Estimating additionality and leverage:between public and private sector equity finance in Ireland (2000 – 2002)

This paper aims to contribute to the debate about the role of the public sector in stimulating greater use of private sector equity for business start-up and growth in two ways. First, to examine the extent to which the provision of public sector equity finance enables individual firms to raise additional funds in the private sector market place. Second, to consider the methodological implications for an economic impact assessment of industrial policy interventions (especially those which include an equity component) at the level of the individual firm. We assess the extent to which there may be indirect positive effects (externalities) associated with public sector financial assistance to individual firms and if so how they distort standard evaluation methodologies designed to estimate the level of additionality of that support. The paper draws upon the results of a recent study of the impact of Enterprise Ireland (EI) financial assistance to indigenous Irish industry in the period 2000 to 2002. The paper demonstrates that a process of re-calibration is necessary in estimates of economic impact in order to account for these positive externalities and the result in this study was a ‘boost’ to additionality. In operational and conceptual terms, the study underlines the importance of the relationship between private and public sector sources of equity finance as an important dynamic in the attempt by industrial and regional policy to stimulate the number of firms with viable investment proposals accessing external equity finance.

Measuring business growth:high-growth firms and their contribution to employment in the UK

The Measuring Business Growth report is a comprehensive look at UK business growth over the past decade. It makes a powerful case that a small number of high-growth businesses are responsible for the lion's share of job creation and prosperity. It is the counterpart to Business Growth and Innovation, which considers the wider benefits of growth businesses, their socio-economic impact, and the relationship between growth and innovation. This has significant implications for the direction of economic policy. It suggests that focusing attention on growing businesses and promoting excellence, far from being an elitist policy, gives rise to widespread job creation and prosperity.

Winding-centre-tapped switched reluctance motor drive for multi-source charging in electric vehicle applications

Switched reluctance motors (SRMs) can provide an attractive traction drive for electric vehicle applications. To lower the investment in the off-board charging station facilities, a multi-functional switched reluctance motor topology is proposed on the basis of the traditional asymmetrical half-bridge converter. The SRM phase windings are employed as input filter inductors and centre-tapped windings are also developed to form symmetrical inductors for three-phase grid supply. Owing to the varying rotor position, phase inductors are unequal between one another. A hysteresis control scheme is therefore developed for grid-connection operation. In addition to AC supplies, the proposed topology can also supports the DC-source charging. A new current sharing strategy is employed to diminish the influence of the unequal winding inductances. The simulation and experimental tests are carried out to verify the proposed topology and control methods. Since this work eliminates the need for building charging station infrastructure, its potential economic impact on the automotive market can be significant.

A tranzakciós költségek és a szabványosítás kapcsolata (Relationship between transaction costs and standardization)

Az elmúlt néhány évtizedben a szabványosítás terén igen komoly változások mentek végbe. Ugrásszerűen megnőtt a szabványok száma, és jelentősen átalakult a szabványosítás folyamata is. Ezzel párhuzamosan a téma gazdasági hatásaival foglalkozó kutatások száma is megsokszorozódott, ami elsősorban a hálózati externáliák irodalmának robbanásszerű gyarapodásának köszönhető. Jelen tanulmány – az elméletek fősodrától eltérően – a tranzakciós költségek elméletében (TKE) helyezi el a szabványosítást. A szabványok és a tranzakciós költségek kapcsolatáról már születtek korábban is tanulmányok, de ezek a szabványoknak a tranzakciós költségekre gyakorolt hatásaira fókuszáltak. A tanulmány ezzel szemben arra helyezi a hangsúlyt, hogy azonosítsa a tranzakciós költségeknek a szabványosításra gyakorolt hatásait. A kutatás célja, hogy olyan elméleti alapot adjon, amelyben a témakör átfogóan elemezhető. A fő kutatási kérdés az, hogy mitől függ az, hogy melyik mechanizmus kereteiben érdemes a szabványosítást lebonyolítani. ________ Significant changes have characterized the last few decades of standardization. The number of standards has dramatically increased and processes of standardization have also changed a lot. At the same time the amount of researches that are concerned with the economic impact of standardization has also multiplied due to the boom in the literature of network externalities. Unlike the mainstream, this paper places standardization in the theory of transaction cost economics. Although there are earlier papers that are concerned with the relationship between standards and transaction costs, these studies focus on the impact of standards on transaction costs. In contrast, this paper lays emphasis on the identification of the impact of transaction costs on standardization. This study aims to provide a theoretical basis for the comprehensive analyses. The main research question: What determines which coordination mechanism is used to evolve a standard?

