An Application of Rating Conjoint Analysis to Study the Importance of Quality-, Access- and Price-attributes to Health Care Consumers

Outside the health care sector, consumer preferences have been effectively studied using rating and ranking conjoint techniques. In the health care sector this technique has received less attention than its choice-based variant. Applications of rating and ranking method to health care issues are few. This paper presents an application of rating conjoint analysis to study the importance of quality, access and price to the health care consumers in Bulgaria. The paper first describes the rating conjoint method and its distinctive features compared to the choice-based and the ranking approach. The method is illustrated by the rating conjoint design applied in the study. Next, the impact of different quality-, access- and price-levels on the rating of physician profiles is analysed and the differences between the socio-demographic groups are examined. The results suggest that similar to other countries, the quality of care is a highly valued characteristic in Bulgaria, whereas access is perceived as less important. The considerable importance of patient payments further implies that Bulgarians are responsive to prices in the health care sector, especially the elderly, the village dwellers and the lowest income groups. The relevance of the results with regards to health policy and planning, as well as with regards to the methodology of rating conjoint analysis is discussed at the end of the paper.     

Value Creation in REIT Property Sell-Offs

We examine major sales of real property by public U.S. Real Estate Investment Trusts (REITs) 1992–2002. We find that abnormal shareholder returns are significantly positive, a result that is consistent with findings for conventional firms that sell off real estate. Because REITs do not pay taxes, this finding supports the view that abnormal returns in real estate sell-offs by all types of firms are derived largely from asset allocation efficiencies and do not result exclusively from tax benefits. Shareholder returns are lower in sell-offs motivated by a desire to reduce long-term debt, as is consistent with financial theory regarding the information content of leverage decisions. Returns are inversely related to the firm's operating performance prior to the sell-off announcement, further supporting the case that improved asset efficiencies create value in real estate sell-offs.     

Understanding the Heterogeneity of Generation Y's Preferences for Travelling: a Conjoint Analysis Approach

The unique motives of young travellers make this market segment very important to the key objectives of the global tourism plan. Accordingly, it is important to understand better the main drivers that affect their choice of a tourism offer. This paper introduces conjoint analysis as an appropriate tool for evaluating the preferences of travellers. The survey was conducted on a sample of 514 respondents. To isolate homogeneous young traveller segments, preference‐based segmentation was performed on the conjoint data. Based on the study findings, a marketing strategy for each identified market segment is suggested. Copyright © 2014 John Wiley & Sons, Ltd.     

Do REITs use cash reserves efficiently? Evidence from corporate acquisitions

We examine the combined impact of corporate governance and excess cash holdings on the propensity of firms to become bidders and engage in value destroying acquisitions. We focus on the REIT market, due to its unique characteristics caused by regulation and the nature of the industry. The lack of active real estate takeover market should lead to entrenchment and exacerbate agency costs. However, given the mandatory high cash payout for REITs, the absence of takeover market should not cause concerns to shareholders. Our analyses reveal that unlike conventional firms, cash-rich REITs are not more likely to become acquirers and acquisitions by cash-rich REITs are not value decreasing. However, similarly to industrial firms, REITs with higher excess cash and lower insider ownership are more likely to become bidders. We interpret our results to be consistent with the hypothesis that agency problems are less severe in real estate and investors are not averse to use of excess cash by REIT managers on intra-industry acquisitions.     

The governance of Olympic legacy: process,actors and mechanisms

The purpose of this research was to examine the governance system used to monitor and manage the legacy accrued as a result of bidding for and subsequently hosting the Olympic Games (OG). More specifically, this study aimed to (a) examine the legacy governance process from the bid phase to post-Games, and (b) to identify the governance controls (e.g. actors and mechanisms) that impacted the governance system responsible for legacy at the OG. Two cases within a multiple holistic case study design (i.e. the Sydney 2000 Olympic Games and the Vancouver 2010 Olympic Winter Games) were built using a combination of archival material and interviews. Findings highlighted four governance phases specific to OG legacy: conceptualisation, planning and implementation, transfer/transformation and post-Games governance. Two legacy-related governance controls emerged: actors (e.g. government, sport organisations) and mechanisms (e.g. laws, contracts, policy).     

