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Intermediaries
Kinds of Intermediaries Terms modified by Intermediaries Selected AbstractsCommunity Ventures and Access to Markets: The Role of Intermediaries in Marketing Rural Tourism ProductsDEVELOPMENT POLICY REVIEW, Issue 5 2004Kathrin Forstner Many community-based tourism ventures face marketing problems similar to those of other rural producers. They depend on intermediaries, such as private companies, membership organisations, public sector institutions and non-governmental organisations, to facilitate market access. The article analyses the strengths and weaknesses of each type of intermediary, based on different levels of marketing support. Reflecting discussions about marketing assistance in other rural sectors, it argues that intermediary institutions have different areas of expertise and experience different constraints in terms of capacity-building, marketing know-how, financial resources and overall livelihood impacts. Instead of pursuing individual support strategies, it is therefore necessary to develop combined approaches of marketing assistance, depending on location, tourism resources and existing organisational structures. [source] Financial Intermediaries and Interest Rate Risk: IIFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 5 2006Sotiris K. Staikouras The current work extends and updates the previous survey (Staikouras, 2003) by looking at other aspects of the financial institutions' yield sensitivity. The study starts with an extensive discussion of the origins of asset-liability management and the subsequent work to identify effective ways of measuring and managing interest rate risk. The discussion implicates both regulatory and market-based approaches along with any issues surrounding their applicability. The literature is enriched by recognizing that structural and regulatory shifts affect financial institutions in different ways depending on the size and nature of their activities. It is also noted that such shifts could change the bank's riskiness, and force banks to adjust their balance sheet size by altering their maturity intermediation function. Besides yield changes, market cycles are also held responsible for asymmetric effects on corporate values. Furthermore, nonstandard investigations are considered, where embedded options and basis risk are significant above and beyond the intermediary's rate sensitivity, while shocks to the slope of the yield curve is identified as a new variable. When the discount privilege is modeled as an option, it is shown that its value is incorporated in the equities of qualifying banks. Finally, volatility clustering is further established while constant relative risk aversion is not present in the U.S. market. Although some empirical findings may be quite mixed, there is a general consensus that all forms of systematic risk, risk premia, and the risk-return trade-off do exhibit some form of variability, not only over time but also across corporate sizes and segments. [source] The Interest Rate Risk Exposure of Financial Intermediaries: A Review of the Theory and Empirical EvidenceFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 4 2003By Sotiris K. Staikouras The paper surveys current and previous research on financial institutions' interest rate risk exposure. The implications of such exposure are discussed and motivating insights are emphasized. Various theoretical frameworks and models are presented. For each one an overview of the studies and any relationship to each other is provided. In a cross-industry analysis, other idiosyncratic risk factors are considered and their importance is delineated. A number of empirical relations are established. More specifically, there is an inverse relationship between interest rate changes and common stock returns of financial institutions. The intermediaries' apparent yield sensitivity is mainly attributed to the duration gap inherent in their balance sheet structure. Furthermore, the aforesaid equity sensitivity due to other possible dynamics such as dividend yield, unanticipated inflation and regulatory lags is also considered. Changes in economic regimes have altered volatility in market yields with a subsequent effect, positive or negative, on financial intermediaries' equity returns. The issue of the risk-return compensation is further analyzed, and findings suggest that the interest rate risk is priced by capital markets. Finally, a few other issues are identified as avenues for future research. [source] Do Expert Informational Intermediaries Add Value?JOURNAL OF ACCOUNTING RESEARCH, Issue 4 2003Evidence from Auditors in Microcap Initial Public Offerings Do expert informational intermediaries add value? We address this question by examining the informativeness of the audit report contained in the prospectus associated with a firm's initial public offering (IPO). At the time of the IPO, there is a relative lack of information to facilitate the establishment of equity values, suggesting that the information provided by outside "experts" (e.g., auditors, underwriters) is particularly important. In this article we study small, non-venture-backed IPOs, a segment of the