{"title":"Credit Card Clarity: CARD Act Reform Works","authors":"Joshua M. Frank","doi":"10.2139/ssrn.2000416","DOIUrl":"https://doi.org/10.2139/ssrn.2000416","url":null,"abstract":"This research studies the effect of the Credit CARD Act of 2009 on pricing, transparency, and credit availability.This report’s findings refute negative claims by the credit card industry that new credit card rules have restricted access to consumer credit and raised its cost.These claims rely on limited data that do not accurately capture the cost or availability of credit extended to consumers. This study uses multiple data sets and methods and consistently finds that the CARD Act has not caused prices to rise or credit to constrict. The difference between the stated rate on credit card solicitations and the rate consumers actually paid widened to unprecedented levels by 2004 and stayed at those levels through 2008. This difference narrowed markedly in the wake of reform, with stated prices on solicitations moving much closer to actual prices. This study also finds that, in the year since the CARD Act’s implementation, actual prices have remained stable and available credit has not tightened beyond what would be expected from the economic downturn. Because price transparency fosters competition, the long-term effect of the CARD Act is likely to be lower costs for consumers.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114042659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Can Aristotle Help Us Specify the Very Nature of Management Problems?","authors":"M. Nikitin","doi":"10.2139/ssrn.1750971","DOIUrl":"https://doi.org/10.2139/ssrn.1750971","url":null,"abstract":"The question we address here is: \"What is the very nature of managerial problems?\". We first argue that real management problems, as opposed to technical problems, are those which do not have \"a priori\" solutions and for which the arguments for and against any important decision are more or less of equal weight. We then define managerial problems as recurrent dilemmas. Drawing on Aristotle's distinction between theoretical and practical sciences, we then try to analyze the consequences of the previous definition on an epistemological and a pedagogical point of view.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124554186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial Performance and Social Responsibility: Indian Scenario","authors":"H. Bedi","doi":"10.2139/ssrn.1496291","DOIUrl":"https://doi.org/10.2139/ssrn.1496291","url":null,"abstract":"The form and content of the capitalist world economy is fast evolving and we find capital being increasingly concentrated and centralised as the battle of market competition intensifies. Companies have to keep running just to stay in the same place so intense is the competition. One of the factors that make the critical difference between the companies is the public perception of a business's value systems that are best exhibited by initiatives in discharging its Corporate Social Responsibility (CSR). From a long time several Researchers have reported a positive, negative, and neutral impact of corporate social responsibility (CSR) on financial performance. This inconsistency may be due to flawed empirical analysis. In this paper, we study the relationship between social and financial performance of a company. In present study Top 1000 Indian firms are examined for the financial year 2007-08, which are rated by karmyog (Mumbai base NGO), but for the purpose of research only 37 companies were considered, who spend some amount to fulfil their corporate social responsibilities and then relationship between their financial performance and expenditure on corporate social responsibility is measured by using correlation and regression. The analysis reveals that there is a positive relationship between CSR and financial performance and the descriptive and inferential measures shows that Corporate social expenditure depends upon the financial performance of the Company. But at the same time we also observe that most of the top Indian companies are spending nothing on part of their social responsibilities.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128803648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Intangible Assets and Competitiveness in Spain: An Approach Based on Trademark Registration Data in Catalonia (1850-1946)","authors":"Patricio Sáiz, P. Fernández","doi":"10.2139/ssrn.3495900","DOIUrl":"https://doi.org/10.2139/ssrn.3495900","url":null,"abstract":"This paper studies the origins of trademark registration in Spain and offers, for the first time, data across sectors and regions with a long-term perspective. In apparent contradiction to the slow path of industrialization and the economic backwardness of Spain between 1850 and the 1940s, empirical evidence on trademark registration suggests that, in this field, Spanish policies and Spanish firms seemed to be well ahead of other countries. Spain was among the pioneering countries in the Western world in having a state legislation protecting brand registration since 1850. Also, some Spanish regions and industrialized sectors adopted similar strategies to those of its European counterparts in terms of using consistently branding and registered trademarks. Our evidence suggests that firms seem to have used brands and marks, first to fight against fraud and imitation and second to add intangible assets to its products in order to endow them with persistent identity trends regarding origins or quality of the product that were difficult to replicate, as often happened with patents. This created and accumulated, over that period of time, a marketing knowledge among consumers, which may have been useful to maintain the competitiveness of some industrial districts and regions.