Florida International University School of Medicine to add $1 billion to South Florida's economy

Official Florida International University press release on the economic impact expected to result from the establishment of a School of Medicine in South Florida.

Regional growth, structural change, and natural disaster

Hurricanes, earthquakes, floods, and other serious natural hazards have been attributed with causing changes in regional economic growth, income, employment, and wealth. Natural disasters are said to cause; (1) an acceleration of existing economic trends; (2) an expansion of employment and income, due to recovery operations (the so-called silver lining); and (3) an alteration in the structure of regional economic activity due to changes in "intra" and "inter" regional trading patterns, and technological change.^ Theoretical and stylized disaster simulations (Cochrane 1975; Haas, Cochrane, and Kates 1977; Petak et al. 1982; Ellson et al. 1983, 1984; Boisvert 1992; Brookshire and McKee 1992) point towards a wide scope of possible negative and long lasting impacts upon economic activity and structure. This work examines the consequences of Hurricane Andrew on Dade County's economy. Following the work of Ellson et al. (1984), Guimaraes et al. (1993), and West and Lenze (1993; 1994), a regional econometric forecasting model (DCEFM) using a framework of "with" and "without" the hurricane is constructed and utilized to assess Hurricane Andrew's impact on the structure and level of economic activity in Dade County, Florida.^ The results of the simulation exercises show that the direct economic impact associated with Hurricane Andrew on Dade County is of short duration, and of isolated sectoral impact, with impact generally limited to construction, TCP (transportation, communications, and public utilities), and agricultural sectors. Regional growth, and changes in income and employment reacted directly to, and within the range and direction set by national economic activity. The simulations also lead to the conclusion that areal extent, infrastructure, and sector specific damages or impacts, as opposed to monetary losses, are the primary determinants of a disaster's effects upon employment, income, growth, and economic structure. ^

Measuring the arts: The case of Dade County nonprofits arts organizations

The theoretical analysis and research of cultural activities have been limited, for the most part, to the study of the role the public sector plays in the funding and support of nonprofit Arts organizations. The tools used to evaluate this intervention follow a macroeconomic perspective and fail to account for microeconomic principles and assumptions that affect the behavior of these organizations. This dissertation describes through conceptual models the behavior of the agents involved in the artistic process and the economic sectors affected by it. The first paper deals with issues related to economic impact studies and formulates a set of guidelines that should be followed when conducting this type of study. One of the ways to assess more accurately the impact culture has in a community is by assuming that artists can re-create the public space of a blight community and get it ready for a regeneration process. The second paper of this dissertation assumes just that and explains in detail all the cultural, political, economic and sociological interactions that are taking place in the Arts-led regeneration process in Miami Beach, Florida. The paper models the behavior of these agents by indicating what their goals and decision process mechanisms are. The results give support to the claim that the public space artists create in a city actually stimulate development. The third paper discusses the estimation of a demand function for artistic activities, specifically the New World Symphony (NWS) located in Miami Beach, Florida. The behavior of the consumers and producers of NWS' concerts is modeled. The results support the notion that consumers make their decisions based, among other things, on the perceived value these concerts have. Economists engage in the analysis of the effects of cultural activities in a community since many cities rely on them for their development. The history of many communities is not told by their assembly lines and machinery anymore but by their centers of entertainment, hotels and restaurants. Many cities in Europe and North America that have seen the manufacturing sector migrate to the South are trying to face the demands of the new economy by using the Arts as catalysts for development. ^

