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Long Run (long + run)
Selected AbstractsDEMAND POLICIES FOR LONG-RUN GROWTH: BEING KEYNESIAN BOTH IN THE SHORT AND IN THE LONG RUN?METROECONOMICA, Issue 1 2007Article first published online: 8 FEB 200, Marco Missaglia ABSTRACT The idea of demand-led growth is defended by neo-Kaleckians and neo-Keynesians using very specific assumptions. In their models the paradox of costs is always valid in the long run. The central message of this paper is that these specific and strong assumptions are not needed to defend the Kaleckian perspective of a demand-driven long-run growth. What is needed is simply a less demanding theory of flexible mark-ups in an open economy. The formal model developed in this paper shows that long-run growth may be demand driven even when the paradox of costs does not hold in the long run. [source] Helping Young People Make Choices for the Long RunCURATOR THE MUSEUM JOURNAL, Issue 2 2005Darlene Librero First page of article [source] Risks for the Long Run: A Potential Resolution of Asset Pricing PuzzlesTHE JOURNAL OF FINANCE, Issue 4 2004Ravi Bansal ABSTRACT We model consumption and dividend growth rates as containing (1) a small long-run predictable component, and (2) fluctuating economic uncertainty (consumption volatility). These dynamics, for which we provide empirical support, in conjunction with Epstein and Zin's (1989) preferences, can explain key asset markets phenomena. In our economy, financial markets dislike economic uncertainty and better long-run growth prospects raise equity prices. The model can justify the equity premium, the risk-free rate, and the volatility of the market return, risk-free rate, and the price,dividend ratio. As in the data, dividend yields predict returns and the volatility of returns is time-varying. [source] International Capital Mobility in the Short Run and the Long Run: A Daily Data Study for Japan, Singapore and Taiwan*ASIAN ECONOMIC JOURNAL, Issue 1 2008Han-Min Hsing F32; F41; G15 Using daily data from between 1993 and 2003, covered interest differential and cointegration tests are applied to examine short-run and long-run international capital mobility for Japan, Singapore and Taiwan, and, for comparison purposes, the UK. Despite the high short-run mobility in Japan (Singapore and Taiwan), being slightly (significantly) lower than in the UK, perfect long-run mobility exists in all three Asian economies, especially when the Asian currency crisis is excluded. Different short-run and long-run mobility implies the existence of a response lag in the financial market. As expected, although the impulse response reaches the significant long-run equilibrium level shortly after the shock in the UK, lagged responses appear in the three Asian economies, particularly in Singapore and Taiwan. [source] The demand for electricity in PakistanOPEC ENERGY REVIEW, Issue 1 2009Muhammad Arshad Khan This paper examines the patterns of electricity demand in Pakistan over the period 1970,2006 using autoregressive distributed lag technique to cointegration. Long run and short-run price and income elasticities are examined for the national level and for the three major consumer's categories,households, industry and agriculture. The overall results suggest that income and price elasticities possess expected signs at aggregate and disaggregate levels in the long run as well as in the short run. The error correction terms possess expected negative signs and are highly significant with reasonable magnitudes. Furthermore, the estimated long run and short-run electricity demand functions remains stable over the sample period. The results thus convey important information to the agents operating in the electricity market regarding the pricing policies and helps in planning the future strategy of electricity demand management. [source] Frequencies of hydrophobic and hydrophilic runs and alternations in proteins of known structurePROTEIN SCIENCE, Issue 1 2006Russell Schwartz Abstract Patterns of alternation of hydrophobic and polar residues are a profound aspect of amino acid sequences, but a feature not easily interpreted for soluble proteins. Here we report statistics of hydrophobicity patterns in proteins of known structure in a current protein database as compared with results from earlier, more limited structure sets. Previous studies indicated that long hydrophobic runs, common in membrane proteins, are underrepresented in soluble proteins. Long runs of hydrophobic residues remain significantly underrepresented in soluble proteins, with none longer than 16 residues observed. These long runs most commonly occur as buried , helices, with extended hydrophobic strands less common. Avoiding aggregation of partially folded intermediates during intracellular folding remains a viable explanation for the rarity of long hydrophobic runs in soluble proteins. Comparison between database editions reveals robustness of statistics on aqueous proteins despite an approximately twofold increase in nonredundant sequences. The expanded database does now allow us to explain