The diversification and financial performance of US credit unions

For US credit unions, revenue from non-interest sources has increased significantly in recent years. We investigate the impact of revenue diversification on financial performance for the period 1993–2004. The impact of a change in strategy that alters the share of non-interest income is decomposed into a direct exposure effect, reflecting the difference between interest and non-interest bearing activities, and an indirect exposure effect which reflects the effect of the institution’s own degree of diversification. On both risk-adjusted and unadjusted returns measures, a positive direct exposure effect is outweighed by a negative indirect exposure effect for all but the largest credit unions. This may imply that similar diversification strategies are not appropriate for large and small credit unions. Small credit unions should eschew diversification and continue to operate as simple savings and loan institutions, while large credit unions should be encouraged to exploit new product opportunities around their core expertise.

‘‘An old quarrel between us that will never be at an end": Middleton’s Women Beware Women and Late Jacobean Religious Politics

In this article, I examine Thomas Middleton's Women Beware Women as a response to the particular religio-political context in the years surrounding 1621. The onset of the Thirty Years War in 1618 and the subsequent humiliation of James' son-in-law Frederick, Elector of Palatine, the vexed question of a possible Catholic marriage for Charles, Prince of Wales, the ever present difficulty of Anglo-Catholic relations, particularly with Spain, as well as growing religious factionalism within the Church of England between Calvinists and Arminians: all contributed towards a culturally febrile atmosphere, one to which, as I will argue, Middleton was well placed to respond. Given Middleton's Calvinistic beliefs, I suggest that Women Beware Women offers an acerbic examination of contemporary debates concerning human will, especially women's will, as well as promoting a sceptically apocalyptic anti-Catholic agenda throughout. I also examine the religious language and imagery used to construct Bianca as the whore of Babylon, and argue that her emergence and fall offer a political commentary on the precarious position of the English Church around 1621.

Do minimum wages raise employment? Evidence from the US retail-trade sector

This paper examines the impact of minimum wages on earnings and employment in selected branches of the retail-trade sector, 1990-2005, using county-level data on employment and a panel regression framework that allows for county-specific trends in sectoral outcomes. We focus on specific subsectors within retail trade that are identified as particularly low-wage. We find little evidence of disemployment effects once we allow for geographic-specific trends. Indeed, in many sectors the evidence points to modest (but robust) positive employment effects. (C) 2009 Elsevier B.V. All rights reserved.

Who We Are and Who Can Join Us: National Identity Content and Entry Criteria for New Immigrants

We argue that attitudes about immigration can be better understood by paying closer attention to the various ways in which national group boundaries are demarcated. We describe two related lines of work that address this. The first deals with national group definitions and, based on evidence from studies carried out in England and analyses of international survey data, argues that the relationship between national identification and prejudice toward immigrants is contingent on the extent to which ethnic or civic definitions of nationality are endorsed. The second, which uses European survey data, examines support for ascribed and acquired criteria that can be applied when determining who is permitted to migrate to one's country, and the various forms of national and individual threat that affect support for these criteria. We explain how the research benefits from a multilevel approach and also suggest how these findings relate to some current policy debates.

E-Participation and E-Participants: solving the patent ‘crisis’

One of the major planks of some visions for E-Gov is that there is a willing participatory group who are more than happy to be involved in new forms of democracy and will be active and useful suppliers of input to e-consultation or e-participation processes. This group is different from that which goes online to the government site web and signs a petition asking the prime minister to resign. It is becoming clear, though, that the commitment to e-participation may well be there in theory, but difficult to access in practice. Further, the participation which is most welcome can frequently require training and expertise which is not widely available or there may be differences in opinion as to the point of participation. In this paper I will look to the attempts to encourage participation in the patent system. The UK is about to initiate a trial system utilising New York Law School’s Peer To Patent project, but has also attempted to involve participants in previous consultation exercises. I will use these as demonstrations of the sorts of problems which e-participation has met, and consider whether this new form of E-Gov is perhaps being oversold. The interesting question is whether participation is a growing tool which can ensure better public services from the State. My conclusion is that consultation and participatory projects can demonstrate involvement and are certainly educative but e-participatory projects are most likely incapable of achieving the goals set by their more optimistic advocates. The paper emphasises the patents field, but the lessons from it can – I suggest – be viewed as indicators having wider governance relevance. The primary point being made is that the technocratic view is always over-optimistic.