To send content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about sending content to .
To send content items to your Kindle, first ensure firstname.lastname@example.org
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about sending to your Kindle.
Note you can select to send to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Overconfident CEOs/senior executives tend to have excessively positive views of their own skills and their company’s future performance. We hypothesize that overconfident managers are more likely to engage in reckless or intentional actions/disclosures that give rise to securities class actions (SCAs). Empirical evidence is supportive: Overconfident CEOs/senior executives increase SCA likelihood, though litigation risk is ameliorated through improved governance, such as following the Sarbanes–Oxley Act of 2002. Post-SCA, companies are less likely to hire an overconfident CEO. Following an SCA, overconfident CEOs appear to moderate behavior and to reduce their litigation risk.
Americans consume Na in excess of daily recommendations. Most dietary Na comes from packaged foods, and bread is a major contributor. In the UK, national Na reduction strategies contributed to lower Na levels in packaged foods and lower population Na intake. Similar initiatives are emerging in the USA and require surveillance to assess effectiveness. We aimed to examine Na levels in bread products in the USA and compare levels with similar UK products.
Na data for bread products were obtained from the US Label Insight Open Data Initiative (n 4466) and the FoodSwitch UK database (n 1651). Mean, median and range of Na content, and proportion of products meeting Na targets established by the National Salt Reduction Initiative (NSRI) and the UK Department of Health (DH) were calculated overall, by bread type and by country.
Mean (sd) Na content in bread was 455 (170) mg/100 g in the USA and 406 (179) mg/100 g in the UK. In both countries, savoury bread had the highest mean Na (USA=584 mg/100 g, UK=543 mg/100 g) and fruit bread the lowest mean Na (USA=345 mg/100 g, UK=277 mg/100 g). Na content of US bread products was 12 % higher than in the UK, with 21 % of US bread products and 31 % of UK bread products meeting the NSRI and DH targets, respectively.
US bread products have, on average, 12 % more Na than similar products in the UK. Variation in Na content within product categories, and between countries, suggests the feasibility of manufacturing products with lower Na to lower dietary Na intake.
Histories of the Great Fire of London regularly mention and reproduce Valentine Knight's scheme for London's reconstruction, published in 1666, and note that he was imprisoned for his pains. His proposal, with new streets laid out on a rough grid and a canal through the heart of the city, has attained a walk-on part in longue durée histories of urban planning. However, Knight has remained a mysterious and little studied figure; the significance of his imprisonment and of the fact that his was the only scheme to be published remain unexplored. By reconstructing his biography and discovering the reason for his incarceration, and by relating his and the other proposals for the rebuilding of the capital after the fire to the history of public opinion, this article uses this episode to explore the tacit rules governing the discussion of public affairs in Restoration England. Further, by examining the publication history of all the immediate post-fire schemes for rebuilding London from 1666 to 1750, it traces how architectural plans gradually became objects for critical discussion in the worlds of print and periodical.
This paper examines diversification as a source of value creation and destruction in private equity (PE) funds. Previous literature has focused on the “diversification discount” in corporations. However, in PE funds, diversification might increase returns by ameliorating managerial risk aversion and facilitating knowledge sharing. I examine a sample of 1,505 PE funds and show that industry and geographic diversification can increasePE fund returns. This is likely due to knowledge sharing and learning, not merely risk reduction. Diversification can reduce returns if it spreads staff too thinly across industries or is motivated by risk aversion rather than performance bonuses.
Harmonized regulatory frameworks have become increasingly important. This is especially so following the global financial crisis, where there have been calls for a harmonized international response to securities regulation. Examples in the EU include MIFID and the Takeover Directive. MIFID regulates securities traders and stock exchanges. It contains rules that indicate the obligations on exchanges and traders vis-à-vis matters such as achieving the “best execution” of trades. The Takeover Directive regulates mergers and acquisitions, their regulations include regulations on anti-takeover provisions, compulsory acquisitions, and the method of paying for acquisitions. These impose a ‘weak’ form of harmonization: member states can opt out of some provisions, many provisions are vague (and require definition by domestic regulators) and member states retain the right to legislate around the harmonized framework. These directives have not received universal support.
