Home About us Contact
|
Home About us Contact | ||
|
|
||
Paper Analyses (paper + analysis)
Selected AbstractsThe integration of corporate governance in corporate social responsibility disclosuresCORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, Issue 1 2010Ans Kolk Abstract In recent years, not only has attention to corporate governance increased but also the notion has broadened considerably, and started to cover some aspects traditionally seen as being part of corporate social responsibility (CSR). CSR, corporate governance and their interlink seem particularly relevant for multinational enterprises (MNEs), which, due to their activities in multiple contexts around the world and concomitant visibility, generally face higher demands to be transparent and disclose information about such issues. Insights into whether and in which cases disclosures on the two topics actually merge has been very limited, however. This paper analyses to what extent corporate governance has become integrated in MNEs' disclosure practices on CSR. Based on an analysis of CSR reporting of Fortune Global 250 companies, findings show that more than half of them have a separate corporate governance section in their CSR report and/or explicitly link corporate governance and CSR issues. We also found that MNEs that disclose information on a wider variety of social and environmental issues and frame CSR with a focus on internal issues are more inclined to integrate corporate governance into their CSR reporting. This integration seems to be a global phenomenon that cuts across countries and sectors. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment. [source] The Global Reporting Initiative and corporate sustainability reporting in Swedish companiesCORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, Issue 3 2003Carl-Johan Hedberg With empirical evidence from Swedish companies, this paper analyses the phenomenon of corporate sustainability reporting (CSR) in general and the use of CSR guidelines developed by the Global Reporting Initiative (GRI) in particular. The main questions at issue are why companies have chosen to use the GRI guidelines and how this has affected corporate social responsibility and environmental management. From interviews with all Swedish companies that use the guidelines, we have found that companies produce CSRs mainly to seek organizational legitimacy, and that the main reason for use of the GRI guidelines is an expectation of increasing credibility of the CSR, but also that it provides a template for how to design a report. Moreover, we have found that the CSR report and the GRI guidelines are of more help for internal than external communication at this stage of development. It could help corporations to learn about themselves and to see what has actually been done in the organization. In all, the GRI guidelines would have the potential for gaining visibility and control of the triple bottom line on a corporate level, but they are in need of further development, not least in relation to the issue of verification. Copyright © 2003 John Wiley & Sons, Ltd and ERP Environment. [source] The Creation and Management of Cultural ClustersCREATIVITY AND INNOVATION MANAGEMENT, Issue 4 2002Erik Hitters This paper analyses two cultural clusters, the Westergasfabriek (WGF) in Amsterdam and the Witte de Withstraat (WdW) in Rotterdam, and evaluates their contrasting creative management strategies. The WGF has to date been fairly successful in creating an attractive mix of different cultural activities, based on the creative potential of the buildings on the site, its image as a cultural centre and the general atmosphere of creativity. The more ,top,down' approach of the Local Authority owned but commercially managed WFG has injected new commercial skills and investment into the cluster, and creates the conditions for innovation through managing the mix of creative functions. The WdW, on the other hand, takes a more ,bottom,up' approach to the problems of cultural management, and so far the participants have resisted the imposition of formal management. This may allow cultural and commercial functions to co,exist more easily, but, thus far, there seems to be less evidence of innovation. [source] Inter,organisational Relationships in the Worldwide Popular Recorded Music IndustryCREATIVITY AND INNOVATION MANAGEMENT, Issue 4 2002Jonathan Gander This paper analyses the worldwide popular recorded music industry and examines how product, firm and industry features result in key resources coagulating around the two firm types; the major and independent. We argue that these firm specific resources are complementary and participating firms would benefit from their union. However though complementary, they are inimical and close association risks damaging their value. Collaboration between the two firm types that hold these resources therefore needs to be designed not along traditional concerns of protection from opportunism, or the requirement to control key resources. Instead competitive advantage may be gained by designing and managing structural relationships that