“Man to Loan $1500 and Serve as Clerk”: Trading Jobs for Loans in Mid-Nineteenth-Century San Francisco

1994 ◽  
Vol 54 (1) ◽  
pp. 34-63 ◽  
Author(s):  
F. Halsey Rogers
Keyword(s):  
Nineteenth Century ◽  
Labor Market ◽  
Moral Hazard ◽  
Financial Markets ◽  
Adverse Selection ◽  
San Francisco ◽  
Capital Market ◽  
Pacific Coast ◽  
New Employees ◽  
Capital Market Imperfections

This paper explores the phenomenon of “job-loan trading”—in which employers offered jobs in exchange for substantial loans from their new employees—as practiced in mid-nineteenth-century California. A sample of newspaper advertisements from 1857–76 reveals that despite the obvious inefficiencies of linking labor and capital markets, job-loan trading was both common and profitable. I assess labor market bonding against moral hazard or adverse selection as a possible explanation, but conclude that the job-loan trades primarily provide evidence of substantial Pacific Coast capital market imperfections. This conclusion has implications for the broader question of how financial markets develop.

Celebrity Culture and the Gold Rush Metropolis

2018 ◽  
Author(s):  
Amy K. DeFalco Lippert
Keyword(s):  
Nineteenth Century ◽  
Visual Culture ◽  
San Francisco ◽  
Pacific Coast ◽  
Gold Rush ◽  
Human Identity ◽  
Exchange Networks ◽  
Cultural Phenomenon ◽  
The Pacific ◽  
The City

With the gold rush, San Francisco almost instantaneously became an important stop for a host of international entertainment tours that expanded well beyond the Atlantic world, to Australia as well as the Pacific Coast. The term celebrity was first employed as a noun in the 1840s and 1850s, and from its inception, this cultural phenomenon was intrinsically linked with and profited handsomely from transnational exchange networks—the conduits for the transmission of print and visual culture, as well as the migration of people and capital. Theatrical entertainment flourished in nineteenth-century San Francisco, as did the trade in celebrity portraits. In this context, certain charismatic individuals emerged: notably female stars, including Lola Montez and Adah Isaacs Menken, who embodied the trend of self-representation that overtook the city. The celebrity thrived in a place where human identity could become a consumable commodity—in turn, it often became all-consuming..

Information Problems in Competitive Markets and Their Impact on Labor Markets

2019 ◽  
pp. 189-211
Author(s):  
Hasan Bilgehan Yavuz
Keyword(s):  
Labor Market ◽  
Moral Hazard ◽  
Information Asymmetry ◽  
Labor Markets ◽  
Adverse Selection ◽  
Economic Efficiency ◽  
Transfer Of Knowledge ◽  
Economic Approach ◽  
Economic Agents ◽  
Full Knowledge

Economic agents should be fully informed in order to maximize welfare by removing market disruptions. The full knowledge which is one of the assumptions of the traditional economic approach has been rejected in the recent studies and it is stated that the information is lacking and asymmetric and therefore market disruptions come to the forefront. Information created under certain conditions that economic agents use in their decisions and actions does not remove the problems of adverse selection and moral hazard. Information asymmetry among individuals will be minimized through institutions to be established in the obtaining, usage, and transfer of knowledge. Institutions such as signaling and discrimination, which will be created in the labor market in particular, will be able to provide economic efficiency by selecting qualified staff and paying based on efficiency.

AGENCY PROBLEM DALAM PENERAPAN PEMBIAYAAN AKAD MUDHARABAH PADA PERBANKAN SYARIAH

ALQALAM ◽  
2016 ◽  
Vol 33 (1) ◽  
pp. 46
Author(s):  
Aswadi Lubis
Keyword(s):  
High Risk ◽  
Asymmetric Information ◽  
Human Resources ◽  
Moral Hazard ◽  
Adverse Selection ◽  
Agency Problem ◽  
Agency Problems ◽  
Islamic Banking ◽  
The Public

The purpose of writing this article is to describe the agency problems that arise in the application of the financing with mudharabah on Islamic banking. In this article the author describes the use of the theory of financing, asymetri information, agency problems inside of financing. The conclusion of this article is that the financing is asymmetric information problems will arise, both adverse selection and moral hazard. The high risk of prospective managers (mudharib) for their moral hazard and lack of readiness of human resources in Islamic banking is among the factors that make the composition of the distribution of funds to the public more in the form of financing. The limitations that can be done to optimize this financing is among other things; owners of capital supervision (monitoring) and the customers themselves place restrictions on its actions (bonding).