Governments periodically receive accusations of over-spending. These accusations are sometimes warranted. Some commentators propose that strict tax and expenditure limits (TELs) and/or balanced budget requirements (BBRs) may resolve excessive expenditure. Governments can implement TELs and BBRs through constitutional amendments, statutory schemes, or non-binding aspirational goals. They have been proposed as a remedy to allegations of over-spending in some European countries. However, it is not entirely clear if TELs or BBRs are effective or will resolve excess expenditure. I analyze TELs and BBRs as implemented in the United States and Australia. I argue that the Australian model of aspirational TELs and BBRs is beneficial if there is a political will to enforce them. However, if there is no such political will, then statutory (as opposed to constitutional) TELs and BBRs best strike a balance of flexibility and constraint.
Innovation and R&D are important to economic growth. One argued way to encourage innovation is through government support for venture funds. This might be especially important in countries that lack a developed venture capital (VC) sector. However, some papers have suggested that this government backing might ‘crowd out’ purely private sector funds and might undermine innovation creation. Thus, I examine the use of a scheme in Australia (the Innovation Investment Fund (IIF) scheme). I focus on Australia because unlike many low innovation countries, it has strong legal foundations, enabling a cleaner look at the impact of government backing. I argue that Australia's scheme is well structured. I then show that while Australia has relatively low levels of VC and innovation compared with other countries, its VC activity scaled by GDP has grown following the inception of the IIF scheme, particularly increasing after 2001. The policy implication is that properly structured government support for VC funds can stimulate innovation and VC activity.
Recent years have seen the growth of a new and newly self-conscious cultural historiography of the senses. This article extends and critiques this literature through a case study of the sensory work and worlds of Sir John Floyer, a physician active in Lichfield during the late seventeenth and early eighteenth centuries. Floyer is best known for his work on pulse-taking, something which he described as contributing to the art of feeling. Less well known is his first book – a discussion of the tastes of the world and their therapeutic possibilities. The article explicates, contextualizes, and relates these two books and uses this analysis to suggest ways of refining and developing the wider historiography of the senses. It demonstrates how they reveal that what Floyer sensed was closely bound up with the changing ways in which he sensed, particularly when he began feeling the pulse in a ‘Chinese’ style. This, the article concludes, suggests that historians of the senses need fundamentally to reconsider the model of culture which underpins their work, focusing less on the ways in which people have interpreted or ordered sensory stimuli, and rather analysing the senses as forms of skill or dynamic ways of engaging with the world.
The manure issue is complex and inherently interdisciplinary but, more fundamentally, it requires systems thinking. Current policies, technologies, infrastructure, incentives and modes of thinking about the problem fail to consider the system-wide implications, and thus fail to foster the creation of new and innovative solutions. At the farm level, complexity, uncertainty and lack of compatibility with the current farming system need to be addressed in order to promote better manure management. Production facilities, feed management and waste treatment systems (including centralized treatment plants) need to be designed to allow for beneficial use of manure components. At the industry level, changes in the poultry, swine and beef industries have resulted in concentration, both in terms of decision-making and geography. This currently limits the ability of these farmers to take a systems approach to livestock production. Environmental policies thus need to take account and advantage of this new reality. At the economy-wide level, factors affecting the demand and supply for alternative manure products need to be considered. A number of innovative uses are being developed in the private sector, but there are constraints as far as technology, institutions and infrastructure are concerned. A systems perspective will allow the design of policies and technologies that reduce environmental problems associated with manure, while promoting efficient utilization of the resource.
One of the attractions of medieval urban history is the fact that major conceptual problems in the field continue to be debated. In a stimulating review article by J.H. Mundy, ’Philip Jones and the medieval Italian city-state‘, J. of European Economic History, 28 (1999), 185–200, one distinguished scholar is taxed for holding views now dismissed by some, but of which he is by no means a unique surviving representative. One of these views assumes a clear distinction between the antique city, supposedly a bureaucratic centre with limited economic functions, and the medieval city, as the home of industrious artisans and nascent capitalism. The image of the non-profit-making ancient town may be overly indebted to the nature of the literary sources and to the prevalent interests of classicists; but, although many would now agree that both the elements in the above equation need qualifying, a more focused comparison is presently lacking, and a fine book is still waiting to be written on the transition from the ancient world to the middle ages in urban history.
Why 1500? Why 1800? Why does Urban History's review of periodical literature use this definition of the early modern? Does urban history have a periodization of its own? The reluctance of historians to stray before and after 1800 is a major theme of C.R. Friedrichs's review of early modern German urban history, ‘But are we any closer to home? Early modern German urban history since German Home Towns’, Central European History, 30 (1998), 163–86, and I wondered about these issues while reading some of the articles published this year which did not stop and surrender their historical passports at 1500.