protect each partner's resource set from the hostile elements of the others; a contamination rather than an appropriation focus. [source] Socioeconomic factors related to attendance at a Type 2 diabetes screening programmeDIABETIC MEDICINE, Issue 5 2009E-M. Dalsgaard Abstract Aims, The prevalence of diabetes is increasing, and screening of high-risk populations is recommended. A low attendance rate has been observed in many Type 2 diabetes screening programmes, so that an analysis of factors related to attendance is therefore relevant. This paper analyses the association between socioeconomic factors and attendance for Type 2 diabetes screening. Methods, Persons aged 40,69 years (n = 4603) were invited to participate in a stepwise diabetes screening programme performed in general practitioners' offices in the county of Aarhus, Denmark in 2001. The study was population-based and cross-sectional with follow-up. The association between screening attendance in the high-risk population and socioeconomic factors was analysed by odds ratio. Results, Forty-four percent of the estimated high-risk population attended the screening programme. In those with known risk for Type 2 diabetes, attenders were more likely to be older, to be unemployed and to live in the countryside than non-attenders. The risk for Type 2 diabetes was unknown for 21% of the study population; this group was younger and less likely to be cohabitant, skilled, or employed and to have middle or high income than the study population with known risk score for diabetes. Conclusions, A low attendance rate was found in this screening programme for Type 2 diabetes. No substantial socioeconomic difference was found between attenders and non-attenders in the high-risk population. Further research is needed to uncover barriers to screening of Type 2 diabetes in socioeconomically deprived persons. [source] The 2004 Madrid train bombings: an analysis of pre-hospital managementDISASTERS, Issue 1 2008Alejandro López Carresi The terrorist train bombings in Madrid, Spain, on 11 March 2004 triggered a swift and massive medical response., This paper analyses the pre-hospital response to the attacks to gain insight into current trends in disaster management among Madrid's Emergency Medical Services (EMSs). To this end, the existing emergency planning framework is described, the basic structures of the different EMSs are presented, and the attacks are briefly depicted before consideration is given to pre-hospital management. Finally, an explanation of the main underlying misconceptions in emergency planning and management in Madrid is provided to aid understanding of the origins of some of the problems detected during the response. These are attributable mainly to inappropriate planning rather than to mistakes in field-level decision-making. By contrast, many of the successes are attributable to individual initiatives by frontline medics who compensated for the lack of clear command by senior managers by making adaptive and flexible decisions. [source] Newspaper coverage of drug policy: an analysis of pre-election reporting of the Greens' drug policy in AustraliaDRUG AND ALCOHOL REVIEW, Issue 1 2008SANDRA C. JONES BA Abstract Introduction and Aims. With the headline ,Ecstasy Over The Counter' in a popular daily newspaper, the debate on drug policy officially entered the arena of the 2003 New South Wales (Australia) State Election. The debate resurfaced in the lead-up to the 2004 Australian Federal Election. This paper analyses the pre-election coverage of drug policy issues in four Australian newspapers. Design and Methods. Four high-circulation daily newspapers were monitored for a one-month period prior to both elections and analysed for their coverage of drug policy, particularly with respect to the policy of the Greens. Results. The newspapers took different perspectives on drug policy issues, with two framing it in emotive terms as a moral debate and two framing it as political manoeuvring. Discussion and Conclusion. The newspapers focused upon emotive and sensationalist factors. They did not provide their readers with information or a rationale for the formulation of drug policy, be this from a harm minimisation or zero tolerance perspective. [source] Dynamics of soil erosion rates and controlling factors in the Northern Ethiopian Highlands , towards a sediment budgetEARTH SURFACE PROCESSES AND LANDFORMS, Issue 5 2008Jan Nyssen Abstract This paper analyses the factors that control rates and extent of soil erosion processes in the 199 ha May Zegzeg catchment near Hagere Selam in the Tigray Highlands (Northern Ethiopia). This catchment, characterized by high elevations (2100,2650 m a.s.l.) and a subhorizontal structural relief, is typical for the Northern Ethiopian Highlands. Soil loss rates due to various erosion processes, as well as sediment yield rates and rates of sediment deposition within the catchment (essentially induced by recent soil conservation activities), were measured using a range of geomorphological methods. The area-weighted average rate of soil erosion by water in the catchment, measured