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124961303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Capital Controls and Economic Growth: How Controls on Inflows and Outflows are Different","authors":"R. J. Versteeg","doi":"10.2139/ssrn.1098261","DOIUrl":"https://doi.org/10.2139/ssrn.1098261","url":null,"abstract":"In order to investigate the effects of different types of capital controls on economic growth, we construct a new measure of capital controls; making this study one of the first to distinguish between controls on inflows and outflows. Contrary to previous studies, we are able to show that capital controls do have an effect on economic growth. We find that controls on capital inflows have a positive effect on economic growth, while controls on outflows have detrimental effects. Moreover, controls on equity markets are also found to have a negative impact on economic growth. These results validate the theoretical arguments made by for instance Mishkin (2001) and Bekaert, Harvey, and Lundblad (2005).","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122468956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Best-Practice Investment Management: Lessons for Asset Owners from the Oxford-Watson Wyatt Project on Governance","authors":"G. Clark, R. Urwin","doi":"10.2139/ssrn.1019212","DOIUrl":"https://doi.org/10.2139/ssrn.1019212","url":null,"abstract":"Good governance by institutional fund asset owners makes a significant incremental difference to value creation as measured by their long-term risk-adjusted rate of return. Drawing upon best-practice case studies, it is argued that the principles of good governance can be summarised by organisational coherence, including an institution's clarity of mission and its capacities; people, including who is involved in the investment process, their skills and responsibilities; and process, including how investment decision-making is managed and implemented. Using the case studies to develop the principles and practice of good governance, there are a number of lessons to be learnt from our exemplars whatever the nature, scope and location of the institution - summarised through a set of 12 findings about global best-practice with implications for large and small institutions. Implications are also drawn for the design and management of sovereign funds that are increasingly important for national welfare in global financial markets. In conclusion, we see the challenge of governance as having two facets: to facilitate adaptation to the functional imperatives of operating in global markets given the heritage of an institution; and, over the long-term, to undertake reforms such that institutional form and structure is reformed to be consistent with the principles developed herein. In either case, funds can create more value if they correctly assess their governance and determine an investment strategy commensurate with their capabilities.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"96 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124566858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Imperialist Claws of Metacapitalism","authors":"G. Mickhail","doi":"10.2139/ssrn.1017505","DOIUrl":"https://doi.org/10.2139/ssrn.1017505","url":null,"abstract":"The information and industrial revolutions are so different and yet similar. Both enjoyed the emergence of accounting measurement and management techniques which privileged the efficient allocation of resources as the principal imperative to a firm's participation in a free market economy. MetaCapitalism is one such corporate change strategy which promised untold wealth and unprecedented growth, and under that guise a predatory Darwinistic corporate strategy was implemented. Fundamentally, it promotes extreme outsourcing and downsizing of human capital, de-capitalisation of all non-core capital assets and the diminished role of the State in the global free market economy. Yet the most disturbing aspect is its complete and total disregard for even the slightest social or public policy implications. Essentially then, its most salient danger is an unmistakable endorsement of a fundamentalist brand of value free, reckless capitalism that is ultimately detrimental not only to the long-term business interest, but human as well. One of the main findings of evaluating the Fortune 100 companies' performance in implementing MetaCapitalism was the resulting monopolies. Lenin described monopolies as essential to imperialism which is the highest stage of capitalism. The parallels between the resulting monopolies under MetaCapitalism, and what Lenin described as the final stage of Capitalism are poignant. I would like to draw upon those parallels in the hope that earlier work might enlighten our understanding and inform our critique of MetaCapiatlism.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121867960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ecological Approaches to Organizations","authors":"Joel A. C. Baum, A. Shipilov","doi":"10.4135/9781848608030.n3","DOIUrl":"https://doi.org/10.4135/9781848608030.n3","url":null,"abstract":"Our goal is to assess and consolidate the current state-of-the-art in organizational ecology. To accomplish this we review major theoretical statements, empirical studies, and arguments that are now being made. Although we attempt to survey ecological approaches to organizations comprehensively, because ecological research now constitutes a very large body of work, and because other extensive reviews are available (Aldrich & Wiedenmayer, 1993; Barnett & Carroll, 1995; Baum, 1996; Baum & Amburgey, 2002; Baum & Rao, 2004; Carroll, Dobrev & Swaminathan, 2002; Galunic & Weeks 2002; Rao, 2002; Singh & Lumsden, 1990), we emphasize recent work that challenges and extends established theory and highlight new and emerging directions for future research that appear promising. Our appraisal focuses on two main themes - demographic processes and ecological processes.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124965339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Great Financial Crisis of 1914: What Can We Learn from Aldrich-Vreeland Emergency Currency?","authors":"W. Silber","doi":"10.1257/AER.97.2.285","DOIUrl":"https://doi.org/10.1257/AER.97.2.285","url":null,"abstract":"At the outbreak of World War I, the biggest gold outflow in a generation posed a double-barreled threat to American finance: An internal drain of currency from the banking system and an external drain of gold to Europe. The absence of an operational central bank encouraged Treasury Secretary William G. McAdoo to improvise the modern principle of aiming an independent weapon at each policy target. He employed a form of capital controls to deal with the external threat, shutting the New York Stock Exchange (NYSE) for more than four months to prevent Europeans from selling their American securities and demanding gold in return. And he invoked the emergency currency provisions of the Aldrich-Vreeland Act to deal with the internal threat, allowing banks to issue national bank notes without the normal requirement that the currency be secured by U.S. goverment bonds. According to Friedman and Schwartz (1963, p.196), by November 1914 \"the country had recovered from... the declaration of war in Europe, thanks in no small part to the availability of Aldrich-Vreeland emergency currency.\" This paper tests Friedman and Schwartz's conjecture about the power of Aldrich-Vreeland emergency currency and draws lessons for monetary policy.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128122564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}