This article uses 1990 census data to study the effects of immigrant inflows on occupation‐specific labor market outcomes. I find that intercity mobility rates of natives and earlier immigrants are ...insensitive to immigrant inflows. However, occupation‐specific wages and employment rates are systematically lower in cities with higher relative supplies of workers in a given occupation. The results imply that immigrant inflows over the 1980s reduced wages and employment rates of low‐skilled natives in traditional gateway cities like Miami and Los Angeles by 1–3 percentage points.
“. . . required reading for all presidents and White House aides to come . . . ”—from the foreword by Richard E. Neustadt
What did the president know, and when did he know it? Once again, only a ...dozen years after Watergate, the nation faced these troubling questions. Would we see another president forced to resign or be impeached? Could our democracy survive another presidential scandal so soon? As the Iran-Contra affair unfolded, the nation waited tensely for answers.
At this crucial moment, advisors to President Ronald Reagan called home the Ambassador to NATO, David Abshire, to serve in the cabinet as Special Counselor. His charge: to assure that a full investigation of the sale of arms to Iran in exchange for freeing American hostages and the subsequent channeling of those funds to Nicaraguan rebels be conducted expeditiously and transparently, to restore the confidence of the nation in the shaken Reagan presidency.
Two decades later, David Abshire for the first time reveals the full behind-the-scenes story of his private meetings with the president, how he and his team conducted this crucial process, his alliance with Nancy Reagan, the role of the Tower Board, and how the Reagan presidency was saved. Abshire’s efforts helped Reagan fill the credibility gap created by revelation of the Iran-Contra scandal and thus restored the president’s power to lead the nation and its allies toward the end of the Cold War. His unique recollections show the inner workings of the Reagan White House in this critical period: the conflicts with the powerful Chief of Staff Donald Regan, the politically astute First Lady, the involvement of CIA Director William Casey, and Reagan’s triumph of personal character to overcome his indiscretion, a feat unmatched by Clinton or Nixon. Abshire’s story casts new light on the episode and draws important lessons about how presidents should respond to unfolding scandals to limit the threat not only to their own reputations but also to national confidence in democratic institutions.
Undoubtedly, access to financial capital and other resources is an important antecedent of new venture performance. Indeed, inadequate financial resources often are cited as a primary reason why ...emerging businesses fail (Barren 1989; McQueen 1989; Otterbourg 1989; Rujoub, Cook, and Hay 1995). Yet, there is some feeling among scholars that competent founders will find a way of coming up with necessary resources and capital (Chandler and Hanks 1994; Timmons 1990; Thorne 1989). In this study, we seek to better understand and provide insight into the factors that determine the amount of money needed to start a business, and the factors that drive the decisions of whether such funding should come from founder savings or from outside sources.
We explore two questions: (1) What factors are associated with the amount of initial capital raised? and (2) What factors determine the mix of founder savings versus financial capital from outside sources that create the initial capital structure? We seek to answer these questions using a sample of 102 manufacturing and service firms between 3 and 7 years of age. These firms were categorized as manufacturing, retail, wholesale, and business services. In general, the evidence supports our hypotheses. The amount of financial capital at start-up varies by industry. Of key importance in this study, human and financial capital appear to be substitutable. The analysis shows that, on average, firms with high levels of founder human capital and low levels of initial financial capital perform similarly to firms that have low levels of founder human capital and high levels of financial capital. Subgroup analysis provides insights into the degree of substitutability. This finding suggests that founders with strong background experience may be able to start businesses that survive and thrive with less financial capital than their less experienced counterparts.
The proportion of initial capital provided by the founder differs significantly across industry types. In more capital intensive industries, founders provide a smaller proportion of the start-up capital. Interestingly, the amount of initial capital provided by the founder does not vary significantly across industry types. This suggests that the amount of initial capital provided by the founder may result from contributing all they can give to the business, which appears to be similar across business types. Finally, founders’ perceptions of their ability to recognize and take advantage of opportunity are positively related to the proportion of initial capital provided by the founder. This research provides insights into the factors that appear to drive the initial capital intensity and structure. To provide better understanding of this phenomenon, future research could investigate such practices as bootstrapping, asset sharing, or other techniques that allow founders to control resources without requiring ownership.
Open-end equity funds provide a diversified equity positions with little direct cost to investors for liquidity. This study documents a statistically significant indirect cost in the form of a ...negative relation between a fund's abnormal return and investor flows. Controlling for this indirect cost of liquidity changes the average fund's abnormal return (net of expenses) from a statistically significant −1.6% per year to a statistically insignificant −0.2% and also fully explains the negative market-timing performance found in this and other studies of mutual fund returns. Thus, the common finding of negative return performance at open-end mutual funds is attributable to the costs of liquidity-motivated trading.
How important are neighbourhood endowments of physical and human capital in explaining diverging fortunes over time for otherwise identical households in a developing rural economy? To answer this ...question we develop an estimable micro model of consumption growth allowing for constraints on factor mobility and externalities, whereby geographic capital can influence the productivity of a household's own capital. Our statistical test has considerable power in detecting geographic effects given that we control for latent heterogeneity in measured consumption growth rates at the micro level. We rind robust evidence of geographic poverty traps in farm-household panel data from post-reform rural China. Our results strengthen the equity and efficiency case for public investment in lagging poor areas in this setting.