Examining the Return–Volatility Relation for Foreign Exchange: Evidence from the Euro VIX

We compare the return–volatility relation for the euro currency to the equivalent relation for the equity market, examining the sign, symmetry, and strength of the relation. We employ the euro‐currency exchange‐traded fund (FXE) and its associated option implied volatility index (the EVZ), whereas previous studies only employ equities and/or realized volatility. The equity studies find a negative asymmetric return–volatility relation for implied volatility, with a strong relation when large market movements occur. We find that the euro return–volatility relation can possess either a positive or negative sign, is asymmetric, and has a weaker relation. Thus, the sign and strength of the euro relation differs from the equivalent equity relation. Our quantile regressions show that both the positive and negative contemporaneous returns of the euro result in increased volatility in the extreme quantiles of the conditional distribution, with the contemporaneous effect showing a stronger relation when the euro depreciates. We also find that the volume of the euro‐currency ETF options affects the return–volatility relation for the euro ETF. Overall, the results here expand the concept originally restricted to equities, with the surprising results that the return‐implied volatility relation is weaker and the asymmetric return sometimes is positive for the euro currency. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 34:74–92, 2014     

Asset Prices and Exchange Rates

We study the implications of introducing demand shocks and tradein goods into an otherwise standard international asset pricingmodel. Trade in goods gives rise to an additional channel ofinternational propagation—through the terms of trade—absentin traditional single-good models. The inclusion of demand shockshelps overturn many unrealistic implications of existing internationalfinance models in which productivity shocks are the sole sourceof uncertainty. Our model generates a rich set of implicationson how stock, bond, and foreign exchange markets co-move. Wesolve the model in closed-form, which yields a system of equationsthat can be readily estimated empirically. Our estimation validatesthe main predictions of the theory.     

A Case Study of Stakeholder Identification and Prioritization by Managers

The purpose of this article is to examine stakeholder identification and prioritization by managers using the power, legitimacy, and urgency framework of Mitchell et al. (Academy of Management Review 22, 853–886; 1997). We use a multi-method, comparative case study of two large-scale sporting event organizing committees, with a particular focus on interviews with managers at three hierarchical levels. We support the positive relationship between number of stakeholder attributes and perceived stakeholder salience. Managers’ hierarchical level and role have direct and moderating effects on stakeholder identification and perceived salience. We also found that most stakeholders were definitive, dominant, or dormant types – the other five types were rare. Power has the most important effect on salience, followed by urgency and legitimacy. Based on our case study, we offer several ways to advance the theory of stakeholder identification and salience.     

Teaching and learning for sustainable development: ESD research in technology education

When education for sustainable development (ESD) emerged as part of the educational agenda in the international arena, it was associated with significant shifts in the educational debate about the purpose and nature of education and with the need to respond to crises caused by the modern idea of progress. Scientists from different fields warn humanity that the current trajectory of capitalism is leading towards environmental and cultural decline and that urgent measures are required to deal with the current and emerging issues. Global financial and economic crises, poverty and inequality, climate change and environmental degradation reinforce our understanding that a collaborative effort is required in addressing the existing status quo through education. These changing contexts require transformative education that must play a key role in developing a planetary vision, in “securing sustainable life chances, aspirations and futures for young people”. This paper refers to the essence of SD and the ethics behind it, explores current research on ESD in technology education (TE) and suggests a number of challenges that emerged for technology education as a result of the global SD agenda. They are related to policy and curriculum development, teaching and learning, and teacher training. This paper argues that current and future research on ESD in technology education must be framed by a shared vision about quality education and a society that lives in balance with Earth’s carrying capacity. The paper concludes with suggestions for further directions for research associated with the areas of challenge.