F.J. Turner’s ‘frontier thesis’: the ruse of American ‘character'

American society was transformed by the expansion of capital Westward and the explosion in opportunities that ensued for land grabbing and agricultural and industrial investment. In Turner’s (1961) frontier thesis this was portrayed as resulting in the emergence of ‘the new man’ i.e. the fulfilment of American character. The frontier thesis is a neo-Darwinian contribution. It posits exceptionalism and transcendence as the keys to American character. The gene pool of the Americans, thriving in a new geographical and social environment, is depicted as achieving a higher level of development than the stratified societies of Old Europe. What the thesis ignores is the importance of orthodox Eurocentric strategies of colonization and land appropriation. Turner portrays pioneer/settler society as a heroic departure, but in many ways, it is a continuation of European precedents. Analogously, the proposition that the push West crystallized American character obscures the role of personality, especially in urban-industrial settings, in establishing the parameters of American life. Turner conceived of character as emerging from a struggle with the spatial frontier. But the struggles of personality with the social frontier of repression and establishment values is no less significant. The paper examines the tensions between character and personality by using some ideas developed by Carl Schmitt on the significance of ‘the opportunity’ in competitive advantage. The importance of the opportunity and personality in developing the American way of life are examined by the vaudeville and celebrity traditions. The exploitation of contingency for personal advantage, the use of melodrama to engineer social impact, the social validation of forthright behaviour are examined in the context of the careers of the film actress Mae West and the comedian Bob Hope

Fuel Mix Characteristics and Expected Stock Returns of European Power Companies

This article investigates the impact of the fuel mix structure in power generation portfolios on expected stock returns for major European power companies. The 22 biggest publicly listed European power producers are examined between January 2005 and December 2010. Based on the capital asset pricing model (CAPM) and multi-factor market models, the systematic risk of the power companies relative to the overall market performance and other typical energy and macroeconomic risk factors is analyzed. The full-information approach is used to determine technology-specific betas and risk factor sensitivities from the sample. Although most companies are not exclusively in the power producing business, it is shown that the generation fuel mix has a significant impact on the historical stock returns of the investigated companies. In particular, the sample companies exhibit significant differences in the systematic risk of gas and nuclear generation technologies compared with renewable technologies measured by technology-specific, delevered beta factors. This study extends existing literature and contributes new insights in two ways: Firstly, this is to our knowledge the first empirical analysis comparing the financial risk of different electricity generation technologies. Secondly, the results provide practical benefit to determine adequate riskadjusted capital costs for typical generation technologies. Therewith, this study is relevant for evaluating all kinds of power plant investments