Asset pricing in created markets

We investigate the applicability of the present-value asset pricing model to fishing quota markets by applying instrumental variable panel data estimation techniques to 15 years of market transactions from New Zealand's individual transferable quota (ITQ) market. In addition to the influence of current fishing rents, we explore the effect of market interest rates, risk, and expected changes in future rents on quota asset prices. The results indicate that quota asset prices are positively related to declines in interest rates, lower levels of risk, expected increases in future fish prices, and expected cost reductions from rationalization under the quota system. © 2007 American Agricultural Economics Association.

Virtual assignments: breach of covenant against parting with or sharing of possession

Comments on the Chancery Division decision in Clarence House Ltd v National Westminster Bank Plc on whether the alienation covenant in a lease of commercial premises had been breached by the tenant effecting a virtual assignment of it, under which all the economic benefits and burdens of the lease were transferred to a third party without there being any actually assignment of the leasehold interest or change in occupancy.

Economic restructuring in New Zealand: A classical account

New Zealand's recent experiment with radical neoliberalism is well rehearsed in international policy circles. Yet, given the economic restructuring premise for the reforms, there has been little assessment of their structural impact. In this paper I take up this challenge, utilising [Shaikh, A., Tonak, E. Measuring the wealth of nations: the political economy of national accounts. Cambridge: Cambridge University Press; 1994] methodology for deriving classical value categories from official national accounts data but extending this to the industry level. This approach allows changes to the production and appropriation of surplus value in different industries during the period to be identified, underpinning a Marxian interpretation of restructuring. Beyond the methodology, the research makes four contributions. First, conventional analysis is found limited by its concentration on changes to the distribution of value rather than its creation. Second, land rents are significant. Third, the role of financial capital is found more complex than traditionally argued. Finally, the approach provides a firm grounding for the unfashionable concept of class fraction.

Drivers of Supply Network Governance: An Explorative Study of the Dutch Chemical Industry.

The authors identify a number of drivers of supply network governance, a widely appraised governance form aimed at reaping the benefits of both vertical integration and market exchange. Case studies conducted in the Dutch chemical industry are used to explore these drivers. The findings identify interdependence of organizational activities and asset-specific investments as the key drivers of supply network governance in the chemical industry. Firms enjoy relational rents and tend to share knowledge in supply network relationships, however these factors seem to strengthen supply network relationships rather than create them.

'Mining money': science, legal technologies & working the borderlands of global finance

This paper explores the roles of science and market devices in the commodification of ‘nature’ and the configuration of flows of speculative capital. It focuses on mineral prospecting and the market for shares in ‘junior’ mining companies. In recent years these companies have expanded the reach of their exploration activities overseas, taking advantage of innovations in exploration methodologies and the liberalisation of fiscal and property regimes in ‘emerging’ mineral rich developing countries. Recent literature has explored how the reconfiguration of notions of ‘risk’ has structured the uneven distribution of rents. It is increasingly evident that neoliberal framing of environmental, political, social and economic risks has set in motion overflows that multinational mining capital had not bargained for (e.g. nationalisation, violence and political resistance). However, the role of ‘geological risk’ in animating flows of mining finance is often assumed as a ‘technical’ given. Yet geological knowledge claims, translated locally, designed to travel globally, assemble heterogeneous elements within distanciated regimes of metrology, valuation and commodity production. This paper explores how knowledge of nature is enrolled within systems of property relations, focusing on the genealogy of the knowledge practices that animate contemporary circuits of speculative mining finance. It argues that the financing of mineral prospecting mobilises pragmatic and situated forms of knowledge rather than actuarially driven calculations that promise predictability. A Canadian public enquiry struck in the wake of scandal associated with Bre-X’s prospecting activities in Indonesia is used to glean insights into the ways in which the construction of a system of public warrant to underpin financial speculation is predicated upon particular subjectivities and the outworking of everyday practices and struggles over ‘value’. Reflection on practical investments in processes of standardisation, rituals of verification and systems of accreditation reveal much about how the materiality of things shape the ways in which regional and global financial circuits are integrated, selectively transforming existing social relations and forms of knowledge production.