Cruise ship port planning factors

The predictions contained within this dissertation suggest further rapid growth of the cruise industry and the requirement for additional cruise ship berthing worldwide. The factors leading to the tremendous growth in the cruise marketplace are identified and individually addressed. Unfortunately, planning factors associated with the design and construction of cruise ship seaports are not readily available and methods to manage this growth have not been addressed. This dissertation provides accurate and consolidated planning factors essential for comprehensive consideration of cruise ship requirements and design of growing cruise ship ports. The consolidation of these factors results in faster and better informed choices for the port owner/operator with regard to port expansion. Furthermore, this dissertation proposes development of new systems to better manage increasing passenger and ship traffic. If implemented, this will result in optimized port systems providing a greater level of service to passengers and port authorities while simultaneously minimizing environmental and economic impact. ^

Strategic Approach to Smoking Bans: Delaware Gaming Industry

A study of Delaware’s statewide smoking ban suggests that it may have had a significant negative economic impact on the state’s gaming industry. However, such impact may vary in different segments of the hospitality industry, and therefore, must be examined strategically and on a case-by-case basis. The specific market environment, including both demand and competition of each state or each municipality, should be carefully analyzed by both governmental decision makers and by hospitality operators who influence these decision makers.

Smoking Restrictions, Bans Rise in Hospitality Industry

With the rise of smoking restrictions and bans in the hospitality industry the author discusses solutions that are implemented to protect the workforce and guests from involuntary smoking. Historical and societal contexts are drawn, and enforcement of smoking bans as well as their economic impact is explored in an international perspective, primarily since US researchers have propelled the research on smoking and health issues. The author illustrates that there has been no way to avoid enforcements of strict smoking restrictions, and the struggle to do so could just delay the process and waste resources.

The Politics of Ahmadinejad and Chavez: A Misplaced Comparison

This piece illustrates that comparing the political and economic impact of Hugo Chavez and Mahmoud Ahmadinejad on their respective countries based solely on generalizations regarding similarities in foreign policy discourse is an unwarranted analytical jump. To identify the essential difference between the two administrations, the article pays attention to the different domestic politics in each country. Ahmadinejad’s populism seems to fit best within neoliberal populism. In stark contrast, Chavista socialism can be understood as a “heterodox” or “alternative” economic policy.

Prevalência e fatores associados à alteração vocal em idosos institucionalizados com capacidade cognitiva preservada

Voice disorders (VD) in the elderly can interfere negatively in communication, emotional well-being and quality of life, conditions that correspond to greater exposure to illness and social isolation bringing consequent economic impact for the health system. It is assumed that institutionalized confinement, weakness and morbidity associated to nursing home (NH) contribute to transform VD an especially prevalent condition in institutionalized elderly, including those without cognitive impairment. Thus, the aim of this study was to determine the prevalence and associated factors of VD in NH elderly residents without cognitive impairment. There is no epidemiological diagnostic instruments of VD for elderly populations, so the first step of this study was dedicated to prepare and analyze the psychometric properties of a short, inexpensive and easy to use questionnaire named Screening for Voice Disorders in Older Adults (Rastreamento de Alterações Vocais em Idosos—RAVI). The methodological procedures of this step followed the guidelines of the Standards for Educational and Psychological Testing and contemplated validity evidence based on test content, based on response processes, based on internal structure and based on relations with other variables, as well as reliability analysis and clinical consistency. The result of the validation process showed that the RAVI final score generate valid and reliable interpretations for the epidemiological diagnosis of VD in the elderly, which endorsed the use of the questionnaire in the second stage of the study, performed in ten NH located in the city of Natal, Rio Grande do Norte. At this stage, data from socioeconomic and demographic variables, lifestyle, general health conditions and characterization of the institution were collected. It was performed a bivariate analysis and it was calculated the prevalence ratio as a magnitude association measure, with a confidence interval of 95%. The variables with p-value less than 0.20 were included in the multiple logistic regression model that followed the Forward selection method. The odds ratio found in the multivariate model was converted into prevalence ratio and the level of significance was 5%. The sample consisted of 117 subjects with predominance of females and average of 79.68 (± 7.92) years old. The prevalence of VD was 39.3% (95% CI: 30.4-48.1%). The multivariate model showed statistically significant association between VD and depressive symptoms, smoking for a year or more and selfreported hearing loss. In conclusion, VD is a prevalent health condition in NH elderly residents without cognitive impairment and is associated with factors involving psychosocial, lifestyle and communicative disability that require attention of managers and professionals involved with NH environment. Strategies to encourage communication and social integration, actions to combat smoking and minimizing the effects of hearing loss could stimulate the physical well-being, emotional and mental health of institutionalized elderly population, contributing to the vocal and communicative maintenance, a more effective social inclusion and better overall health condition.

