Almost certainly not:
While shareholders have strong incentives to limit value-destroying perquisite consumption, it is challenging to identify such perquisites. Many corporate assets that enable forms of perquisite consumption also provide operational benefits. Corporate jets represent a potent example. We find business-related flights increase firm performance. Our results also highlight the channels through which jet use can either enhance or destroy firm value. Consistent with the benefits of information gathering and monitoring, firms with soft and complex information that is difficult to transmit remotely are more likely to fly to company subsidiaries and plants, and these flights positively affect firm value. In contrast, among firms with weak governance structures where flights are more likely motivated by agency factors, jet use is more likely to be value-decreasing. The ability to differentiate has important implications in today’s activism environment.
…we find that the between-state migration rate for individuals in occupations with state-specific licensing exam requirements is 36 percent lower relative to members of other occupations. Members of licensed occupations with national licensing exams show no evidence of limited interstate migration.
The Interstate 66 toll lanes opened Monday in Washington’s Northern Virginia suburbs with prices so steep they could be among the highest drivers have paid for the privilege of traveling on a state-owned highway in the United States.
Tolls in the high-occupancy toll lanes hit $34.50 — or close to $3.50 a mile — to drive the 10-mile stretch from the Beltway to Washington during the height of the morning commute.
Bravo, but we’ll see how this develops.
Here is the transcript and podcast, I enjoyed this chat very much. Here is part of the opening summary:
Sujatha Gidla was an untouchable in India, but moved to the United States at the age of 26 and is now the first Indian woman to be employed as a conductor on the New York City Subway. In her memoir Ants Among Elephants, she explores the antiquities of her mother, her uncles, and other members of her family against modern India’s landscape.
Our conversation considered the nature and persistence of caste, gender issues in India, her time as a revolutionary, New York City lifestyle and neighborhoods and dining, religion, living in America versus living in India, Bob Dylan and Dalit music, American identity politics, the nature of Marxism, Halldor Laxness, and why she left her job at the Bank of New York to become a New York City subway conductor, among other topics.
Here is one sequence:
GIDLA: Actually, the only relation I have with my family members is political views.
GIDLA: If we have to connect on familial links, we will always be fighting and killing each other. All that we talk about with my mother is politics and untouchability and caste and Modi and things like that.
It’s the same thing with my sister also. This is where we connect. Otherwise, we are like enemies. My brother, we’re completely alienated from each other, firstly because he goes to church now. We never used to go to church before. He’s into this Iacocca. Is there a name . . . ?
COWEN: Lee Iacocca?
COWEN: The former Chrysler chairman?
GIDLA: Yeah. He reads that kind of books.
COWEN: Management books.
GIDLA: He’s into that kind of stuff.
COWEN: You don’t?
GIDLA: He read Freakonomics and he liked it. I don’t relate to that stuff.
And this toward the end:
COWEN: Your most touching memory of your mother?
GIDLA: I don’t know. When I was arrested, she was very worried. She said, “I wish I could take you back into my womb.”
Strongly recommended. I was pleased to see that Publisher’s Weekly named Sujatha Gidla’s book as one of the ten best of 2017, you can order it here.
Using smartphone-tracking data and precinct-level voting, we show that politically divided families shortened Thanksgiving dinners by 20-30 minutes following the divisive 2016 election. This decline survives comparisons with 2015 and extensive demographic and spatial controls, and more than doubles in media markets with heavy political advertising. These effects appear asymmetric: while Democratic voters traveled less in 2016, political differences shortened Thanksgiving dinners more among Republican voters, especially where political advertising was heaviest. Partisan polarization may degrade close family ties with large aggregate implications; we estimate 27 million person-hours of cross-partisan Thanksgiving discourse were lost in 2016 to ad-fueled partisan effects.
The state flown over the most actually is…Virginia.
Next in line are Maryland, North Carolina, and Pennsylvania.
In part this is because so many flights from the very busy Atlanta airport cross Virginia. Yet the airport with the most flights above Virginia is Toronto, including most of its flights to the Caribbean and Latin America.
Other than Hawaii, the least flown over state is — surprise — California. Hawaii is also the “most flown under” state, if you look at the opposite point on the globe. Most of the continental U.S. “opposites” into obscure parts of the Indian Ocean, but Hawaii opposites into Botswana.
