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Book part
Publication date: 25 July 2017

Brandon Dupont, Drew Keeling and Thomas Weiss

We present a continuous time series on first cabin passenger fares for ocean travel from New York to the British Isles covering nearly a century of time. We discuss the…

Abstract

We present a continuous time series on first cabin passenger fares for ocean travel from New York to the British Isles covering nearly a century of time. We discuss the conceptual and empirical difficulties of constructing such a time series, and examine the reasons for differences between the behavior of advertised fares and those based on passenger revenues. We find that while there are conceptual differences between these two measurements, as well as differences in the average values, the two generally moved in parallel, which means that the advertised fare series can serve as a reasonable proxy for movement of the revenue-based fares. We also find that advertised fares declined over time, roughly paralleling the drop in freight rates for US bulk exports, until around 1890, but thereafter increased while freight rates continued to decline. We propose several hypotheses for this divergent behavior and suggest lines of future research.

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Research in Economic History
Type: Book
ISBN: 978-1-78743-120-1

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Article
Publication date: 1 April 2011

Vno Aghara, Aham Anyanwu, Ireneus Nwaizugbo, Chudi Okpala and Promise Oparah

Discourses on emerging markets have gained momentum in the literature as companies in slow‐growing developed economies are intensifying their entrepreneurship and search…

Abstract

Discourses on emerging markets have gained momentum in the literature as companies in slow‐growing developed economies are intensifying their entrepreneurship and search for new growth opportunities in emerging economies. Emerging markets are countries that are restructuring their economies along market‐oriented lines and offer a wealth of opportunities in trade, technology transfers and foreign direct investment (FDI). They serve as regional economic powerhouse, reminiscent of transitional societies undertaking political and economic reform, fast growing outward‐oriented economies with efficient production for the domestic and export markets, political economy oriented towards entrepreneurship and free enterprise, market transparency, among others. After decades of economic turmoil, many African countries have started to make steady progress towards creating market‐enabling institution. Based on a synthesis from the literature and using Nigeria as a context, this review paper argues that Nigeria has fallen short of most of the fundamental characteristics necessary to transition to an emerging economy categorization. This means that Nigeria is weakly adapted to the changed view of market‐led development. Although the country is considered a regional economic powerhouse, she is only listed as a “Frontier country” because of weak critical institutional characteristics, more evident in areas such as infrastructural development; privatization of state owned enterprises (SOEs); outward orientation; political and economic reforms and market transparency. The paper concludes, by arguing that for Nigeria to ascend a higher grade in the emerging market taxonomy, some important institutional refinements are necessary. These include: macro‐economic reform and development to drive exports; improved infrastructure, especially power supply; serious political reforms to ensure credible political leadership; and disciplined and ethical revolution to ensure credible corporate governance in both the private and public sectors of the economy.

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World Journal of Entrepreneurship, Management and Sustainable Development, vol. 7 no. 1
Type: Research Article
ISSN: 2042-5961

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Article
Publication date: 1 April 1991

Marcel C. Obiagwu

The objectives and strategy of the Economic Recovery Programme(ERP) or Structural Adjustment Programme (SAP) in the West Africaneconomy are examined, focusing on the…

Abstract

The objectives and strategy of the Economic Recovery Programme (ERP) or Structural Adjustment Programme (SAP) in the West African economy are examined, focusing on the disastrous effects on library materials acquisitions. The causes of foreign exchange scarcity and reasons for the poor performance of libraries in acquisitions under the ERP/SAP are explored. A strategy for sustaining acquisitions in austere times is suggested, concluding with a warning against the marginalisation of education and the library service.

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Library Management, vol. 12 no. 4
Type: Research Article
ISSN: 0143-5124

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Book part
Publication date: 10 April 2017

Antonio V. Menéndez Alarcón

This chapter examines the patterns of immigrants’ integration in a state of the Midwest of the United States, Indiana, which has experienced a growth of more than 250% of…

Abstract

This chapter examines the patterns of immigrants’ integration in a state of the Midwest of the United States, Indiana, which has experienced a growth of more than 250% of the foreign-born population in the last 20 years. The study, based on in-depth interviews and document analysis, examines the ways that immigrants blend into mainstream society in everyday life and in social interactions, as well as the obstacles they encounter in this process. The study reveals the cultural changes in the host culture as a result of the large number of immigrants who have established their residence in this state, the dichotomies that emerge between “natives” and “newcomers.” It also shows that immigrants stay connected to their country of origin through electronic media (in particular television and computers) and how this technology affects the process of integration. Finally, the study demonstrates that there is a process of segmented assimilation and variations in the immigrants’ sense of identity according to their socioeconomic status and ethnic background.

