Developing Woodlands for Tourism: Concepts,Connections and Challenges

Driven by potential economic benefits for rural communities, tourism has become an increasingly central focus of sustainable woodland management in Great Britain. Knowledge of the values and uses of woodlands for tourism, and the impacts of woodland management on tourism is, however, limited. This paper outlines qualitative research in three study areas which used in-depth interviews and discussion groups to engage with tourism providers to explore these issues. It argues that woodlands are an important constituent of ‘countryside capital’, with woodlands” imagery and accessibility, and their natural and man-made resources used directly and indirectly by tourism enterprises. A landscape-scale approach to tourism planning and development is advocated to ensure a more holistic use of woodlands for tourism. Critical issues are identified as being strategy and integration, local engagement, sharing of information, resources, costs and benefits between stakeholders, and policies and practices to stimulate innovation and growth.     

Antecedents and Consequences of Consumers' Response to Health Information Complexity

This study develops and empirically tests a model for understanding food consumers' health information seeking behaviour. Data were collected from 504 food consumers using a nationally representative consumer panel. The obtained Lisrel results suggest that consumers' product-specific health information seeking is positively affected by general food involvement and by usability of product-specific health information. Moreover, product-specific health information seeking and product-specific health information complexity are both positively related to post-purchase health-related dissonance. This link between information complexity and post-purchase dissonance has implications for marketers of food products since our results suggest that consumers might avoid purchasing the same food item again if post-purchase dissonance is experienced.     

Changes and trends in alcohol consumption patterns in Europe

Consumer behaviourists and consumer policy-makers are interested in the degree to which global convergence is occurring for various consumer behaviour dimensions, the extent to which the consumption patterns in different parts of the world are becoming similar and the extent to which these trends may be influenced and/or influence consumer policy. With increasing internationalization and cultural cross-fertilization, the industrialized societies of the world are converging in many ways. Shifts in alcohol consumption patterns in Europe over the past 50 years represent a case in point. As traditional cultural boundaries become blurred, consumer preferences for alcoholic beverages appear to be driven less by long-standing local and regional traditions and more by growing acceptance of a wider choice. The disparity in total alcohol consumption among the 15 countries studied has also decreased. Other powerful forces are likely to accelerate the pace of convergence in the future.     

CFAR: A NEW TOOL FOR PREDICTING CREDIT QUALITY

Because of the limitations of traditional analytical ratios based on book leverage and coverage ratios, Fitch IBCA established a credit rating methodology that gives primacy to cash flow measurements. Its approach focuses on the "cash flow adequacy ratio," or CFAR. CFAR is based on the premise that companies generating strong cash flow from operations relative to maturing debt have better credit profiles than those forced to rely on outside sources of capital. CFAR serves as proxy for company's financial flexibility; the higher the CFAR, the more financial stress the company can withstand.
To assess the effectiveness of CFAR as a credit tool, Fitch IBCA surveyed 47 U.S. industrial companies with a Bloomberg composite rating of 'A' from 1990–1995. Based on its cash flow analysis, the rating agency ranked the companies and predicted that many were likely to be upgraded or downgraded. In a three-year period, 30% of the ratings in the sample group changed. Of the 14 ratings changes, Fitch IBCA forecast 10 correctly, which translates into a predictive score of over 70%.     

Effects of Economic Shocks on Children's Employment and Schooling in Brazil

This paper uses longitudinal employment survey data to analyze the impact of household economic shocks on the schooling and employment transitions of young people in metropolitan Brazil. The paper uses data on over 100,000 children ages 10-16 from Brazil's Monthly Employment Survey (PME) from 1982 to 1999. Taking advantage of the rotating panels in the PME, we compare households in which the male household head becomes unemployed during a four-month period with households in which the head is continuously employed. Probit regressions indicate that an unemployment shock significantly increases the probability that a child enters the labor force, drops out of school, and fails to advance in school. The effects can be large, implying increases of as much as 50% in the probability of entering employment for 16-year-old girls. In contrast, shocks occurring after the school year do not have significant effects, suggesting that these results are not due to unobserved characteristics of households that experience unemployment shocks. The results suggest that some households are not able to absorb short-run economic shocks, with negative consequences for children.     

