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Banks have a unique ability to hedge against market-wide liquidity shocks. Deposit inflows provide funding for loan demand shocks that follow declines in market liquidity. Consequently, banks can insure firms against systematic declines in liquidity at lower cost than other institutions. We provide evidence that when liquidity dries up and commercial paper spreads widen, banks experience funding inflows. These flows allow banks to meet loan demand from borrowers drawing funds from commercial paper backup lines without running down their holdings of liquid assets. We also provide evidence that implicit government support for banks during crises explains these funding flows. [ABSTRACT FROM AUTHOR]

This paper reviews Paul Krugman's fundamental contributions to new trade theory (NTT) and new economic geography (NEG) on the occasion of his 2008 Nobel Prize. We appraise the impact his work had on the field of regional science broadly defined, and we quantify its influence on papers published in Papers in Regional Science ( PIRS) between 1991 and 2009 (vols. 70–87 and papers in press). We then discuss in more detail a few contributions published in PIRS that extend his original analysis in various directions. Finally, we briefly speculate on where NEG is headed to and which are the research directions that should be explored more thoroughly in the future. Resumen Con ocasión de su Premio Nobel de 2008, este artículo revisa las contribuciones fundamentales de Paul Krugman a la nueva teoría del comercio (NTT, por sus siglas en inglés) y a la Nueva Geografía Económica (NEG, por sus siglas en inglés). Valoramos el impacto que ha tenido su trabajo en el campo de la Ciencia Regional en su más amplia definición, y cuantificamos su influencia sobre artículos publicados en Papers in Regional Science (PiRS) entre 1991 y 2009 (vols. 70-87 y artículos en prensa). A continuación discutimos en más detalle unas pocas contribuciones publicadas en PiRS que amplían su análisis original en varias direcciones. Finalmente, especulamos brevemente sobre adónde se dirige la NEG y cuales son las avenidas de investigación que deberían ser exploradas en mayor profundidad en el futuro. [ABSTRACT FROM AUTHOR]

Does the life cycle of economic papers differ across fields of economic research? By constructing and analyzing a large dataset that combines information on 9,672 articles published in the top five economic journals from 1970 to 2000 with detailed yearly citation data obtained from Google Scholar, we find that published articles do have a life cycle that differs across fields of economic research (which we divide into the categories of applied, applied theory, econometric methods, and theory). Applied and applied theory papers are the clear winners in terms of citation counts. For the first years after their publication, they receive higher numbers of citations per year than papers in other fields of research do. They also reach a higher peak number of citations per year and apparently sustain those peak levels for longer, in addition to being cited over longer periods of time (i.e., they have a longer lifespan). Citation patterns are much less favorable for theoretical papers, which are the object of fewer citations per annum in the first years following publication, have lower peak numbers and a shorter lifespan. Econometric method papers are a special case; the pattern for most of these papers is similar to the pattern for theory papers, but the most successful papers (as measured by the number of citations) on econometric methods are also the most successful papers in the entire discipline of economics. ( JEL A14) [ABSTRACT FROM AUTHOR]

In this article we study three Norwegian reports concerning the environmental problems connected to use of natural resources and production of waste. The reports are responding to political initiatives in White Paper 58 (1996–97) and White Paper 8 (1999–2000). The reports describe, analyse and give reasons for various resolution strategies with regard to excessive consumption of virgin natural resources, inefficient economic processes and irresponsible waste management. The purpose of this article is threefold. First, we present a theoretical framework that enables an integrated analysis of economic problems. We have termed the theoretical context for our analysis circulation economics. Second, we illustrate the complexity of the problems through a discussion of the three different reports concerning waste management. Third, in the context of circulation economics the different reports elucidate various aspects of the phenomenon area and the new perspective can be used to synthesize the partial findings. In addition to this, we suggest where further work has to be done in the future. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment. [ABSTRACT FROM AUTHOR]

The author-pays model (open access publishing funded through author charges) is dependent on authors having access to financial support at the time their research papers are accepted. We conducted an author survey to determine the availability of external funding for publication charges at different points in the research process. Of the 377/524 (72%) who responded, 62% (233/377) received external funding to support their study, but with notable differences between journals. Only 25% (95/377) could withdraw funds from a grant at the time of paper acceptance. The grant was closed at this time for almost half (105/233.45%) of those who were externally funded. Non-externally funded research was largely supported through departmental resources (56%, 80/144) or carrying out research in own time (63%, 91/144). To conclude, a large proportion of published research is not externally funded, and many funded researchers do not have access to financial support at the time their paper is accepted for publication. INSET: Box 1. [ABSTRACT FROM AUTHOR]

Presents a list of several books related to anthropology. "Beyond Lines of Control: Performance and Politics on the Disputed Borders of Ladakh, India"; "Creole Economics: Caribbean Cunning Under the French Flag"; "Rethinking the Mediterranean"; "Landlords and Lodgers: Socio-Spatial Organization in an Accra Community."