several deviations of hydrophobicity statistics from models of random sequence in terms of requirements of specific secondary structure elements. Comparison to prior membrane-bound protein sequences, however, shows significant qualitative changes, with the average hydrophobicity and frequency of long runs of hydrophobic residues noticeably increasing between the database editions. These results suggest that the aqueous proteins of solved structure may represent an essentially complete sample of the universe of aqueous sequences, while the membrane proteins of known structure are not yet representative of the universe of membrane-associated proteins, even by relatively simple measures of hydrophobic patterns. [source] Wildfire Policy and Public Lands: Integrating Scientific Understanding with Social Concerns across LandscapesCONSERVATION BIOLOGY, Issue 4 2004MICHAEL P. DOMBECK administración de bosques; fuego no controlado; política; Servicio Forestal Estados Unidos; tierras públicas Abstract:,Efforts to suppress wildfires have become increasingly problematic in recent years as costs have risen, threats to firefighter safety have escalated, and detrimental impacts to ecosystems have multiplied. Wildfires that escape initial suppression often expand into large, high-intensity summer blazes. Lost is the legacy of smaller fires that likely burned outside extreme weather and fuel conditions and resulted in less severe impacts. Despite the recognized need for modifications to existing policies and practices, resource agencies have been slow to respond. The spread of exotic species, climate change, and increasing human development in wildlands further complicates the issue. New policies are needed that integrate social and ecological needs across administrative boundaries and broad landscapes. These policies should promote a continuum of treatments with active management and reduction of fuel hazard in wildland-urban interface zones and reintroduction of fire in wildlands. Management goals should focus on restoration of the long-term ecological health of the land. Projects that reduce fuel loads but compromise the integrity of soil, water supplies, or watersheds will do more harm than good in the long run. Despite significant ecological concerns, learning to live with fire remains primarily a social issue that will require greater political leadership, agency innovation, public involvement, and community responsibility. Resumen:,En años recientes, los esfuerzos para suprimir los fuegos no controlados se han vuelto cada vez más problemáticos por el incremento de costos, el aumento de las amenazas a la seguridad de bomberos y se la multiplicio, de los impactos perjudiciales a los ecosistemas. Los incendios que escapan la supresión inicial a menudo se expanden a grandes conflagraciones estivales de alta intensidad. Se ha perdido el legado de fuegos menores que probablemente se llevaban a cabo en condiciones climáticas y de combustible extremas que tenían impactos menos severos. A pesar del reconocimiento de la necesidad de modificaciones a las políticas y prácticas actuales, las agencias han respondido lentamente. La expansión de especies exóticas, el cambio climático y el incremento del desarrollo humano en áreas silvestres complican el problema aún más. Se requieren políticas nuevas que integren necesidades sociales y ecológicas más allá de límites administrativos y en paisajes amplios. Estas políticas deben promover un continuo de tratamientos con gestión activa y reducción de riesgo de combustión en la interfase área silvestre-urbana y la reintroducción de fuego en áreas silvestres. Las metas de la gestión deben enfocar en la restauración de la salud ecológica a largo plazo. Los proyectos que reducen la carga de combustible pero que comprometen la integridad del suelo, las reservas de agua o cuencas hidrológicas no serán de mucha utilidad en el largo plazo. A pesar de preocupaciones ecológicas significativas, aprender a vivir con fuego seguirá siendo un aspecto social que requerirá de mayor liderazgo político, innovación de agencias, participación del público y responsabilidad comunitaria. [source] Affordable diagnostics,Changing the paradigm in India,,CYTOMETRY, Issue S1 2008Bala S. Manian Abstract A successful strategy for developing affordable diagnostics begins with a shift in viewpoint. Diagnostics is a tool for generating clinical information. Amassed experience in different parts of the globe has shown that this process of generating and utilizing clinical information is not only different among various countries but also different in microenvironments within the same country. The development of affordable diagnostics requires consideration not only of the component costs such as hardware and consumables but also other related costs that contribute to the generation and delivery of that information. It is important to recognize that these costs associated with public health in resource-poor settings cannot remain at the mercy of charitable contributions from western nations. Therefore, the challenge of technological innovation