The Global Spread of Stock Exchange, 1980-1998

Nations opened local stock exchanges at a rapid pace during the late 1980s and 1990s, creating a channel for investment capital from wealthy industrial nations to "emerging markets" as well as a mechanism for institutional change in local economies. This study examines the local and global processes by which exchanges spread, examining all nations "at risk" during the 1980s and 1990s. We find that local factors influencing the creation of stock exchanges included the size of the economy (overall and relative to population size); the legacy of colonialism; and a recent transition to multi-party democracy. Global factors associated with creating exchanges included levels of prior investment by multinationals; IMF "structural adjustment" aid; centrality in trade flows; and regional "contagion." In contrast to prior work in financial economics, we find no evidence for the influence of legal tradition, and contrary to the implications of dependency theory, we find no sign that foreign capital penetration affects the creation of exchanges. We also find no consistent evidence for the influence of stock exchanges on inequality or human development at the national level, above and beyond their effect on economic and population growth. The results indicate that globalization is usefully construed as a process analogous to institutional diffusion at the organization level.globalization, contagion, financial markets

Supersymmetry Breaking with Periodic Potentials

We discuss supersymmetry breaking in some supersymmetric quantum mechanical models with periodic potentials. The sensitivity to the parameters appearing in the superpotential is more acute than in conventional nonperiodic models. We present some simple elliptic models to illustrate these points.Comment: 10 pp; Latex; 3 figures using eps

Re-estimation of small-scale fishery catches for U.S. flag-associated island areas in the western Pacific: the last 50 years

Nearshore fisheries in the tropical Pacific play an important role, both culturally and as a reliable source of food security, but often remain under-reported in statistics, leading to undervaluation of their importance to communities. We re-estimated nonpelagic catches for Guam and the Commonwealth of the Northern Mariana Islands (CNMI), and summarize previous work for American Samoa for 1950−2002. For all islands combined, catches declined by 77%, contrasting with increasing trends indicated by reported data. For individual island entities, re-estima-tion suggested declines of 86%, 54%, and 79% for Guam, CNMI, and American Samoa, respectively. Except for Guam, reported data primarily represented commercial catches, and hence under-represented contributions by subsistence and recreational fisheries. Guam’s consistent use of creel surveys for data collection resulted in the most reliable reported catches for any of the islands considered. Our re-estimation makes the scale of under-reporting of total catches evident, and provides valuable baselines of likely historic patterns in fisheries catches

The Global Spread of Stock Exchange, 1980-1998

Nations opened local stock exchanges at a rapid pace during the late 1980s and 1990s, creating a channel for investment capital from wealthy industrial nations to "emerging markets" as well as a mechanism for institutional change in local economies. This study examines the local and global processes by which exchanges spread, examining all nations "at risk" during the 1980s and 1990s. We find that local factors influencing the creation of stock exchanges included the size of the economy (overall and relative to population size); the legacy of colonialism; and a recent transition to multi-party democracy. Global factors associated with creating exchanges included levels of prior investment by multinationals; IMF "structural adjustment" aid; centrality in trade flows; and regional "contagion." In contrast to prior work in financial economics, we find no evidence for the influence of legal tradition, and contrary to the implications of dependency theory, we find no sign that foreign capital penetration affects the creation of exchanges. We also find no consistent evidence for the influence of stock exchanges on inequality or human development at the national level, above and beyond their effect on economic and population growth. The results indicate that globalization is usefully construed as a process analogous to institutional diffusion at the organization level.http://deepblue.lib.umich.edu/bitstream/2027.42/39725/3/wp341.pd

Tumbling Motion of Elliptical Particles in Viscous Two-Dimensional Flow

The settling dynamics of spherical and elliptical particles in a viscous Newtonian fluid are investigated numerically using a finite difference technique. The terminal velocity for spherical particles is calculated for different system sizes and the extrapolated value for an infinite system size is compared to the Oseen approximation. Special attention is given to the settling and tumbling motion of elliptical particles where their terminal velocity is compared with the one of the surface equivalent spherical particle.Comment: 13 pages, 8 figures (within text), uses IJMPC macros (included

Labor-Force Heterogeneity as a Source of Agglomeration Economies in an Empirical Analysis of County-Level Determinants of Food Plant Entry

Results of this study show that a heterogeneous labor force serves to attract new food manufacturing investment. We conduct analysis for SIC 20, Food and Kindred Product Manufacturing, and disaggregate analysis on all nine three-digit SIC food industries. Heterogeneity variables are a significant factor in nearly all specifications. We also examine which factors create the greatest increases in the expected number of new establishments. Areas with a high degree of labor heterogeneity are found to have large advantages. Labor heterogeneity is among the most important factors attracting food manufacturing to urban areas over rural areas.agglomeration externalities, business location determinants, food manufacturing, labor heterogeneity, rural development, Labor and Human Capital,

Labor-Force Heterogeneity as a Source of Agglomeration Economies in an Empirical Analysis of County-Level Determinants of Food Plant Entry

Results of this study show that a heterogeneous labor force serves to attract new food manufacturing investment. We conduct analysis for SIC 20, Food and Kindred Product Manufacturing, and disaggregate analysis on all nine three-digit SIC food industries. Heterogeneity variables are a significant factor in nearly all specifications. We also examine which factors create the greatest increases in the expected number of new establishments. Areas with a high degree of labor heterogeneity are found to have large advantages. Labor heterogeneity is among the most important factors attracting food manufacturing to urban areas over rural areas.agglomeration externalities, business location determinants, food manufacturing, labor heterogeneity, rural development