These comments focus on some issues raised in the papers by Dimand, Peart and Levy, Cot, and Leonard. These papers are fascinating, but not without weaknesses. It is argued that Dimand's presentation of what he calls the “general principle” of classical economics is misconceived. There is a confusion in this paper between the classical view of equal capacity and the much newer concept of equally rational actual performance. Peart and Levy discuss the idea of unequal capacity for pleasure in Edgeworth, but do not draw a link back to the idea in J. S. Mill of different qualities of pleasure. Cot and Leonard provide informative accounts of the American eugenic movement and its links to progressivism, but with an insufficient degree of distinction between the various positions and agendas that were concerned. [ABSTRACT FROM AUTHOR]

If individuals process information differently when it is accessed electronically rather than on paper, then the transition from paper to electronic text may affect learning and retention. Using a randomized experiment, we compare learning outcomes of economics students who use electronic teaching tools with students who access the same material on paper. We find that students who submit homework online complete more assignments but have lower classroom attendance rates. However, there is no effect on exam scores. This suggests that while an electronic medium may enable instructional material to be accessed more easily, it does not significantly impact learning. [ABSTRACT FROM AUTHOR]

The White Paper on Chinese population policy, entitled "Family Planning in China," was issued by the Chinese Information Office of the State Council on August 23, 1995. The population problem is an important question that touches upon the survival and development of the Chinese nation, the success or failure of China's modernization drive as well as the coordinated and sustained development between the population on one hand and the economy, society, resources and environment on the other. It is a natural choice that the Chinese government has made to implement family planning, control population growth and improve the life quality of the population a basic state policy on the basis of a wish to make the state strong and powerful, the nation prosperous and the people happy. In the 1960s, the country's population entered its second peak birth period. From 1962 to 1972, the annual number of births in China averaged 26.69 million, totaling 300 million. In the practice of carrying out family planning programme, whilst persistently proceeding from its reality and taking into full account and observing principles and regulations concerning population and family planning formulated by international institutions and organizations, the Chinese government has gradually set up guiding principles, policies, measures and methods that reflect the basic interests and various rights and interests of the people and has continuously improved these as the actual situations change, so as to better safeguard the right to subsistence and development of the Chinese region.

In the summer of 1861, the United States embarked on its first widespread use of paper money: the Demand Notes of 1861. Although their convertibility into gold ended at the end of that year, they remained acceptable for tariff payment at a par with gold coin while they were gradually replaced with paper money that did not share this provision, the Greenbacks. We present daily observations of exchange rates between the Notes, Greenbacks, and gold for the extended period during which they simultaneously circulated. These exchange rates substantiate our revisionist notion that the Notes were replaced because the tariff provision prevented them from generating sufficient seigniorage for wartime needs. ( JEL E42, N12, N22) [ABSTRACT FROM AUTHOR]

The article presents a report of the representative to the National Bureau of Economic Research (NBER). NBER sponsors the study of a wide range of economic issues, by both individual researchers and special projects groups. During 1997 NBER published 442 working papers, 7 books, and 2 journals. Other endeavors supported by NBER include programs on a variety of topics from aging to public economics, a summer institute, and visiting fellows from other institutions. In 1997 David Laibson of Harvard University arrived as an Aging Felllow.