Avaliação imobiliária: entre a ciência da avaliação e a arte da apreciação

Recentemente a avaliação imobiliária levou ao colapso de instituições financeiras e à crise no Subprime. A presente investigação pretende contribuir para perceber quais os factores preponderantes na avaliação imobiliária. O trabalho aborda a problemática da assimetria de informação, os diferentes métodos de avaliação imobiliária e a importância das externalidades. Empiricamente há diversos casos analisados através do uso da metodologia da Regressão Linear, Análise de Clusters e Análise de Componentes Principais da Análise Factorial. O primeiro caso analisado é direccionado à avaliação das externalidades, onde os resultados indicam que as externalidades positivas principais são as seguintes: as vistas de marina são mais valorizadas que as vistas de mar, as vistas frontais são mais valorizadas que as vistas laterais e existem diferenças de valorização ao nível do piso de acordo com o tipo de habitação (residência ou férias). O segundo estudo analisa como o método do rendimento ajuda na explicação da realidade portuguesa, no qual foram obtidos três clusters de rendas e três clusters de yields para cada uma das amostras. Os resultados demonstram que: (a) ambos os clusters, das yields e das rendas são formados por diferentes elementos (b) que o valor da oferta é explicado pelo método do rendimento, pelo cluster das yields e pela densidade populacional. No terceiro estudo foram inquiridos 427 indivíduos que procuravam apartamento para residência. A partir da Análise de Componentes Principais da Análise Factorial efectuada obtiveram-se sete factores determinantes na procura de apartamento: as externalidades negativas, as externalidades positivas, a localização de negócios no rés-do-chão do edifício de apartamentos, os interesses racionais de proximidade, as variáveis secundárias na utilização do edifício, as variáveis de rendimento e as variáveis de interesses pessoais. A principal conclusão é que como é uma área transdisciplinar, é difícil chegar a um único modelo que incorpore os métodos de avaliação e as diferentes dinâmicas da procura. O avaliador, deve analisar e fazer o seu scoring, tendo em conta o equilíbrio entre a ciência da avaliação e a arte da apreciação.

Os romances de Lygia Fagundes Telles : uma tessitura narrativa na senda do humano

Tese de doutoramento, Estudos de Literatura e de Cultura (Estudos Brasileiros), Universidade de Lisboa, Faculdade de Letras, 2015

An Egalitarian Argument in Favour of Free Access to Healthcare and Rationing

La pensée égalitariste a traditionnellement promu l’idéal d’un système de santé universel, gratuit et accessible à tous les membres de la société. J’appuie cette position en répliquant tout d’abord à la critique qui prétend que les riches tireraient plus d’avantages que les pauvres de la gratuité du système de santé. J’ouvre ensuite la réflexion sur ce qui me semble être un enjeu crucial pour l’avenir des systèmes modernes de santé : le rationnement de l’offre. Cette idée ne plaît généralement pas à la population, aux décideurs politiques et à de nombreux égalitaristes. Je considère pourtant que les principaux arguments invoqués contre le rationnement sont incohérents ou faussement égalitaristes. La gratuité des services de santé n’est pas incompatible avec la limitation de l’offre publique.

Is There Personal Identity in Economics?

John B. Davis explores the question of what the economic individual is. He bases his considerations of orthodox economics on the assumption that these theories implicitly rely on a conception of the individual that has its origin in Locke’s idea of the self as subjective inwardness. Economic history then is the attempt to deal with Locke’s inherent problems that this view involved. If neoclassical economics still has aspects of human psychology, mainstream economics dropped the subjective concept of the individual out of their considerations. However, Davis demonstrates that even the neoclassical concept of the individual fails to pass the existence test of individual identity. The latter is an idea developed in analogy to philosophers’ concern about personal identity and examines if the individual can be distinguished among different individuals and if he or she can be reidentified as the selfsame individual through time. The failure of the theory of the individual in orthodox economics led Davis to develop a concept of a socially embedded individual in accordance with heterodox accounts of economics. He submits this conception to the same test of individual identity. It appears that the socially embedded individual can be said to hold an identity in specific circumstances.