over four years (1998,2001), is 14·8 t ha,1 y,1, which accounts for 98% of the change in potential energy of the landscape. Considering these soil loss rates by water, 28% is due to gully erosion. Other geomorphic processes, such as tillage erosion and rock fragment displacement by gravity and livestock trampling, are also important, either within certain land units, or for their impact on agricultural productivity. Estimated mean sediment deposition rate within the catchment equals 9·2 t ha,1 y,1. Calculated sediment yield (5·6 t ha,1 y,1) is similar to sediment yield measured in nearby catchments. Seventy-four percent of total soil loss by sheet and rill erosion is trapped in exclosures and behind stone bunds. The anthropogenic factor is dominant in controlling present-day erosion processes in the Northern Ethiopian Highlands. Human activities have led to an overall increase in erosion process intensities, but, through targeted interventions, rural society is now well on the way to control and reverse the degradation processes, as can be demonstrated through the sediment budget. Copyright © 2007 John Wiley & Sons, Ltd. [source] Processes and mechanisms of dynamic channel adjustment to delta progradation: the case of the mouth channel of the Yellow River, ChinaEARTH SURFACE PROCESSES AND LANDFORMS, Issue 6 2003Changxing Shi Abstract This paper analyses the processes and mechanisms of a three-stage channel adjustment over a cycle of the Yellow River mouth channel extension based on data comprising hydrologic measurements and channel geometric surveys. Rapid siltation in the mouth channel takes place in the young stage when the channel is being built by deposits and in the old stage when the channel cannot further adjust itself to keep sediment transport in equilibrium. It is disclosed that the bankfull width,depth ratio, bed material size and slope decrease in the young and mature stages but do not change in the old stage. The reduction of bankfull width,depth ratio and bed material size during the young and mature stages is found to be able to offset the effect of the slope reduction on sediment transport due to continuous mouth progradation. They reach their limits in old stage, and a constant slope is kept by unceasing sediment accumulation. The grain size composition of incoming sediment and the fining mechanism are responsible for the occurrence of lower limit of bed material size. The reason for the existence of a limit of bankfull cross-sectional shape is that the large flows can fully transport the sediment load they are carrying, and siltation in the channel in the old stage takes place mainly in the low flows. It is suggested that the bankfull discharge plays an important role in shaping the channel but that the entire channel form is the product of both the large and low flows plus the effects of interaction between them. Channel pattern change shows a process from a braided pattern in the young stage to a straight pattern in the mature and old stages, and the straight channel becomes gradually sinuous. The occurrence and transformation of the channel patterns are supported by two planform predictors, but are also facilitated by some other conditions. Copyright © 2003 John Wiley & Sons, Ltd. [source] Scale dependence of spatial patterns and cartography on the detection of landscape change: relationships with species' perceptionECOGRAPHY, Issue 4 2002Susana Suárez-Seoane This paper analyses how landscape pattern detection changes when different spatial and temporal scales and several levels of detail of the cartography are used to describe a landscape affected by land abandonment in northern Spain. In order to integrate landscape composition and structure at different temporal and spatial scales in the same framework, a multiple correspondence factorial analysis was ran for each typology of landscape units. Annual rates of change and scale dependencies were calculated for each typology from the Euclidean distances in the factorial space. Finally, the potential assessment of habitat utilisation by species with different landscape perception and movement capacity was modelled for the range of typologies. The amount of variance explained by the factorial analysis decreased with the complexity of the typology. Annual rates of change appeared different according to the time span and the detail of the landscape unit typology used. For all typologies, changes were faster during 1983,95, a period characterised by massive land abandonment. However, when the whole period (1956,95) was considered, annual changes were much lower, showing differences between typologies. As a general trend, the variance of the mean annual change decreased with the size of the analysis units. In response to land abandonment, different scale dependencies were found for different levels of detail of the cartography. Coarser typologies are suitable when analysing highly mobile species. However, species with small movement capacity or with a preference for homogeneous habitats perceive more detail in landscape. In this case, a detailed typology is more appropriate. [source] COACHING