CRIMINOLOGY, Issue 4 2002
BILL McCARTHY
Homeless youth establish a variety of relationships with people they meet on the street. These associations generate different levels of the intangible resources of trust, commitment, and reciprocity that contribute to a person's social capital. We argue that the relationships homeless youth describe as "street families" resemble the fictive kin common among people who have limited resources, and that these relationships are a greater source of social capital than are other associations. Social capital may improve access to many valued outcomes, including protections. Regression analyses of violent victimization support our argument, demonstrating that fictive street families keep youth out of harm's way more than do other street associations. [source]

EMPLOYMENT COUNSELING, HOUSING ASSISTANCE, AND AUNT YOLANDA?: HOW STRENGTHENING FAMILIES' SOCIAL CAPITAL CAN REDUCE RECIDIVISM

CRIMINOLOGY AND PUBLIC POLICY, Issue 2 2004
JEANNE FLAVIN
First page of article [source]

THE ILLUSORY TAX BASE: WHY TAXES ON CAPITAL ARE COUNTERPRODUCTIVE

ECONOMIC AFFAIRS, Issue 1 2003
Barry Bracewell-Milnes
Taxes on capital are economically and socially counterproductive. The economy and society would benefit from their abolition. The obstacle to their abolition is not financial or economic but a failure of political will. This article looks at taxes on capital from an economic perspective: how do they differ from other taxes, what costs do they impose on the economy, and what are the consequences of their abolition? And, even if they are a failure economically, can they be justified socially or politically? [source]

HUMAN CAPITAL AND THE LABOR OF LEARNING: A CASE OF MISTAKEN IDENTITY

EDUCATIONAL THEORY, Issue 2 2007
Alexander M Sidorkin
Specifically, human capital theorists underestimate the private cost of schooling by taking low-level manual labor as the basis for estimating students' forgone earnings. This does not take into consideration the nature of students' labor of learning. In the essay, Sidorkin describes student work as a form of labor, not an investment activity, and considers the implications such an understanding of student work has for school reform. [source]

STRINGS ATTACHED: NEW PUBLIC MANAGEMENT, COMPETITIVE GRANT FUNDING AND SOCIAL CAPITAL

FINANCIAL ACCOUNTABILITY & MANAGEMENT, Issue 2 2009
Helen Irvine
This paper first investigates the impact of New Public Management (NPM) practices, particularly competitive grant funding, on Bushcare New South Wales (NSW), an Australian environmental volunteering organisation. Secondly, identifying such local volunteering organisations as repositories of valuable social capital, it explores the link between volunteering and social capital. Using mixed methods and institutional theory, the study reveals that an increased level of professionalism and accountability is required of Bushcare groups, and that local coordinators face a challenge in balancing local, regional and national priorities without sacrificing Bushcare's mission. These dynamics, it is proposed, have potentially serious social capital implications. [source]

LABOUR AND LANDSCAPES: THE POLITICAL ECONOMY OF LANDESQUE CAPITAL IN NINETEENTH CENTURY TANGANYIKA

GEOGRAFISKA ANNALER SERIES B: HUMAN GEOGRAPHY, Issue 3 2007
N. Thomas Håkansson
ABSTRACT. In a long-term and global perspective irrigated and terraced landscapes, landesque capital, have often been assumed to be closely associated with hierarchical political systems. However, research is accumulating that shows how kinship-based societies (including small chiefdoms) have also been responsible for constructing landesque capital without population pressure. We examine the political economy of landesque capital through the intersections of decentralized politics and regional economies. A crucial question guiding our research is why some kinship-based societies chose to invest their labour in landesque capital while others did not. Our analysis is based on a detailed examination of four relatively densely populated communities in late pre-colonial and early colonial Tanzania. By analysing labour processes as contingent and separate from political types of generalized economic systems over time we can identify the causal factors that direct labour and thus landscape formation as a process. The general conclusion of our investigation is that landesque investments occurred in cases where agriculture was the main source of long-term wealth flow irrespective of whether or not hierarchical political systems were present. However, while this factor may be a necessary condition it is not a sufficient cause. In the cases we examined, the configurations of world-systems connections and local social and economic circumstances combined to either produce investments in landesque capital or to pursue short-term strategies of extraction. [source]