Without walls or barriers Peterson, David
Without walls or barriers,
2017, 20170815, 2017, 2017-08-15, Letnik:
192
eBook
In June 1985, David Peterson was sworn in as the leader of Ontario’s first Liberal government in forty-two years. This collection of speeches explores the activist agenda the London, Ontario, lawyer ...pursued through his premiership and Peterson’s agenda, which sought to ensure all Ontarians were able to participate fully in provincial society. When Peterson was asked what he viewed as his most important accomplishment, he thought for a brief moment and then whispered with obvious emotion, “breaking down walls and barriers." Through his speeches, readers can see Premier Peterson on the wider Canadian stage by addressing the economic challenges faced by the federation – most notably free trade – and by supporting the Meech Lake Accord, which was designed to bring Quebec into the constitutional family. His speeches also show him on the global stage, engaged in the challenges of the transformation of world politics and Canada’s trading relationship with the United States. By the time Peterson’s premiership had come to an end in 1990, the Berlin Wall had fallen, Europe was increasingly integrated, a fragmented Soviet Union was beginning to collapse, the Canada-United States Free Trade Agreement was in full force and effect, and the age of globalization had begun. Through this selection of speeches, the editors also present insights into a range of other figures, from former premiers and Peterson’s political contemporaries to the British royal family. Particularly powerful tributes include Nelson Mandela’s first visit to Canada and Peterson’s eulogy for MPP Dalton McGuinty, Sr., the father of Ontario’s 24th premier. TVOntario’s Steve Paikin provides an in-depth introduction that puts the life and political times of Premier Peterson and his government between in broader perspective.In June 1985, David Peterson was sworn in as the leader of Ontario’s first Liberal government in forty-two years. This collection of speeches explores the activist agenda the London, Ontario, lawyer pursued through his premiership and Peterson’s agenda, which sought to ensure all Ontarians were able to participate fully in provincial society. When Peterson was asked what he viewed as his most important accomplishment, he thought for a brief moment and then whispered with obvious emotion, “breaking down walls and barriers." Through his speeches, readers can see Premier Peterson on the wider Canadian stage by addressing the economic challenges faced by the federation – most notably free trade – and by supporting the Meech Lake Accord, which was designed to bring Quebec into the constitutional family. His speeches also show him on the global stage, engaged in the challenges of the transformation of world politics and Canada’s trading relationship with the United States. By the time Peterson’s premiership had come to an end in 1990, the Berlin Wall had fallen, Europe was increasingly integrated, a fragmented Soviet Union was beginning to collapse, the Canada-United States Free Trade Agreement was in full force and effect, and the age of globalization had begun. Through this selection of speeches, the editors also present insights into a range of other figures, from former premiers and Peterson’s political contemporaries to the British royal family. Particularly powerful tributes include Nelson Mandela’s first visit to Canada and Peterson’s eulogy for MPP Dalton McGuinty, Sr., the father of Ontario’s 24th premier. TVOntario’s Steve Paikin provides an in-depth introduction that puts the life and political times of Premier Peterson and his government between in broader perspective.
We try to demonstrate how economists may engage in research on comparative politics, relating the size and composition of government spending to the political system. A Downsian model of electoral ...competition and forward-looking voting indicates that majoritarian – as opposed to proportional – elections increase competition between parties by focusing it into some key marginal districts. This leads to less public goods, less rents for politicians, more redistribution and larger government. A model of legislative bargaining and backward-looking voting indicates that presidential – as opposed to parliamentary – regimes increase competition between both politicians and voters. This leads to less public goods, less rents for politicians, less redistribution, and smaller government. We confront these predictions with cross-country data from around 1990, controlling for economic and social determinants of government spending. We find strong and robust support for the prediction that the size of government is smaller under presidential regimes, and weaker support for the prediction that majoritarian elections are associated with less public goods.
Este artigo tem como objetivo analisar a política educacional do governo José Sarney, de modo a identificar a contribuição desse governo para a construção de um sistema educacional inclusivo. Para ...tanto, realizou-se uma pesquisa qualitativa, voltada à análise do conteúdo de fontes primárias e secundárias, respectivamente, documentos nacionais e produções científicas. A análise dos dados permitiram constatar que o então governo manteve a opção pela Educação Especial em detrimento da Educação Inclusiva, o que corroborou para o agravamento do histórico processo de exclusão de pessoas com deficiência do sistema educacional regular.
We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is ...significantly related to industry-adjusted return on assets, excess stock returns, and negative operating income, but is not related to industry performance. The sensitivity of nonroutine turnover to earnings performance is higher for firms with ties to a main bank than for firms without such ties. Outside succession in Japan is more likely for firms with large shareholders and a main bank relationship. We document performance improvements subsequent to nonroutine turnover and outside succession.
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