Competition and Selection in Municipal Bond Sales: Evidence from Missouri

This article describes the results of an interest cost analysis of local government debt issuance in the State of Missouri. In Missouri the vast majority of municipal bonds are sold on a “no bid” basis. We discuss the theoretical arguments for and against competition and selection. Then we determine the degree to which cost differences exist while correcting for any potential selection bias. We use data on local government general obligation bonds sold from May 2004 to May 2005 provided by the Missouri State Auditor's office. We find that this substantial lack of competition imposes significant costs on Missouri governments.     

Laws and Roll Calls in the U.S. Congress, 1891–1994

Recent empirical studies of lawmaking activity by legislatures rely heavily on roll call based measures and assume that roll call activity reflects lawmaking activity. We question this assumption for the case of the U.S. Congress. We examine several plausible sources of dissonance between the set of enacted public statutes and the universe of recorded votes in the U.S. Congress, using a comprehensive dataset of public enactments and roll call activity between 1891 and 1994. Because only 11.9% of the bills signed into law receive a recorded vote in the House, only 7.9% receive a recorded vote in the Senate, and only 5.5% receive a recorded vote in both the House and Senate, we provide guidance as to when studying voting behavior is likely a reasonable proxy for lawmaking behavior. There are sometimes important differences between the laws that do and do not receive a roll call that researchers should account for when using roll calls to study lawmaking in the U.S. Congress.     

The Chinese Ant and the American Grasshopper

The world’s top saver and its biggest spender will both benef it if their financial attitudes show more convergence. CHINA is like the ant and America is like the grasshopper.     

MENTORS AND CRIMINAL ACHIEVEMENT*

Much of the research focusing on conventional occupations concludes that mentored individuals are more successful in their careers than those who are not mentored. Early research in criminology made a similar claim. Yet contemporary criminology has all but ignored mentors. We investigate this oversight, drawing on Sutherland's insights on tutelage and criminal maturation and incorporating ideas on human and social capital. We argue that mentors play a key role in their protégés' criminal achievements and examine this hypothesis with data from a recent survey of incarcerated adult male offenders in the Canadian province of Quebec. In this sample, a substantial proportion of respondents reported the presence of an influential individual in their lives who introduced them to a criminal milieu and whom they explicitly regarded as a mentor. After studying the attributes of offenders and their mentors, we develop a causal framework that positions criminal mentor presence within a pathway that leads to greater benefits and lower costs from crime.     

POLICY ANALYSIS IN BRITISH CENTRAL GOVERNMENT: THE EXPERIENCE OF PAR

Programme Analysis and Review (PAR) was an approach to policy analysis introduced in 1970 by Edward Heaths administration as part of a systematic attempt to develop 'rational' government. In the early years some substantial reviews were completed, but from 1973 the exercise faded as less political commitment was devoted to it and institutional compromise and disillusion spread. This paper charts the life of PAR until its official demise in 1979 and analyses its experience, Above all, it suggests that PAR was unable to satisfy the technical, organizational and political preconditions for effective analysis.     

Collage of Comment

Is Internet freedom an absolute, universal value like freedom of speech? If there are limits, how and by whom can they be established? Is crying fire or scaling firewalls anymore acceptable in cyberspace than in physical space? What is the impact on the discourse between nations, cultures and individuals? In this section, we gather a collage of comments from various key players from Google to Wikileaks to the US State Department along with comments by one of the most cogent analysts of the Net and the president of Turkey.