Search results

1 – 10 of 351
To view the access options for this content please click here
Article

Joshua C. Hall, Donald J. Lacombe and Shree B. Pokharel

While many studies find a positive relationship between economic freedom and entrepreneurship, very few of these studies account for possible spatial autocorrelation…

Abstract

Purpose

While many studies find a positive relationship between economic freedom and entrepreneurship, very few of these studies account for possible spatial autocorrelation. Moreover, the development of an overall freedom measure has allowed researchers to test the relationship between overall freedom (personal plus economic) and entrepreneurship. The literature, however, does not account for spatial dependence in entrepreneurial activity. The purpose of this paper is to test for possible spatial dependence in entrepreneurial activity.

Design/methodology/approach

The authors employ a spatial autoregressive model to account for possible spatial dependence in entrepreneurial activity across states. The authors have data for entrepreneurial activity and overall freedom for a cross-section of data on the 48 contiguous US states for 2009.

Findings

The authors find no evidence of spatial dependence in entrepreneurial activity.

Research limitations/implications

The authors are limited to a cross-section. Combined with the spatial lag of the dependent variable, the authors might have too few observations to find statistical significance on either the spatial lag or other explanatory variables.

Practical implications

Future research should continue to account for possible spatial dependence.

Social implications

Entrepreneurship is key to economic growth. Freedom has been shown to lead to more entrepreneurship at the state level in other research.

Originality/value

This brief research note is the first paper to account for spatial dependence in the relationship between overall freedom and entrepreneurial activity.

Details

Journal of Entrepreneurship and Public Policy, vol. 5 no. 3
Type: Research Article
ISSN: 2045-2101

Keywords

To view the access options for this content please click here
Article

Joshua C. Hall, Serkan Karadas and Minh Tam Tammy Schlosky

Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, vesting the Securities and Exchange Commission with the clear legal authority to prosecute…

Abstract

Purpose

Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, vesting the Securities and Exchange Commission with the clear legal authority to prosecute members of Congress (politicians) if they engage in insider trading. This paper aims to investigate whether members of Congress are informed traders even before they get elected to Congress, and thus helps assess whether the STOCK Act was a necessary piece of legislation.

Design/methodology/approach

This study compares the performance of politicians’ portfolios before and after they are elected to Congress using data from the 2004-2010 period. The authors use an event-study method to construct transactions-based calendar-time portfolios and use standard asset pricing models including capital asset pricing model (CAPM) to determine whether these portfolios earn abnormal returns (i.e. outperform the market).

Findings

The authors find weak and inconsistent evidence of abnormal returns in politicians’ portfolios that precede their election. They also find that it takes two consecutive terms in Congress for members to start making informed trades that earn themselves abnormal returns. However, these abnormal returns only accrue to those who serve on powerful committees.

Research limitations/implications

The results in this paper provide support for the STOCK Act of 2012 by showing that members of Congress become informed traders while they serve in Congress. However, these results do not imply any wrongdoing for members of Congress, because the paper uses the pre-STOCK Act data (2004-2010 period).

Originality/value

This study is the first academic work that compares politicians’ portfolios before and after they get elected.

Details

Journal of Financial Economic Policy, vol. 9 no. 4
Type: Research Article
ISSN: 1757-6385

Keywords

To view the access options for this content please click here

Abstract

Details

Journal of Entrepreneurship and Public Policy, vol. 1 no. 1
Type: Research Article
ISSN: 2045-2101

To view the access options for this content please click here

Abstract

Details

Journal of Entrepreneurship and Public Policy, vol. 1 no. 1
Type: Research Article
ISSN: 2045-2101

To view the access options for this content please click here
Book part

Min-Yu (Stella) Liao

The literature has documented evidence that economic freedom is positively associated with economic growth, investment spending, income equality, employment, gender…

Abstract

The literature has documented evidence that economic freedom is positively associated with economic growth, investment spending, income equality, employment, gender equality, etc. Economic freedom is also found to be associated with a country’s rule of law and legal regime. There is, however, little studies examining how economic freedom affects a firm’s performance such as firm valuation and profitability. The evidence presented in this study shows that economic freedom strengthens a firm’s valuation and profitability. Additionally, firms headquartered in emerging markets or younger firms from countries with higher levels of economic freedom experience higher valuation and profitability. That is, economic freedom is more beneficial for firms from emerging markets and is crucial to the success of early-stage firms.