That is all from Randall Munroe’s What If?: Serious Scientific Answers to Absurd and Hypothetical Questions.
Two exhibits in Manhattan, taken collectively, offer what might be this year’s most rewarding aesthetic and learning experience. I stated a while ago that for the first time in a long time (possibly ever), America has a peer country in China. The contemporary Chinese art overview in the Guggenheim is the single best demonstration of this point I have seen, and the show is further evidence that China already may have surpassed the United States in the visual arts. Read this NYT review: “…a powerful, unmissable event, and an invaluable window onto a world of contemporary art, politics and history that we still, decades on, barely know.” This is not complacent art, and some of it was so disturbing it had to be removed before the show opened (NB: the Chinese were not the ones censoring).
At the still underrated Morgan Library, you will find Master Drawings from the Thaw Collection, in two large rooms. Are drawings and watercolors better than paintings? Per dollar spent, for sure. I cannot think of a better, more easily digestible survey of the brilliant visual intelligences behind the last few centuries of Western art. This NYT review also has quality visuals.
There is a new edition out, edited and translated by Stuart Warner and Stéphane Douard. This eighteenth century bestseller could hardly be more relevant today. Is it possible to lead a philosophic life? How do political leadership and wisdom intersect? How do Christianity and Islam differ politically? How does politics reflect gender relations in a society? Is there a case for optimism in modernity? I still am not sure we have improved on Montesquieu’s investigations, although I cannot claim he gives us final answers. This is a volume of polyphony, with travel as a source of learning and liberation as a major theme throughout.
Harems play a role too, here are the final paragraphs from Roxane to her sultan master Usbek:
You were astonished not to find in me the ecstasies of love. If you had known me well, you would have found in me all the violence of hatred.
But you have had for a long time the advantage of believing that a heart such as mine was submissive to you. We were both happy you believed me deceived, and I was deceiving you.
This language, without doubt, appears new to you. Could it be possible that after having overwhelmed you with grief, I could still force you to admire my courage? But it is done: poison consumes me; my strength abandons me; the pen falls from my hand; I feel even my hatred weaken; I am dying.
The introduction and notes are outstanding, and also of interest for those of you who are piqued by Straussianism. You will note that the book was first published anonymously.
“Jokes in a serious work are acceptable on the condition that they hide a profound sense beneath a trivial form. It is in this way that Montesquieu, in his novel, Persian Letters, has written one of the most philosophical books of the eighteenth century.” – Alexis de Tocqueville [link]
I am pleased, by the way, to have once had the chance to spend two days with co-editor Stuart Warner discussing Persian Letters and nothing but (thank you again Liberty Fund!). I cannot think of any person more qualified to have undertaken this endeavor.
You can order the volume here.
I very much enjoyed this Molly Ball piece.
…three days into their safari in flyover country, the researchers were hearing some things that disturbed them greatly—sentiments that threatened their beliefs to the very core…
“You’ve got all these parasites making a living off the bureaucracy,” the farmer declared, “like leeches pulling you down, bleeding you dry.” We had been in the state for just a few hours, and already the researchers’ quest for mutual understanding seemed to be hitting a snag.
Others in the group, a bunch of proudly curmudgeonly older white men, identified other culprits. There were plenty of jobs, a local elected official and business owner said. But today’s young people were too lazy or drug-addled to do them.
As we proceeded to meetings with diverse groups of community representatives, this sort of blame-casting was a common refrain. Disdain for the young, in particular, was a constant, across demographic, socio-economic, and generational lines: Even young people complained about young people. “They don’t want to do the work, and they always feel like they’re being picked on,” a recent graduate of a technical school in Chippewa Falls said of his fellow Millennials.
Some of the people we met expressed the conservative-leaning view that changes in society and the family were to blame. One, a technical-skills instructor at the Chippewa Falls school, questioned whether women belonged in the workplace at all. “That idea of both family members working, it’s a social experiment that I don’t know if it quite works,” he said. “If everyone’s working, who is making sure the children are raised right?”
There is much more at the link, but no final meeting of the minds.