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Article
Publication date: 1 February 1985

MICHAEL DAVID BORDO

Growing dissatisfaction with the record of discretionary monetary policy in the United States in the past decade has led to interest in alternative monetary arrangements…

Abstract

Growing dissatisfaction with the record of discretionary monetary policy in the United States in the past decade has led to interest in alternative monetary arrangements to restore price level and real output stability, and to allow the economy to grow to its potential, unfettered by macro instability. Several arrangements have come to the fore. These include: (1) a return to the classical gold standard—fixing the dollar price of gold and allowing the money supply to be governed by movements in the nation's monetary gold stock; (2) the Friedman (1960) rule—constraining the monetary authorities to establish and maintain a steady and known growth rate of the fiduciary money supply; (3) Irving Fisher's (1920) compensated dollar scheme—altering the official price of gold and hence the value of the monetary gold stock to stabilize some measure of the price level.

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Studies in Economics and Finance, vol. 9 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 3 August 2020

Salwa H. El-Sabbagh, Nivin M. Ahmed, Doaa Samir Mahmoud and Wael S. Mohamed

The purpose of this paper is to evaluate the efficiency of commercial silica, silica fume-waste (SF) and modified silica fume-waste (mSF) as reinforcing filler in…

Abstract

Purpose

The purpose of this paper is to evaluate the efficiency of commercial silica, silica fume-waste (SF) and modified silica fume-waste (mSF) as reinforcing filler in acrylonitrile-butadiene rubber (NBR) and ethylene propylene diene monomer (EPDM) through the mixing process of rubber. The composites were prepared using different loadings of silica fume and commercial silica in EPDM and NBR composites. Structural characterization of silica and SF was done using X-ray fluorescence and scanning electron microscopy (SEM). The surface of silica fume waste was modified using poly methyl methacrylate/butyl acrylate through emulsion polymerization to increase the interaction between silica and rubber, then consequently better dispersion in rubber matrix was obtained. The mSF waste was characterized using FT-IR spectra and transmission electron microscopy.

Design/methodology/approach

The investigated rubber mixes and vulcanizates were evaluated by measuring the curing characteristics, mechanical testing, thermogravimetric analysis and morphological studies (SEM). The mechanical properties of composites including tensile strength, elongation at break and modulus were estimated and analyzed.

Findings

The results revealed that the composites (NBR and EPDM) containing mSF as filler exhibited better rheological and mechanical properties compared to unmodified silica waste and commercial silica. The SEM analysis indicated that the mSF was homogeneously dispersed through the surface of NBR and EPDM composites. Also, results showed that (NBR and EPDM) composites exhibited remarkable improvements in tensile strength, elongation at break and hardness in the presence of mSF; they also showed an increase in the thermal stability. This means that the treatment of surface SF can improve its dispersion in rubber.

Research limitations/implications

Silica cannot be applied in rubber matrix without surface modification because of their incompatibility; their dispersion is not good without surface modification.

Practical implications

The modified silica surface is considered as effective reinforcing filler which can replace other fillers because of its lower surface energy and enhanced intercalating behavior in rubber.

Social implications

This study is just a start in establishing rubber projects with wide applications in the industry and providing a cheap local product while preserving the quality and that is the use of factory waste, which helps in protecting the environment from pollution.

Originality/value

mSF is cheap with relatively high purity, which make rubber/mSF composites appear as new grade of material that can be used in different media rather than rubber.

Details

Pigment & Resin Technology, vol. 50 no. 1
Type: Research Article
ISSN: 0369-9420

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Article
Publication date: 12 April 2011

Edward J. Ferraro

This paper aims to analyze and discuss the implications of the August 2010 decision of the D.C. Circuit Court of Appeals vacating and remanding to the SEC its December…

Abstract

Purpose

This paper aims to analyze and discuss the implications of the August 2010 decision of the D.C. Circuit Court of Appeals vacating and remanding to the SEC its December 2008 order approving a proposed fee filed by NYSE Arca, LLC for its depth‐of‐book product ArcaBook. It also seeks to consider the effect on the court's decision of the Dodd‐Frank Act amendments to Section 19(b) of the Exchange Act.

Design/methodology/approach

The paper analyzes the evolution of the SEC's policy regarding SRO market data fees including the 1999 Concept Release on Market Information, the Advisory Committee on Market Information, the effects of decimalization and the 2005 adoption of Regulation NMS. It focuses on market data fee policy in connection with the Commission's decade‐long project to increase the role of competition in the US securities markets, culminating in the 2006 NYSE Arca fee filing, the SEC's 2008 order approving those fees and the NetCoalition decision.

