Information Disclosure, Market Discipline and the Management of Bank Capital: Evidence from the Chinese Financial Sector

Is there evidence that market forces effectively discipline risk management behaviour within Chinese financial institutions? This study analyses information from a comprehensive sample of Chinese banks over the 1998-2008 period. Market discipline is captured through the impact of four sets of factors namely, market concentration, interbank deposits, information disclosure, and ownership structure. We find some evidence of a market disciplining effect in that: (i) higher (lower) levels of market concentration lead banks to operate with a lower (higher) capital buffer; (ii) joint-equity banks that disclose more information to the public maintain larger capital ratios; (iii) full state ownership reduces the sensitivity of changes in a bank's capital buffer to its level of risk;(iv) banks that release more transparent financial information hold more capital against their non-performing loans. © 2010 Springer Science+Business Media, LLC.

Science for sale in a free market economy: But at what price? ABA and the treatment of autism in Europe.

Educating the public accurately about Applied Behavior Analysis (ABA) is an important undertaking, not least because misconceptions and myths about ABA abound. In this paper we argue that, unfortunately, the efforts of many dedicated professionals and parents to disseminate accurate information about the benefits of ABA for children diagnosed with autism spectrum disorder (ASD) are damaged by a few behavior analysts whose focus seems to be more on monetary gains than social responsibility. We cite examples of the resulting harm to the public image of behavior analysis from a number of European countries. We conclude by calling upon fellow scientists to unite in their opposition to unscrupulous abuses of free market forces for short-term monetary gains that damage the dissemination of the science of behavior analysis and thereby ultimately disadvantage those who should benefit primarily from our science, i.e., some of the most vulnerable citizens of society.

Agitating for a design and regeneration agenda in a postconflict city: the case of Belfast

Introduction

Belfast has been a focus of academic attention for the last forty years with most interest centred on various aspects of ‘the Troubles’. Where there has been interest in the built environment, it has largely been about how the ‘security situation’ impacted directly on architecture and on the design and layout of social housing. This paper seeks to go beyond this to explore how the political- administrative culture of ‘the Troubles’ interacted with ‘normal’ market forces to shape the central area of the city, and to consider the responses of a recently formed activist group, known as the Forum for Alternative Belfast (hereafter referred to as the Forum). The paper is written by three of the directors of the Forum.1 Moreover, the empirical research presented here was undertaken by the Forum as part of a campaign to address issues relating to the design, layout and quality of Belfast’s built environment. In the longstanding tradition of participant observation working within an action-research paradigm, the participants have attempted to offer an account that is evidentially and purposefully selfcritical and reflective. It is of course recognised that while this approach offers many positive attributes, such as phenomenological access through immersion in the project, it also has the potential to bring compromise on research detachment and objectivity.2 To address the latter, the authors have attempted
to avoid polemical argument, and to support claims with primary or secondary research evidence. The authors also acknowledge that action-research has a chequered history; however, they would argue
that their approach is faithful to a concept that sees ‘research’ defined as understanding and ‘action’ defined as seeking change. The Forum’s very purpose is to seek change, but to do this requires evidence, collaboration and demonstration. And in this sense, it is a learning process for all participants, including the research activists, government officials, community organisations and students. The authors also recognise the complexity of factors that affect urban management and change, particularly in a city such as Belfast, which has had to cope with political violence for over thirty years. And they appreciate that in the context of conflict, governance is skewed to cope with political realities. Hamdi reminds us, however, that in practice there is an ‘important dialectic between top-down planning, with its formal and designed laws and structures, and bottom-up selforganizing collectivism—those “quantum and emergent systems” which Jane Jacobs argued long ago give cities their life and order.’3

Recycling of demolition waste in Merseyside

There have been considerable developments in Merseyside over the last fifteen years with regards to the commercialisation of recycled demolition aggregate. Liverpool is an urban region that at the time was undergoing regeneration. This required the demolition of old infrastructure. Subsequent reconstruction required new construction materials. A project started in 2001 to investigate the economics, practicalities and technicalities of using recycled demolition aggregates in concrete precast products. It was estimated that if all six demolition contractors around Liverpool worked round the clock (i.e. assuming there was enough feed material) they would still have found it difficult to maintain the required supplies for a single precast factory. Investment in equipment was therefore required to guarantee supply and improve the quality of the recycled demolition aggregate. The market forces and the incentives/drivers for construction companies to adopt sustainable practises have encouraged investment of several million pounds to be made in new recycling plants and has resulted in ‘urban quarries’. This paper describes the developments in recycling of construction and demolition waste over the last decade in Merseyside and shows that recycling is not only sustainable but also profitable.

Gatekeepers to the profession: recruitment to initial teacher education in the United Kingdom

We develop a framing for research on the relationship between context, process and outcomes in recruitment to the teaching profession. We do this through a ‘home international’ comparison of policies, outcomes and recruitment processes in England, Northern Ireland, Scotland and Wales. There is plenty of movement between these countries in the graduate labour market, but the contexts for teacher supply and demand vary in terms of: (i) scale, (ii) excess supply or demand, (iii) reliance of policy on market forces or bureaucracy and (iv) beliefs of policymakers about whether teaching is a craft or a profession. Recent changes in England and Wales have highlighted the importance of recruitment to initial teacher education (ITE as a policy issue whilst also creating further points of comparison which are useful for research. We draw on trends in data on recruitment to teaching and in-depth interviews with gatekeepers to the profession in each country.

The Islay wave power project: an engineering prospective

The design, construction and subsequent operation of the 75 kW oscillating water column wave power plant on the Isle of Islay has provided a significant insight into the practicality of wave power conversion. The development of wave power plant poses a significant design and construction challenge for not only civil but also mechanical and electrical engineers. The plant must withstand the immense forces imposed during storms, yet efficiently convert the slow cyclic motion of waves into a useful energy source such as electricity and do so at a price competitive with other forms of generation. In addition, the hostile marine environment hampers the construction process and the variability of the wave resource poses problems for electrical control and grid integration. Many sceptics consider wave power conversion to be too difficult, too expensive and too variable to justify the effort and expense necessary to develop this technology. However, the authors contend that with modular wave power systems developed from the practical experience gained with the Islay plant, wave power is a viable technology with a considerable world market potential. However, this technology is still at the early stages of development and will require the construction of a number of different prototypes before there is extensive commercial exploitation.

Much Ado About Nothing: The Limitation of Liability and the Market for 19th century Irish Bank Stock

Abstract Limited liability is widely believed to be a prerequisite for the emergence of an active and liquid securities market because the transactions costs associated with trading ownership of unlimited liability firms are viewed as prohibitive. In this article, we examine the trading of shares in an Irish bank, which limited its liability in 1883. Using this bank’s archives, we assemble a time series of trading data, which we test for structural breaks. Our results suggest that the move to limited liability had a negligible impact upon the trading of this bank’s shares.