is to create solutions that are locally affordable and sustainable in the long run within the local macroeconomic constraints. The solutions should permit generation of local economic activity that will reinforce long-term economic sustainability. For this reason it is essential not only to analyze the diagnostic process but also to define a pathway by which local healthcare systems in recipient nations can be endowed with elements that empower them to acquire and practice up-to-date modern diagnostic skills. The objective of this paper is to provide a wider view of diagnostic cost components and to show how solutions developed and delivered locally have resulted in economically affordable as well as sustainable products. © 2008 Clinical Cytometry Society [source] The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social SecurityECONOMETRICA, Issue 2 2003Andrew B. Abel Is the stock market boom a result of the baby boom? This paper develops an overlapping generations model in which a baby boom is modeled as a high realization of a random birth rate, and the price of capital is determined endogenously by a convex cost of adjustment. A baby boom increases national saving and investment and thus causes an increase in the price of capital. The price of capital is mean,reverting so the initial increase in the price of capital is followed by a decrease. Social Security can potentially affect national saving and investment, though in the long run, it does not affect the price of capital. [source] WELFARE IMPACT OF A BAN ON CHILD LABORECONOMIC INQUIRY, Issue 4 2010JORGE SOARES This article presents a new rationale for imposing restrictions on child labor. In a standard overlapping generation model where parental altruism results in transfers that children allocate to consumption and education, the Nash-Cournot equilibrium results in suboptimal levels of parental transfers and does not maximize the average level of utility of currently living agents. A ban on child labor decreases children's income and generates an increase in parental transfers bringing their levels closer to the optimum, raising children's welfare as well as average welfare in the short run and in the long run. Moreover, the inability to work allows children to allocate more time to education, and it leads to an increase in human capital. Besides, to increase transfers, parents decrease savings and hence physical capital accumulation. When prices are flexible, these effects diminish the positive welfare impact of the ban on child labor. (JEL D91, E21) [source] TWIN SONS OF DIFFERENT MOTHERS: THE LONG AND THE SHORT OF THE TWIN DEFICITS DEBATEECONOMIC INQUIRY, Issue 4 2009KEVIN GRIER Interest in the twin deficits hypothesis fluctuates in tandem with the U.S. current account deficit. Surprisingly though, a statistically robust relationship between budget and trade deficits has been difficult to pin down. We argue that a big part of this difficulty is due to the failure to allow for structural breaks in the series when (either explicitly or implicitly) modeling their time series properties. We show that both series are break stationary (and conditionally heteroskedastic) and argue that while there is no common pattern in the long run, the short-run dynamics reveal a sizeable and fairly persistent positive relationship between budget deficit shocks and current account deficit shocks. (JEL F41, E6, H6) [source] A common-features analysis of Amsterdam and London financial markets during the eighteenth centuryECONOMIC INQUIRY, Issue 1 2000G Dempster We examine the financial linkage between the London and Amsterdam financial markets using stock prices recorded in each market over the period 1723-94 in conjunction with tests for common trends, cycles, and regime shifts. These tests reveal a surprising degree of integration between the markets as their prices move together in both the short and long run. Moreover, shocks to the assets translate quickly and accurately between markets. It also appears that Dutch investment did not destabilize London markets and stock prices in London were the primary determinant of prices in Amsterdam. [source] Ageing and unused capacity in Europe: is there an early retirement trap?ECONOMIC POLICY, Issue 59 2009Viola Angelini Summary We address the issue of how early retirement may interact with limited use of financial markets in producing financial hardship later in life, when some risks (such as long-term care) are not insured. We argue that the presence of financially attractive early retirement schemes in a world of imperfect financial and insurance markets can lead to an ,early retirement trap'. Indeed, Europe witnesses many (early) retired individuals in financial distress. In our analysis we use data on 10 European countries, which differ in their pension and welfare systems, in prevailing retirement age and in households' access to financial markets. We find evidence that an early retirement trap exists, particularly in some Southern and Central European countries: people who retired early in life are more likely to be in financial hardship