That is a reader request, here goes:
I sometimes describe L.A. as the world’s best city to live in, but one of the worst to visit. Nonetheless you have some pretty good options. With half a day, make sure you have a rental car with the appropriate soundtrack(s). If you start from LAX, pick one road to drive east on, another to head back east to west — how about Sunset and Pico? Wilshire? Stop and walk as you can, convenient parking is often available. Use Jonathan Gold to pick the right eating places, perhaps Thai and Mexican? Veer off a wee bit and visit the La Brea Tar Pits, or for a longer trek Watts Towers. Time the sunset for Griffith Park. Deemphasize “Downtown” but consider the new Broad Museum for contemporary art. Work in a beach walk at Santa Monica or Venice, preferably the former. See a movie. See another movie. Avoid Beverly Hills. The truly ambitious can drive all the way down Western Ave. and stop for Belizean food along the way to that chapel at the very bottom of the road.
Here is the transcript and podcast, here is the summary introduction:
She joins Tyler for a conversation covering the full range of her curiosity, including fear, acclimating to grossness, chatting with the dead, freezing one’s head, why bedpans can kill you, sex robots, Freud, thinking like an astronaut, the proper way to eat a fry, and why there’s a Medicare reimbursement code for maggots.
Here are a few excerpts:
ROACH: It is never uncomfortable. People sometimes say, “The questions that you ask people, is it an awkward interview? When you went to Avenal State Prison for the rectum chapter of Gulp, and you, talking to this convicted murderer about using his rectum to smuggle cellphones and other things, was that not a very awkward conversation to have?”
A little bit, but then you have to keep in mind, this is somebody for whom hooping, as it’s called, is . . . everybody does it. It’s just something that you do; it’s everyday to him. Like for a sex researcher, talking about orgasm is like talking about tire rotation for a car mechanic.
COWEN: To do a whirlwind tour of some of your books, you have a book on corpses. If you could chat with the dead, what would you ask them?
ROACH: Oh, if I could chat with the dead. Are we assuming the personality or the body?
COWEN: Well, both.
ROACH: The corpse?
COWEN: The corpse.
ROACH: Oh, is this a research corpse or . . .
COWEN: It’s a research corpse.
ROACH: …So what I’d say to the cadaver is, “Is this embarrassing for you? Are you OK with this? Are they treating you respectfully? Do you wish you had some clothes on?”
COWEN: Why do only 18 percent of people who are in the position to have a life-after-death experience actually have one? What’s your view on that?
ROACH: The trouble seems to be remembering the near-death experience.
COWEN: Why are bedpans dangerous?
There is much, much more at the link. Jonathan Swift, Elvis, Adam Smith, and Jeff Sachs all make appearances, in addition to Catholicism, bee larvae, Mozambique, whether people know what they really want in sex, and whether it should be legal to harvest fresh road kill in Oregon.
Forbes: What3words (w3w) has a surprisingly simple and efficient way to find an address and get you there. The London startup has divided the world into a grid pattern of 57 trillion 3m x 3m squares and given each one a unique 3-word address. It means anyone can accurately find any location and share it instantly, removing the ambiguity from the search process.
At the Frankfurt Motor Show this week, Mercedes Benz announced it would be integrating this radical new address system into a selection of its models from 2018. “The United Nations and the Red Cross use us in disaster zones, and now Mercedes has realized that there is a problem in the developed world with accurate mapping systems and they have employed our software,” says Giles Rhys Jones, w3w’s chief marketing officer.
Hat tip: Samir Varma.
That is the title given to my latest Bloomberg column. Excerpt:
The new Britain appears to be a nationalistic, job-protecting, quasi-mercantilist entity, as evidenced by the desire to preserve the work and pay of London’s traditional cabbies. That’s hardly the right signal to send to a world considering new trade deals or possibly foreign investment in the U.K. Uber, of course, is an American company, and it did sink capital into setting up in London — and its reputational capital is on the line in what is still Europe’s most economically important city. This kind of slap in the face won’t exactly encourage other market entrants, including in the dynamic tech sector that London so desperately seeking.
I should note that I prefer London cabs, because of their higher quality service, noting that the people most hurt by this ban are from lower-income groups.