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.     

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.     

Regulating the Oil Palm Boom: Assessing the Effectiveness of Environmental Governance Approaches to Agro-industrial Pollution in Indonesia

The large environmental impacts associated with agro-industrial development in Indonesia are both striking and increasingly important, especially with increased demand for biofuels and the rapid extension of oil palm plantations. Recently, Indonesia has also seen a series of transformations in the regulatory regime for pollution control with decentralization and a shift towards new environmental policy instruments. This article considers the effectiveness of these new approaches, including the widely influential International Organization for Standardizations (ISO) 14001 series for environmental management systems and the Roundtable on Sustainable Palm Oil (RSPO) certification system. Despite the turn towards these new governance approaches, the underlying problems that have undermined bureaucratic regulation in the past continue to haunt attempts to make the sector more sustainable. Efforts to mitigate the increasingly large-scale pollution associated with agro-industrial development will need to be better crafted and combined to suit the characteristics of the industry concerned and to address the wider socio-economic and political realities within which problems are embedded and where any policy tool must be applied.