in the long run. Our analysis implies that governments should stop making early retirement attractive, let retirees go back to work, improve access to financial markets and make sure long-term care problems are adequately insured. , Viola Angelini, Agar Brugiavini and Guglielmo Weber [source] Is Reserve-ratio Arithmetic More Pleasant?ECONOMICA, Issue 279 2003Joydeep Bhattacharya Does it matter in a revenue-neutral setting if the government changes the inflation tax base or the inflation tax rate? We answer this question within the context of an overlapping-generations model in which government bonds, capital and cash reserves coexist. We consider experiments that parallel those studied in Sargent and Wallace's ,unpleasant monetarist arithmetic'; the government uses seigniorage to service its debt, choosing between changing either the money growth rate (the inflation tax rate) or the reserve-requirement ratio (the inflation tax base). In the former case we obtain standard unpleasant arithmetic; in the long run a permanent open market sale results in higher money growth, and higher long-run inflation. Somewhat surprisingly, it turns out that, for a given money growth rate, lower reserve requirements fund the government's interest expense. Associated with the lower reserve requirements is lower long-run inflation and higher welfare, compared with the money-growth case. The broad message is that reserve-ratio arithmetic can be pleasant even when money-growth arithmetic is not. [source] Burnout intervention among Dutch dentists: long-term effectsEUROPEAN JOURNAL OF ORAL SCIENCES, Issue 6 2001Hans Te Brake The aim of the present study was to determine the long-term effects of a burnout-intervention program among Dutch dentists using a longitudinal design. Using the Maslach Burnout Inventory (Dutch version: MBI-NL), at the initial measurement in 1997 a ,burnout risk group' (n=171) was identified. This group received feedback on their scores and was invited to participate in an intervention program. Of the total group, 19 dentists participated in an intervention program. After the end of the intervention program, 92 dentists (the 19 participants and a control group) responded to a post-intervention survey in 1998. These dentists were approached once more 1 yr later, and this time 78 dentists (84.8%) returned a questionnaire. While demonstrating an improvement on all subscales of the MBI-NL at the first post-test, results show that the program participants showed a relapse at the second post-test. Controls who took action on their own initiative, on the other hand, reported a beneficial effect in the long run. Finally, controls that did not take any preventive action showed little or no progress. Possible causes for these findings are discussed, including the influence of coping style, perceived control, confounding factors, demand characteristics, and the necessity of post-intervention follow-up. [source] A Nolan Committee for the German ethics infrastructure?EUROPEAN JOURNAL OF POLITICAL RESEARCH, Issue 5 2002Nathalie Behnke An international trend towards establishing and conforming standards of ethical behaviour in the public sector has repeatedly been stated. Germany, however, remains surprisingly reluctant to adopt such recommendations. This article argues that the likelihood of German decision makers implementing new, and especially soft, ethics measures depends on the demand for such measures, on the one hand, and their supply, on the other. The analysis shows that contradictory forces have an impact on Germany. The demand for new ethics measures is relatively low as a high level of hard ethics measures incorporated in the longstanding formal legal system of rules and regulations make the implementation of new measures seem unnecessary. Also, the demand for soft ethics measures is less marked in Germany than in the United Kingdom. This comparatively weak pressure meets the natural inertia caused by cognitive and institutional path,dependency in institutional choices of political decision makers. On the other hand, external bodies (such as the Organisation for Economic Cooperation and Development , OECD) provide blueprints for soft ethics measures and encourage the implementation of uniform standards across countries. Which of these forces will prevail in the long run, however, cannot be deduced from the present situation. [source] The European Charter of Fundamental Rights A Changed Political Opportunity Structure and its Normative ConsequencesEUROPEAN LAW JOURNAL, Issue 2 2001Christoph Engel The European Community is about to enlarge its de facto constitution by a fundamental rights charter. It is intended to become legally binding, at least in the long run. If it is, it will profoundly change the political opportunity structure between the Community and its Member States, among the Member States, among the organs of the Community and in relation to outside political actors. When assessing the new opportunities, one has to keep in mind the weak democratic legitimation of European policy making and its multi-level character. The