COSTS AS TULLOCK COSTS: A MODEL OF RISING COACHING SALARIESECONOMIC AFFAIRS, Issue 3 2010Kurt Rotthoff Escalating sports coaching costs have strained budgets at many universities. This paper analyses these expenditures as a form of Tullock Costs (Tullock, 1967). In this framework the money the universities receive is spent on recruiting top talent, so the schools receive little, or no, monetary gain under current scholarship rules. [source] Information Technology and Productivity Changes in the Banking IndustryECONOMIC NOTES, Issue 1 2007Luca Casolaro This paper analyses the effects of investment in information technologies (IT) in the financial sector using micro-data from a panel of 600 Italian banks over the period 1989,2000. Stochastic cost and profit functions are estimated allowing for individual banks' displacements from the best practice frontier and for non-neutral technological change. The results show that both cost and profit frontier shifts are strongly correlated with IT capital accumulation. Banks adopting IT capital-intensive techniques are also more efficient. On the whole, over the past decade IT capital-deepening contribution to total factor productivity growth of the Italian banking industry can be estimated in a range between 1.3 and 1.8 per cent per year. [source] IS INJURY COMPENSATION EXCESSIVE?ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 2 2004Peter Abelson In Australia, excessive awards in personal damage cases are widely perceived to have created a public liability crisis and cuts in valued services. This paper analyses whether awards for damages are excessive. The paper starts by setting out a normative basis for awards based on welfare economic principles and amounts that individuals are willing to pay to avoid injuries. It then provides estimates of appropriate compensation sums for 27 typical injuries ranging from broken arms to quadriplegia and severe brain damage. There follows an analysis of 192 court awards for injuries greater than $250 000 in New South Wales between 1991 and 2002, including awards for 101 traffic accidents, 64 workers compensation cases, and 27 personal injury cases. The paper concludes that these court awards are broadly consistent with economic estimates for damages and that the awards are generally not excessive. [source] Economic aspects of human cloning and reprogeneticsECONOMIC POLICY, Issue 36 2003Gilles Saint-Paul SUMMARY While most discussions of human cloning start and end with ethics, this paper analyses the economics of human cloning. I analyse the incentives for cloning and its implications for the long-run distribution of skills and income. I discuss models of human cloning for different motives, focusing on those that tend to produce new human beings with improved ability. I distinguish three cases: cloning as a means of assisted reproduction for infertile couples, cloning by fertile couples aimed at producing high ability offspring and, finally, financially motivated cloning. The third case supposes that the creator of a clone can appropriate some fraction of the clone's future income. Even if this fraction is small, the possibility of producing exceptionally talented clones with correspondingly high incomes might make it profitable, and thus turn cloning into a form of financial investment. An important consequence of these models is that to the extent that ability is genetically determined and cloners prefer to make high-ability clones, cloning will act as a form of what might be called ,unnatural selection'. Following standard Darwinian logic, such selection will tend to increase the proportion of high ability people in society. Indeed, under some assumptions the distribution of ability eventually converges to a mass point at the highest possible ability level. Under weaker assumptions, it is shown that ability-reducing genes are eventually eliminated. These results do not depend on cloning displacing sexual reproduction or even being widespread; they hold even if a small, or even negligible number of top ability workers are cloned at a small (but not negligible) number of copies. The paper discusses the plausibility of the models and their results in light on the evidence on marriage markets, child selection, human assisted reproduction and animal husbandry. Finally, it is shown how the analysis can be used to help formulate policies toward cloning, whether they aim at preventing it or managing its external effects. , Gilles Saint-Paul [source] Parental Separation and Children's Educational Attainment: A Siblings Analysis on Swedish Register DataECONOMICA, Issue 292 2006ANDERS BJÖRKLUND This paper analyses whether the commonly found negative relationship between parental separation in childhood and educational outcomes is causal or due mainly to selection. We use data on about 100,000 Swedish full biological siblings, born in 1948,63, and perform cross-section and sibling-difference estimations. Outcomes are measured as educational attainment in 1996. Our cross-section analysis shows the expected negative and significant relationship, while the relationship is not