Fearonomics and the Role of Nigeria's Private Sector in the Nigerian Ebola Response

Background: Outbreaks of infectious diseases such as Ebola have dramatic economic impacts on affected nations due to significant direct costs and indirect costs, as well as increased expenditure by the government to meet the health and security crisis. Despite its dense population, Nigeria was able to contain the outbreak swiftly and was declared Ebola free on 13th October 2014. Although Nigeria’s Ebola containment success was multifaceted, the private sector played a key role in Nigeria’s fight against Ebola. An epidemic of a disease like Ebola, not only consumes health resources but also detrimentally disrupts trade and travel to impact both public and private sector resulting in the ‘fearonomic’ effect of the contagion. In this thesis, I have defined ‘fearonomics’ or the ‘fearonomic effects’ of a disease as the intangible and intangible economic effects of both informed and misinformed aversion behavior exhibited by individuals, organizations, or countries during an outbreak. During an infectious disease outbreak, there is a significant potential for public-private sector collaborations that can help offset some of the government’s cost of controlling the epidemic.

Objective: The main objective of this study is to understand the ‘fearonomics’ of Ebola in Nigeria and to evaluate the role of the key private sector stakeholders in Nigeria’s Ebola response.

Methods: This retrospective qualitative study was conducted in Nigeria and utilizes grounded theory to look across different economic sectors in Nigeria to understand the impact of Ebola on Nigeria’s private sector and how it dealt with the various challenges posed by the disease and its ‘fearonomic effects'.

Results: Due to swift containment of Ebola in Nigeria, the economic impact of the disease was limited especially in comparison to the other Ebola-infected countries such as Liberia, Sierra Leone, and Guinea. However, the 2014 Ebola outbreak had more than a just direct impact on the country’s economy and despite the swift containment, no economic sector was immune to the disease’s fearonomic impact. The potential scale of the fearonomic impact of a disease like Ebola was one of the key motivators for the private sector engagement in the Ebola response.

The private sector in Nigeria played an essential role in facilitating the country’s response to Ebola. The private sector not only provided in-cash donations but significant in-kind support to both the Federal and State governments during the outbreak. Swift establishment of an Ebola Emergency Operation Centre (EEOC) was essential to the country’s response and was greatly facilitated by the private sector, showcasing the crucial role of private sector in the initial phase of an outbreak. The private sector contributed to Nigeria’s fight against Ebola not only by donating material assets but by continuing operations and partaking in knowledge sharing and advocacy. Some sector such as the private health sector, telecom sector, financial sector, oil and gas sector played a unique role in orchestrating the Nigerian Ebola response and were among the first movers during the outbreak.

This paper utilizes the lessons from Nigeria’s containment of Ebola to highlight the potential of public-private partnerships in preparedness, response, and recovery during an outbreak.