We study the evolution of topics in economics and their geographical specialization by analyzing 13,233 papers from seven top journals between 1985 and 2012 and their forward citations. The share of U.S. publications declines from 75% to 64% with a corresponding increase of the European share from 12% to 24%. We use topic modeling and document the evolution of the discipline over 27 years. We estimate, with a quasi‐structural model, the citation lag distribution for 18 different topics and three large geographical areas. The modal citation lag is about 6.7 years in the entire sample and 4.8 years for citations from the top 100 journals. We quantify (1) the home bias effect in citations, (2) how it fades away over time, (3) the long lasting impact of U.S. publications vis‐à‐vis other geographical areas, and (4) the higher speed of diffusion and faster obsolescence in the United States. [ABSTRACT FROM AUTHOR]

To support broader global efforts to improve diversity and inclusion in economics, this paper provides a statistical picture of the gender composition of the economics profession in Australia and the evidence‐based initiatives taken by the Women in Economics Network (WEN) to improve women's representation and recognition. WEN's impact is evaluated across a range of metrics. This includes a case study of WEN's mentorship programme for university students that was delivered as a behavioural intervention and evaluated as a randomised control trial. Drawing on practical experiences in combination with research insights, the paper identifies some of the challenges encountered and the lessons that can be shared with similar organisations globally that are pursuing diversity and inclusion goals. [ABSTRACT FROM AUTHOR]

Rapid urban growth is occurring across Australia. This has implications for planning and management of cities. Data is key to tackling this. Hitherto, an extensive range of organisations has held the data for Australian cities, crossing government, industry and academia. With the growing demand for open data and capabilities to support big data analytics, new opportunities now exist to rectify this situation. The Australian Urban Research Infrastructure Network (AURIN) project has been funded to provide seamless, secure access to data from definitive organisations of Australia. We describe the AURIN platform; it's data, together with a representative big data case study. [ABSTRACT FROM AUTHOR]

This article presents an excerpt from the second volume of the book "Collected Economic Papers."

When attempting to manage a large social system, it is necessary to have an overview of how the society functions and how economic theories describe this functioning. Recent discussions of higher orders of cybernetics are helping to define a multi‐disciplinary, multi‐level point of view. Knowledge from several disciplines is needed—systems science, management, engineering, cognitive studies and the various social science disciplines all have contributions to make. In this paper, we apply cybernetic ideas to further develop economic theories. The paper also uses economics to illustrate ideas in cybernetics. Similar thinking can be applied to other disciplines thus advancing the unification of science. The paper illustrates a transdisciplinary approach to knowledge development. The implications of the paper are improved understanding among scholars from several disciplines. The intent is to expand the range of conceptual possibilities available for problem‐solving. [ABSTRACT FROM AUTHOR]

This article focuses on the journal "The Scandinavian Journal of Economics." In 2003, the four issues of volume 105 of "The Scandinavian Journal of Economics" were published. 25 contributions out of a total 34 contributions were regularly submitted articles, nine were published in special issue, "Population Dynamics and Macroeconomic Performance" and two were presentations of the recipients of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The average publication lag, excluding the papers which appeared in our special issue and the Nobel material, from submission to acceptance of revised versions was 15.7 months, and from receipt of final versions to publication 9.0 months.

Presents the findings of a case assignment for policy analysis students at the Georgia Institute of Technology City Planning Program regarding the effectiveness of imposing additional sales tax on paper diapers. Calculations on environmentalists' claim on the total annual cost of paper diapering; Costs and benefits of various diapering methods for consumers and the society.

A shift of focus is discernible in the literature on industrial agglomeration and regional economic development in the post-Fordist/globalization context. In addition to economic factors, the new focus emphasizes the importance of social and cultural factors for the growth of new industrial agglomerations. However, despite the importance attached to the (natural) environment in writings on organizations, regions and economies over the last few years, the literature on industrial agglomeration continues to remain devoid of any substantial references to the environment. Attaining sustainability at the local/regional (see note) level requires, among other factors, collective effort by industrial organizations toward common goals including resource conservation, production efficiency, economic viability and social responsibility. This paper explores the possibilities for bridging the current gaps between regional planning policy and the requirements of ecosystem integrity and sustainable industrial development in the practical contexts provided by ‘eco-industrial parks’ (EIPs) and the Waterloo Industrial Network for Sustainability (WINS). Copyright © 2000 John Wiley & Sons, Ltd. and ERP Environment [ABSTRACT FROM AUTHOR]

Lists several Australian and New Zealand working papers and research reports, released during the period May 16, 1987 to July 31, 1987, concerning economics, management and accounting. Database source of the papers; Availability of the papers on inter-library loan from the Giblin Library; Addressee in requests for subject searches.