market with the poorest long-run performance and where the prestigious audit firm is often the sole (if any) expert present. We find that the pre-IPO opinions of larger auditors are more predictive of post-IPO negative stock delistings. Of particular note, the opinions of the national-tiered firms are comparably predictive to those of the Big 6, though this finding emerges only after we consider the selectivity-based differences in the clients that hire these national firms. Our findings also indicate that, for larger auditors the presence of a pre-IPO going-concern opinion is more strongly associated with first-year stock returns and that larger auditors are more likely to give such opinions to their distressed clients. Overall, we address a deficiency in the literature relating to "the paucity of evidence on the value of auditor opinions to investors" (Healy and Palepu [ 2001 p. 415]). [source] Determinants of drug prices and expendituresMANAGERIAL AND DECISION ECONOMICS, Issue 4-5 2007William S. Comanor The process by which pharmaceuticals are bought and sold is exceedingly complex. The major reason is that most consumers do not pay directly for the drugs they consume. Intermediaries are generally present who purchase pharmaceuticals from their manufacturers and have them provided to their subscribers or affiliates. The products themselves, however, are generally supplied by the same pharmacies used by cash purchasers. The purpose of this paper is to describe and examine these markets. Copyright © 2007 John Wiley & Sons, Ltd. [source] An Experimental Analysis of the Impact of Intermediaries on the Outcome of Bargaining GamesREAL ESTATE ECONOMICS, Issue 2 2001Abdullah Yavas We conduct an experimental analysis of the bargaining between a buyer and a seller of the exchange of a single good by means of an intermediary or broker. We examine how an intermediary affects the price, the likelihood of a successful negotiation, and the time it takes to complete a negotiation. We first examine the impact of the intermediary as a pure middleman, and then as an information source about the distribution of seller and buyer reservation prices. The results show that an intermediary, whether or not informed, increases the sale price, reduces the likelihood of an agreement, and increases the time to reach an agreement (though the number of bargaining rounds declines). The results suggest that the benefits of brokerage may be predominantly in the matching of buyers and sellers rather than in facilitating bargaining. [source] The Emergent Role of Social Intermediaries in the New EconomyANNALS OF PUBLIC AND COOPERATIVE ECONOMICS, Issue 3 2001Michael J. Piore This paper focuses on the role of social intermediaries in the evolution of the economy. By ,social intermediaries' I mean those institutions that mediate between the economy and other realms of social activity and maintain a balance between them. Among institutions of this kind are trade unions and governmental organizations but also cooperatives, household-based enterprises, religious institutions, and, increasingly, networks of professionals and business people based on race, sex, ethnicity and religion. [source] Stakeholder Reporting: The Role of IntermediariesBUSINESS AND SOCIETY REVIEW, Issue 2 2009PAMELA STAPLETON ABSTRACT Corporate social responsibility encompasses a multiplicity of different concepts, such that its nature is confused, and it remains difficult to operationalize because opening dialogue with and responding to the various expectations of diverse stakeholders is beyond the capacity of many companies. This paper adapts Mayston's normative "information beneficiaries" framework and focuses on intermediaries who might potentially use published financial information to open a restricted form of dialogue with companies, which might benefit unsophisticated stakeholders. The paper examines the Mayston framework using interviews conducted in organizations that might act on behalf of three stakeholder groups associated with gas and electricity suppliers in the United Kingdom, these being: consumers, employees, and the environment. While a long chain of communication exists between utility company and stakeholder, and many organizations do not fulfill their full potential as information intermediaries, there is some evidence that Mayston's framework might well operate in practice. [source] Financial Intermediary Versus Production Approach to Efficiency of Marketing Distribution Systems and Organizational Structure of Insurance CompaniesJOURNAL OF RISK AND INSURANCE, Issue 3 2005Patrick L. Brockett An examination of the efficiency of the marketing distribution channel and organizational structure for insurance companies is presented from a framework that views the insurer as a financial intermediary rather than as a "production entity" which produces "value added" through loss payments. Within this financial intermediary approach, solvency can be a primary concern for regulators of insurance companies, claims-paying ability can be a primary concern for policyholders, and return on investment can be a primary concern for investors. These three variables (solvency, financial return, and claims-paying