Testosterone is associated with self-employment among Australian men

Testosterone has pronounced effects on men’s physiological development and smaller, more nuanced, impacts on their economic behavior. In this study of 1199 Australian adult males, we investigate the relationship between the self-employed and their serum testosterone levels. Because prior studies have identified that testosterone is a hormone that is responsive to external factors (e.g. competition, risk-taking), we explicitly control for omitted variable bias and reverse causality by using an instrumental variable approach. We use insulin as our primary instrument to account for endogeneity between testosterone and self-employment. This is because prior research has identified a relationship between insulin and testosterone but not between insulin and self-employment. Our results show that there is a positive association between total testosterone and self-employment. Robustness checks using bioavailable testosterone and another similar instrument (daily alcohol consumption) confirm this positive finding.

Asymmetric information, credit market condition, and entrepreneurial finance

The issue of imperfect information plays a much more important role in financing “informationally opaque” small businesses than in financing large companies.1 This chapter examines the asymmetric information issue in entrepreneurial finance from two perspectives: the effects of relationship lending and the impacts of credit market concentration on entrepreneurial financial behavior. These two perspectives are strongly linked to each other via the asymmetric information issue in entrepreneurial finance. Existing literature has recognized the important role played by relationship lending in alleviating the problem of asymmetric information. However, mixed empirical results have been reported. For example, it has been found that the development of relationship lending can improve the availability of finance for small businesses borrowers (Petersen and Rajan, 1994) and reduce the costs of finance (Berger and Udell, 1995). Meanwhile, with monopoly power, banks may extract rents, in terms of charging higher-than-market interest rates, from small businesscustomers who have very concentrated banking relationships (Ongena and Smith, 2001). In addition, both favorable and unfavorable effects of credit market concentration on financing small businesses have been acknowledged. Small business borrowers may have to pay a higher-than-market price on loans (Degryse and Ongena, 2005) and are more likely to be financially constrained (Cetorelli, 2004) than in competitive markets. On the other hand, empirical studies have shown that market concentration create a strong motive for lenders to invest in private information from small business customers, and therefore a concentrated market is more efficient in terms of private information acquisition (Han et al., 2009b). The objective of this chapter is to investigate, by reviewing existing literature, the role played by relationship lending and the effects of market concentration on financing entrepreneurial businesses that are supposed to be informationally opaque. In the first section we review literature on the important role played by asymmetric information in entrepreneurial finance from two perspectives: asymmetric information and relationship lending, and the theoretical modeling of asymmetric information. Then we examine the relationship between capital market conditions and entrepreneurial finance and attempt to answer two questions: Why is the capital market condition important for entrepreneurial finance? and What are the effects of capital market conditions on entrepreneurial financial behavior in terms of discouraged borrowers, cash holding, and the availability and costs of finance?

An entirely new land? Italy’s post-war culture and its fascist past

Scholarship has for decades emphasised the significant continuities in Italian culture and society after Fascism, calling into question the rhetoric of post-war renewal. This essay proposes a reassessment of that rhetoric through the analysis of five key metaphors with which Italian intellectuals represented national recovery after 1945: parenthesis, disease, flood, childhood, and discovery. While the current critical consensus would lead us to expect a cultural conversation characterised by repression and evasion, an analysis of these five post-war metaphors instead reveals both a penetrating re-assessment of Italian culture after Fascism and an earnest adherence to the cause of national re-vitalisation. Foregrounding the inter-relation of Italy’s prospects for change and its continuities with Fascism, these metaphors suggest that post-war Italian intellectuals conceived of their country’s hopes for renewal, as well as its connections to the recent past, in terms that transcend the binary division favoured in many historical accounts.

The role of copper in the thermal conductivity of thermoelectric oxychalcogenides: do lone pairs matter?

Understanding the underlying mechanisms that suppress thermal conduction in solids is of paramount importance for the targeted design of materials for thermal management and thermoelectric energy conversion applications. Bismuth copper oxychalcogenides, BiOCuQ (Q = Se, Te), are highly crystalline thermoelectric materials with an unusually low lattice thermal conductivity of approx. 0.5 Wm-1K-1, a value normally found in amorphous materials. Here we unveil the origin of the unusual thermal transport properties of these phases. First principles calculations of the vibrational properties combined with analysis of in-situ neutron diffraction data, demonstrate that weak bonding of copper atoms within the structure leads to an unexpected vibrational mode at low frequencies, which is likely to be a major contributor to the low thermal conductivity of these materials. In addition, we show that anharmonicity and the large Grüneisen parameter in these oxychalcogenides are mainly related to the low frequency copper vibrations, rather than to the Bi3+ lone pairs.

La vraie "géographie fausse" du Cycle Indien

Malgré les nombreuses revendications de Duras à la véracité historique mais fort ambigüe, de son œuvre, les critiques ont toujours tendance à souscrire à l'affirmation influente de l’auteur selon laquelle «toutes les références à la géographie physique, humaine, politique, d’India Song, sont fausses. » Cet article se donne pour objectif de démontrer, à la lumière d’une perspective postcoloniale, que l’écriture durassienne est en effet loin d’être divorcée des réalités historiques et politiques de son époque. Il examine donc la nature des représentations géographiques dans son « Cycle indien » en répondant à la question centrale : Quelle est la relation entre les noms de lieux évoqués dans l’imaginaire « indien » de Duras et les réalités historiques de la région géographique que ceux-ci désignent ? Une telle relecture du territoire bien battu du Vice-Consul et d’India Song, révèle un croisement dense et complexe d’histoires coloniales oubliées, négligées ou occultées qui mérite d’être enfin mis au jour.

Rotational aesthetics: Michael Bay and contemporary cinema’s machine movement

Digital imaging technologies enable a mastery of the visual that in recent mainstream cinema frequently manifests as certain kinds of spatial reach, orientation and motion. In such a context Michael Bay’s Transformers franchise can be framed as a digital re-tooling of a familiar fantasy of vehicular propulsion, US car culture writ large in digitally crafted spectacles of diegetic speed, the vehicular chase film ‘2.0’. Movement is central to these films, calling up Scott Bukatman’s observation that in spectacular visual media ‘movement has become more than a tool of bodily knowledge; it has become an end in itself’ (2003: 125). Not all movements and not all instances of vehicular propulsion are the same however. How might we evaluate what is at stake in a film’s assertion of movement as an end in itself, and the form that assertion takes, its articulations of diegetic velocity, corporeality, and spatial penetration? Deploying an attentiveness towards the specificity of aesthetic detail and affective impact in Bay’s delineation of movement, this essay suggests that the franchise poses questions about the relationship of human movement to machine movement that exceed their narrative basis. Identifying a persistent rotational trope in the franchise that in its audio-visual articulation combines oddly anachronistic elements (evoking the mechanical rather than the digital), the article argues that the films prioritise certain fantasies of transformation and spatial penetration, and certain modes of corporeality, as one response to contemporary debates about digital technologisation, sustainable energy, and cinematic spectacle. In this way the franchise also represents a particular moment in a more widely discernible preoccupation in contemporary cinema with what we might call a ‘rotational aesthetics’ of action, a machine movement made possible by the digital, but which invokes earlier histories and fantasies of animation, propulsion, mechanization and mechanization to particular ends.