A European perspective: The Nonprofit Almanac and the development of European profiles

Conclusion The Independent Sector approach to measuring the US non-profit sector, as summarised inThe Almanac, provides a valuable and instructive model for European and other attempts to describe and measure the sector. The aim of mappers in those other countries should not be to replicateThe Almanac, but to imitate its broad approach, using it to stimulate and encourage statistical efforts elsewhere. Although the time for whole-Europe mappings has not yet come — in fact, it is very many years away — individual European countries could and should make substantial progress. As I have argued, progress will generally be greatest when an imaginative blend of five main approaches is employed. This is exemplified by the Independent Sector's work, and would-be mimics should endeavour to match both this blending and the energy and zest with which the task has been tackled.Professor of the Economics of Social Care and Deputy Director of the Personal Social Services Research Unit, University of Kent at Canterbury and Co-editor,Voluntas.I would like to acknowledge a number of European colleagues whose comments assisted my preparation of this paper, in particular Edith Archambault, Paulo Barbetta, Andrea Bassi, Rudolph Bauer, Andrew Crook, Jim Jackson, Jeremy Kendall, Éva Kuti, Susan Saxon-Harrold, Wolfgang Seibel, Justin Davis Smith and Tymen van den Ploeg. This paper is lodged in the Personal Social Services Research Unit as Discussion Paper 873.     

The Texaco racial discrimination case and shareholder wealth

We analyze the wealth ejfects of the Texaco racial discrimination lawsuit both on the shareholders of Texaco and its major U.S. competitors. Employing a comprehensive data set which included every case docket entry and every Wall Street Journal article on the case as an experimental stimulus, our findings suggest that the overall cost of the case to Texaco shareholders exceeded $500 million, that Texaco's tribulations had little, if any, impact on the share prices of its major competitors, and that Wall Street Journal coverage of the case was highly correlated with significant changes in Texaco stock prices. This last finding provides significant support for Hite 's suppostion that newspaper editors “key ” on ex post stock price changes in selecting the events to be covered in the next day's edition. The authors are grateful to Kee Chung for helpful comments on earlier drafts and also acknowlege the help-ful assistance of the staff of the law library at the Cecil C. Humphreys School of Law at The University of Memphis.     

The Role of Family Income in the Intergenerational Association of AFDC Receipt

Daughters from low‐income families who did not receive Aid to Families with Dependent Children (AFDC) are compared to daughters from low‐income families who did receive assistance to better account for family income in the intergenerational association of AFDC. The research models the timing of a daughter's first birth and, for those who become mothers, the number of years a daughter receives any AFDC. Women whose families received AFDC during their childhood are more likely to receive AFDC as adults relative to those women whose families did not receive AFDC. Controlling for family income in a more careful and comprehensive way than past research explains part but not all of the effects of childhood AFDC receipt. Among daughters from chronically poor families, however, parental AFDC use is not associated with additional years of AFDC participation. Although the present research cannot confirm or deny a causal role for parental welfare use, the intergenerational transmission of financial resources does explain part of the intergenerational association of welfare use.     

A Review of Kyoto Protocol Adoption in Russia: Joint Implementation in Focus

Russia’s role in ‘animation’ of the Kyoto Protocol was crucial. Its initial vacillation on ratification was predominantly due to political bargaining with the EU. Domestic economic rationales [i.e. impacts of emission trading and Joint Implementation (JI) projects] were important to a much lesser extent and environmental motives did not seem to play any role in the decision. Since the Protocol entered into force, there have been significant delays in complete establishment of policy implementation frameworks, which are necessary for Russia to start benefiting from JI and emission trading. Only recently, in 2007, have GHG inventories and a national registry been established and the responsibilities for implementation of the Protocol and JI among the government departments have been distributed only to a certain extent. Some constraints hindering JI projects, such as vague legislation, an unfavourable economic climate, lack of commitment to JI projects, corruption, xenophobia, state and agency ‘capture’ still remain.      

Job Insecurity and the Timing of Parenthood: A Comparison between Eastern and Western Germany

This article contributes to the ongoing debate on the economic determinants of fertility behavior by addressing the role of job insecurity in couples’ intentions concerning parenthood and its timing. It starts from the hypothesis that cultural values moderate individuals’ reactions to job insecurity and the way it is related to family formation. With a systematic thematic content analysis of a set of semi-structured interviews with childless men and women around the age of 30 in eastern and western Germany, we are able to show that there are substantial differences in the consequences of job insecurity on intentions to have a first child. In western Germany, a relatively secure job career is expected to precede family formation, and this sequence of transitions is rather rigid, whereas in eastern Germany job security and family formation are thought of and practiced as parallel investments. We suggest that the lack of convergence in family formation patterns between eastern and western Germany after the unification of the country in 1990 is partially related to different attitudes toward job insecurity in the two contexts.     

A regression-based smoothing spline Monte Carlo algorithm for pricing American options in discrete time

American options in discrete time can be priced by solving optimal stopping problems. This can be done by computing so-called continuation values, which we represent as regression functions defined recursively by using the continuation values of the next time step. We use Monte Carlo to generate data, and then we apply smoothing spline regression estimates to estimate the continuation values from these data. All parameters of the estimate are chosen data dependent. We present results concerning consistency and the estimates’ rate of convergence.     

An Experimental Evaluation of the Serial Cost Sharing Rule

This paper proposes an experimental test to evaluate the performance of the serial cost sharing rule, originally proposed by Shenker [Sigmetrics, 241–242 (1990)] and then analyzed by Moulin and Shenker [Econometrica 60, 1009–1037 (1992)]. We report measures of the performance and efficiency of the serial mechanism by comparing the choices and payoffs attained by the subjects to the expected equilibrium allocations. Experimental evidence shows that learning is needed for the subjects to converge to the equilibrium strategy. However, in terms of efficiency, the serial mechanism leads to almost efficient allocations.