Rewards for publications in good economics journals are very high, and submission fees and other monetary costs associated with submitting an existing manuscript are low. Consequently, the editorial delay (especially the first-response time—the time until the first editorial decision), by postponing monetary rewards to publication, constitutes the major submission cost (from the author's perspective). Reducing the delay will induce many additional submissions of low-quality papers to good journals, increasing significantly the workload of editors and referees. Moreover, the rejection rate will increase and cause papers to be rejected more times before publication, offsetting at least some of the shorter first-response times. As a result, the efforts of many editors to reduce the editorial delay, although attracting more submissions to their journals, may have adverse effects from a social perspective, and the optimal delay might be longer than the current average of four months. [ABSTRACT FROM AUTHOR]

This article focuses on the beliefs and practices of Robert Torrens in the field of economics, particularly his views on monetary matters. In the paper of 1826, Torrens' thought was in an intermediate position between its early and final forms. He was still extremely clear about the dangers of convertibility. At the same time he already accepted the need to make the currency fluctuate in response to external pressures as a metallic currency would do, and to provide a better safeguard against over-issue than that provided by the real-bills doctrine. But he did not want a complete parallel between the fluctuations of the paper currency and those of a theoretical metallic one, hence his desire to link the paper to the modal value of gold. Moreover, he still felt that a currency plan should have safeguards against panics, and do more than merely avoid those fluctuations to which a less well-designed scheme of currency would be liable. The 1826 plan would have been an important link in the development of this powerful and original thinker even if it had been short lived. But there is a strong possibility that it stayed with him for some time. This scheme was certainly one to which Torrens devoted considerable care and thought, and it is an interesting link in the development of an important economist.

This article presents the author's comments on a paper that examined expected returns on stocks. The author suggests that the paper did an excellent job evaluating variance-bound literature; however, he believes that the analysis conducted was partial and failed to highlight the conclusions reached by other prominent researchers on volatility. The author also is skeptical of the conclusion drawn in the paper that suggests turning to nonstandard models for expected returns to explain stock price volatility. The author notes that the field has come a long way in understanding the statistical traps involved with volatility and pushes for more research.

This paper discusses the pricing of assets in an intertemporal rational-expectations model when real production and inflation evolve according to first-order autocorrelated processes. The focus is on the structure of the various intertemporal discount rates (yields) exhibited by this economy. Yield curves are identified for consumption claims, indexed bonds, and nominally riskless bonds and can be extended to any claim that can be approximated by a (finite) linear combination of such securities. The model demonstrates that, if the average term structure for nominally riskless securities is upward sloping, then the yield curve for consumption (market) claims is downward sloping, suggesting that conventional methods for computing long-term discount rates err by not accounting for maturity factors. The paper also explores the relationship between the intertemporal equilibrium and its embedded single-period equilibria. The single-period risk measures in this economy are derived and shown to be (generally) functions of maturity. A model of nominal bond betas is constructed along these lines. It is shown that bond betas that are increasing functions of maturity do not necessarily imply an upward-sloping term structure. [ABSTRACT FROM AUTHOR]

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The article discusses the various endeavors of the National Bureau of Economic Research (NBER). Founded in 1920, NBER sponsors and distributes research aimed at furthering economic knowledge. The Bureau maintains several ongoing programs including those specializing in Asset Pricing, Children's Health & Well-Being, and Corporate Finance, among several others. Researchers can explore topics of common interest under the aegis of an NBER Project. Projects ongoing in 1999 focused on such areas as international capital flows, school choice, and Social Security reform. NBER also publishes working papers, periodicals, and books.

In two papers and in a recent book I have presented theory and evidence which lead to the conclusion that a corporation's share price (or its cost of capital) is not independent of the dividend rate. As you may know, MM (Modigliani and Miller) have the opposite view, and they argued their position at some length in a recent paper.3 Moreover, the tone of their paper made it clear that they saw no reasonable basis on which their conclusion could be questioned. Since they were so sure of their conclusion, it would seem advisable for me to review carefully my thinking on the subject, and this meeting appears to be a good time and place to do so. [ABSTRACT FROM AUTHOR]

