The critical path to growth

Growth has for long been accepted as one of the major objectives of most people. Recently it has been challenged from a number of directions and the challengers have been counter-challenged. The inadequacy of scientific evidence lays the field open for much controversy, but the questions which have been brought into prominence are of great importance and demand answers. These answers in turn require knowledge associated with many branches of the physical, biological and social sciences. The techniques of operational research can be and are being used to assemble and blend the evidence. These techniques can also show up the gaps and the obstacles in the path to progress.Slightly revised version of a paper presented at the Sixth Conference of the International Federation of Operations Research Societies, Dublin, Ireland, August 1972.     

Citizen response to regional integration in the Americas: The cases of Costa Rica and El Salvador

This study examines public opinion in Costa Rica and El Salvador regarding regional integration in Central America. Recent efforts at regional integration as well as the response of the governments of the above countries to those efforts are reviewed. Public opinion toward regional integration is significantly more positive but less structured in El Salvador than in Costa Rica. Differences in the international and domestic contexts help to explain the differential responses in these two countries. Likewise, contextual factors help to account for differences between Central American and European publics in attitudes toward regional integration. Charles L. Davis is associate professor of political science at the University of Kentucky. His interests are Latin American politics and comparative political behavior. Matthew J. Gabel is assistant professor of political science at the University of Kentucky. His interests are European politics and the politics of regional integration. Kenneth M. Coleman is a former professor at the University of Kentucky, the University of North Carolina-Chapel Hill, and the University of New Mexico. His interests are Latin American politics and public opinion.     

Underwriters' counsel as gatekeeper or turnstile: an empirical analysis of law firm prestige and performance in IPOs

The first 150 words of the full text of this article appear below. Key points

• The article investigates the relationship betweenpricing in an initial public offering (IPO) and the prestigeof the participating underwriters’ law firm.
• The hypothesisof the article is that law firm quality affects how law firmsperform their obligations in IPOs—more prestigious lawfirms acting more independently. Consistent with this hypothesis,the authors find a negative relationship between pre-IPO priceadjustment and the participation of prestigious underwriters’counsel, and a negative relationship between the participationof prestigious underwriters’ counsel and initial return,which is consistent with market trading reflecting the decreasedrisk associated with offerings involving prestigious underwriters’counsel.
• Finally, it is found that certain observable characteristicsindicating diminished likelihood of undisclosed negative information(venture backing and quality of the issuer's counsel) are associatedwith an increased likelihood that prestigious underwriters’counsel is used.