article sketches the foreseeable effects and draws consequences from these insights for the dogmatics of the new fundamental rights, their relation to (other) primary Community law and to other fundamental rights codes. It ends with a view to open flanks that cannot be closed by the dogmatics of the freedoms themselves, but call for an appropriate design of the institutional framework. [source] SOCIALITY IN THERIDIID SPIDERS: REPEATED ORIGINS OF AN EVOLUTIONARY DEAD ENDEVOLUTION, Issue 11 2006Ingi Agnarsson Abstract Evolutionary ,dead ends' result from traits that are selectively advantageous in the short term but ultimately result in lowered diversification rates of lineages. In spiders, 23 species scattered across eight families share a social system in which individuals live in colonies and cooperate in nest maintenance, prey capture, and brood care. Most of these species are inbred and have highly female-biased sex ratios. Here we show that in Theridiidae this social system originated eight to nine times independently among 11 to 12 species for a remarkable 18 to 19 origins across spiders. In Theridiidae, the origins cluster significantly in one clade marked by a possible preadaptation: extended maternal care. In most derivations, sociality is limited to isolated species: social species are sister to social species only thrice. To examine whether sociality in spiders represents an evolutionary dead end, we develop a test that compares the observed phylogenetic isolation of social species to the simulated evolution of social and non-social clades under equal diversification rates, and find that sociality in Theridiidae is significantly isolated. Because social clades are not in general smaller than their nonsocial sister clades, the spindly phylogenetic pattern,many tiny replicate social clades,may be explained by extinction rapid enough that a nonsocial sister group does not have time to diversify while the social lineage remains extant. In this case, this repeated origin and extinction of sociality suggests a conflict between the short-term benefits and long-term costs of inbred sociality. Although benefits of group living may initially outweigh costs of inbreeding (hence the replicate origins), in the long run the subdivision of the populations in relatively small and highly inbred colony lineages may result in higher extinction, thus an evolutionary dead end. [source] MANAGEMENT ACCOUNTING CHANGE AND NEW PUBLIC MANAGEMENT IN LOCAL GOVERNMENT: A REASSESSMENT OF AMBITIONS AND RESULTS , AN INSTITUTIONALIST APPROACH TO ACCOUNTING CHANGE IN THE DUTCH PUBLIC SECTORFINANCIAL ACCOUNTABILITY & MANAGEMENT, Issue 3 2008Henk J. Ter Bogt Dutch municipalities and provinces, denoted here as local government, have seen a succession of changes in their management accounting systems and have also introduced other changes related to New Public Management (NPM) in the last twenty years. This paper examines accounting changes, such as the introduction of accrual accounting, output and outcome budgets and performance measurement, from an institutionalist point of view. The paper presents experiences of 23 politicians and professional managers with the various changes over a period of fifteen to twenty years. The interviewees, just like various researchers in the field of NPM, were critical of the accounting changes and their effects. However, several of them also made clear that, seen over the long run, the changes did have some effects that they liked and seem to be in line with the ,ideals' presented in NPM literature. The paper suggests that an institutionalist perspective is helpful for studying change processes in organizations and for observing factors and developments that might not be noticed when a more functional and short-term perspective is adopted. [source] Market Misvaluation, Managerial Horizon, and AcquisitionsFINANCIAL MANAGEMENT, Issue 2 2010Huasheng Gao This paper analyzes the impact of managerial horizon on mergers and acquisitions activity. The main predication is that acquiring firms managed by short-horizon executives have higher abnormal returns at acquisition announcements, less likelihood of using equity to pay for the transactions, and inferior postmerger stock performance in the long run. I construct two proxies for managerial horizon based on the CEO's career concern and compensation scheme, and provide empirical evidence supporting the above prediction. Moreover, I also demonstrate that long-horizon managers are more likely to initiate acquisitions in response to high stock market valuation. [source] Bank Mergers and Small Firm Finance: Evidence from Lender LiabilityFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 2 2008James E. McNulty As a merger approaches, the value of repeat business for the target bank can drop sharply, so loan relationships between this bank and small businesses are often disrupted. Small firms sometimes experience serious value destruction as a consequence of this sudden lack of credit. This paper shows that lender liability may result from bank mergers and bankers involved in mergers