Transportation and the Environment

2017 ◽  
Vol 94 (3) ◽  
pp. 37-61
Author(s):  
Douglas R. Littlefield
Keyword(s):  
Nineteenth Century ◽  
San Francisco ◽  
Sierra Nevada ◽  
Mississippi River ◽  
San Joaquin Valley ◽  
Eastern United States ◽  
Major Health ◽  
San Joaquin River ◽  
Natural Wetlands ◽  
Prevailing View

Some histories of California describe nineteenth-century efforts to reclaim the extensive swamplands and shallow lakes in the southern part of California's San Joaquin Valley – then the largest natural wetlands habitat west of the Mississippi River – as a herculean venture to tame a boggy wilderness and turn the region into an agricultural paradise. Yet an 1850s proposition for draining those marshes and lakes primarily was a scheme to improve the state's transportation. Swampland reclamation was a secondary goal. Transport around the time of statehood in 1850 was severely lacking in California. Only a handful of steamboats plied a few of the state's larger rivers, and compared to the eastern United States, roads and railroads were nearly non-existent. Few of these modes of transportation reached into the isolated San Joaquin Valley. As a result, in 1857 the California legislature granted an exclusive franchise to the Tulare Canal and Land Company (sometimes known as the Montgomery franchise, after two of the firm's founders). The company's purpose was to connect navigable canals from the southern San Joaquin Valley to the San Joaquin River, which entered from the Sierra Nevada about half way up the valley. That stream, in turn, joined with San Francisco Bay, and thus the canals would open the entire San Joaquin Valley to world-wide commerce. In exchange for building the canals, the Montgomery franchise could collect tolls for twenty years and sell half the drained swamplands (the other half was to be sold by the state). Land sales were contingent upon the Montgomery franchise reclaiming the marshes. Wetlands in the mid-nineteenth century were not viewed as they are today as fragile wildlife habitats but instead as impediments to advancing American ideals and homesteads across the continent. Moreover, marshy areas were seen as major health menaces, with the prevailing view being that swampy regions’ air carried infectious diseases.

scholarly journals Discount, transparency and announcements effects of equity rights offerings: international evidence

2021 ◽  
Author(s):  
Nils-Christian Bobenhausen ◽  
Astrid Juliane Salzmann
Keyword(s):  
Financial Markets ◽  
Information Asymmetry ◽  
Capital Market ◽  
Announcement Effect ◽  
Announcement Effects ◽  
Market Transparency ◽  
International Evidence ◽  
Negative Effect ◽  
Rights Offering ◽  
High Information

AbstractEquity rights offerings and their respective announcement effects have been studied extensively in the literature. Our study expands upon these studies and focuses on those announcement effects and the relation between the discount of an equity rights offering and the announcement effect. Previous theoretical and empirical analyses show that firms can signal their quality via the discount in an equity rights offering and demonstrate a negative relation between the discount and the announcement effect. We argue that this link is only relevant in environments where signalling is possible and necessary. These are financial markets with a particularly low level of capital market transparency, i.e. high information asymmetry. We calculate announcement effects for an international sample of equity rights offerings and show that the negative effect of the discount on announcement effects can only be observed in environments with a low capital market transparency. Hence, our study estimates announcement effects across several different countries and is thus among the first to analyse signalling considerations for equity rights offerings in different transparency environments.

Wide Angle: Eadweard Muybridge, the Pacific Coast, and Trans-Indigenous Representation

2021 ◽  
Vol 49 (1) ◽  
pp. 55-72
Author(s):  
Robert D. Aguirre
Keyword(s):  
Nineteenth Century ◽  
Pacific Coast ◽  
Wide Angle ◽  
Economic Networks ◽  
Temporal Dimension ◽  
Indigenous Representation ◽  
The Pacific ◽  
Important Site

Eadweard Muybridge's Pacific Coast photographs provide an important site for investigating Victorian visual practices of the “wide.” They do not simply expand a referential frame to encompass novel subjects; they also, and more critically, register powerful narratives of temporality and modernity. This essay's analysis of the “wide” as an incipient concept of critical spatiality is not set against the more familiar temporal dimension of the long nineteenth century (a false and ultimately unproductive opposition). Rather, it places these two concerns in some tension with each other, though the argument is less about periodicity than about the representation of timescales in nineteenth-century media. In Muybridge's photographs, thinking about the representational possibilities of width is impossible without also confronting temporality. The Pacific Coast photographs are important both as explorations of timescales and artifacts in an influential nineteenth-century medium and prompts to reconsider the politico-economic networks that were central to the progress of expeditionary photography itself.

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