Age of Pre-Neoglacial Cirque Moraines in the Central North American Cordillera

In the western mountains of the United States and Canada are pre-Neoglacial cirque moraines that lie up to about 3 km outside Neoglacial moraines. There is considerable uncertainty as to the ages of the outer moraines and whether or not they are age-equivalent from range to range. The variety of assigned radiocarbon ages found in the literature may be partly due to some authors' use of minimum-limiting dates as near-absolute dates, and use of dates that cannot be definitely related to the deposits in question. With one possible exception, all the dated moraines described in the literature could be as old as the type Temple Lake moraine of Wyoming which has a minimum age of about 11,400 yrs BP based on a recently obtained radiocarbon date. Nearly all paleoecological proxy data from the North American Cordillera, generally derived from continuous sedimentary records, suggest that early Holocene climate was warmer than at present. Global circulation models also suggest an early Holocene thermal maximum in the Cordillera, probably due to Milankovitch forcing. For these reasons a proposal gaining popularity in the literature that widespread "Mesoglaciation" occurred in early Holocene time is premature. We hypothesize that most, if not all, of the moraines in question are correlative and date from Late Pleistocene time.Dans les montagnes de l'ouest des États-Unis et du Canada se trouvent des moraines de cirque qui s'étendent jusqu'à quelque 3 km des moraines néoglaciaires. On connaît mal l'âge de ces moraines externes et on ignore s'il concorde d'une chaîne à l'autre. La grande diversité des âges au radiocarbone que l'on trouve dans la littérature relève probablement en partie du fait que certains auteurs considèrent les dates minimales comme des dates significatives ou exploitent des dates qui ne peuvent pas être parfaitement attribuées aux dépôts étudiés. Toutes les moraines, sauf peut-être l'une d'entre elles, pourraient être aussi vieilles que la moraine de référence de Temple Lake, au Wyoming, dont l'âge minimal est de 11 400 BP selon une datation au radiocarbone récente. Presque toutes les données paléoécologiques indirectes trouvées dans la Cordillère nord-américaine, qui proviennent généralement de séquences sédimentaires, démontrent que le climat au début de l'Holocène était plus chaud que maintenant. Les modèles de circulation générale laissent également croire que la Cordillère a connu un maximum thermique au début de l'Holocène. Pour toutes ces raisons, l'hypothèse selon laquelle une mésoglaciation répandue se serait produite au début de l'Holocène est pour le moins prématurée. Les auteurs croient plutôt que la plus grande partie, sinon toutes les moraines dont il est question ici, sont corrélatives et datent du Pleistocene supérieur.In den westlichen Bergen der Vereinigten Staaten und Kanadas gibt es prâneoglaziale Hochtalmorânen, die sich bis zu ungefàhr 3 km auBerhalb der neoglazialen Morânen beobachten lassen. Es besteht eine betrâchtliche Ungewissheit, was das Alter der âuBeren Morànen betrifft, und ob sie von Stufe zu Stufe gleichaltrig sind oder nicht. Die in Verôffentlichungen vorgefundene Verschiedenheit der Radiokarbondatierungen mag zum Teil darauf zurùckzufùhren zu sein, dass manche Autoren die Minimalgrenzwerte als nahezu absolute Werte benutzen und sich auf Daten stùtzen, die nicht einwandfrei zu den betreffenden Ablagerungen in Beziehung gesetzt werden kônnen. Mit einer môglichen Ausnahme kônnen all in den Verôffentlichungen beschriebenen datierten Morànen so alt sein wie der Typus der Temple-Lake-Moràne von Wyoming, welche ein Minimalalter von ungefàhr 11 400 BP. hat, gestùtzt auf eine neuere Radiokarbondatierung. Fast aile palàoôkologischen Proxy-Datierungen von den nordamerikanischen Kordilleren, die im allgemeinen aus kontinuierlichen Sediment-Aufzeichnungen abgeleitet sind, lassen annehmen, daB das Klima im frùhen Holozàn warmer war als in der Jetztzeit. Globale Zirkulationsmodelle legen auch ein thermisches Maximum in den Kordilleren im frùhen Holozàn nahe, welches wahrscheinlich durch den Milankovitch-Effekt hervorgerufen wurde. Aus ail diesen Grùnden ist eine Interpretation, die in den Verôffentlichungen immer populàrer wird, wohl voreilig, daB im frùhen Holozàn eine ausgedehnte "Mesoglaziation" stattfand. Wir stellen die Hypothèse auf, daB die meisten wenn nicht gar aile betreffenden Morânen zusammenhângen und aus dem spàten Pleistozàn stammen

Celebrating Organization Theory: The After‐Party

Organization and management theory as a field faces criticisms from several scholars that it has an unhealthy obsession with ‘theory’, while at the same time seeing very little cumulative theoretical progress. Some have even accused the field of being mired in the 1970s. Lounsbury and Beckman counter with an expansive review of several thriving domains of contemporary organizational research that demonstrate the theoretical vibrancy of the field. This article responds by seeking to define ‘theoretical progress’ in ways that extend beyond just the volume of articles produced. It finds that 1970s‐era classics have seen a surge of citations since the turn of the twenty‐first century, consistent with a view of limited progress. It concludes by outlining three areas of problem‐driven research eminently worthy of attention from organizational researchers.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/110768/1/joms12094.pd