Human milk (HM) is a highly evolutionary selected, complex biofluid, which provides tailored nutrition, immune system support and developmental cues that are unique to each maternal–infant dyad. In the absence of maternal milk, the World Health Organisation recommends vulnerable infants should be fed with screened donor HM (DHM) from a HM bank (HMB) ideally embedded in local or regional lactation support services. However, demand for HM products has arisen from an increasing awareness of the developmental and health impacts of the early introduction of formula and a lack of prioritisation into government‐funded and nonprofit milk banking and innovation. This survey of global nonprofit milk bank leaders aimed to outline the trends, commonalities and differences between nonprofit and for‐profit HM banking, examine strategies regarding the marketing and placement of products to hospital and public customers and outline the key social, ethical and human rights concerns. The survey captured information from 59 milk bank leaders in 30 countries from every populated continent. In total, five companies are currently trading HM products with several early‐stage private milk companies (PMCs). Products tended to be more expensive from PMC than HMB, milk providers were financially remunerated and lactation support for milk providers and recipients was not a core function of PMCs. Current regulatory frameworks for HM vary widely, with the majority of countries lacking any framework, and most others placing HM within food legislation, which does not include the support and care of milk donors and recipient prioritisation. Regulation as a Medical Product of Human Origin was only in place to prevent the sale of HM in four countries; export and import of HM was banned in two countries. This paper discusses the safety and ethical concerns raised by the commodification of HM and the opportunities policymakers have globally and country‐level to limit the potential for exploitation and the undermining of breastfeeding. Key messages: The number and scope of human milk (HM) profit‐making companies is increasing globallyCurrent regulatory frameworks for HM vary widelyProducts offered by private milk companies (PMCs) are generally more expensive than from HM banksSome PMCs are adopting marketing practices traditionally associated with breast milk substitute companies.The health benefits of HM‐based fortifiers compared to bovine milk‐based fortifiers are unclear and may be marginal [ABSTRACT FROM AUTHOR]

Increased complexity has been recognized as a dominant characteristic of public–private partnerships (PPPs). In this article, we review system dynamics (SD) approaches to the PPP field because SD modelling can support the policymaking process in systems with increased structural and functional complexity. Although papers published in journals and conferences have documented SD approaches to PPP problems, there appears to be a lack of systematically reviewing what they have already provided. The objectives are to compare the findings of the studies to provide insights for directing further PPP research with the use of SD. To achieve the review objectives, we categorize the papers by the problem topic raised and provide a summary of particular insights. Problem topics include construction risk assessment, risk allocation, project financing, performance of infrastructure, demand forecast, procurement strategies, and strategic policy at national levels. The paper concludes with recommendations for future SD applications. [ABSTRACT FROM AUTHOR]

This article presents a discussion of a paper that examined uncertainty in monetary aggregates. The author discusses some the areas where he saw problems in the paper's argument such as the lack of analysis of the information gap between the author's preliminary and final figures. The author suggests that an effective analysis of this data could provide researchers with better information on the significance of the lack of information about developments in monetary aggregates. The author also addresses how the paper examines seasonal adjustment and notes that the paper fails to present a specified policy on this issue.

This article offers announcements for April 2007 concerning the American Finance Association, publishers of the periodical "The Journal of Finance." Topics of discussion include the results of the organization's 2006 elections, in which Jeremy Stein was voted president-elect and Darrell Duffie was voted vice president, and information regarding the 2008 annual meeting, to be held in New Orleans, Louisiana in January. The article also offers computer network resource information for further announcements, and offers information on the organization's worldwide directory of finance faculty.

During 1986 the Economic Planning Advisory Council published a series of six papers examining the role of economic policy in fostering long-term growth. This article provides a review and critical assessment of the EPAC analysis. The fundamental issue at stake is whether long-term growth is a supply-driven or a demand-driven process. In particular, the crucial issue neglected by EPAC is the relationship between aggregate demand, the inducement to invest and the growth of productive capacity. The conclusion is that in order to promote sustained growth, policy must provide the structural and macroeconomic requirements for a sustainable growth of aggregate demand. [ABSTRACT FROM AUTHOR]

Presents abstracts of several research papers published in the December 1976 issue of the 'American Journal of Agricultural Economics.' 'New Equity: A Look at Texas Agricultural Limited Partnerships and the Investors Who Fund Them'; 'Correspondent Banking in Agricultural Finance: An Analysis of Profit Requirements and Pricing Procedures'; 'Energy Scarcity and Nonpoint Source Pollution in Midwestern Agriculture.'

Lists working papers and research reports in the fields of economics, management and accounting in Australia and New Zealand, released during the period February 23, 1990 to May 31, 1990. 'Economic Growth: Some Comments on the Comments and a More Complete Framework,' by Robert Alexander; 'Output and Inflation: The Case of European Countries, 1950-85,' by Erkin Bairam.