significant, though precisely estimated, in the sibling-difference analysis. This finding was robust to the sensitivity tests performed and is consistent with selection, rather than causation, being the explanation for the negative relationship. [source] On the Pervasiveness of Home Market EffectsECONOMICA, Issue 275 2002Keith Head Paul Krugman's model of trade predicts that the country with the relatively large number of consumers is the net exporter and hosts a disproportionate share of firms in the increasing returns sector. He terms these results ,home market effects'. This paper analyses three additional models featuring increasing returns, firm mobility, and trade costs to assess the robustness of home market effects to alternative modelling assumptions. We find strikingly similar results for two of the models that relax assumptions about the nature of demand, competition and trade costs. However, a model that links varieties to nations rather than firms can generate opposite results. [source] WHICH VARIABLES EXPLAIN DECISIONS ON IMF CREDIT?ECONOMICS & POLITICS, Issue 2 2005AN EXTREME BOUNDS ANALYSIS This paper analyses which economic and political factors affect the chance that a country receives IMF credit or signs an agreement with the Fund. We use a panel model for 118 countries over the period 1971,2000. Our results, based on extreme bounds analysis, suggest that it is mostly economic variables that are robustly related to IMF lending activity, while most political variables that have been put forward in previous studies on IMF involvement are non-significant. To the extent that political factors matter, they seem more closely related to the conclusion of IMF agreements than to the disbursement of IMF credits. [source] The Habitats Directive as an instrument to achieve sustainability?ENVIRONMENTAL POLICY AND GOVERNANCE, Issue 3 2006An analysis through the case of the Rotterdam Mainport Development Project Abstract The Habitats Directive is a key document for the protection of critical natural capital in the European Union. In a manner consistent with the understanding of sustainability in the European Commission, even critical natural capital is subject to trade-offs in favour of economic and social development. This is reflected in Articles 6(3) and 6(4) of the directive. This paper analyses the planning process leading to the approval of the expansion of the port of Rotterdam project , which will significantly affect Natura 2000 , against sustainability criteria. Although it shows that the directive is powerful to promote sustainable planning, the success of the case study was due mainly to elements specific to the particular planning process, namely the use of deliberative public participation mechanisms as well as specific assessment tools. Lessons are drawn and recommendations made to strengthen the Habitats Directive and the national planning processes in relation to projects potentially affecting Natura 2000 sites. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment. [source] Emission trading regimes and incentives to participate in international climate agreementsENVIRONMENTAL POLICY AND GOVERNANCE, Issue 5 2004Barbara Buchner This paper analyses whether different emission trading regimes provide different incentives to participate in a cooperative climate agreement. Different incentive structures are discussed for those countries, namely the US, Russia and China, that are most important in the climate negotiation process. Our analysis confirms the conjecture that, by appropriately designing the emission trading regime, it is possible to enhance the incentives to participate in a climate agreement. Therefore, participation and optimal policy should be jointly analysed. Moreover, our results show that the US, Russia and China have different most preferred climate coalitions and therefore adopt conflicting negotiation strategies. Copyright © 2004 John Wiley & Sons, Ltd and ERP Environment. [source] Socio-Economic Change and Emotional Illness among the Highland Maya of Chiapas MexicoETHOS, Issue 1 2000George A. Collier This paper analyses the relation of processes of socio- economic differentiation and change to the well-being and health of families within highland Maya communities and to the lived experience of emotional suffering, as defined by local categories of mental illness. We specifically analyze how highland Maya Indians of central Chiapas, Mexico, experience the contradictions of a rapidly changing economy, social relations, politics, and culture in conjunction with chawaj (chuvaj),3 one of the major Tzeltal and Tzotzil native categories of mental illness (Castille 1996; Fabrega et al. 1970). [source] The Performance of Characteristics-based Indices1EUROPEAN FINANCIAL MANAGEMENT, Issue 2 2009Noël Amenc G11; G12 Abstract This paper analyses a set of characteristics-based indices that, it has been argued, outperform market cap-weighted indices. We analyse the performance of an exhaustive list of these indices and show that i) the outperformance over value-weighted indices may be negative over long time periods, and ii) there is no