CREDIT,WAGES, AND BANKRUPTCY LAWS

We analyze how bankruptcy laws affect the general equilibrium interactions between credit and wages. Soft laws reduce the frequency of liquidations and thus ex post inefficiencies, but they worsen credit rationing ex ante. This hinders firm creation and thus depresses labor demand. Rich agents who need few outside funds can invest even if creditor rights are weak. Hence, they favor soft laws that exclude poorer agents from the credit market and reduce the competition for labor. Such laws can generate greater utilitarian welfare than under perfect contract enforcement: By barring access to credit to some agents, soft laws lower wages, which increases the pledgeable income of richer agents and decreases the liquidation rates they must commit to. When they induce strong credit rationing, however, soft laws are Pareto‐dominated by tougher laws combined with subsidies to entrepreneurs. (JEL: D82, G33, K22)     

A Review of: “Dattilio,Frank M. (2010). Cognitive-Behavioral Therapy with Couples and Families: A Comprehensive Guide for Clinicians.”

This conceptual study focuses on health disparities among African Americans in the Arkansas Delta. The author uses an ecosocial perspective to explore several social and individual-level influences upon patients' perceptions of health care quality, including health beliefs and life experiences of discrimination that can lead to not accessing health care systems. The study findings identify community-based strengths that can inform the development of strategies and programs to reduce rural health disparities. The discussion includes the potential implications of the Patient Protection and Affordable Care Act for progress in health care quality and health equality, especially for rural racial/ethnic minorities.     

Capital Mobility and Asset Pricing

We present a model for the equilibrium movement of capital between asset markets that are distinguished only by the levels of capital invested in each. Investment in that market with the greatest amount of capital earns the lowest risk premium. Intermediaries optimally trade off the costs of intermediation against fees that depend on the gain they can offer to investors for moving their capital to the market with the higher mean return. The bargaining power of an investor depends on potential access to alternative intermediaries. In equilibrium, the speeds of adjustment of mean returns and of capital between the two markets are increasing in the degree to which capital is imbalanced between the two markets, and can be reduced by competition among intermediaries.     

Die Transformation der Jugendhilfe in Ostdeutschland im Kontext von Tradition, Diskontinuität und Strukturbildung

Changes in the child care legislation in 1990 led to the development of a new helping culture both in West and East Germany at the same time. Paternalistic relations to the clients had to be replaced by autonomy focused and thus professional interaction patterns. So clients were involved in the process of choosing adequate educational support. By comparing two East German youth welfare agencies we show the factors that impede the process of restructuring an appropriate professional-client relationship. The most important factor is the fallacy of mistaking educational support for education itself.     

Definition and aggregation of a performance measurement system in three aeronautical workshops using the ECOGRAI method

The requirement for a performance measurement system is essential in order to know the status of the production system and then to improve its control. Focused on research on the control of production systems for 20 years with the development of GRAI methodology, the LAPS/GRAI of University Bordeaux 1 worked for more than 10 years on the definition and the implementation of performance indicator systems through the development of ECOGRAI method and on the aggregation of performance. This paper presents an application of the ECOGRAI method to a workshop inside an aeronautical subcontracting company close to Bordeaux. The first part of the paper will be dedicated to a short presentation of the ECOGRAI method. In particular, we will present six phases of the structured approach and the main tools which are used in the method: the GRAI grid, the coherence panel and the specification sheet and the identity card of the indicators. In the second part, we will present a test case. First, we will present the context of the test case and the objectives that we had to meet. Then we will present the models of the control system and of the physical system through the GRAI grid and actigrams. We will show how we proposed to model the global control of the company and the detailed control of each workshop. Then, we will focus particularly on the way we have identified the performance indicators, based on the objectives and decision variables of the GRAI grid. We will also show how we solved the problem of aggregation of performance in relation to the coordination of decision-making. In the third part, we will detail how we ensured that these indicators were adapted to the control of the workshop and how we ensured their consistency. Finally, we will show to what extent the implementation of the coherent performance indicator system had an impact on the organization and the running of the workshop.     

Employability of Young Italian Men after a Jobless Period, 1989–98

In this paper we investigate the existence of negative jobless duration dependence and the impact of jobless spells on future wages. Our findings are somewhat out of line compared with analogous explorations. We find evidence of very long unemployment duration of the young male labor force, higher than reported anywhere else in Western Europe, as well as large negative unemployment duration dependence. On the other hand, young Italian men experiencing jobless periods in their early careers face small re‐employment wage losses. Such losses do increase with the duration of joblessness, but they are lower than reported in the USA, Canada, the UK, France, and Spain.     

A note on new confidence intervals for the difference between two proportions based on an Edgeworth expansion

Zhou and Qin [2004. New intervals for the difference between two independent binomial proportions. J. Statist. Plann. Inference 123, 97–115; 2005. A new confidence interval for the difference between two binomial proportions of paired data. J. Statist. Plann. Inference 128, 527–542] “new confidence intervals” for the difference between two treatment proportions exhibit a severe lack of invariance property that is a compelling reason not to use them.     

Bayesian mixture modeling for spatial Poisson process intensities,with applications to extreme value analysis

We propose a method for the analysis of a spatial point pattern, which is assumed to arise as a set of observations from a spatial nonhomogeneous Poisson process. The spatial point pattern is observed in a bounded region, which, for most applications, is taken to be a rectangle in the space where the process is defined. The method is based on modeling a density function, defined on this bounded region, that is directly related with the intensity function of the Poisson process. We develop a flexible nonparametric mixture model for this density using a bivariate Beta distribution for the mixture kernel and a Dirichlet process prior for the mixing distribution. Using posterior simulation methods, we obtain full inference for the intensity function and any other functional of the process that might be of interest. We discuss applications to problems where inference for clustering in the spatial point pattern is of interest. Moreover, we consider applications of the methodology to extreme value analysis problems. We illustrate the modeling approach with three previously published data sets. Two of the data sets are from forestry and consist of locations of trees. The third data set consists of extremes from the Dow Jones index over a period of 1303 days.