Differences between Politically Connected and Nonconnected Firms: A Cross-Country Analysis

Evidence from firms in 47 countries shows that companies with political connections have higher leverage and higher market shares, but they underperform compared to nonconnected companies on an accounting basis. Differences between connected and unconnected firms are more pronounced when political links are stronger. Differences also vary depending on the level of corruption and the degree of economic development in individual countries.     

Do enhancements to loyalty programs affect demand? The impact of international frequent flyer partnerships on domestic airline demand

Frequent flyer programs (FFPs) may allow airlines to exercise market power on routes that depart from airports at which they are dominant. Prior research, however, has not disentangled the effects of FFPs from other advantages that dominant airlines may possess. I exploit variation in the extent and scope of U.S. airlines' FFP partnerships with international carriers to evaluate the economic impact of enhancements to FFPs. The results indicate that enhancements to an airline's FFP are associated with increases in its demand on specifically those routes that depart from airports at which it is dominant.     

Deriving and Testing Efficient Estimates of WTP Distributions in Destination Choice Models

Estimation of welfare measures is often a dominant driver in the empirical literature on nonmarket valuation. To this end, qualitative choice models based on random utility theory have been widely employed in outdoor recreation studies. A frequent goal of applied studies has been the estimation of welfare changes associated with site attribute changes at recreation sites in order to inform regulatory policy and resource management. We review the evolution of the methodology of random utility theory in this field with a focus on taste heterogeneity models and then focus on the recent proposal of specifying utility in the WTP-space (Train K, Weeks M (2005) Discrete choice models in preference space and willing-to-pay space. In: Scarpa R, Alberini A (eds) Applications of simulation methods in environmental and resource economics, chapter 1. Springer, Dordrecht, pp 1–16). Our empirical application is on outdoor alpine recreation data. We emphasize the efficiency and direct testing that using the maximum simulated likelihood estimator affords to practitioners using the WTP-space approach, and illustrate these with examples.     

Animal foods and climate change: shadowing eating practices

Animal farming exceeds all forms of transport in terms of global greenhouse gas (GHG) emissions. Despite the implications of the seriousness of addressing animal farming in relation to mitigating the effects of GHG emissions, to date, the relationship between consumer behaviour and climate change has tended to neglect the role of animal foods. This paper reports on a pilot study in which six UK households were ‘shadowed’ to facilitate the investigation of the relationship between animal food practices and environmental practices, as they emerge in day‐to‐day life. Results indicate that most participants make no connection between the two issues at present, in terms of awareness or practice. However, animal foods do have an ambiguous and complex status in most participants' food practices; for instance, being viewed as problematic for reasons of health or animal welfare. This finding suggests that further research is needed into the potential for raising awareness of the link between animal‐based foods and climate change. This might have a role to play in shifting food practices towards more plant‐based, less GHG intensive, foods.     

Non-market valuation of forest goods and services: Good practice guidelines

The European COST Action E45 on European Forest Externalities (EUROFOREX) participants developed a set of good practice guidelines for the non-market valuation of forests, elaborating on stated and revealed preference methodologies, as well as benefit transfer and meta-analytical procedures. This article presents a summary of the guidelines.     

Gender inequalities in ownership and control of land in Africa: myth and reality

Lack of clarity behind measurement and interpretation of statistics on gender and land leads to an inability to clearly articulate a policy response to the potential inequalities faced by women and men. This article sets out to explore, conceptually and empirically, the levels and relative inequalities in land rights between women and men in African countries. The first section of the article engages in a conceptual discussion of how to measure gendered‐land outcomes, what ownership and control mean in different contexts, and why attention to these factors is important for the development of gender and land statistics. The second section of the article systematically reviews existing evidence from microlevel large sample studies to summarize recent trends in land access, ownership, and control by sex. The third section presents new statistics from a variety of nationally representative and large‐scale unpublished data on gender and land in Africa. Results provide not only a nuanced understanding of the importance of measuring land indicators for gendered development in Africa and globally but also new statistics on a variety of land outcomes to aid stakeholders in the discussion of gender‐land inequalities.     

The quality of accounting information in politically connected firms

We document that the quality of earnings reported by politically connected firms is significantly poorer than that of similar non-connected companies. Our results are not due to firms with ex-ante poor earnings quality establishing connections more often. Instead, our results suggest that, because of a lesser need to respond to market pressures to increase the quality of information, connected companies can afford disclosing lower quality accounting information. In particular, lower quality reported earnings is associated with a higher cost of debt only for the non-politically connected firms in the sample.     

突袭次级贷

长期以来,寻找不良证券的投资者一直在抱怨没有机遇.现在,次级贷款危机为他们带来了新的回报.由陷入危机的抵押贷款组成的投资组合可以半价购进.即将破产的贷款人比比皆是.而投机性的公司贷款的价格也在大幅下跌.     

Multi-level governance for sustainable innovation in smart communities: an ecosystems approach

International Entrepreneurship and Management Journal - This paper analyses the TrentoSmartCity project to redefine Trento (an Italian municipality) as a smart community according to an ecosystems...