ability) are considered as outputs of the insurance firm. The financial intermediary approach acknowledges that interests potentially conflict, and the strategic decision makers for the firm must balance one concern versus another when managing the insurance company. Accordingly, we investigate the efficiency of insurance companies using data envelopment analysis (DEA) having as insurer output an appropriately selected (for the firm under investigation) combination of solvency, claims-paying ability, and return on investment as outputs. These efficiency evaluations are further examined to study stock versus mutual form of organizational structure and agency versus direct marketing arrangements, which are examined separately and in combination. Comparisons with the "value-added" or "production" approach to insurer efficiency are presented. A new DEA approach and interpretation is also presented. [source] Enantioselective Synthesis of Imperanene via Enzymatic Asymmetrization of an Intermediary 1,3-Diol.CHEMINFORM, Issue 1 2005Jason A. Carr Abstract For Abstract see ChemInform Abstract in Full Text. [source] Supply Management Under High Goal Incongruence: An Empirical Examination of Disintermediation in the Aerospace Supply ChainDECISION SCIENCES, Issue 3 2008Christian L. Rossetti ABSTRACT Aftermarket sales and profits are becoming an increasingly important part of an original equipment manufacturer's (OEM) business model. Because replacement parts often do not require further manufacturing, OEMs act as intermediaries in the aftermarket. As with any intermediary, the OEM must concern itself with suppliers disintermediating its supply chain selling replacement parts directly to the OEM's customers. We frame supply chain disintermediation (SCD) as a principal,agent contracting problem between an OEM buyer and a supplier. Hypotheses relate contract conditions, goal incongruence, supplier capabilities and contract enforcement to SCD. The data are collected from the aerospace industry using a multimethod study, combining an Internet-based survey with archival data. Causal modeling with structural equation modeling (SEM) shows general support for the hypotheses. Particularly, SCD is positively related to buyer,supplier goal incongruence. The agency model offers insights that differ from previous transaction-cost-based models of buyer,supplier relationships. OEM buyers with a lucrative aftermarket should consider aligning goals through incentives rather than relying entirely on economic hostages associated with specific assets. [source] Manufacturing Practices and Strategy Integration: Effects on Cost Efficiency, Flexibility, and Market-Based PerformanceDECISION SCIENCES, Issue 3 2005Morgan Swink ABSTRACT Manufacturing plant managers have sought performance improvements through implementing best practices discussed in World Class Manufacturing literature. However, our collective understanding of linkages between practices and performance remains incomplete. This study seeks a more complete theory, advancing the idea that strategy integration and enhanced manufacturing capabilities such as cost efficiency and flexibility serve as intermediaries by which practices affect performance. Hypotheses related to this thesis are tested using data from 57 North American manufacturing plants that are past winners and finalists in Industry Week's"America's Best" competition (Drickhamer, 2001). The results suggest that strategy integration plays a strong, central role in the creation of manufacturing cost efficiency and new product flexibility capabilities. Furthermore, strategy integration moderates the influences of product-process development, supplier relationship management, workforce development, just-in-time flow, and process quality management practices on certain manufacturing capabilities. In turn, manufacturing cost efficiency and new product flexibility capabilities mediate the influence of strategy integration on market-based performance. These findings have implications for practice and for future research. [source] Community Ventures and Access to Markets: The Role of Intermediaries in Marketing Rural Tourism ProductsDEVELOPMENT POLICY REVIEW, Issue 5 2004Kathrin Forstner Many community-based tourism ventures face marketing problems similar to those of other rural producers. They depend on intermediaries, such as private companies, membership organisations, public sector institutions and non-governmental organisations, to facilitate market access. The article analyses the strengths and weaknesses of each type of intermediary, based on different levels of marketing support. Reflecting discussions about marketing assistance in other rural sectors, it argues that intermediary institutions have different areas of expertise and experience different constraints in terms of capacity-building, marketing know-how, financial resources and overall livelihood impacts. Instead of pursuing individual support strategies, it is therefore necessary to develop combined approaches of marketing assistance, depending on location, tourism resources and existing organisational structures. [source] Indirect Perceptual Realism and Multiple ReferenceDIALECTICA, Issue 3 2008Derek