(ANTI)SOCIAL CAPITAL IN THE PRODUCTION OF AN (UN)CIVIL SOCIETY IN PAKISTAN,

GEOGRAPHICAL REVIEW, Issue 3 2005
DAANISH MUSTAFA
ABSTRACT. Pakistan is home to some of the most widely admired examples of civil-society-based service-delivery and advocacy groups. Pakistan has also spawned some much-maligned nongovernmental actors with violent agendas. This article uses the social capital / civil society conceptual lens to view the modes of (anti)social capital mobilization that contribute to the civil and uncivil spaces of Pakistani society. The case examples of Jamaat-e-Islami, an Islamic revivalist organization, and the Human Rights Commission of Pakistan are used to understand the geography of social and antisocial forces in Pakistan. It is argued that the processes that mobilize social capital-whether positive or perverse-are multiscalar and that, in the Pakistani context, no compelling cultural or religious reason exists for the ascendance of one type of social capital over the other. Positive social capital can be mobilized to contribute to a more civil social discourse in Pakistan, given the right policy choices. [source]

SOCIAL CAPITAL, DEVELOPMENT, AND INDIGENOUS POLITICS IN ECUADORIAN AMAZONIA,

GEOGRAPHICAL REVIEW, Issue 3 2003
THOMAS PERREAULT
ABSTRACT. This article examines the formation of social capital,defined as the norms of trust and reciprocity integral to social relations,and the ways in which it may help rural people's organizations gain access to rights and resources. The formation of social capital must be viewed within the context of the symbolic systems, or cultural capital, that imbues social relations with meaning. The concept of social capital provides a valuable conceptual framework for analyzing the multiscale processes of environmental management, rural development, and resource conflicts with which many rural social movements are involved. The role played by social capital is illustrated through a detailed case study of an indigenous political and cultural organization in the Ecuadorian Amazon. The organizational history of a lowland Quichua federation and the successes and problems it has had in managing development projects and achieving political objectives provide insight into the importance of social capital in the development of the region. [source]

VORACIOUS TRANSFORMATION OF A COMMON NATURAL RESOURCE INTO PRODUCTIVE CAPITAL,

INTERNATIONAL ECONOMIC REVIEW, Issue 2 2010
Frederick Van Der Ploeg
I analyze a power struggle where competing factions have,private,financial assets and deplete a,common,stock of natural resources with no private property rights. I obtain a feedback Nash equilibrium to the dynamic common-pool problem and obtain political variants of the Hotelling depletion rule and the Hartwick saving rule. Resource prices and depletion occur too fast, so substitution away from resources to capital occurs too fast and the saving rate is too high. The power struggle boosts output, but depresses sustainable consumption. Genuine saving is nevertheless zero in a fractionalized society. World Bank estimates may be too optimistic. [source]

OCCUPATIONAL SPECIFICITY OF HUMAN CAPITAL,

INTERNATIONAL ECONOMIC REVIEW, Issue 1 2009
Gueorgui Kambourov
We find that returns to occupational tenure are substantial. Everything else being constant, 5 years of occupational tenure are associated with an increase in wages of 12%,20%. Moreover, when occupational experience is taken into account, tenure with an industry or employer has relatively little importance in accounting for the wage one receives. This finding is consistent with human capital being occupation specific. [source]

EVIDENCE THAT GREATER DISCLOSURE LOWERS THE COST OF EQUITY CAPITAL

JOURNAL OF APPLIED CORPORATE FINANCE, Issue 4 2000
Christine A. Botosan
The effect of corporate disclosure on the cost of equity capital is a matter of considerable interest and importance to both corporations and the investment community. However, the relationship between disclosure level and cost of capital is not well established and has proved difficult for researchers to quantify. As described in this article, the author's 1997 study (published in The Accounting Review) was the first to measure and detect a direct relationship between disclosure and cost of capital. After examining the annual reports of 122 manufacturing companies, the author concluded that companies providing more extensive disclosure had a lower (forward-looking) cost of equity capital (measured using Value Line forecasts with an EBO valuation formula that derives from the dividend discount model). For companies with extensive analyst coverage, differences in disclosure do not appear to affect cost of capital. But for companies with small analyst followings, differences in disclosure do appear to matter. Among this group of companies, the firms judged to have the highest level of disclosure had a cost of equity capital that was nine-percentage points lower than otherwise similar firms with a minimal level of disclosure. Closer analysis of some of the specific disclosure practices also suggests that, for small firms with limited analyst coverage, there are benefits to providing more forward-looking information, such as forecasts of sales, profits, and capital expenditures, and enhanced disclosure of key non-financial statistics, such as order backlogs, market share, and growth in units sold. In closing, the article also discusses an interesting new study (by Lang and Lundholm) that suggests there is an important distinction between effective corporate disclosure and "hyping the stock." The findings of this study show that while higher levels of disclosures are associated with higher stock prices, sudden increases in the frequency of disclosure are viewed with skepticism. [source]

