INVESTMENT AND TIME TO PLAN AND BUILD: A COMPARISON OF STRUCTURES VS. EQUIPMENT IN A PANEL OF ITALIAN FIRMS

“Time‐to‐build” models of investment expenditures play an important role in many traditional and modern theories of the business cycle, especially for explaining the dynamic propagation of shocks. We estimate the structural parameters of a time‐to‐build model using annual firm‐level investment data on equipment and structures. For expenditures on equipment, we find no evidence of time‐to‐build effects beyond one year. For expenditures on structures, by contrast, there is clear evidence of such effects in the range of two to three years. The contrast between equipment and structures is intuitively reasonable and consistent with previous results. The estimates for structures also indicate that initial‐period expenditures are low and increase as projects near completion. These results provide empirical support for including “time‐to‐plan” effects for investment in structures. More generally, these results suggest a potential source of specification error for Q models of investment and production‐based asset pricing models that ignore the time required to plan, build, and install new capital. (JEL: D24, G31, C33, C34)     

Nonparametric change point estimation for survival distributions with a partially constant hazard rate

Lifetime Data Analysis - We present a new method for estimating a change point in the hazard function of a survival distribution assuming a constant hazard rate after the change point and a...     

Synchrony,Co‐Eating and Communication During Complementary Feeding in Early Infancy

The transition from milk to complementary food is a crucial but difficult process, requiring considerable adult sensitivity. We know little about the relationship between maternal feeding behaviors and infant willingness to eat at the onset of complementary feeding (CF), and we know even less about how these patterns might vary across cultures. Thirty‐seven dyads (15 from the UK and 22 from Italy) took part in a longitudinal study, during which mealtimes were video‐recorded 1 week after the onset of CF (Time 1) and at 7 months of infant age (Time 2). The first five minutes of mealtimes were coded for maternal feeding behaviors, for infant willingness to eat, and for synchrony in feeding. Maternal vocal communications (MVCs) and attention‐directing acts (ADAs) during the whole mealtime were also coded. Infant willingness to eat was significantly related to synchrony and co‐eating, suggesting the importance of sensitivity and empathy during feeding as in other parent–infant interactions. The frequency of maternal ADAs varied between nationalities and, contrary to current advice, did not relate negatively to infant willingness to eat. These patterns and variations suggest the need to consider CF as a contextually variable and sensitive foundation for feeding relationships.     

Mothers and Grandmothers on the Move: Labour Mobility and the Household Strategies of Moldovan and Ukrainian Migrant Women in Italy

This article contributes to the understanding of the westward migration of Eastern European women, by comparing Moldovan and Ukrainian women in Italy – the most popular destination for both groups – where they are mainly employed as domestic workers and home carers. Focusing on the differences in their trajectories in this labour sector, we discuss the significance of their age at emigration and their role within their families of origin. These have an impact not only on their mobility patterns, but also on their choices of employment and general socio‐cultural integration in the host country.     

‘Of equal or of more service’: black soldiers and the British Empire in the mid-eighteenth-century Caribbean

This essay examines the British military’s deployment of black soldiers in the West Indies during the War of Jenkins’ Ear and the Seven Years’ War. It analyzes two subjects that remain neglected despite the recent upsurge of interest in mid-eighteenth-century global imperial war: the vicissitudes of these conflicts in the Caribbean and their meaning for the lives of enslaved and free blacks. It contends that black soldiers’ martial exploits convinced British officials that they were essential weapons with which to secure and expand the Empire in the Atlantic: a conviction that led British officials to clash with southern mainland North American slaveholders during the War for American Independence.     

Body Image in Dyadic and Solitary Sexual Desire: The Role of Encoding Style and Distracting Thoughts

This study explored the link between body image and desire to engage in sexual activity (dyadic and solitary desire) in adult women living in a long-term couple relationship. Moreover, it considered two psychological factors that may underlie such a link: the occurrence of body-related distracting thoughts during sexual activity and encoding style (i.e., the tendency to rely on preexisting internal schemata versus external information at encoding). A total of 53 women (29 to 47 years old) in heterosexual relationships completed questionnaires assessing sexual desire (dyadic, solitary), body image, body-related distracting thoughts during sexual activity, and encoding style. Results showed that poor body image was associated with low dyadic and solitary sexual desire. Body-related distracting thoughts during sexual activity mediated the link between body image and solitary (but not dyadic) sexual desire. Finally, the mediation of body-related distracting thoughts between body image and solitary sexual desire was moderated by encoding style. A negative body image promoted the occurrence of body-related distracting thoughts during sexual activity, especially in internal encoders. Our study highlights the importance of body image, distracting thoughts, and encoding style in women’s solitary sexuality and suggests possible factors that may reduce the impact of those body-related factors in dyadic sexual desire.     

Responses to global challenges: trends in aid‐financed global public goods

Based on four decades (1973–2013) of OECD‐Development Assistance Committee aid to developing countries, this article aims to show aid‐financed global public goods trends, their changing composition and their main drivers. In particular, a constant increase in the share of aid‐financed global public goods and a shift towards weighted‐sum and weakest‐link global goods are observed. Economic conditions, imitation effects, global engagement and domestic spending result as the main drivers of donors’ demand for aid‐financed global public goods. Besides, a certain complementarity in the provision of global goods plays a role, especially in European countries and Japan, partially easing the prognosis for the collective action problems related to global goods     

What’s left unsaid? In-group solidarity and ethnic and racial differences in opposition to immigration in the United States

Do racial and ethnic characteristics of non-immigrants play an important role in shaping attitudes toward immigrants in the U.S.? Using a 2010 survey experiment representative of the U.S. general population, this paper examines differences in opposition to immigration by the race or ethnicity of the respondent. By manipulating the amount of anonymity offered to respondents, the experiment allows explicit opposition to be distinguished from implicit opposition, which offers unique insight into the extent to which opposition is masked. Consistent with theories of in-group solidarity, we find that Hispanics, who comprise nearly half of all immigrants in the U.S., overtly express a less restrictive posture, which, relative to Black and White respondents, is not significantly masked. In contrast, White and Black respondents only overtly express more openness to immigration. When offered absolute anonymity, opposition is significantly and substantively greater. The implications are profound in that differences in the extent to which opposition is masked, rather than overtly expressed, fundamentally patterns racial and ethnic differences in opposition to immigration in the U.S.     

Does director capital influence board turnover after an incident of fraud? Evidence from Italian listed companies

Studies in U.S. have found that that director capital influences turnover within the board after an incident of fraud. We analyse whether there is a relationship between the probability of non-executive director turnover in Italian listed firms in which fraud has occurred and each director’s level of: (1) general business knowledge, (2) industry knowledge, and (3) relational capital. Our results suggest that non-executive director departure can be explained as a result of decisions by companies to clean their house of directors with lower expertise, industry knowledge and relational capital. These findings indicate that firms encourage the departure of these non-executive directors to signal to their stakeholders that they want to repair legitimacy and want to enhance the monitoring and resource provider tasks of the board. Indeed, in Italy, director turnover is more marked when the fraud visibility is greater. Furthermore, our study findings indicate that the cleaning house strategy is not influenced by the ownership structure and identity.