significant outperformance over equal-weighted indices. An analysis of the style and sector exposures of characteristics-based indices reveals a significant value tilt. When this tilt is properly adjusted for, the abnormal returns of these indices decrease considerably. Moreover, it is straightforward to construct portfolios with higher Sharpe ratios than characteristics-based indices through factor or sector tilts. [source] Do European Primarily Internet Banks Show Scale and Experience Efficiencies?EUROPEAN FINANCIAL MANAGEMENT, Issue 4 2007Javier Delgado G21; O32; O33 Abstract Empirical evidence shows that Internet banks worldwide have underperformed newly chartered traditional banks mainly because of their higher overhead costs. European banks have not been an exception in this regard. This paper analyses, for the first time in Europe, whether this is a temporary phenomenon and whether Internet banks may generate scale economies in excess of those available to traditional banks. Also do they (and their customers) accumulate experience with this new business model, allowing them to perform as well or even better than their peers, the traditional banks? To this end, we have generally followed the same analytical framework and methodology used byDeYoung (2001, 2002, 2005)for Internet banks in the USA although the limitations in the availability of data, as well as the existence of different regulatory frameworks and market conditions, particularly in the retail segment, in the 15 European Union countries have required some modifications to the methodology. The empirical analysis confirms that, as is the case for US banks, European Internet banks show technologically based scale economies, while no conclusive evidence exists of technology based learning economies. As Internet banks get larger, the profitability gap with traditional banks shrinks. To the extent that Internet banks are profitable, European authorities may encourage a larger number of consumers to use this delivery channel, by tackling consumers security concerns. This would allow Internet banks to capture more of the potential scale efficiencies implied in our estimations. [source] Investor Attention and Time-varying ComovementsEUROPEAN FINANCIAL MANAGEMENT, Issue 3 2007Lin Peng G14 Abstract This paper analyses the effect of an increase in market-wide uncertainty on information flow and asset price comovements. We use the daily realised volatility of the 30-year treasury bond futures to assess macroeconomic shocks that affect market-wide uncertainty. We use the ratio of a stock's idiosyncratic realised volatility with respect to the S&P500 futures relative to its total realised volatility to capture the asset price comovement with the market. We find that market volatility and the comovement of individual stocks with the market increase contemporaneously with the arrival of market-wide macroeconomic shocks, but decrease significantly in the following five trading days. This pattern supports the hypothesis that investors shift their (limited) attention to processing market-level information following an increase in market-wide uncertainty and then subsequently divert their attention back to asset-specific information. [source] The Role of Investment, Financing and Dividend Decisions in Explaining Corporate Ownership Structure: Empirical Evidence from SpainEUROPEAN FINANCIAL MANAGEMENT, Issue 5 2006Julio Pindado G31; G32; G35 Abstract This paper analyses the determinants of ownership structure by focusing on the role played by investment, financing and dividend decisions. The use of the Generalised Method of Moments allows us to provide new evidence on this important corporate governance topic, since it controls for the endogeneity problem. Our most relevant findings show that: i) increases in debt lead insiders to limit the risk they bear by reducing their holdings; ii) monitoring by large outside owners substitutes for the disciplinary role of debt; and iii) both inside and outside owners are encouraged to increase their stakes in the firm in view of higher dividends. Our results hold after controlling for equity issues and share repurchases. [source] Shareholder Wealth Effects of European Domestic and Cross-border Takeover BidsEUROPEAN FINANCIAL MANAGEMENT, Issue 1 2004Marc Goergen G32; G34 Abstract This paper analyses the short-term wealth effects of large intra-European takeover bids. We find announcement effects of 9% for the target firms compared to a statistically significant announcement effect of only 0.7% for the bidders. The type of takeover bid has a large impact on the short-term wealth effects with hostile takeovers triggering substantially larger price reactions than friendly operations. When a UK firm is involved, the abnormal returns are higher than those of bids involving both a Continental European target and bidder. There is strong evidence that the means of payment in an offer has an impact on the share price. A high market-to-book ratio of the target leads to a higher bid premium, but triggers a negative price reaction for the bidding firm. We also investigate whether the