Financial Economics of United States Slavery

2021 ◽  
Author(s):  
Rajesh P. Narayanan ◽  
Jonathan Pritchett
Keyword(s):  
United States ◽  
Human Capital ◽  
Labor Productivity ◽  
Financial Economics ◽  
Market Valuation ◽  
Rate Of Return ◽  
Efficient Markets ◽  
Growing Body

Financial economics reveals that slaves were profitable investments and that the rate of return from owning slaves was at least as high as the return on comparable investments. The profitability of slavery depended on both the productivity and the market valuation of slaves. Owners increased the productivity of slaves by developing better strains of cotton, employing more efficient systems of production (gang labor), and using force and coercion (whippings). Efficient markets facilitated the interregional transfer of labor, and selective sales devastated slave families. Market studies show that slave prices reflected the capitalized value of labor and that they varied based on labor productivity. The profitability of slaves and the availability of efficient markets made slaves attractive investment vehicles for storing wealth. Their attractiveness as investments, however, may have had some other costs. Several studies argue and provide evidence that investment in slaves supplanted investment in other forms of physical and human capital, much to the detriment of southern industrialization and development. Besides serving as investment vehicles, slaves also facilitated financing. A growing body of work provides evidence that slaves were pledged as collateral to obtain credit.

Measuring the indirect effect of the Internet on the relationship between human capital and labor productivity

2020 ◽  
Vol 34 (6) ◽  
pp. 821-838
Author(s):  
Nicole Ballouz Baker ◽  
Mona Said Boustany ◽  
Maroun Khater ◽  
Christian Haddad
Keyword(s):  
Human Capital ◽  
Labor Productivity ◽  
Indirect Effect ◽  
The Internet ◽  
The Relationship

scholarly journals Polyurethane-Coated Implants for Prevention of Double-Bubble Effect in Breast Augmentation

2021 ◽  
Vol 7 ◽  
pp. 2513826X2110289
Author(s):  
Vitali Bagirov
Keyword(s):  
United States ◽  
Breast Augmentation ◽  
Cosmetic Surgery ◽  
The United States ◽  
Treatment Result ◽  
Lower Pole ◽  
Common Complication ◽  
Breast Volume ◽  
Double Bubble ◽  
Growing Body

Breast augmentation is the most frequently performed cosmetic surgery in the United States, with approximately 279,000 patients every year. The so-called double-bubble effect (DBE) is a common complication in breast augmentation. This complication is characterized by folds running along the lower pole of the breast, forming distinct bubble-like protrusions above and below the fold. Factors that increase the risk of DBE include bulbous breasts and a large native breast volume. There is evidence that polyurethane-coated (PU) implants may help to reduce the risk of DBE. We describe here the case of a 47-year old patient for whom DBE has recurred in each of 4 tandem breast surgeries. PU implants ultimately appeared to prevent the DBE, leading to an aesthetically satisfying treatment result for the patient. This case adds weigh to the growing body of evidence that supports the use of polyurethane implants to prevent DBE.

scholarly journals Industrial Characteristics and Employment of Older Manufacturing Workers in the Early-Twentieth-Century United States

2015 ◽  
Vol 39 (4) ◽  
pp. 551-579
Author(s):  
Chulhee Lee
Keyword(s):  
United States ◽  
Twentieth Century ◽  
Labor Productivity ◽  
Industrial Workers ◽  
Employment Relationships ◽  
High Labor Productivity ◽  
Low Intensity ◽  
High Labor ◽  
Intensive Production ◽  
Early Twentieth Century

This study explores how industry-specific technological, organizational, and managerial features affected the employment of old male manufacturing workers in the early-twentieth-century United States. Industrial characteristics favorably related to the employment of old industrial workers include high labor productivity, less capital- and material-intensive production, short workdays, low intensity of work, high job flexibility, and formalized employment relationships. Results show that aged industrial workers were heavily concentrated in “unfavorable” industries, suggesting that the contemporary argument of “industrial scrap heap” was applicable for most of the manufacturing workers in the early-twentieth-century United States.