Paying the price: The affinity credit card relationship

Since affinity credit cards were launched in the United Kingdom in 1988 their numbers have grown steadily. These cards are offered by financial institutions to charity supporters, and each time the card is used for a transaction, a sum of money is paid to the charity by the institution. This paper is based on the results of a 1995 survey of UK charities holding affinity credit cards and on the. follow-up interviews. The question is considered of who holds the balance of power in the relationship between the profit-orientated institution and the nonprofit charitable organisation.     

The law of supply in games, markets and matching models

Summary In large games with transferable utility, core payoffs satisfy a comparative statics property: If the proportion of one type of player increases, then the core payoff to that type of player decreases (does not increase). Markets with transferable utility satisfy a similar property: if the aggregate supply of a commodity increases, its value relative to the value of all commodities decreases. In market games, if one type of agent becomes more plentiful, his competitive payoff falls, and its decrease is engineered by a decrease in the relative value of his endowment.We thank Bob Anderson, Joe Farrell, Steve Goldman, Chris Shannon, seminar participants of the Mathematical Economics Seminar at Berkeley (August 1994), the University of Pittsburg (November 1994), Tel Aviv University and the Institute on Rationality at the Hebrew University (January 1995), and especially Vince Crawford for useful discussion.     

Comparison of fruit and vegetable consumption among Native and non‐Native American populations in rural communities

Fruit and vegetable consumption of Native Americans was compared with that of non‐Native Americans and determinants of fruit and vegetable intake for both populations were found based upon the Theory of Planned Behavior. A one‐time survey was conducted as part of a larger research project funded by the South Dakota Department of Health. The survey was administered in local grocery stores and supermarkets in six South Dakota communities, including two located on Native American reservations. Of the 1000 distributed surveys, 499 were returned with 230 being usable, resulting in a response rate of 49.9%. Wilcoxon signed‐rank test and two regression models were tested using SAS 9.2 software. Dependent variables were fruit and vegetable intake. Attitudes towards health, fruit and vegetable consumption, perceived difficulty, subjective norm and intention were also measured. Community size, family income, employment status and participation in food assistance programmes [Supplemental Nutrition Assistance Program or Women, Infants, and Children (SNAP or WIC)] were socio‐demographic control variables. Overall, Native American participants consumed more fruit and vegetables at home and had a more positive attitude towards healthy diets than non‐Native American participants. SNAP or WIC participation, family health, exercise, intention to live healthier than parents, buying healthy food, and fruit and vegetable consumption when eating out were positively associated with fruit and vegetable consumption among Native Americans, while participation in the SNAP or WIC programme had a negative influence on consumption among non‐Native American participants. Family health, exercise, buying healthy food, fruit and vegetable when eating out, and intention to buy healthy food were positively associated with fruit and vegetable consumption among the non‐Native American population. Theory of Planned Behavior variables (e.g. attitude towards healthy food) significantly contributed to the model explaining fruit and vegetable consumption. The fact that SNAP and WIC participation had an opposite influence on the two populations warrants further research.     

The Economic Consequences of the Statement of Financial Accounting Standards (SFAS) No. 150

SFAS No. 150, “Accounting For Certain Financial Instruments with Characteristics of Both Liabilities and Equity” (SFAS 150), requires companies to report mandatorily redeemable preferred stock (MRPS) as a liability, and the dividends on these securities as interest expense. The purpose of this study is to examine the economic consequences of SFAS 150’s adoption on a sample of public companies. Our analysis indicates that adoption resulted in both intended and possible unintended economic consequences. Specifically: (1) the impact of SFAS 150 on non-public companies caused the FASB to review its position on the disclosures concerning MRPS; (2) some companies redeemed their MRPS prior to the adoption date of the standard; and (3) approximately 4% of sample firms were required to disclose MRPS as a liability.     

An Examination of Differences Between Organizational Legitimacy and Organizational Reputation*

abstract Organizational legitimacy and organizational reputation have similar antecedents, social construction processes and consequences. Nonetheless, an improved understanding of relationships between legitimacy and reputation requires that differences between the two be specified and clarified. Our examination of past research indicates that legitimacy emphasizes the social acceptance resulting from adherence to social norms and expectations whereas reputation emphasizes comparisons among organizations. We empirically examine two antecedents of the financial, regulatory, and public dimensions of legitimacy and reputation in a population of US commercial banks. We find that isomorphism improves legitimacy, but its effects on reputation depend on the bank's reputation. Moreover, higher financial performance increases reputation, but does not increase the legitimacy of high performing banks.