Cites working papers and research reports in the fields of economics, management and accounting in Australia and New Zealand released during the period between June 9, 1989 and August 31, 1989. 'Changes in Output and the Price Level: An Open Economy Meso-Economic Analysis,' by K. Abayasiri-silva; 'Trade and Self-Sufficiency,' by S.N. Afriat.

Lists several Australian and New Zealand working papers and research reports, released during the period October 16, 1987 to February 15, 1988, in economics, management and accounting. Database source of the lists; Availability of the lists on inter-library loan from the Giblin Library.

Lists Australian and New Zealand working papers and research reports in the field of economics as of September 1988. Topics, Authors, Manner of obtaining copies.

Presents several abstracts of papers delivered on economic in Melbourne, Australia. 'The Economics of an Offshore Island,' by G.G. Firth; 'Some Aspects of Private Pension Funds and the Capital Market,' by P.J. Rose; 'Long-Run Overseas Trade Prospects for Farm Products,' by R.H. Snape.

This paper examines news media coverage of hydraulic fracturing in Canada over a five-year period in five newspapers. Hydraulic fracturing, or 'fracking,' has reenergized the North American oil and gas market. This technology has increased economic growth, but it also comes with unknown and uncertain environmental and public health risks. Regulation of the fracking industry varies globally. In Canada there are three provinces that engage in large volume fracking and four provinces that have placed a moratorium on fracking. This paper demonstrates that the Canadian fracking story is about five frames: water pollution, economic benefits, uncertain risks, moratoriums, and energy independence. There is a difference between coverage in the two national newspapers as well as a difference in national and provincial coverage. In Nova Scotia, where fracking is banned, the media focuses primarily on environmental issues and benefits to the local economy. In Saskatchewan, where fracking for oil is an essential part of the economy, the media focuses on economic benefits and downplays other frames. Overall, across the five papers, the media coverage is highly selective and focuses on particular stories about the economy or the environment, but not both. Quelle est la chronique de la fracturation hydraulique au Canada? Cet article fait état de la couverture médiatique liée à la fracturation hydraulique au Canada par cinq journaux sur une période de cinq ans. La fracturation hydraulique a revitalisé le marché nord-américain des hydrocarbures. Cette technologie favorise la croissance économique, mais comporte également des risques écologiques et sanitaires inconnus et incertains. La réglementation régissant l'industrie de la fracturation varie selon les pays. À l'échelle canadienne, trois provinces ont réalisé d'importantes opérations de fracturation et quatre provinces ont imposé un moratoire à la fracturation hydraulique. Cet article montre que le cadrage médiatique de la fracturation hydraulique repose sur cinq thématiques : la pollution hydrique, les retombées économiques, l'incertitude liée aux risques, les moratoires et la souveraineté énergétique. Le cadrage médiatique varie entre les deux journaux nationaux ainsi qu'entre les médias nationaux et provinciaux. En Nouvelle-Écosse, où la fracturation est interdite, les médias mettent l'accent sur les questions environnementales et les retombées pour l'économie locale. En Saskatchewan, où la fracturation pour extraire du pétrole joue un rôle économique primordial, les médias se concentrent sur les retombées économiques et minorent l'importance des autres thématiques. Dans l'ensemble, les cinq journaux appliquent un filtre sélectif dans le traitement du sujet et publient des reportages spécifiques portant sur l'économie ou sur l'environnement, mais pas les deux. [ABSTRACT FROM AUTHOR]

This paper shows that the empirical tests of the Arbitrage Pricing Theory (APT) model are very sensitive to the anomalies observed in January in the stock returns data. There is a strong seasonal pattern in the estimates of the risk premia from the APT model. The most important implication of the findings in this paper is that the APT model can explain the risk-return relation mostly for January. Once the January returns are excluded from the data, there is no significant relation between the expected stock returns and the risk measures predicted by the APT model. [ABSTRACT FROM AUTHOR]