Brown Indirect realists maintain that our perceptions of the external world are mediated by our ,perceptions' of subjective intermediaries such as sensations. Multiple reference occurs when a word or an instance of it has more than one reference. I argue that, because indirect realists hold that speakers typically and unknowingly directly perceive something subjective and indirectly perceive something objective, the phenomenon of multiple reference is an important resource for their view. In particular, a challenge that A. D. Smith has recently put forward for indirect realists can be overcome by appreciating how multiple reference is likely to arise when a projectivist variety of indirect realism is interpreted by speakers adhering to a naïve direct realism. [source] A Quantitative Theory of Unsecured Consumer Credit with Risk of DefaultECONOMETRICA, Issue 6 2007Satyajit Chatterjee We study, theoretically and quantitatively, the general equilibrium of an economy in which households smooth consumption by means of both a riskless asset and unsecured loans with the option to default. The default option resembles a bankruptcy filing under Chapter 7 of the U.S. Bankruptcy Code. Competitive financial intermediaries offer a menu of loan sizes and interest rates wherein each loan makes zero profits. We prove the existence of a steady-state equilibrium and characterize the circumstances under which a household defaults on its loans. We show that our model accounts for the main statistics regarding bankruptcy and unsecured credit while matching key macroeconomic aggregates, and the earnings and wealth distributions. We use this model to address the implications of a recent policy change that introduces a form of "means testing" for households contemplating a Chapter 7 bankruptcy filing. We find that this policy change yields large welfare gains. [source] COMPETITION AMONG STAKEHOLDER GROUPS FOR POLITICAL INFLUENCE OVER BUSINESS REGULATION: THE CASE OF THE UK PENSIONS INDUSTRYECONOMIC AFFAIRS, Issue 3 2003Paul Klumpes This paper applies a stakeholder perspective to estimate various types of costs (taxes) and benefits (subsidies) affecting stakeholder groups whose constituents are most affected by recent, major reforms to the public regulation of the UK pensions industry. Both direct and indirect subsidies and taxes arising from regulation distinguishes groups representing both sophisticated and vulnerable investors. The analysis suggests that financial intermediaries, and industry regulators, are all effectively subsidised by other stakeholder groups. [source] The Competitive Foundations of Localized Learning and Innovation: The Case of Women's Garment Production in New York City,ECONOMIC GEOGRAPHY, Issue 4 2002Norma M. Rantisi Abstract: This article considers the relevance of the "local" for firm learning in New York City's Garment District. By documenting the design innovation process in the district's women's wear industry and the ways in which designers draw on the district's specialized services and institutions to assist in the process, the article examines how a localized agglomeration or "cluster" facilitates the development of shared conventions and practices. It also shows how the district confers benefits on firms in indirect ways. Since apparel manufacturers operate in a U.S. regulatory framework that inhibits cooperation, the Garment District's support institutions serve as production intermediaries, providing firms with a means to monitor and observe rival firms' performances and solutions. As such, the case of the Garment District poses interesting challenges to the prevailing conceptions of the "local" as a site for cooperation and suggests the need to rethink the relevance of competition for learning and innovation. [source] The Choice Among Interbank Settlement Systems: The European ExperienceECONOMIC NOTES, Issue 1 2003Angelo Baglioni This paper addresses the choice of banks between alternative channels for interbank payments. The conventional view assumes a tradeoff between the safety of real-time gross settlement (RTGS) and the liquidity savings of multilateral netting. Moreover, correspondent banking is believed to be inefficient, both in terms of liquidity and of administrative costs. In the last decade, however, the impulse of the Committee on Payment and Settlement Systems, technological changes and the management of RTGS systems by central banks have reduced the difference between the various systems. This is especially true for risk, whereas liquidity cost crucially depends on the refinancing policy adopted by the central bank and the co-ordination among the participants. On the basis of the recent evolution of payment systems in Europe, we verify the importance of liquidity, as well as other variables like transaction costs, for the choice of banks among different settlement systems. Cost factors imply that the nature of payments flows (value, commercial versus financial) and some structural features of the banking systems (dimension of the intermediaries, concentration of the banking sector) become important. The analysis is carried out both through a theoretical model and a cross-country comparison based on three data sources: ECB (European Central Bank, EBA (Euro Banking Association) and SWIFT (Society for Worldwide Interbank Financial Telecommunication). [source] Processing methods for partially encrypted data in multihop Web servicesELECTRONICS & COMMUNICATIONS IN JAPAN, Issue 5 2008Kojiro Nakayama Abstract Message layer security is necessary to ensure the end-to-end security of Web services. To provide confidentiality against the intermediaries along the message path, XML encryption is used to partially encrypt the message. Because the data structure is changed by the partial encryption, the encrypted message is no longer valid with respect to the original schema definition. Thus, problems occur regarding the processing of the schema validation and the data binding by the intermediary. In this paper, we discuss two possible methods to solve these problems. The first method is to transform the original schema definition. The second is to transform the received message. We examined these methods by applying them to demonstration experiment of Web services. © 2008 Wiley Periodicals, Inc. Electron Comm Jpn, 91(5): 26, 32, 2008; Published online in Wiley InterScience (www.interscience.wiley.com). DOI 10.1002/ecj.10112 [source] Has Finance Made the World Riskier?EUROPEAN FINANCIAL MANAGEMENT, Issue 4 2006Raghuram G. Rajan G20; G21; G22 Abstract Developments in the financial sector have led to an expansion in its ability to spread risks. The increase in the risk bearing capacity of economies, as well as in actual risk taking, has led to a range of financial transactions that hitherto were not possible, and has created much greater access to finance for firms and households. On net, this has made the world much better off. Concurrently, however, we have also seen the emergence of a whole range of intermediaries, whose size and appetite for risk may expand over the cycle. Not only can these intermediaries accentuate real fluctuations, they can also leave themselves exposed to certain small probability risks that their own collective behaviour makes more likely. As a result, under some conditions, economies may be more exposed to financial-sector-induced turmoil than in the past. The paper discusses the implications for monetary policy and prudential supervision. In particular, it suggests market-friendly policies that would reduce the incentive of intermediary managers to take excessive risk. [source] Quality, imagery and marketing: producer perspectives on quality products and services in the lagging rural regions of the European UnionGEOGRAFISKA ANNALER SERIES B: HUMAN GEOGRAPHY, Issue 1 2001Brian Ilbery A range of factors, including consumer concerns about food safety, the growing popularity of rural tourism and policy initiatives to promote endogenous rural development, is converging to promote a relocalization of food production and service provision, especially in those regions marginalized by the globalization of the food supply system. The recent outbreak of foot and mouth disease in the UK has starkly illustrated the fragility of localized systems which depend heavily on consumers travelling to them. Within such a context, the importance of successful marketing strategies has become even more apparent. This paper reports on a questionnaire survey which investigated promotional and marketing strategies among a diverse range of producers and service providers in marginal agricultural areas of the EU. The findings suggest that many producers are situated towards the "formal" end of a marketing continuum, whereby ability to promote quality products and services (QPS) lies with a range of intermediaries. This raises doubts about the future economic benefits of QPS, should current marketing structures persist. The discussion offers critical reflections on interdisciplinary and international research of this nature, and advocates further theoretical and methodological development in order to explore in more depth many of the aspects raised in this exploratory investigation. [source] EXPLORING MARKET-BASED DEVELOPMENT: MARKET INTERMEDIARIES AND FARMERS IN CALAKMUL, MEXICO,GEOGRAPHICAL REVIEW, Issue 1 2005ERIC KEYS ABSTRACT. Market intermediaries play important roles in the development of tropical-forest frontiers but are often overlooked in the assessment of land-change dynamics. Consistent with research beyond land-change studies, intermediaries are found to be a pivotal element in land-use and land-cover change in southeastern Mexico. They have stimulated commercial chili cultivation in this development frontier, providing transportation and other services to smallholders who could otherwise not enter the chili market. This role comes at the cost of a near monopoly on chili marketing. The various roles played by these intermediaries, or coyotes, the means by which they operate, and the consequences for smallholders and land use are detailed for the Calakmul Municipality, Campeche, Mexico. [source] Globalization and cultural mediation: the construction of Arabia in LondonGLOBAL NETWORKS, Issue 4 2002Christa Salamandra The Arab Gulf's relationship to London epitomizes the processes of globalization i.e. flows of people, images, ideas and wealth beyond national borders. The