La relation attitude-comportement : un état des lieux

La définition psychosociale de l’attitude en fait un état mental prédisposant à agir d’une certaine manière lorsque la situation implique la présence réelle ou symbolique de l’objet d’attitude, d’où l’effort récurrent d’évaluer ce lien qui existe entre les réponses verbales et les actes. L’auteur présente ainsi trois générations de travaux qui abordent, avec des éclairages différents la question de la consistance entre attitude et comportement : ceux qui concluent à une relation très faible, ceux qui concluent à une relation modérée, ceux qui mettent en évidence des conditions nécessaires à la prédictivité des attitudes.

Just Certification

Through the justice principles –equality, time, status, need, efficiency and worth– developed by Jon Elster, we show in this article how fair trade certification for producers is legitimatised by stakeholders. Based on a field investigation with coffee growers in Peru, Ecuador and Bolivia and with fair trade organisations in the North (Max Havelaar/FLO, Andines and Artisans du Monde), the analysis firstly reviews just certification according to the impersonal criteria of “mechanical” justice, such as equality, time and efficiency. The second section looks at more individualised criteria such as the status, need and worth of the beneficiaries. Finally, it determines in what way fair trade is really a mixed bag, one which calls upon different principles of justice to justify what it is out to accomplish. The main result of the analysis is that fair certification granted to producer organisations is not being distributed according to a unique system of justice based on just one criterion. On the contrary, fair trade is a complex and hybrid bag that uses different components from each distribution procedure.

Relating Fragile States to Social and Human Fragilities

Fragile States is a way of naming this particular category of states that have weak performance, insufficient service delivery, weak administrative and government power, and lack of legal rules. Little consideration is usually made to the fact that their own societies may also be fragile and easily jeopardised by inappropriate economic measures or external events. Poverty traps and social exclusion, unjust inequalities with lack of equity, feelings of insecurity and vulnerability, usually undermine the social fabric. Moreover, the people bear their own internal fragilities, which are based on the lack of capabilities and recognition, and interfere in the relationships between the groups that constitute the society. Therefore, dealing with the issue of fragility requires to consider various decision levels, from the personal one to the State level. Such an approach could allow fragile states to conceive preventive policies that would avoid the surge of a political crisis resulting from the combination of social conflict and individual failure.

Les rubans bleus ; suivi de La robe trouée comme figuration de l’écriture réparatrice dans "Ma mère et Gainsbourg" de Diane-Monique Daviau

À partir de fragments décousus, de morceaux du passé, du présent et même de rêves d’avenir, la narratrice du récit Les rubans bleus réfléchit sur la signification de femmes qu’elle a côtoyées durant sa vie. Elle tente ainsi de recoudre la lignée dont elle est issue et de tisser une histoire qui restera effilochée. Les diverses femmes rencontrées structurent ce récit rapiécé qui, comme une courtepointe, va rassembler de façon hétéroclite les souvenirs d’un « je ». Dans le récit Ma mère et Gainsbourg de Diane-Monique Daviau, le motif omniprésent de la robe constitue une enveloppe psychique qui permet une continuité imaginaire entre la mère et la fille, la narratrice. Cette robe, nous dit cette dernière, est trouée, et la reprise tout au long du récit de ce motif préfigure l’absence ressentie par la fille devant le deuil à faire de sa mère. Les nombreux trous à la robe, que la narratrice met en évidence, se lisent comme des manques et des silences entre la mère et la fille. Ces accrocs à la robe marquent l’identité de cette dernière et fondent cet « héritage-fardeau » qu’elle porte et dont elle témoigne dans le livre. Par l’écriture, la narratrice nous convie à un patient travail de deuil (Anzieu, Delvaux, Green, Harel). Celui-ci s’offre comme un assemblage de fils servant à recoudre les diffé-rents morceaux de sa vie qui lui permettront de mieux reconstituer la figure de cette mère-absente, et, par là même, sa propre identité. C’est donc à la manière d’un patchwork qu’elle lie entre eux des souvenirs d’enfance, des rêves et des réflexions portant sur la perte et le manque. Ceux-ci donneront forme à son texte, cette robe d’endeuillée.

