SIMULATION AND THE CAPITAL ASSET PRICING MODEL: A COMMENT*

This paper challenges Lewellen and Long's contention that a Hertz-type simulation generates irrelevant data for the evaluation of capital expenditure opportunities. The conclusion is reached that an estimate of an asset's “own risk” may be a vital first step in estimating its covariance properties with the market index. A method of incorporating the information generated by simulation into the capital asset pricing model is also provided.     

APPLICATION AND IMPLEMENTATION

Organizations are in constant interaction with their environment. This phenomenon has been termed in the literature as the environment-organizational interface. An organization acquires information concerning changes in its environment via some scanning system. This paper presents the results of an empirical investigation of the scanning process. The relationships of scanning to different environmental states is discussed and various propositions advanced. Different environmental states (stable versus dynamic) are moderated by the determinants of hierarchical levels and functional specialties in the firm.     

More than self-interest: Why different classes have different attitudes to income inequality

The connection between social class and political preferences is among the most well established in the social sciences. This association is typically taken as prima facie evidence of economic self-interest: Classes hold different attitudes, values, and party preferences because they have different economic interests. However, this assumption has rarely been tested empirically. In this article, we use survey data from 18 West European countries to examine why classes differ on a central aspect of political preferences, namely their views on the desirability of income inequality. We find that only a moderate proportion of differences between employee classes in support for redistribution can be accounted for by contemporary differences in resources and risks; differences in economic interests to some degree account for the anti-redistributive preferences of the professional middle classes compared with the working class. However, the preferences of the self-employed have a different explanation; autonomy is a better explanation of the right-wing preferences of the self-employed compared with the working class.     

Questioning the professionalization of recovery: a collaborative exploration of a recovery process

While the recovery concept strongly resonates in clinical mental health care today, it first arose in service user-led contexts. A major risk of this professionalization shift is that recovery primarily becomes defined by treatment providers. This study aims to keep the debate on recovery alive through a collaborative exploration of Pete’s recovery process by means of a bricolage approach. This resulted in an idiographic portrait of Pete’s experiences of recovery and treatment, clustered around four themes: life rebuilding, identity, continuity of care and the role of drugs. His experiences illustrate a number of contradictions in the operationalization of the recovery ethos in today’s mental health care; whilst recovery appears as a hopeful vision of empowerment, it also risks being reduced to a tokenistic model that fails to address the social realities of people in recovery and in which the assumption that mental illness is chronic is still latently present.     

Privacy encounters in Teledialogue

Privacy is a major concern when new technologies are introduced between public authorities and private citizens. What is meant by privacy, however, is often unclear and contested. Accordingly, this article utilises grounded theory to study privacy empirically in the research and design project Teledialogue aimed at introducing new ways for public case managers and placed children to communicate through IT. The resulting argument is that privacy can be understood as an encounter, that is, as something that arises between implicated actors and entails some degree of friction and negotiation. An argument which is further qualified through the philosophy of Gilles Deleuze. The article opens with a review of privacy literature before continuing to present privacy as an encounter with five different foci: what technologies bring into the encounter; who is related to privacy by implication; what is entailed by the spaces of Teledialogue; how privacy relates to projected futures; and how privacy is also an encounter between authority and care. In the end, it is discussed how privacy conceptualised as an encounter is not already there surrounding people or places but rather has to be traced in the specific and situated relations between implicated actors, giving rise to different normative concerns in each case.     

Capability Traps Impeding Homeless Services: A Community-Based System Dynamics Evaluation

Continuums of Care (CoCs) are the primary coordinating bodies for homeless services in the United States. However, the complexities involved in delivering homeless services across interagency networks challenges coordination and system improvement. CoC governance, planning, and service provision have received little attention in academic literature, and thus, Continuums attempt to manage complex systems with little guidance. This evaluation applied community-based system dynamics with homeless consumers and service providers to (1) identify capability traps that impede services delivery and to (2) engage stakeholders in a structured system improvement process. Results revealed organizational structures for governance and planning that inhibit system outcomes. Insights led to policy and practice recommendations for the homeless system.     

Minifying Government: The Unintended Consequences of the Bergman Secondary Road Act of 1929*

Objective. In 1929, Iowa adopted the Bergman Secondary Road Act, which transferred control of the state's rural roads from the townships to the counties. This study examines the interesting and potentially important unintended consequences of the law. Method. We gathered the minutes from 2,275 Iowa township meetings in 20 townships from 1917 to 1950 to investigate the effect of the Bergman Act. Results. Multiple regression analysis shows that this apparently innocuous Act turned out to have dramatic and unintended consequences on Iowa's township governments. Without responsibility for the roads, township government activity plunged dramatically—the annual number of meetings and the length of those meetings fell by half from 1929 to 1930. The effect of the law on township activity remains substantial even after controlling for competing explanations, such as the onset of the Depression. Conclusions. The Bergman Act unintentionally caused a sharp drop in township activity and it may have initiated the gradual marginalization of Iowa township governments that continues today. It is even possible that it had a depressing effect on voter turnout in rural Iowa.     

Preference and performance linkage in aPhyllocolpa sawfly on the willow,Salix miyabeana, on Hokkaido

A leaf-folding sawfly in the genusPhyllocolpa (Hymenoptera: Tenthredinidae) attackingSalix miyabeana (Salicaceae) was studied near Sapporo, Hokkaido, along the Ishikari River in 1993. Host plant individuals were young trees 4–7 years old which were growing rapidly, producing some long shoots with large leaves. On a gradient of shoot length classes from 0–5 cm long to over 80 cm long, shoots were much more abundant in the shorter shoot length classes. However, attacks by ovipositing females increased as shoot length increase from 0 attacks on the shortest shoots to 5.17 attacks per shoot on the longest shoots. The frequency of attack per leaf increased from 0 to 0.13 over the same range of shoot lengths. This pattern of attack resulted in a high frequency of larval establishment in feeding sites, between 0.96 and 1.00, in all attacked shoot length categories. However, probability of survival to a late instar larva increased with shoot length and corresponded to the attack pattern, indicating a preference-performance linkage between female ovipositional decisions and larval survival. The patterns found for thisPhyllocolpa species are similar for galling sawflies in North America and Europe, especially in the genusEuura, members of which make stem, bud and leaf midrib galls. Extending the pattern to aPhyllocolpa species broadens identification of pattern and ultimately the generality of the emerging theory on populations of galling sawflies.