LOCATION-SPECIFIC HUMAN CAPITAL, LOCATION CHOICE AND AMENITY DEMAND,

JOURNAL OF REGIONAL SCIENCE, Issue 5 2009
Douglas J. Krupka
ABSTRACT The role of amenities in the flow of migrants has long been a subject of debate. This paper advances an original model of amenities that work through household production instead of directly through utility. Area characteristics (amenities) affect household production, causing certain kinds of human capital investments to be rewarded more than others. Area heterogeneity thus makes such investments location-specific. This specificity,along with a period of exogenous location,increases the opportunity costs of moving, diminishes migration flows between dissimilar locations and increases valuation of amenities that were present in the originating area. These theoretical results emphasize people's sorting across areas and thus differ from the results of the standard model of compensating differentials. Empirical tests of the model's predictions using NLSY79 data show that childhood investments affect migration flows in the way proposed by the model. [source]

RENEWING PEOPLE AND PLACES: INSTITUTIONAL INVESTMENT POLICIES THAT ENHANCE SOCIAL CAPITAL AND IMPROVE THE BUILT ENVIRONMENT OF DISTRESSED COMMUNITIES

JOURNAL OF URBAN AFFAIRS, Issue 5 2006
REX L. LAMORE
ABSTRACT:,The challenges confronting distressed communities in the United States are complex and multifaceted. Communities large and small have been significantly affected by a myriad of social, environmental, and economic forces, including a continuing decline in manufacturing employment, uncontrolled sprawl, and the transition to a global economy. The traditional choice between a "place-based" theory of redevelopment strategy versus a "people-focused" theory no longer seems feasible or appropriate. This article outlines sustainable development as an alternative strategy that combines a place-based development strategy, a human development focus, and an environmentally mindful approach. It posits that there exists a direct positive relationship between the creation of social capital, the redevelopment of the built environment utilizing sustainable development practices, and community-based organizations in distressed communities. Furthermore, the authors suggest that through community investment,a socially responsible investment strategy,institutions of higher education can facilitate the rebuilding of communities by providing financial capital while gaining a moderate yet secure financial return as well as a substantial social return. [source]

OPTIMAL CAPITAL AND RISK TRANSFERS FOR GROUP DIVERSIFICATION

MATHEMATICAL FINANCE, Issue 1 2008
Damir Filipovi
Diversification is at the core of insurance and other financial business. It constitutes an important issue in the preparation of the new Solvency II framework for the regulation of European insurance undertakings. In this paper, we propose a conceptual framework for a legally enforceable capital and risk transfer which optimally accounts for the designated group diversification benefits. We also provide a consistent valuation principle which is compatible with any prior valuation method. This makes our framework fully flexible and universally applicable. A first simple numerical example illustrates the practicability of our proposal. [source]

AN OBTRUSIVE REMARK ON CAPITAL AND COMPARATIVE STATICS

METROECONOMICA, Issue 1 2009
Gaetano Bloise
ABSTRACT We present a simple comparative statics analysis of steady-state equilibria in overlapping generations economies with capital accumulation. We regard comparative statics as paradoxical whenever an exogenous increase in saving propensity induces a decrease (an increase) in consumption at the steady state when interest rate is positive (negative). It is shown that there is an exact relation between paradoxical comparative statics and a perverse intersection of properly identified curves of demand for and supply of capital in value. The demand curve for capital in value coincides with that of neo-Ricardian analysis. We relate our conclusions to some old and recent issues in capital theory. [source]

FURTHER ON CAPITAL AND INTERTEMPORAL EQUILIBRIA: A REJOINDER TO MANDLER

METROECONOMICA, Issue 4 2005
Pierangelo Garegnani
First page of article [source]

