Supply-side investments: An international analysis of the return and risk relationship in the Travel & Leisure sector

This study investigates supply-side investments in the tourism sector, analysing the return and risk relationship of investments in tourism across several countries. The performance of tourism sector companies listed on the stock exchange, for the top one dozen countries according to the World Economic Forum (WEF) tourism rankings, is investigated by region, across these countries and within each country by comparison to other sectors. Several metrics are used to compare the risk-adjusted returns, over a 15-year period ending March 2007 and sub-periods to check the persistence of performance over time. The results present a strikingly different ranking than those of the WEF. The implications for the flow of investment funds are of importance in a global capital market. Money will flow to those investments with the highest expected returns for a given risk level and this has consequential impacts for economic growth and employment in the tourism sector.     

Wonderment in tourism land: three tales of innovation

ABSTRACT

The paper uses an unconventional story format to report on three cases of tourism innovation, using the literary genre of nonsense to also contemplate narrative expression in academic research. Case materials principally derive from open in-depth interviews. The analysis highlights the importance of knowledge in innovation, also illuminating an important relationship to entrepreneurial passion. Notably, passionate interest inspires a learning habit that builds enabling stocks of knowledge; these knowledge stocks render the necessary technical knowledge and situational awareness to see and seize innovation opportunity. By using their vast stock of knowledge, entrepreneurs can identify needed resources and know-how and ways to fill in the gaps. In prosaic terms, this ingrained learning habit depicts a story of incremental innovation at personal scale. Use of the literary nonsense genre overtly positions narrative as a rhetorical form, inviting contemplation of alternative forms of scholarly expression. In this respect, novel forms of expression open the way to new insight into social phenomena. Polyvocality enhances our knowledge of the social world.     

Corporate Social Responsibility Disclosures and Investor Judgments in Difficult Times: The Role of Ethical Culture and Assurance

Journal of Business Ethics - We conduct an experiment with 459 nonprofessional investors to examine whether they evaluate companies differently based on management’s stated purpose for...     

The city,power and economic policy in the UK

This article makes use of recent work on financial markets to refine the analysis of the political power of the City in the policy-making process. It is argued that the distinction between market prices that reflect economic fundamentals, and bubbles, fads and herd behaviour plays a key role in assessing City influence. Further this broad notion of influence stemming from market prices need not operate in the interests of the City. As such City influence should be distinguished from the political power of the City, which more clearly resides in the City's ability to limit external regulation of its activities.     

Agricultural policy reform in the United States: an unfinished agenda

The 1996 Federal Agriculture Improvement and Reform Act (FAIR) contained important breaks with a tradition of crop–by–crop subsidies dating back to the Agricultural Adjustment Act of 1933. Farmers with recorded base acres were given the opportunity (which nearly all accepted) to sign a seven–year 'contract' with the US Department of Agriculture (USDA), under which payments will be continued on the merged base acres on a declining schedule until the year 2002. FAIR is an unfinished agenda. First, the coverage of 'freedom to farm' is only partial, with numerous commodities left out of the decoupling programme. Second, the largest producers will augment their already significant receipts with generous lump sum transfers from USDA. This will further reinforce the concentration of roughly 90 per cent of receipts and payments in the hands of the 100 000 to 200 000 largest producers of field crops. An alternative would be to make payments in times of low marketing receipts which recede when prices are high.