Government Partisanship, Elections, and the Stock Market: Examining American and British Stock Returns, 1930–2000

We construct a model of speculative trading to examine how the mean and volatility of stock prices is affected both by government partisanship and by traders' expectations of electoral victory by the right-wing or left-wing party. Our model predicts that rational expectations of higher inflation under left-wing administrations lowers the volume of stocks traded in the stock market. The decline in trading volume leads to a decrease in the mean and volatility of stock prices not only during the incumbency of left-wing governments, but also when traders expect the left-wing party to win elections. Conversely, expectation of lower inflation under right-wing administrations leads to higher trading volume. This leads to an increase in the mean and volatility of stock prices during the tenure of right-wing governments and when traders anticipate the right-wing party to win elections. Daily and monthly data from U.S. and British equity markets between 1930 and 2000 statistically corroborate the predictions from our formal model.     

Institutions and intellectual property: The influence of institutional forces on university patenting

Over the past 20 years, the number of patents assigned to universities has increased dramatically. This increase coincided with several policy initiatives, such as the Bayh‐Dole Act of 1980, designed to foster technology transfer between universities and the private sector. This paper examines the effect of such policies using an institutional framework, designed to illustrate how factors both from inside and outside of academia influence the decision to patent university research. We find passage of the Bayh‐Dole Act spurred university patenting, but did not induce additional applied research funding. Thus, Bayh‐Dole fostered technology transfer, but did not result in more applied research at universities. © 2005 by the Association for Public Policy Analysis and Management     

Australian External Policy and the End of Britain's Empire1

The winding down of Britain's colonial empire in the 1950s and 1960s impacted upon Australian external policy in several ways. Australia had to build diplomatic capacity in order to manage relationships with numerous newly independent states. As many of these states were non-aligned in the Cold War context, Australia had to think afresh about the problems of regional security. Decolonisation also meant the transformation of the Commonwealth into a "nest of republics", a development that hastened the demise of the older sense of organic empire and, for Robert Menzies, compromised the quality of the Anglo-Australian relationship. The effect on Australia of Britain's post-colonial restrictive immigration policy compounded this process. So too did Britain's move towards Europe. In addition there were implications for Australia's policy towards the United Nations and towards its own dependent territories.     

Brave New Liberal: Percy Spender

Percy Spender's pioneering work as External Affairs Minister is often held up as a significant contribution to Liberal policy-making and Australian foreign policy more generally. A closer look at his life and thinking illuminates some of the factors behind his policy-making. Some of the more prominent, shaping factors can be organised under the headings of his overseas travels before becoming External Affairs Minister at the end of 1949; his sense that the mid-twentieth period was one in which Asia suddenly played a big role; and his determination that Australians should be proactive in their relations in their region, rather than merely reactive in foreign policy.     

Social relations and agricultural production in Nepal's Terai

The analysis of the process of surplus production, expropriation and realisation is central to the understanding of both the development process and the forces which are leading to transformation, particularly those arising from the relations of production [Frank, 1967; Laclau, 1971; Amin, 1974]. A central argument of this paper is that the details of the production relations, especially in agriculture, can vary very considerably, not only for historical reasons, but because of specific conditions in the technology of production and the conditions existing in the economy external to the actual process of production described. Institutions to control labour and property relations which best fit in with the maximisation of the expropriation of surplus value may not be those which are conventionally associated with industrial capitalism. This paper explores surplus production and expropriation in a specific situation: the production of the agricultural surplus in Nepal's Terai, in order to explain the social formations occurring within it.     

Juveniles in the rural work force of sixteenth‐century castile

Peasant children in sixteenth‐century Castile helped their families with various domestic chores and agropastoral jobs. Used as unpaid workers, they enabled the typical peasant family to diversify its activities, and often to raise its standard of living. Hired juvenile workers were also quite important in Golden Age Castile. These seemingly entered the job market because their own families lacked the resources to enable them to remain at home. The experience of active participation in productive activities served all juvenile workers, whether paid or unpaid, as a sort of apprenticeship in preparation for adult membership in the peasant community.     

Subjective Invulnerability,Optimism Bias and Adjustment in Emerging Adulthood

The relationship between subjective invulnerability and optimism bias in risk appraisal, and their comparative association with indices of risk activity, substance use and college adjustment problems was assessed in a sample of 350 (M _age = 20.17; 73% female; 93% White/European American) emerging adults. Subjective invulnerability was measured with the newly devised adolescent invulnerability scale (AIS). Optimism bias in decision-making was assessed with a standard comparative-conditional risk appraisal task. Results showed that the danger- and psychological invulnerability subscales of the AIS demonstrated strong internal consistency and evidence of predictive validity. Subjective invulnerability and optimism bias were also shown to be empirically distinct constructs with differential ability to predict risk and adjustment. Danger invulnerability and psychological invulnerability were more pervasively associated with risk behavior than was optimism bias; and psychological invulnerability counter-indicated depression, self-esteem and interpersonal problems. Results support recent claims regarding the “two faces” of adolescent invulnerability. Implications for future research are drawn.