Details

International Corporate Governance and Regulation
Type: Book
ISBN: 978-1-78756-536-4

Keywords

To view the access options for this content please click here

Abstract

Details

Journal of Entrepreneurship and Public Policy, vol. 2 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

Content available
Article

Walter Block

Abstract

Details

International Journal of Social Economics, vol. 35 no. 7
Type: Research Article
ISSN: 0306-8293

Abstract

Details

Journal of Entrepreneurship and Public Policy, vol. 8 no. 1
Type: Research Article
ISSN: 2045-2101

To view the access options for this content please click here
Article

Arthur M. Diamond Jr

Since the 1960s, experts have predicted that we are on the verge of curing cancer. The purpose of this paper is to explore the obstacles to progress, and to propose…

Abstract

Purpose

Since the 1960s, experts have predicted that we are on the verge of curing cancer. The purpose of this paper is to explore the obstacles to progress, and to propose policies that will lead more quickly to more success.

Design/methodology/approach

To speed future cures, we need to look at the traits, and methods of those innovative medical entrepreneurs who achieved breakthroughs in the past, and learn what institutions and policies enabled, or blocked, their progress.

Findings

Breakthrough innovators tend to be less-credentialed outsiders who “see what others do not see,” often by nimble and persistent pursuit of serendipitous discoveries or slow hunches. For example, Freireich and DeVita were less-credentialed outsiders. Freireich cured childhood leukemia and DeVita cured Hodgkin’s lymphoma, by pursuing nimble trial-and-error experimentation in their anti-cancer chemotherapy cocktails. Min Chiu Li pursued his slow hunch that his patients would benefit from longer chemotherapy than the mandated National Cancer Institute protocol allowed. He was fired, but his patients were cured. Today, FDA-mandated regulatory protocols, often defended as applications of the precautionary principle, greatly restrict innovative medical entrepreneurs, thereby delaying cancer cures and costing lives.

Originality/value

The paper proposes a new approach to medical innovation, allowing cancer researchers to engage in trial-and-error experiments that follow up on serendipitous discoveries and plausible hunches. The result will be more cures and longer lives.

Details

Journal of Entrepreneurship and Public Policy, vol. 7 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

To view the access options for this content please click here
Article

Caleb Fuller and Dylan DelliSanti

Existing scholarship indicates that more research is needed to explore beneficial spillovers from public entrepreneurship. The purpose of this paper is to fill the gap in…

Abstract

Purpose

Existing scholarship indicates that more research is needed to explore beneficial spillovers from public entrepreneurship. The purpose of this paper is to fill the gap in that literature by examining a case of public entrepreneurship by a corporation. While political engagement by private firms frequently reduces to rent-seeking, this paper explores an instance in which public entrepreneurship by a private firm lead to beneficial spillovers – specifically, positive externalities resulting from the engagement of Cummins Engine Company with city government in Columbus, Indiana. In the case study, these spillovers consist of improved infrastructure, altered norms, and the reintroduction of economic calculation.

Design/methodology/approach

This case study uses publications in popular outlets, newspapers, and historical documents to understand the relationship between Cummins Engine Company and its local government.

Findings

Contrary to the presumption that public engagement by private firms necessarily reduces to rent-seeking, the activities of the Cummins Engine Company lead to beneficial public spillovers by way of improved infrastructure and norms, as well as by restoring a degree of economic calculation to the production of public buildings in Columbus, Indiana.

Originality/value

The authors illustrate the precise mechanisms that generate the potential spillovers from public entrepreneurship that Klein et al. (2010) explore theoretically.

Details

Journal of Entrepreneurship and Public Policy, vol. 6 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

1 – 10 of 351