Findings

The court's decision that a cost analysis is not irrelevant to the SEC's review of proposed SRO fee filings brings clarity and finality to a long‐standing dispute within the Commission and the securities industry and identifies a procedure for reaching an economically sound determination of “fair and reasonable” fees for SRO market data.

Practical implications

A cost‐based analysis of SRO market data fee filings is likely to result in a significant decline in market data revenues for those exchanges that charge fees for their data. For the Commission, cost‐based analysis is likely to require a significant reallocation of its regulatory staff and resources.

Originality/value

The paper presents a useful analysis for securities regulatory lawyers and financial analysts and investors following the stock exchange and financial information industries.

Details

Journal of Investment Compliance, vol. 12 no. 1
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 3 April 2017

Ibrahim Mahamid

This study aims at identifying the main causes of change orders in highway construction projects, determining the factors that affect rework in highway construction…

Abstract

Purpose

This study aims at identifying the main causes of change orders in highway construction projects, determining the factors that affect rework in highway construction projects, examining the relationship between change orders and rework and at developing a predictive model that will determine the impact of change orders on rework in highway construction projects in Palestine.

Design/methodology/approach

A questionnaire survey was used to identify the main change order causes and rework causes from the perspectives of contractors and consultants. The questionnaire contained 16 causes of change orders and 19 causes of rework which had been identified from the literature reviewed. The study also identifies the impact of change orders on rework based on data comprising 22 highway construction projects implemented in Palestine. Both descriptive and inferential statistics were used in analyzing the data.

Findings

The study concluded that the five most common causes of change orders can be identified as: change of project scope by owner (additional – enhancement), lack of coordination between construction parties; owner’s financial difficulties, change in materials, and errors and omissions in design. The study has also established that among the various factors that causes rework, non-conformance with specification requirements, scope changes, late design changes, lack of labor experience, lack of labor skills and improper subcontractor selection top the list. Using regression analysis, the results reveal a significant relationship between change orders and rework cost in highway construction projects in Palestine.

Practical implications

By ranking the various change orders causes and rework causes from the perspectives of consultants and contractors, the study provides a fresh perspective on an old chronic problem in the construction sector. This study has provided evidence on the most significant change orders causes and rework causes in the Palestinian highway construction, as well as the impact of change orders or rework on constructions sites. Finally, although this study is specific to the country of Palestine, its results can be applicable to other developing countries facing similar problems in their public construction sectors.

Originality/value

The results address the common causes of change orders and reworks in highway construction projects in Palestine. The results also address the relation between change orders and rework cost based on data collected from highway construction projects implemented in the West Bank in Palestine. This study is the first study conducted in the West Bank in Palestine to identify the change orders and reworks causes in highway construction projects.

Details

Journal of Financial Management of Property and Construction, vol. 22 no. 1
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 7 January 2019

Olatunde Julius Otusanya and Sarah G. Lauwo

“Corrupt practices” is a recurring feature of media coverage. The paper seeks to encourage debates about the influence of institutional structures on agency to break away…

Abstract

Purpose

“Corrupt practices” is a recurring feature of media coverage. The paper seeks to encourage debates about the influence of institutional structures on agency to break away from methodological individualism. This paper aims to encourage reflections on the role of both the structures and actors which have shaped the continuous expansion of corrupt practices in Nigeria.

Design/methodology/approach

Whilst recognising that deviant behaviour by some individuals is always possible, this paper has rejected methodological individualism and shows the value of locating anti-social practices within the broader socio-political and historical context. Within a socio-political framework, this study adopts the theories of critical realism, developmental state and globalisation to understand the relationship between social agency and society, focusing upon the institutional structures and the role of social actors.

Findings

The evidence shows that socio-political and economic development, politics, power, history and globalisation have continued to reproduce and transform the institutional structures and actors which have facilitated anti-social practices in Nigeria. The paper concludes that large sums of government revenue have been undermined by the anti-social practices of the Nigerian political and economic elite (both local and international), which have enriched a few, but impoverished most, Nigerians.

Practical implications

As a consequence of recurring corrupt practices in Nigeria, there is a pressing need for reform to curb these practices which have had, and continue to have, a serious effect on Nigeria and its future development.

Originality/value

It provides a framework for understanding and explaining the inter-relations of actors and institutional structures and the linkages and influences that have shaped the practices in Nigeria.

Details

Journal of Financial Crime, vol. 26 no. 1
Type: Research Article
ISSN: 1359-0790

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