predominant reason for takeovers is synergies, agency problems or managerial hubris. Our results suggest that synergies are the prime motivation for bids and that targets and bidders share the wealth gains. [source] Independent control of positive- and negative-sequence current components in a doubly fed machineEUROPEAN TRANSACTIONS ON ELECTRICAL POWER, Issue 3 2005J. Bendl Abstract This paper analyses the operation of a power unit with a doubly fed machine. A novel vector control method is presented which enables independent control of both positive- and negative-sequence components of stator currents. Also, operation of the system under the condition of unbalanced voltage supply applied to the stator is discussed. Copyright © 2005 John Wiley & Sons, Ltd. [source] Population Ageing, Fiscal Pressure and Tax Smoothing: A CGE Application to Australia,FISCAL STUDIES, Issue 2 2006Ross Guest Abstract This paper analyses the fiscal pressure from population ageing using an intertemporal CGE model, applied to Australia, and compares the results with those of a recent government-commissioned study. The latter study uses an alternative modelling approach based on extrapolation rather than optimising behaviour of consumers and firms. The deadweight losses from the fiscal pressure caused by population ageing are equivalent to an annual loss of consumption of $260 per person per year in 2003 dollars in the balanced-budget scenario. A feasible degree of tax smoothing would reduce this welfare loss by an equivalent of $70 per person per year. Unlike the extrapolation-based model, the CGE approach takes account of feedback effects of ageing-induced tax increases on consumption and labour supply, which in turn impact on the ultimate magnitude of fiscal pressure and therefore tax increases. However, a counterfactual simulation suggests that the difference in terms of deadweight losses between the two modelling approaches is modest, at about $30 per person per year. [source] Interactions between the implementation of marine protected areas and right-based fisheries management in AustraliaFISHERIES MANAGEMENT & ECOLOGY, Issue 1 2005Article first published online: 11 JAN 200, P. BAELDE Abstract, The declaration of marine protected areas (MPAs) in Australia generates much confusion and controversy between government conservation and fisheries agencies, the fishing industry and NGOs. There are fundamental differences between the principles and practices underpinning the implementation of MPAs and fisheries management. This paper analyses the interactions between these two approaches to natural resource management and highlights the difficulties in integrating them effectively. The major challenges for governments are: poor cooperation between fisheries and conservation agencies; in principle inconsistencies between allocation of fishing rights by fisheries agencies and loss of these rights through MPA declaration; re-allocation of resources between user groups through spatial zoning; lack of fisheries expertise in conservation planning, and inappropriate single-species/single-issue approach to fisheries management. As fisheries agencies are now considering developing their own MPAs as tools for fisheries management, the need to address inconsistencies between conservation and fisheries approaches to the spatial management of natural resources increases further. Better collaboration between government agencies and better coordination of their activities would help more effective and less conflicting management of marine resources. [source] Working capital management in SMEsACCOUNTING & FINANCE, Issue 3 2010Sonia Baños-Caballero G30; G31; G32 Abstract This paper analyses the determinants of Cash Conversion Cycle (CCC) for small- and medium-sized firms. It has been found that these firms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older firms and companies with greater cash flows. In contrast, firms with more growth opportunities, and firms with higher leverage, investment in fixed assets and return on assets have a more aggressive working capital policy. [source] Does informed trading occur in the options market?ACCOUNTING & FINANCE, Issue 3 2010Some revealing clues G13; G14; C22 Abstract This paper analyses the relationship between proxy variables for informed trading in the options market and a set of exogenous news variables. The aim was to test directly for the presence or absence of informed trading in the options market and for the possible impact of this trading on underlying asset prices. Our findings reveal that potential informed trading in options markets is channelled basically through out-of-the-money options, except for volatility trading which mainly involves at-the-money options because of their liquidity. In both cases, we have found evidence in favour of investors' strategic fragmentation of transactions into intermediate size trades (stealth trading). Finally, it is shown that lack of consensus among agents also generates increased trading, particularly in out-of-the-money and at-the-money options. [source] | ||||||||||||||||||||||||||||||||||||||||||||||