerge. First, controlling shareholders do not appear to ameliorate corporate governance problems to any great extent. Second, the identity of ownership matters; when a firm is controlled by a few large individual shareholders, firm performance suffers. Expropriation costs are very high for this type of investor. Third, and somewhat at odds with the bulk of the prevailing literature, performance is enhanced when the firm is freed of equity market constraints. These results are consistent with recent theoretical models emphasizing that too much oversight can be detrimental to performance by forcing firms to underinvest in physical or human capital. Fourth, we distinguish between voting rights providing the means for intervening in firm affairs and cash flow rights providing the required motivation. Considering both rights are important for the empirical results. Apart from its substantive contributions, the paper develops a new four-step estimation strategy to control for the reverse causation problem plaguing econometric studies of corporate control mechanisms and firm performance.

Promoting Economic Mobility by Increasing Postsecondary Education

Explores policy options for expanding educational opportunities for low-income students to enhance upward economic mobility. Examines the effectiveness of student aid in promoting college completion and proposes a plan for better guidance and preparation

Corporate control mechanisms, voting and cash flow rights, and the performance of Dutch firms

This paper exploits several unique institutional features in the Dutch system of corporate control to examine the relations among investor protections, concentrated ownership, and firm performance. Four conclusions emerge. First, controlling shareholders do not appear to ameliorate corporate governance problems to any great extent. Second, the identity of ownership matters; when a firm is controlled by a few large individual shareholders, firm performance suffers. Expropriation costs are very high for this type of investor. Third, and somewhat at odds with the bulk of the prevailing literature, performance is enhanced when the firm is freed of equity market constraints. These results are consistent with recent theoretical models emphasizing that too much oversight can be detrimental to performance by forcing firms to underinvest in physical or human capital. Fourth, we distinguish between voting rights providing the means for intervening in firm affairs and cash flow rights providing the required motivation. Considering both rights are important for the empirical results. Apart from its substantive contributions, the paper develops a new four-step estimation strategy to control for the reverse causation problem plaguing econometric studies of corporate control mechanisms and firm performance.

A Note on Optimal Effort in the Maldivian Tuna Fishery

This note argues that spatial considerations and travel costs should be taken into account in devising tax/subsidy regulations for island-based tuna fisheries. In particular, the effect of a landings tax on distant fishing grounds should be considered when setting the level of the tax. A fuel subsidy is suggested as a means of offsetting the impact of the landings tax on marginal grounds.Environmental Economics and Policy, Research Methods/ Statistical Methods, Resource /Energy Economics and Policy,

Development of stock markets, societal norms and legal institutions

We explain the development of stock markets by both legal and societal determinants and analyze the relevance of both determinants in the Levine-Zervos (1998) cross-sectional growth regressions. We argue that the legal indicators as developed by La Porta, Lopez-de-Silanes, Shleifer and Vishny (1998) are not covering all the aspects of alternatives to financial contracting as suggested by Levine (2000). The basic argument is that the legal classification of countries does not completely cover the cross-country variation in the societal desire to use contracting in financial transactions. After establishing the determinants of stock market development we analyze the impact of stock market development on economic growth. We use a 2SLS approach to correct for the endogeneity of stock market development. We contradict the positive view of Levine-Zervos on the impact of liquidity of stock markets on economic growth. Our conclusions are in line with Levine (2000) who argues that it is not financial structure but the development of the deep structural legal and societal characteristics that is instrumental to economic growth.

A DYNAMIC ANALYSIS OF WATER SAVINGS FROM ADVANCED IRRIGATION TECHNOLOGY

A computerized grain sorghum plant growth model is combined with recursive programming to analyze the potential irrigation water savings from adopting irrigation scheduling and low pressure center pivot irrigation technology. Results indicate that irrigation pumping can be reduced with increased yields and net returns by adopting low energy precision application (LEPA) irrigation systems. Variations in input and output prices affect optimal irrigation quantities for low pressure irrigation systems less than for high pressure systems.Crop Production/Industries,