Notes on Emerson in Latin America

PMLA ◽  
1961 ◽  
Vol 76 (3) ◽  
pp. 227-232 ◽  
Author(s):  
John E. Englekirk
Keyword(s):  
United States ◽  
Nineteenth Century ◽  
Latin America ◽  
Latin American ◽  
Extended Treatment ◽  
Growing Body ◽  
Fiction Writers ◽  
Literary Relations ◽  
History Of ◽  
Good Coverage

A number of chapters—some definitive, others suggestive—have already appeared to afford us a clearer picture of the reception of United States writers and writings in Latin America. Studies on Franklin, Poe, Longfellow, and Whitman provide reasonably good coverage on major representative figures of our earlier literary years. There are other nineteenth-century writers, however, who deserve more extended treatment than that given in the summary and bibliographical studies available to date. A growing body of data may soon make possible the addition of several significant chapters with which to round out this period in the history of inter-American literary relations. Bryant and Dickinson will be the only poets to call for any specific attention. Fiction writers will prove more numerous. Irving, Cooper, Hawthorne, Hearn, Hart, Melville, and Twain will figure in varying degrees of prominence. Of these, some like Irving and Cooper early captured the Latin American imagination; others like Hawthorne, and particularly Melville, were to remain virtually unknown until our day. Paine and Prescott and Mann will represent yet other facets of American letters and thought.

Immigrant Entrepreneurship: The Effect of Early Career Immigration Constraints on New Venture Formation

2021 ◽  
Author(s):  
Rajshree Agarwal ◽  
Martin Ganco ◽  
Joseph Raffiee
Keyword(s):  
United States ◽  
Human Capital ◽  
The United States ◽  
Early Career ◽  
Theory And Practice ◽  
New Venture ◽  
Opportunity Costs ◽  
Paid Employment ◽  
Specialized Human Capital ◽  
New Venture Formation

We examine how institutional factors may affect microlevel career decisions by individuals to create new firms by impacting their ability to exercise entrepreneurial preferences, their accumulation of human capital, and the opportunity costs associated with new venture formation. We focus on an important institutional factor—immigration-related work constraints—given that technologically intensive firms in the United States not only draw upon immigrants as knowledge workers but also because such firms are disproportionately founded by immigrants. We examine the implications of these constraints using the National Science Foundation’s Scientists and Engineers Statistical Data System, which tracks the careers of science and engineering graduates from U.S. universities. Relative to natives, we theorize and show that immigration-related work constraints in the United States suppress entrepreneurship as an early career choice of immigrants by restricting labor market options to paid employment jobs in organizational contexts tightly matched with the immigrant’s educational training (job-education match). Work experience in paid employment job-education match is associated with the accumulation of specialized human capital and increased opportunity costs associated with new venture formation. Consistent with immigration-related work constraints inhibiting individuals with entrepreneurial preferences from engaging in entrepreneurship, we show that when the immigration-related work constraints are released, immigrants in job-education match are more likely than comparable natives to found incorporated employer firms. Incorporated employer firms can both leverage specialized human capital and provide the expected returns needed to justify the increased opportunity costs associated with entrepreneurial entry. We discuss our study’s contributions to theory and practice.

Intellectual Capital Investment, Stakeholders' Value, Firm Market Value and Financial Performance: The Case of Tunisia Stock Exchange

2013 ◽  
Vol 12 (02) ◽  
pp. 1350010 ◽  
Author(s):  
Hedia Fourati ◽  
Habib Affes
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Intellectual Capital ◽  
Capital Investment ◽  
Positive Impact ◽  
Stock Exchange ◽  
Value Added ◽  
Market Value ◽  
Market Valuation ◽  
Using Data

The purpose of this paper is to investigate the role of intellectual capital investment in improving the firm's market value, stakeholders' value and financial performance. Using data drawn from 21 listed companies in Tunisia Stock Exchange, we conducted two studies. On one hand, from using Charreaux (Charreaux (2006). La valeur partenariale: Vers une mesure opérationnelle. Cahier de FARGO no. 1061103, November) measure of stakeholders' value, we demonstrate that financials come to present the weakest stakeholders' value and clients monopolises in term of value acquisition due to a weak ability of negotiation of firms. On the other hand, we construct a regression model of Pulic's value added intellectual capital investment (VAIC) as the measure of the value added from intellectual capital, in market valuation and financial performance. Our results stressed the fact that there is a positive impact of intellectual capital by human capital efficiency and capital employed efficiency on improving firm's market value. Nevertheless, financial performance measured by ROA is still justified by the traditional measure relying on capital employed efficiency. Indeed for Tunisian quoted firms, human capital investment is a pilar for ameliorating firm market valuation of financial performance.

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