This paper analyzes the major factors which determine the effects of taxation on the value of risky assets and on the cost of capital, and shows how the magnitudes and even the signs of these effects depend on the values assumed for a few key parameters in the model. Using plausible values for these parameters, it is shown that the results obtained are frequently counter-intuitive. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the behavior of equilibrium real interest rates in an identical consumer economy in which the preferences are represented by time additive logarithmic utility functions and production technologies are Cobb-Douglas with stochastic constant returns to scale. The following main results are established. (i) When there is no relative price uncertainty, it is shown that the equilibrium interest rate exhibits a mean reverting tendency. A nontrivial steady state distribution is found to exist for the equilibrium interest rate. The properties of the equilibrium interest rate are also derived and discussed. (ii) In a multigood economy, even with additive preferences across goods, the equilibrium interest rates depend explicitly on relative prices. The substitution possibilities in production technologies induce this result. This is in contrast to the findings of Richard and Sundaresan [11] who show that the analytical general equilibrium term structure of interest rates formula of Cox, Ingersoll, and Ross [5] is unaffected by the introduction of relative price uncertainty when the technologies are linear and hence involve no substitution. Furthermore, we relate our results to those of Cox, Ingersoll, and Ross [5], Breeden [3], and Richard and Sundaresan [11] with special emphasis on stochastic production and relative price uncertainty. [ABSTRACT FROM AUTHOR]

Produced through pyrolysis, biochars are used as a soil amendment. Differences in feedstock and processing result in differentiated products which impact their values in different soil conditions. Despite the enormous potential, biochars have not been widely used. This paper overviews the benefits and potential demand for biochar and features of supply chain, and identifies opportunities for viable introduction of biochars. The value of biochars should be evaluated as a part of the pyrolysis system that coproduces biochars and biofuels. Biochars can improve agricultural productivity and soil functioning and contribute to climate change mitigation through carbon sequestration. Furthermore, it can provide extra benefit by contributing to fire prevention. The cost of biochar system depends on the costs of feedstock acquisition, transportation, and processing. Biochar is most likely to be adopted in locations with marginal land and high‐value crop, and near low‐cost feedstock sources. The adoption of biochar can be enhanced by compensation for carbon sequestration, further investment in research, and learning of producers to enhance efficiency of the supply chain. Biochar is a charcoal that has been used to improve soil quality. It is obtained through heating organic materials such as crop and forest residues without oxygen. Diverse types of biochar can be coproduced with biofuels. The paper reviews the benefits and potential demand of biochar, and features of the supply chain that would be used to produce and market it. Biochar can improve agricultural productivity and mitigate climate change. Current adoption is low but will be improved with compensation for carbon sequestration, placing processing facilities closer to the biomass sources, and investment in research to reduce cost of production. [ABSTRACT FROM AUTHOR]

Besley's paper studies the role of civic culture in expanding fiscal capacity in a political economy model of the interaction between policy-making élites and tax-paying citizens. If I i is large enough that the élites spend all tax revenues on public goods I G i , I i would increase with I i . 7 Formally, HT ht ; though this conclusion depends somehow on the sign of HT ht , which is not straightforward to characterize. [Extracted from the article]

The article comments on two articles published within the issue; "Some Notes on Financial Incentive-Signalling Models, Activity Choice and Risk Preferences," by S. Ross, and "Welfare Aspects of Options and Supershares," by N. Hakansson. The author notes that both Hakansson and Ross are prominent figures in literature which focuses on the power of options to complete financial markets. The author views the basic premise of Hakansson's paper to be the normative desirability of introducing derivative assets which complete the financial market. He feels that Hakannson's work establishes conditions under which the market portfolio can play the powerful role which is assigned in Ross' paper. The author notes that, if the conditions described by the authors were realized, financial markets could be completed by an institution facilitating trades in options written on the market portfolio.

The article discusses the article "A Comparison of Three Measures of Socioeconomic Status," by George A. Lundberg and Pearl Friedman. According to the author, "Validity" in the article refers to a covariation of a set of observations obtained in one way and another set of observations obtained in some other way. But, this should be added: the second set of observations, the "validating" data, must refer to the materials with which one is directly concerned. For example, it is commonly asserted that if people wish to validate a sociometric scale they may correlate the results obtained through its use with the results obtained through the use of another sociometric scale. These and kindred problems are immediately brought into sharp focus by a comparison of three measures of socio-economic status. A comparison presupposes some criterion, otherwise it can only resolve itself into a series of statements to the effect that "those things differ in the following respects, which raises the question of "What of it? The Guttman weights were assigned entirely on the basis of the correlation between the item and a status factor which was carefully defined as the factor common to education, occupation, income and participation. If it can be shown that these weights are not valid according to the same assumptions, on another sample, then the weights can be criticized.

The author reflects on the impact of studies published in "Papers in Regional Science" on regional science. According to the author, the impact factor increased to 1.265 for 2008 which reflects that articles in the journal were being used in science. The author also talked about the special issue of the journal, which includes reports about economic systems, land use and economic geography.