Interest group activity and long-run stock market performance

This paper provides evidence that interest group activity is negatively related to aggregate stock market performance. In particular, the findings imply that a one percent increase in the number of interest groups in a country is associated with a reduction in average annual stock market returns of roughly 2–5%, and a reduction in the volatility of annual stock returns of roughly 6–14%. In addition, the findings indicate that many of the same fundamentals that drive economic growth also explain stock market performance.     

Skunks in an English Woodland: Should England Embrace For‐Profit Higher Education?

The British government is encouraging the growth of for‐profit alternative providers of higher education (HE). While it is true that for‐profits have opened HE access to previously under‐served groups and have been more agile in reacting to market demand, they have done so at a considerable cost to students and the taxpayer because they do not share in the cost of the failure of HE to ensure a payoff for many of their students. The US experience with for‐profits should be a cautionary tale for those supporting their expansion in Britain. Policy is needed to craft a regulatory framework that produces the benefits that for‐profits can provide, but minimises the costs that often accompany them. At present, it is far from clear that expanding alternative providers—that is, for‐profits—would ‘work better’ for students.     

The Impact of Elite Polarization on Partisan Ambivalence and Indifference

Considerable evidence documents the impact that elite polarization has had on the influence of partisanship on vote choice and attitudes. Yet, much of the electorate remains moderate. This paper seeks to shed some light on this paradox. Examining trends from 1952 to 2004 demonstrates that the electorate is now more opinionated about the parties than in the recent past, but that a significant portion of the increase is in the form of negative statements about an individual’s party—there are fewer indifferent individuals, but the electorate is not overwhelmingly more one-sided, instead there has been an increase in both the proportion of one-sided and ambivalent individuals. It is next examined if the intensity of one’s ideological and partisan self-identification influences how they respond to elite polarization. The results suggest that non-ideologues and pure independents are more likely to be indifferent; all other groups have shown a decline in the likelihood of being indifferent and an increase in ambivalence. The results demonstrate that the public is responding to the increased clarity in elite positions in the form of an increased number of opinions, but for many the increase results from a mix of positive and negative reactions.     

Pinyin Roumaji to Wade-Giles conversion table

Abstract

Throughout the Cultural Revolution, new dramas and controversies about drama were prominent in both culture and politics. The centerpiece of the new drama was the set of works proclaimed as revolutionary model operas in 1966. These occupied the professional stage and also formed the basis of the post-1970 amateur movement. Through this amateur movement much larger numbers of people could be reached than by reliance on professionals alone, and, more importantly, they could be involved as active participants rather than passive spectators.