often engage in aggressive, scorched-earth defense tactics to discourage further litigation. I summarize six lender liability cases to illustrate these points. Bank mergers have been shown to reduce credit availability in a number of studies. Since small firms depend on credit for their daily existence, owners of small firms do have a reason to fear a merger of their bank with a larger institution. Analyzing merger effects with survey data of firms obtained after a bank merger, an empirical strategy used in a number of studies, raises problems since the only firms considered are the ones that survived the bank merger. Suggesting that the problem will cure itself in the long run, an argument advanced in other studies, ignores small firms' daily dependence on credit. In the long run we are all dead. Bank examiners need to evaluate an institution's litigation experience and measure a bank's organizational architecture , its ethical climate. Banks which are repeatedly involved in lender liability lawsuits should be denied future mergers until there is a change in organizational architecture. To assist in evaluating organizational architecture, banks should be required to report their litigation expense on their call reports. Furthermore, regulators should seriously consider the recent suggestion of Carow, Kane and Narayanan (2006) that they take steps to ensure that participants in bank mergers preserve target bank relationships. Otherwise negative effects on small business lending and economic growth will continue as bank consolidation proceeds. [source] Market Segmentation and Information Asymmetry in Chinese Stock Markets: A VAR AnalysisFINANCIAL REVIEW, Issue 4 2003Jian Yang G15/G32 Abstract This study examines the market segmentation and information asymmetry patterns in Chinese stock markets. The recursive cointegration analysis confirms that each of six markets is not linked with other markets in the long run. Further, the result from data-determined forecast error variance decomposition clearly shows that foreign investors in the Shanghai B-share market are better informed than Chinese domestic investors in two A-share markets and foreign investors in Shenzhen and Hong Kong markets over time. The finding challenges a widespread assumption of less informed foreign investors in the literature, but suggests that foreign investors could be more informed in emerging markets. [source] IPO Prospectus Information and Subsequent PerformanceFINANCIAL REVIEW, Issue 3 2003Harjeet S. Bhabra G3/G32 Abstract Initial public offerings underperform in the long run; however, there is very little evidence on their cross-sectional variation. Using a random sample of IPOs from 1987 through 1991 and gathering their prospectus data, we show that financial and operating characteristics as well as offering characteristics have a limited relation with the one-year stock returns. We also find that firms that subsequently reissue equity or merge outperform their matched-firm benchmarks over three years. Underperformance is most severe for the smaller and younger firms. We find that prospectus information is more useful to predict survival/failure compared to subsequent equity offerings or acquisitions. [source] Environmental ,loopholes' and fish population dynamics: comparative pattern recognition with focus on El Niño effects in the PacificFISHERIES OCEANOGRAPHY, Issue 4-5 2003Andrew Bakun Abstract A process of comparative pattern recognition is undertaken for the purpose of garnering insights into the mechanisms underlying some currently puzzling conundrums in fishery resource ecology. These include (a) out-of-phase oscillations between anchovies and sardines, (b) the remarkable fish productivity of the Peru,Humboldt marine ecosystem, (c) sardine population increases in the eastern Pacific during El Niños, (d) basin-wide synchronies in large-amplitude abundance variations, (e) characteristic spawning of large tuna species in poorly productive areas, (f) contrary trends in Pacific tropical tuna abundance during the 1970s and early 1980s. It is found that each of the items appears to become less enigmatic when the conceptual focus shifts from conventional trophodynamics to the idea that ,loopholes' in the fields of biological controls (i.e. of predators of early life stages), produced by poor ocean productivity or by disruptive environmental perturbations, may in fact lead to remarkable reproductive success. Implications include the following: (1) El Niño, rather than being an unmitigated disaster for Peruvian fisheries, may in the long run be a prime reason for the remarkable fishery productivity of the Peru,Humboldt large marine ecosystem. (2) Globally-teleconnected climatic trends or shifts might produce globally-coherent population expansions even when local environmental expressions may be quite different. (3) It may be unreasonable to expect any management methodologies to be able to keep the fish populations of highly climatically-perturbed systems such as the Peruvian LME always at stable high levels; an alternative approach, for example, might be to