Venture capital and risk perception

This study extends the current state of research on venture capital (VC) determinants by introducing a behavioral perspective. We focus on individuals’ risk perception and connect it to Hofstede’s cultural dimensions of individualism and uncertainty avoidance. Individualism is related to overoptimism and uncertainty avoidance is related to overcaution, and hence affect the perception of risk. In a cross-country empirical analysis with 49 countries, we find that individualism is positively associated with VC activity, whereas uncertainty avoidance is negatively associated with VC activity. Our results are robust to controlling for other determinants as well as using other proxies of VC activity, other time periods, and subsamples of countries.     

What colour ‘success’? Distorting value in studies of ethnic entrepreneurship

The study of ethnic entrepreneurship has tended to take as unproblematic what we mean by 'success' and 'failure'. Hence, some groups are defined as success stories. Recently, for example, in Britain, South Asian immigrants were said to be a 'success': they had a 'Jewish future'. The perennial debate both in Europe and in the United States is why Black people have been a 'failure' as entrepreneurs. This is even debated by Black people themselves. The present paper sets out to deconstruct notions of success and failure by probing the narrow economistic models of value on which they are based. It argues that only by understanding the organisation of mass cultural production, on the one hand, and relativity of cultural value, on the other, can we arrive at a more subtle understanding of what motivates ethnic entrepreneurs. In the light of this, I argue, even posing the question of success and failure is false. It leads research and writing on ethnic entrepreneurs into blind alleys while creating damaging - and unfounded - invidious stereotypes of different ethnic groups.     

The <Emphasis Type="Italic">k</Emphasis>-metric dimension

The anti-Ramsey number AR(G, H) is defined to be the maximum number of colors in an edge coloring of G which doesn’t contain any rainbow subgraphs isomorphic to H. It is clear that there is an \(AR(K_{m,n},kK_2)\)-edge-coloring of \(K_{m,n}\) that doesn’t contain any rainbow \(kK_2\). In this paper, we show the uniqueness of this kind of \(AR(K_{m,n},kK_2)\)-edge-coloring of \(K_{m,n}\).     

'Management Standards' work-related stress in the UK: practical development

Research commissioned for the UK's Health & Safety Executive (HSE) supports the view that a preventative, risk-assessment based approach would be more effective than case-based methods in achieving a nationwide reduction in work-related stress. The background to this approach is described and discussed in a companion paper in this issue (Mackay, Cousins, Kelly, Lee, & McCaig, 2004). The present paper describes the development of HSE's new stress Management Standards—which offer organizations continuous improvement through a three-phase stress preventative process—and the development of a supporting 'Indicator Tool' (a two-phase questionnaire to assess employee perceptions of working conditions). The Management Standards comprise a series of 'states to be achieved', which are statements of good practice in six key stressor areas: demands, control, support, relationships, role and organizational change. For each stressor area there is also a 'platform statement' that outlines the main aims to be achieved by the organization. This statement may include a target percentage of employees finding that the organization meets the standard: this matter will be settled after the standards have been assessed in a public consultation campaign. To use the new process, an organization's state can first be assessed using the Indicator Tool; liaising with workers in focus groups enables a further exploration of issues raised; finally, there may be formulation of interventions and subsequent review. It is not intended that the standards will be legally enforceable. HSE's aim is that they and the associated methodology will enable organizations to effectively tackle work-related stress, and subsequently reduce both its incidence and prevalence.     

The current role of post-conviction sex offender polygraph testing in sex offender treatment

Polygraph testing is becoming increasingly important in sex offender treatment. Polygraph advocates cite dramatic increases in historical disclosures that presumably allow more precise targeting of treatment interventions, earlier detection of risky behaviors that often lead to new offenses, and improved treatment and supervision compliance. Based on this, they believe the procedure supports desirable behavior that continues to various degrees after treatment and supervision end. Opponents cite ethical problems related to inaccurate results, unproven accuracy rates, and the risk that examinees may be coerced into making false admissions. To counter these criticisms, proponents have developed standards, best practices, and examiner training and certification programs intended to reduce error rates and address ethical issues. Opponents argue that these measures have not been tested and that empirically established error rates and best practices may not be possible for a variety of reasons. This article reviews the current situation, leaving readers to decide the wisdom and ethics of using polygraph testing in their own practices.     

Capabilities and Well-Being: Evidence Based on the Sen–Nussbaum Approach to Welfare

One of the most significant theoretical contributions to welfare analysis across a range of disciplines has been the development of the capabilities framework by Sen and others. Motivated by the claim that freedom should play a key role in social evaluation, the capabilities framework suggests that we consider what it is that people are free to do, as well as what they actually do. Using data from the British Household Panel Survey in conjunction with a list of substantial values posited by Martha Nussbaum, we contribute to the operationalisation and testing of this approach. Specifically, we suggest that commonly used secondary data sources do provide some information about the capabilities people have and that this can be incorporated into models of (subjective) well-being such as those used by a growing number of labour and health economists. We find evidence that a wide range of capabilities exhibit statistically significant relations to well-being that the relations are complex and slightly different for men and women, and conclude with suggestions for future developments.     

A Comparison of Depression and Styles of Coping in Male and Female GA Members and Controls

Depression and maladaptive coping styles are important components of theories of pathological gambling and are frequently foci of treatment with individuals with gambling problems. The present study aimed to improve understanding and treatment of pathological gambling by comparing levels of depression and styles of coping in male and female members of Gamblers Anonymous (GA) to a group of non-pathological gambling controls matched according to gender, age, education, and income. Pathological gambling was measured by the South Oaks Gambling Scale, depression by the Beck Depression Inventory, and coping styles by the Problem-Focused Styles of Coping inventory. Results showed that GA members reported significantly higher levels of depression and more maladaptive styles of coping than controls. Pathological gamblers' greater use of maladaptive coping was evident even when variance attributable to depression was removed, suggesting that their coping deficits may be pervasive. Female subjects reported significantly greater levels of depression and maladaptive coping thantheir male counterparts. Implications for treating depression and coping styles in pathological gamblers are discussed.     

Age, Health and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey of Ontario Residents

We present the results of a contingent valuation survey eliciting willingness to pay (WTP) for mortality risk reductions. The survey was self-administered using a computer by 930 persons in Hamilton Ontario aged 40 to 75. Visual and audio aides were used to enhance risk comprehension. Mean WTP figures for a contemporaneous risk reduction imply a value of a statistical life of approximately C$l.2 to C$3.8 million (1999 C$). Mean WTP is constant with age up to 70 years, and is about 30 percent lower for persons aged 70 and older. WTP is unaffected by physical health status, but is affected by mental health.