rise of oil wealth in the mid,1970s financed the growth of London as a centre of Gulf Cooperation Council,funded Arab cultural production. The British capital's populations of ex,servicemen, former diplomats and Middle Eastern immigrants serve as ,third culture' mediators. Often well educated, well heeled and well connected, these intermediaries possess the social position and cultural know,how to play a central role in the construction and marketing of Gulf Arab local culture and heritage. Romantic notions of Gulf Arab cultural particularism feature prominently in mediators' products and activities. In the case of Arab London's mediation industries, globalization results not in cultural homogenization, but rather in the (re)production and commodification of reified notions of cultural difference. [source] Externalizing the core: Firms' use of employment intermediaries in the information and communication technology industriesHUMAN RESOURCE MANAGEMENT, Issue 2 2007Torstein Nesheim Recent research suggests that nonstandard employment relations may be a source of innovation for the firm. In this article, we analyze firms' strategic correlates and perceived benefits from using two types of employment in-termediaries,consulting firms and temporary help agencies,in their core activities. Organizations with an innovation strategy are more likely to use consulting firms in their core activities, while organizations that compete on the basis of low cost are more apt to use temporary help agencies. Moreover, managers say that consulting firms are more likely than temporary help agencies to provide them with special competencies in their core activities. © 2007 Wiley Periodicals, Inc. [source] Financial Centres and the Geography of Capital FlowsINTERNATIONAL FINANCE, Issue 1 2003Francis E. Warnock A geographical mismatch is evident in portfolio flows data. Because the data collection system was designed to measure cross-border transactions with foreign counterparties who are often intermediaries, the majority of flows are attributed to financial centres. We quantify this geographical mismatch by using the bilateral capital flows data to estimate bilateral debt and equity positions between the USA and over 40 countries and comparing those estimates with data from benchmark surveys. Our findings have implications for researchers and policy makers who use capital flows data or flows-based positions estimates. [source] Effect of reactive oxygen intermediaries on the viability and infectivity of Mycobacterium lepraemuriumINTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY, Issue 3 2007Kendy Wek-Rodriguez Summary Murine leprosy is a natural disease of the mouse, the most popular model animal used in biomedical research; the disease is caused by Mycobacterium lepraemurium (MLM), a successful parasite of macrophages. The aim of the study was to test the hypothesis that MLM survives within macrophages because it highly resists the toxic effects of the reactive oxygen intermediaries produced by these cells in response to infection by the microorganism. MLM cells were incubated in the presence of horseradish peroxidase (HRPO),H2O2,halide for several periods of time. The peroxidative effect of this system was investigated by assessing the changes occurred in (a) lipid composition; (b) viability; and (c) infectivity of the microorganism. Changes in the lipid composition of peroxidated- vs. intact-MLM were analysed by thin layer chromatography. The effect of the peroxidative system on the viability and infectivity of MLM was measured by the alamar blue reduction assay and by its ability to produce an infection in the mouse, respectively. Peroxidation of MLM produced drastic changes in the lipid envelope of the microorganism, killed the bacteria and abolished their ability to produce an in vivo infection in the mouse. In vitro, MLM is highly susceptible to the noxious effects of the HRPO,H2O2,halide system. Although the lipid envelope of MLM might protect the microorganism from the peroxidative substances produced at ,physiological' concentrations in vivo, the success of MLM as a parasite of macrophages might rather obey for other reasons. The ability of MLM to enter macrophages without triggering these cells' oxidative response and the lack of granular MPO in mature macrophages might better explain its success as an intracellular parasite of these cells. [source] Networking and innovation: a systematic review of the evidenceINTERNATIONAL JOURNAL OF MANAGEMENT REVIEWS, Issue 3-4 2004Luke Pittaway Recent work on competitiveness has emphasized the importance of business networking for innovativeness. Until recently, insights into the dynamics of this relationship have been fragmented. This paper presents a systematic review of research linking the networking behaviour of firms with their innovative capacity. We find that the principal benefits of networking as identified in the literature include: risk sharing; obtaining access to new markets and technologies; speeding products to market; pooling complementary skills; safeguarding property rights when complete or contingent contracts are not possible; and acting as a key vehicle for obtaining access to external