take optimal advantage of the transient opportunities afforded by the high fish productivity of such inherently erratic systems. [source] Cross-sectional determinants of post-IPO stock performance: evidence from ChinaACCOUNTING & FINANCE, Issue 3 2010Xin Chang This paper examines the cross-sectional determinants of post-IPO long-term stock returns in China. We document that the aftermarket P/E ratio has the most robust negative association with post-IPO stock returns. The negative relation indicates that the market corrects the aftermarket overvaluation of IPO firms in the long run. Underwriter reputation has a positive effect on post-IPO stock returns, while board size has a negative impact, consistent with the views that reputable underwriters mitigate the information asymmetry in IPO pricing and over-sized boards reduce the effectiveness of corporate governance. However, we find little evidence indicating that the equity ownership structure is significantly associated with post-IPO stock returns. [source] A New Technical Progress Function (1962)GERMAN ECONOMIC REVIEW, Issue 3 2010Carl Christian Von Weizsäcker Induced technical progress; factor income distribution; quasi-Cobb,Douglas production function Abstract. In this paper, I show that labour-saving or capital-saving technical progress is induced by the distribution of income between capital and labour. In the long run, technical progress is Harrod neutral. The long-run equilibrium factor income distribution is determined by a parameter of the technical progress function. [source] Falling Labor Share and Rising Unemployment: Long,Run Consequences of Institutional Shocks?GERMAN ECONOMIC REVIEW, Issue 4 2002Norbert Berthold The literature on unemployment has mostly focused on labor market issues while the impact of capital formation is largely neglected. Job creation is often thought to be a matter of encouraging more employment on a given capital stock. In contrast, this paper explicitly deals with the long,run consequences of institutional shocks on capital formation and employment. It is shown that the usual tradeoff between employment and wages disappears in the long run. In line with an appropriation model, the estimated values for the long,run elasticities of substitution between capital and labor for Germany and France are substantially greater than one. [source] Personal Income Distribution and Market StructureGERMAN ECONOMIC REVIEW, Issue 3 2002Corrado Benassi Income distribution affects market demand and its elasticity, and, as a consequence, the optimal behaviour of firms and market equilibrium. This paper focuses on the effects of income polarization, and presents a model where , for any unimodal density function describing income distribution of the consumers , income polarization leads to market concentration, i.e., to a smaller number of firms able to survive in the long run, provided that the firms' fixed costs are sufficiently low. [source] The Swedish Conservative Party and the Welfare State: Institutional Change and Adapting Preferences1GOVERNMENT AND OPPOSITION, Issue 4 2008Anders Lindbom After the 2006 elections, a bourgeois government came to power in Sweden. This article argues that the popularity of the ,universal' Swedish welfare state has led the dominant ,neoliberal' party (Moderaterna) to adapt its policies; the party has accepted that the modern welfare state is irreplaceable. In the short run the party can only hope to achieve incremental changes, but at the same time the party wants to change society (lower taxes) in the long run. The differences between the allegedly neoliberal 1980s and 2006 should not conceal that the mechanism of welfare popularity remains largely the same. The party's policy proposals tend to suggest only incremental changes in both periods. [source] Malnutrition, poverty, and economic growthHEALTH ECONOMICS, Issue S1 2009Rasmus Heltberg Abstract This paper argues that indicators of anthropometric shortfall , especially low height and low weight-for-age , are uniquely suited for assessing absolute deprivation in developing countries. Anthropometric indicators are relatively precise, readily available for most countries, reflect the preferences and concerns of many poor people, consistent with reckoning the phenomenon directly in the space of functionings, intuitive, easy to use for advocacy, and consistent over time and across subgroups. Anthropometric indicators can therefore complement (but not replace) standard indicators of income/consumption poverty, especially for comparisons across subgroups, within households, across countries, and in the long run. In addition, the paper analyses spells of change in malnutrition over time, finding that the association between economic growth and chronic child malnutrition is very small (but statistically significant) and much lower than the elasticity of growth on poverty. The policy implication of this finding is that direct interventions aimed at reducing infant malnutrition are required. Copyright © 2009 John Wiley & Sons, Ltd. 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