Restructuring of the Financial Industry: The Disappearance of Locally Owned Traditional Financial Services in Rural America

Restructuring in the financial services industry has altered the relationship between small business owners and capital. In the past small businesses have relied on relational, or soft data, lending from locally owned banks for capital. The proliferation of absentee‐owned local branch networks brought standardized practices, thus eliminating the autonomy of local loan officers to utilize soft data in loan decisions. In this article we examine the changes in the percentage of traditional financial services that are locally owned in three county types: metropolitan, micropolitan, and noncore. We utilize the Longitudinal Business Database at the U.S. Census Bureau Center for Economic Studies. We examine changes in local ownership of traditional financial services between 1976 and 2007. We find that the rate of decline of local ownership has been greatest in the noncore (most rural) counties. We also explore to what extent these patterns are related to the emergence of alternative financial services during the same period. We find that such alternative services are growing in all three county types, but at rates not significantly different than the population growth for these county types. We supplement our analysis with data from qualitative interviews with small business owners throughout rural Texas. We conclude with a discussion of implications and plans for future research.     

A longitudinal comparative study of the impact of the experience of social work education on interpersonal and critical thinking capabilities

Head (the intellectual/critical thinking) and Heart (the emotional-interpersonal) are long established twin-pillars of social work. Their importance is not just reflected in literature devoted to each but in the professional proficiencies and capabilities expected for practice. While clearly intertwined—both operate together in practice—and central to practice proficiencies/capabilities, implying implicit measurement of standards, there is a curious lack of research focusing on measurement of the two together. This novel study is the first to carry out a longitudinal comparative study examining the extent to which interpersonal and critical thinking capabilities are developed during the lifetime of qualifying social work training as measured through programme performance and development. It focuses on four cohorts (n = 170) at two Universities (Undergraduate and Masters). While findings show the interpersonal significantly underpinned performance and outcome, critical thinking—though embedded in Masters programme performance—was less significant, particularly in the undergraduate programmes. The study concludes that we cannot assume interpersonal and critical thinking capabilities are always incorporated into the learning process and attention should be paid to the overt measurement of interpersonal and critical thinking capabilities together with the processes and mechanisms by which they are focused on in programmes.     

Blood Transfusion in Room 223

How educators handle conflicting views of Populism is important in engaging students in critical thinking.     

The recruitment and selection of hospital medical consultants

Abstract

The literature on selection has been dominated in recent decades by the ‘prediction’ paradigm. Such an approach requires a substantial number of positions to be filled in order to compute validity coefficients. There are other approaches, using a different paradigm, when concentrated on adjusting the organization and the employee. Here careful analysis of job demands is essential. This article describes such an analysis, taking the medical consultant as an example. The method can be used in an iterative way. It is useful when one has to work with small numbers of positions.     

A Diagnostic Test for Normality Within the Power Exponential Family

This article develops the locally uniformly most powerful unbiased Lagrange multiplier test of normality of regression disturbances within the family of power exponential distributions. The small sample power properties of the test are compared in a Monte Carlo study with 6 well-known tests across 12 alternative nonnormal distributions. In addition, the finite sample power properties for nonnormal alternatives within the power exponential family are summarized by estimating response surfaces. The results suggest that the proposed text is computationally convenient and possesses relatively attractive power properties even against alternatives outside the power exponential family.     

Equilibrium Labor Turnover,Firm Growth,and Unemployment

This paper considers equilibrium quit turnover in a frictional labor market with costly hiring by firms, where large firms employ many workers and face both aggregate and firm specific productivity shocks. There is exogenous firm turnover as new (small) startups enter the market over time, while some existing firms fail and exit. Individual firm growth rates are disperse and evolve stochastically. The paper highlights how dynamic monopsony, where firms trade off lower wages against higher (endogenous) employee quit rates, yields excessive job‐to‐job quits. Such quits directly crowd out the reemployment prospects of the unemployed. With finite firm productivity states, stochastic equilibrium is fully tractable and can be computed using standard numerical techniques.     

Evaluating the Use of Spatial Covariance Structures in the Analysis of Cardiovascular Imaging Data

This article investigates the choice of working covariance structures in the analysis of spatially correlated observations motivated by cardiac imaging data. Through Monte Carlo simulations, we found that the choice of covariance structure affects the efficiency of the estimator and power of the test. Choosing the popular unstructured working covariance structure results in an over-inflated Type I error possibly due to a sample size not large enough relative to the number of parameters being estimated. With regard to model fit indices, Bayesian Information Criterion outperforms Akaike Information Criterion in choosing the correct covariance structure used to generate data.