Retailing from the margins - the re-emergence of a food co-operative movement?

The disadvantage faced by low-income food consumers has long been recognized, with such groups likely to pay more for their food products, which are commonly limited in terms of range and quality. Such disadvantage stems not only from economic constraints, but also from geographical, sociodemographic and infrastructural factors, such as low car ownership levels (which limit mobility), age, family structure and infirmity. Issues of access and mobility are especially pertinent given that the majority of U.K. food retailers have sought to achieve increased market share through the pursuit of economies of scale, the inherent benefit of high margin maintenance, large format development and the relocation to edge-of-town/out-of-town and affluent suburban sites. To date, little attention in the form of research has been directed to examining strategies adopted by those on low incomes to address such circumstances. This paper outlines the initial findings of a wider longitudinal study that examines the activities of food co-operatives and food groups within the Glasgow area, which are run by, and are for the benefit of, those on low incomes. Through semi-structured interviews with relevant local government departments and funding bodies, management committees and volunteers involved in the daily operation of food groups, the initial aim was to identify the operational and organizational characteristics of food cooperative initiatives. The next stage was to determine what those involved perceived as the contribution made to the members and wider community, and finally, future opportunities for food cooperatives were identified. The results therefore, provide an invaluable insight, not only into the workings of food co-operatives, but also into the experience of those on low incomes in respect of food shopping. The research findings, perhaps ironically, provide a possible strategic direction for food retailers who, in the face of traditional market saturation, must identify new market growth opportunities within areas that they have previously neglected.     

Changes in Segment Reporting in the Australian Banking Industry

This paper examines changes in segment reporting in the Australian banking industry following the introduction of the revised AASB 1005 Segment Reporting. We find that the standard has implications for the qualitative characteristics of "understandability" and "comparability". Feedback on the revised standard is timely, as both the AASB and the IASB have recently issued new segmental reporting standards that are based on US GAAP's management approach of determining operating segments.     

Informational and Monetary Lobbying: Expert Politicians,Good Decisions?

This paper finds that the strategic interaction between opposing interest groups depends on the decision maker's expertise. If the costs to provide information are sufficiently low, then the decision quality is nonmonotonic in the politician's expertise. An expert may attract less informational lobbying and make worse decisions than a politician who is ex ante endowed with less information and therefore less predisposed to a particular policy.     

Planning for Peace in Contested Space

This article explores the debate about contested space in urban policy and planning. Beginning with a review of key concepts and theories, it proceeds to identify models for understanding such spaces and for effective public intervention. It takes a case study of Belfast, on which there is substantial literature and data, to explore whether the recent history of this city can contribute to the debate about the role of urban planning and policy in contested space. Finally, it suggests that the Belfast experience indicates the need for a broader framework of intervention than is possible within a purely planning paradigm.     

Macroeconomic Sources of Risk in the Term Structure

We develop a new way of modeling time variation in term premia, based on the stochastic discount factor model of asset pricing. The joint distribution of excess U.S. bond returns of different maturity and the observable fundamental macroeconomic factors is modeled using multivariate GARCH with conditional covariances in the mean to capture the term premia. By testing the assumption of no arbitrage we derive a specification test of our model. We estimate the contribution made to the term premia at different maturities through real and nominal sources of risk. From the estimated term premia we recover the term structure of interest rates and examine how it varies through time. Finally, we examine whether the reported failures of the rational expectations hypothesis can be attributed to an omitted time-varying term premium.     

Partnership and the Limits to Local Governance in England: Institutionalist Analysis and Neoliberalism

There is much debate about the shift from a pattern of traditional local government to one of local governance, and about the impact of such a tendency on the effectiveness of governance processes and outcomes. This article argues that it is necessary in exploring such issues to bring together contributions informed by new institutionalist perspectives with others concerned with the political economy of neoliberalism. Partnerships are widely seen to be a significant element in the shift from government to governance, and the article focuses on the role of partnerships at both local (ie local authority) and neighbourhood level. Key questions about ‘local partnership governance’ concern its democratic legitimacy and the capacity of its institutions. Drawing on the examples of local strategic partnerships and the New Deal for Communities programme in England, it is recognized that such partnerships can appear to open up new approaches to legitimacy and new possibilities of enhancing the capacity of the local governance system. In fact, however, they are more likely to undermine democracy and accountability, and lack the capacity to be effective, while limiting local policy options to those consistent with New Labour's neoliberal policy agenda.