knowledge. The evidence also illustrates that those firms which do not co-operate and which do not formally or informally exchange knowledge limit their knowledge base long term and ultimately reduce their ability to enter into exchange relationships. At an institutional level, national systems of innovation play an important role in the diffusion of innovations in terms of the way in which they shape networking activity. The paper provides evidence suggesting that network relationships with suppliers, customers and intermediaries such as professional and trade associations are important factors affecting innovation performance and productivity. Where networks fail, it is due to inter-firm conflict, displacement, lack of scale, external disruption and lack of infrastructure. The review identifies several gaps in the literature that need to be filled. For instance, there is a need for further exploration of the relationship between networking and different forms of innovation, such as process and organisational innovation. Similarly, we need better understanding of network dynamics and network configurations, as well as the role of third parties such as professional and trade associations. Our study highlights the need for interdisciplinary research in these areas. [source] Supply-side perspectives on ecotourism in Northern ThailandINTERNATIONAL JOURNAL OF TOURISM RESEARCH, Issue 5 2010Nick Kontogeorgopoulos Abstract This study provides a supply-side perspective on ecotourism by exploring the ways in which travel agents and tour operators in Chiang Mai, Thailand conceptualise, prioritise and furnish ecotourism. Although travel agents and tour operators serve as crucial intermediaries between tourists and destinations, the ecotourism literature has largely ignored the ways in which retailers and suppliers of tourism experience approach and define ecotourism. Using quantitative data gathered from 300 travel agents and tour operators, this paper illustrates that the conceptualisation of ecotourism among agents and operators in Chiang Mai is expansive, flexible and, in some ways, internally contradictory. Copyright © 2010 John Wiley & Sons, Ltd. [source] Financial Structure, Corporate Finance and Economic GrowthINTERNATIONAL REVIEW OF FINANCE, Issue 1 2000René M. Stulz This paper examines how a country's financial structure affects economic growth through its impact on how corporations raise and manage funds. We define a country's financial structure to consist of the institutions, financial technology and rules of the game that define how financial activity is organized at a point in time. We emphasize that the aspects of financial structure that encourage entrepreneurship are not the same as those that ensure the efficiency of established firms. Financial structures that permit the development of specialized capital by financial intermediaries are crucial to economic growth. [source] Structure and signaling in polyps of a colonial hydroidINVERTEBRATE BIOLOGY, Issue 1 2004Neil W. Blackstone Abstract. After feeding, polyps of colonial hydroids contract regularly, dispersing food throughout the colony via the gastrovascular fluid. Such contractions may trigger signaling pathways that allow colonies to grow in an adaptive manner, i.e., to initiate development of more polyps in food-rich areas and to suppress polyp development in food-poor areas. In this context, we investigated the structure and potential signaling of the junction between polyps and stolons in colonies of the hydroid Podocoryna carnea. Using transmission electron microscopy, we found that the density of mitochondrion-rich epitheliomuscular cells was low in polyp and stolon tissues except at or near the polyp-stolon junction, where many of these mitochondrion-rich cells occur in ectodermal tissue. In vivo fluorescence microscopy suggests that these mitochondria are a principal source of the metabolic signals of the colony. Both native fluorescence of NAD(P)H and fluorescence from peroxides (visualized with H2DCFDA) co-localize to this region of the polyp. Rhodamine 123 fluorescence suggests that both these metabolic signals emanate from mitochondria. To test whether such metabolic signals may be involved in colony pattern formation, inbred lines of P. carnea were used. Colonies of a runner-like inbred line grow with widely spaced polyps and long stolonal connections, much like wild-type colonies in a food-poor environment. Colonies of a sheet-like inbred line grow with closely spaced polyps and short stolonal connections, similar to wild-type colonies in a food-rich environment. Polyp-stolon junctions in runner-like and sheet-like colonies were imaged for the fluorescence of H2DCFDA. Densitometric analysis of this signal indicates that the mitochondria in epitheliomuscular cells of runner-like polyps emit greater amounts of peroxides. Because peroxides and other reactive oxygen species are frequently intermediaries in metabolic signaling pathways, we suspect that such signaling may indeed occur at polyp-stolon junctions, affecting colony pattern formation in these inbred lines and possibly in hydroid colonies in general. [source] | ||||||||||||||||||||||||||||||||||||||||||||||||||||