Beta and firm age

We document a robust pattern of beta declining over the age of a firm. We find that changes in systematic risk via firm characteristics and life-cycle stages are insufficient to explain this pattern. Moreover, standard proxies for the quantity and quality of information also explain this pattern only partially. To fully explain this pattern we rely on the increasingly important role of familiarity in financial decision making: familiarity is a determinant of beta and firm age is a proxy for the degree of familiarity that investors feel toward individual stocks. To illustrate the implication of our findings, we document that when we control for firm age there is support for the CAPM and its use as an input for the cost of equity capital calculation.     

Attitudes of ageing passengers to air travel since the coronavirus pandemic

The coronavirus pandemic has had a devastating impact on the demand for air transport. One passenger segment that has received relatively little attention is ageing passengers (defined as aged 65+), in spite of the fact that this group has been disproportionately affected by COVID-19, and in recent years has been viewed as a potential growth market. Therefore, the aim of this brief paper is to analyse the attitudes of ageing passengers by assessing air travel plans in the next 12 months, examining the factors influencing future flying decisions, and investigating the impact of the coronavirus pandemic on perceived risks and experiences associated with flying. The findings show that over 60% of ageing passengers are planning to travel by air in the next 12 months, although the nature of their trips may change. Factors such as flexible ticket booking and quarantine rules do not appear to be key drivers affecting travel decisions and within the different stages of the air journey, getting to/from the airport is perceived as the safest stage. The findings suggest that there are various COVID-19 implications for airlines and airports serving this market segment, ranging from the use of self-service technology, the generation of commercial/ancillary revenues and the design of surface access policies.     

Effects of consumer cohorts and age on meat expenditures in the United States

Meat demand is likely influenced by the birth cohort and age of the individual. In this study, we examine the demand for beef, pork, poultry, and other meat in the United States using the 1984–2012 Consumer Expenditure Survey and the almost ideal demand system with the incorporation of age, period, and cohort (APC) effects. We find that the model with APC effects performs better than the models without APC effects. The results indicate that cohorts born in earlier time periods are expected to purchase significantly less poultry compared to cohorts born in later time periods, when they are measured at the same age. Over the life cycle, purchase of poultry is expected to increase with age while the opposite is true for red meat. We also find that the own-price elasticity for beef is highest among the products examined, while the own-price elasticity for other meat is lowest and the inclusion of APC effects increases the absolute value of the own-price elasticities for beef, pork, and poultry, but reduces the own-price elasticity for other meat. Our forecasts indicate that the aggregate poultry purchase will continue to increase until 2022, while the aggregate purchase of red meat will slightly increase until 2017, but will either decrease or stay at same level from year 2017 to 2022.     

How green is your packaging—A comparative international study of cues consumers use to recognize environmentally friendly packaging

Consumers have grown increasingly aware of the impact of packaging on the environment. Therefore, interest has grown in more environmentally friendly packaging, but we wondered how consumers recognize ‘green’ as distinct from ‘grey’ when evaluating packaging. We asked over 3,000 respondents from Germany, France and the United States how they recognize environmentally friendly packaging. To solicit responses that we may not have anticipated, we used an open‐ended format, which we then followed with a closed‐ended format so that we could compare the two sets of responses. Not surprisingly, in both sets of responses, we found labelling to be the attribute consumers rely upon most, as well as evidence of misleading labels. We also found consumers in Germany and the United States relied on information on the packaging and named searching for information as one of their preferred ways to decide whether packaging is environmentally friendly. French consumers seemed less trusting of published information and more trusting of the look and feel, especially the material, of the package. Our results point to the importance of cultural influences in the acquisition of perceptual cues by the consumer.     

Shrinking Cities,Shrinking Households,or Both?

Household size decline accounts for a substantial portion of population loss in shrinking cities, yet little research has focused on it. Much of the literature presents a simple growth/decline binary that is largely determined via population figures. In this paper, we highlight the importance and assess the impact of household size changes on population decline, and determine what types of household size declines are more acute in shrinking cities than other locales. We find that elderly households and households with school-aged children are under-represented in shrinking cities, while households with pre-school-aged children are over-represented. More tellingly, we find the biggest source of household-related loss in shrinking cities to be the growth of single-person households now living in houses that were once home to entire families. These findings puncture the binary on which much of the shrinking cities discourse is based. The population dynamics of most cities are subtler than either practitioners or critical scholars assert. We argue that plans and development strategies for shrinking cities should reflect a range of demographic changes, including outmigration and internal household restructuring.     