Acoustic composition : exploring metaphorical and perceived connections between patterns of sound in the Opera The Beast in the Jungle

La version intégrale de ce mémoire est disponible uniquement pour consultation individuelle à la Bibliothèque de musique de l ’Université de Montréal (www.bib.umontreal.ca/MU).

Perception de la vitesse : les bases psychophysiques et neuronales

David Katz a fait l’observation que le mouvement entre la peau et l’objet est aussi important pour le sens du toucher que la lumière l’est pour la vision. Un stimulus tactile déplacé sur la peau active toutes les afférences cutanées. Les signaux résultants sont très complexes, covariant avec différents facteurs dont la vitesse, mais aussi la texture, la forme et la force. Cette thèse explore la capacité des humains à estimer la vitesse et la rugosité de surfaces en mouvements. Les bases neuronales de la vitesse tactile sont aussi étudiées en effectuant des enregistrements unitaires dans le cortex somatosensoriel primaire (S1) du singe éveillé. Dans la première expérience, nous avons montré que les sujets peuvent estimer la vitesse tactile (gamme de vitesses, 30 à 105 mm/s) de surfaces déplacées sous le doigt, et ceci sans indice de durée. Mais la structure des surfaces était essentielle (difficulté à estimer la vitesse d’une surface lisse). Les caractéristiques physiques des surfaces avaient une influence sur l’intensité subjective de la vitesse. La surface plus rugueuse (8 mm d’espacement entre les points en relief) semblait se déplacer 15% plus lentement que les surfaces moins rugueuses (de 2 et 3 mm d’espacement), pour les surfaces périodiques et non périodiques (rangées de points vs disposition aléatoire). L’effet de la texture sur la vitesse peut être réduit en un continuum monotonique quand les estimés sont normalisés avec l’espacement et présentés en fonction de la fréquence temporelle (vitesse/espacement). L'absence de changement des estimés de vitesse entre les surfaces périodiques et non périodiques suggère que les estimés de rugosité devraient aussi être indépendants de la disposition des points. Dans la deuxième expérience, et tel que prévu, une équivalence perceptuelle entre les deux séries de surfaces est obtenue quand les estimés de la rugosité sont exprimés en fonction de l'espacement moyen entre les points en relief, dans le sens de l'exploration. La troisième expérience consistait à rechercher des neurones du S1 qui pourraient expliquer l’intensité subjective de la vitesse tactile. L’hypothèse est que les neurones impliqués devraient être sensibles à la vitesse tactile (40 à 105 mm/s) et à l’espacement des points (2 à 8 mm) mais être indépendants de leur disposition (périodique vs non périodique). De plus, il est attendu que la fonction neurométrique (fréquence de décharge/espacement en fonction de la fréquence temporelle) montre une augmentation monotonique. Une grande proportion des cellules était sensible à la vitesse (76/119), et 82% d’entres elles étaient aussi sensibles à la texture. La sensibilité à la vitesse a été observée dans les trois aires du S1 (3b, 1 et 2). La grande majorité de cellules sensibles à la vitesse, 94%, avait une relation monotonique entre leur décharge et la fréquence temporelle, tel qu’attendu, et ce surtout dans les aires 1 et 2. Ces neurones pourraient donc expliquer la capacité des sujets à estimer la vitesse tactile de surfaces texturées.