ENTRY AND EXIT OF LABOR AND CAPITAL IN A FISHERY

NATURAL RESOURCE MODELING, Issue 2 2005
ASGEIR DANIELSSON
ABSTRACT. Exit and entry of fishermen, as well as vessels, is modeled explicitly. If the speed of exit and entry of fishermen is less than instantaneous the wage rate varies with the fortunes of the fishing firms and affects the endogenous labor supply creating a second transmission mechanism from profits to effort. There are realistic cases where this mechanism has important effects on the stability of the dynamic system and on the effects of taxes (subsisdies) on the size of the fish stock. If labor supply depends negatively on the wage rate, the immediate effect of an increase in the tax rate is to increase effort and harvest. This condition makes it also more probable that the dynamic system is unstable. In those cases where the dynamic system is unstable the increase in the tax rate increases overexploitation not only in the short-term but also in the long-term. [source]

SOCIAL CAPITAL & FAITH-BASED ORGANISATIONS

THE HEYTHROP JOURNAL, Issue 6 2007
CHRISTINE HEPWORTH
This year is the twentieth anniversary of the germinal report ,Faith in the City' which first drew attention to the concerns of religious agencies whose remit is to tackle growing multiple deprivation in the UK. Since then, the role of faith-based organisations (FBOs) as mediators of welfare provision, urban regeneration and community development has attracted little attention from sociologists despite claims that such roles are becoming increasingly important. Successive UK governments have highlighted the potential of religious congregations in enhancing social capital and promoting social cohesion. The seminal work of Greg Smith (University of East London) emphasises this theme while other sociological literature in this area (mainly American, e.g., Putnam) argues that FBOs in the community provide a degree of social support and relationship structures that accumulate as social capital resources. This discussion paper is an attempt to open up the debate on the ways in which FBOs can develop and enhance the social capital value of local community groups. [source]

CAPITAL,LABOUR SUBSTITUTION AND ENDOGENOUS FLUCTUATIONS: A MONOPOLISTIC COMPETITION APPROACH WITH VARIABLE MARKUP,

THE JAPANESE ECONOMIC REVIEW, Issue 3 2009
THOMAS SEEGMULLER
This paper analyses an overlapping generations model with endogenous product diversity where strategic interactions between producers are introduced; it examines how they affect the stability properties of the steady state. Because of free entry, strategic interactions between producers imply a new dynamic feature, markup variability, promoting indeterminacy and endogenous cycles. Indeed, in contrast to the model without strategic interaction, endogenous fluctuations can occur when the substitution between the production factors, capital and labour, is not too weak, but in accordance with empirical estimates. [source]

TYPES OF PUBLIC CAPITAL AND THEIR PRODUCTIVITY IN JAPANESE PREFECTURES*

THE JAPANESE ECONOMIC REVIEW, Issue 2 2008
IZUMI MIYARA
Several researchers have studied the productivity of public capital in Japan but most have not paid attention to the types of public infrastructure or differences in production technology between prefectures. We estimate prefectural production functions with differently aggregated public capital. Through the model selection process, we examine the types of productive public capital. The empirical results show the production technologies used and how types of productive public capital differ between prefectures. [source]

AN ENDOGENOUS GROWTH MODEL WITH PUBLIC CAPITAL AND SUSTAINABLE GOVERNMENT DEBT,

THE JAPANESE ECONOMIC REVIEW, Issue 3 2007
ALFRED GREINER
This paper presents and analyses an endogenous growth model with public capital and public debt. It is assumed that the ratio of the primary surplus to gross domestic income is a positive linear function of the debt income ratio which assures that public debt is sustainable. The paper then derives necessary conditions for the existence of a sustainable balanced growth path for the analytical model. Further, simulations are undertaken in order to gain insight into stability properties of the model and in order to analyse growth effects of deficit financed increases in public investment. The latter is done for the model on the sustainable balanced growth path as well as for the model along the transition path. [source]

A MODEL OF BANK CAPITAL, LENDING AND THE MACROECONOMY: BASEL I VERSUS BASEL II,

THE MANCHESTER SCHOOL, Issue 2006
LEA ZICCHINO
The revised framework for capital regulation of internationally active banks (known as Basel II) introduces risk-based capital requirements. This paper analyses the relationship between bank capital, lending and macroeconomic activity under the new capital adequacy regime. It extends a model of the bank capital channel of monetary policy,developed by Chami and Cosimano,by introducing capital constraints à la Basel II. The results suggest that bank capital is likely to be less variable under the new capital adequacy regime than under the current one, which is characterized by invariant asset risk-weights. However, bank lending is likely to be more responsive to macroeconomic shocks. [source]