Creative Cities,Graffiti and Culture-Led Development in South Africa: Dlala Indima (‘Play Your Part’)

Creative cities and culture-led development discourses have come under increasing scrutiny as elite-centric economic development agendas tend to trump ‘civic creativity’ ideals as imagined by Charles Landry. In South Africa, culture-led development and cultural policy tends to primarily mimic that of the global North, largely focusing on culture as a catalyst for economic and property development. Public art commissioning processes tend to focus on decorative projects as part of urban upgrading, which are often associated with ensuing gentrification and displacement of the urban poor. In contrast to focusing on these kinds of regeneration strategies, this article investigates Dlala Indima, a hip-hop-led graffiti project in a rural township in the Eastern Cape of South Africa. This article situates graffiti as a critical social and spatial practice to argue that this case challenges normative cultural planning paradigms. Dlala Indima's work is an alternative approach to cultural development by and for young people who are usually marginalized by the mainstream practice of culture-led economic development. The project challenges dominant creative cities and culture-led development discourses in three ways: first, it challenges the normative processes of regeneration; secondly, it grounds participatory practice; and finally, it shifts participation from ‘tyranny to transformation’ through the ubuntu of hip-hop, the notion of ubuntu being based on the communitarian notion of ‘ubuntu, ngubuntu ngabantu’—‘I am because you are’.     

An analysis of environmental sustainability in small & medium‐sized enterprises: Patterns and trends

One of the greatest challenges facing the world today is climate change. The need to consistently advance with environmentally sustainable practices in today's businesses is crucial, and businesses are demanded to be more environmentally sustainable every day. This study conducts an analysis of the literature on small and medium‐sized enterprises' (SMEs) environmental sustainability by carefully examining 122 studies from 58 journals published from 2013 to 2019. We investigate the trends in drivers and barriers of sustainability adoption to inform both SMEs managers and policymakers. Our results also classify the reviewed studies on the basis of their methodologies and show the distribution of studies across industry sectors and locations in order to set directions for future research on sustainability practices of SMEs.     

论信息时代个人信息权的私法规制

信息时代个人信息侵权行为迅速增加,影响个人生活安宁,损害个人人格尊严,影响社会安定和国家安全。立法者应当通过法律配置,在不侵犯信息主体人格尊严的前提下,促进信息资源的合理、畅通的流动,以合理回应信息社会的需求。虽然个人信息也承载着公共利益和公共安全,但其主要还是一种私益,只有对个人信息提供充分的私权保护,才有利于从根本上保护公共利益。个人信息权的私法规制通过人格权法、侵权责任法、合同法完成。通过人格权法确认个人信息权,侵权责任法和合同法保护个人信息权,有利于保护个人权利,同时促进信息的共享与自由流通,推进电子商务和电子政务的良性发展,并树立良好的国际形象,促进国际贸易的发展。     

Fairytale authenticity: historic city tourism,Harry Potter,medievalism and the magical gaze

ABSTRACT

This article makes an original contribution to debates about authenticity by asking how tourist experiences of the medieval historic environment are linked to fairytales, providing a new way for tourists to imaginatively authenticate heritage. The architecture of some historic cities is preponderantly medieval, an era which is strongly associated with fairytales. Magical-historical double affectiveness has been compounded in the collective imagination by modern fairytales such as the fantasy Harry Potter and Game of Thrones which employ historic city locations and faux-medieval settings, establishing a fluid magi-heritage simulacrum. This is concretised by the appearance in many historic cities of evidence of magical placemaking and staged magical authenticity, such as wizarding shops. The study used a visual methodology to examine 14 historic cities including Oxford, Cambridge, Bath, York, and Canterbury, demonstrating how the magical gaze employs fairytale schemata to imaginatively authenticate places. The findings illustrated how heritage tourists serendipitously encountered the medieval-fairytalesque, unfolding the agency of monumental cathedrals and castles and discovering stories and the historicisation of mythology within the extraordinary-ordinary streetscape. The research findings imply that in an era when the fantasy genre is increasingly popular, the experiential authenticity of heritage tourists may be enhanced by the ‘heritage marvellous.’     

中国最佳旅游城市标准的理论与实施

在对《中国优秀旅游城市标准体系》实施成就与经验回顾的基础上,本文首先介绍了国家旅游局制定的“优中选优”战略背景,以及其委托世界旅游组织和北京大学专家根据其拟定的“动态评估”原则而共同起草的《中国最佳旅游城市标准》的总体原则、基础标准、专项标准。文章接着对中国最佳旅游城市的创建策略、实施步骤和实施影响进行了阐述。文章有利于从理论和实践两个方面指导全国各大、中、小城市创建以城市为目的地的国际化旅游战略的实施。