WAGE GROWTH, HUMAN CAPITAL AND FINANCIAL INVESTMENT,

THE MANCHESTER SCHOOL, Issue 6 2005
SARAH BROWN
The aim of this paper is to explore the relationship between wage growth, human capital and investment in financial assets at the individual level. We investigate this relationship using data from five waves of the British Household Panel Survey. We exploit panel data enabling us to determine the change in real wages experienced by individuals across four different time horizons, 1995,96, 1995,98, 1995,1700 and 1700,1. Our findings support a positive association between financial assets and wage growth with this relationship becoming more pronounced over time. In addition, our results suggest that investment in financial assets is positively associated with returns to human capital investment. [source]

LABOUR MARKET DISTORTION, TECHNOLOGY TRANSFER AND GAINFUL EFFECTS OF FOREIGN CAPITAL,

THE MANCHESTER SCHOOL, Issue 2 2005
SARBAJIT CHAUDHURI
This paper purports to show that even in a 2 × 2 full-employment production structure, an inflow of foreign capital may be welfare improving in the presence of labour market distortion. However, the existence of labour market distortion is a necessity to obtain this unconventional result. If an inflow of foreign capital is accompanied by labour market reform, the possibility of welfare gain due to foreign capital diminishes. Therefore, there may exist a trade-off between the policies of growth with foreign capital and labour market reform. However, if the inflow of foreign capital is accompanied by a labour-augmenting type technology transfer, it is found that investment liberalization policy and labour market reform may be undertaken concurrently in a developing economy. [source]

SUNK COSTS OF CAPITAL AND THE FORM OF ENTERPRISE: INVESTOR-OWNED FIRMS AND WORKER-OWNED FIRMS,

ANNALS OF PUBLIC AND COOPERATIVE ECONOMICS, Issue 1 2010
Kazuhiko Mikami
ABSTRACT,:,This paper examines implications of sunk costs of capital for efficient forms of enterprise. It is assumed that firm owners and outside traders are asymmetrically informed of venture risks, and that there are sunk costs associated with investment in physical and human capital. We then make an efficiency comparison between investor-owned and worker-owned firms. We find that the firm is efficient when it is owned by the input supplier (the investor or worker) who incurs large sunk costs. This is because such an input supplier can credibly signal to the other input supplier that he in fact has a safe project. An empirical study based on the Japanese manufacturing industry seems to support the theoretical result. [source]

NEW ESTIMATES OF AUSTRALIAN PUBLIC BORROWING AND CAPITAL RAISED IN LONDON, 1849,1914

AUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 2 2007
Article first published online: 7 JUN 200, Bernard Attard
Australia; capital market; debt; foreign exchange; statistics Current statistics of Australian public borrowing to 1914 suffer from several limits. On the basis of a comprehensive revision, an upward bias is shown in all the alternative time series of London borrowing, while statistics of local bond issues are derived for the first time. The new time series show the importance of the initial borrowing cycle during the 1850s and 1860s; the scale of debt repatriation from the mid-1890s; the interaction between domestic and overseas borrowing before the 1880s; and the potential significance of remittance as an ,invisible stabiliser' of the exchanges and alternative indirect source of capital imports. [source]

FOREIGN CAPITAL AND EFFICIENCY IN DEVELOPING COUNTRIES

BULLETIN OF ECONOMIC RESEARCH, Issue 4 2008
Camilla Mastromarco
O47; O57 ABSTRACT This paper uses stochastic frontier methodology to analyse foreign direct investment, imported capital goods and human capital as channels for increased efficiency in less-developed countries. Empirical investigation reveals that developing countries differ with respect to the efficiency with which they use frontier technology. Foreign direct investment and human capital play a significant and quantitatively important role in explaining these differences. [source]

Biodiversity in Agricultural Landscapes: Saving Natural Capital without Losing Interest

CONSERVATION BIOLOGY, Issue 2 2006
Charles Perrings
No abstract is available for this article. [source]

Bourdieu's Disavowal of Lacan: Psychoanalytic Theory and the Concepts of "Habitus" and "Symbolic Capital"

CONSTELLATIONS: AN INTERNATIONAL JOURNAL OF CRITICAL AND DEMOCRATIC THEORY, Issue 4 2006
George Steinmetz
First page of article [source]

Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings,

CONTEMPORARY ACCOUNTING RESEARCH, Issue 3 2008
Robert M. Bowen
First page of article [source]