Can investors time their exposure to private equity?

Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that time capital commitments to private equity. This occurs, in part, because investors can only time their commitments to funds; they cannot time when commitments are called or when investments are exited. There is a high degree of time-series correlation in net cash flows even across commitment strategies that allocate capital in a very different manner over time.     

Influence of livelihoods on climate change adaptation for smallholder farmers in the Mekong Delta Vietnam

Farmers in the Vietnamese Mekong Delta face a wide range of climate-related and hydrological factors which threaten rice production. Smallholder farmers must adapt to climate change to sustain rice production as their central and most important livelihood activity. A sample was stratified across agro-ecological areas in the Delta affected by flooding, alluvial soils, acid sulphate soils, and saline water intrusion and by derived farmer typologies. A rural livelihoods approach was used in focus group discussions and in-depth interviews to identify and enumerate enabling and constraining adaptation factors. Smallholders experienced diverse natural hazards such as floods, abnormal rains, high temperatures, water scarcity, and salinity intrusion specific to the agro-ecological areas. Adaptation was constrained by labour shortages, water quality, topography, access to combine harvesters, transportation infrastructure, dryers and household savings. Adaptation was enabled by farming techniques and experience, cooperative groups, water quantity, access to information, and ability to purchase agro-chemicals through credit. Small farmers (< 1?ha) were more constrained than large farmers (> 1?ha) who had an expanded livelihood asset base. A range of policy implications are discussed, but adaptation is not just about technological fixes but requires overall improvements in a range of human, social and financial components.     

Risk-Adjusted Discount Rates and Projects of Unequal Lives

When evaluating mutually exclusive projects of unequal lives and with differing risk, standard approaches such as the constant chain of replacement, lowest common multiple and equivalent annual value techniques are usually applied. In using these techniques to rank projects, a critical issue is the manner in which uncertainty in the cashflows is resolved through time. We explore the applicability of net present value techniques to the problem of valuing assets with unequal lives, emphasising the use of equivalent annual value and lowest common multiple methods, and the correct choice of discount rate. Our results have direct application to practical capital budgeting problems such as choosing the optimum lifespan for a single asset, choosing between assets with different lifespans, and deciding whether to "run an asset for another year".     

Restricted electricity use among poor urban households

For a variety of reasons, this article argues, electricity must be seen by policy‐makers in South Africa not as the sole provider of all future household energy needs, but rather as one component of an energy mix which includes such ‘transitional’ fuels as coal, gas and paraffin. The reasons for this are that electricity is expensive for poor households; it is subject to power failures and disconnections for non‐payment; the poor find it difficult to monitor and to control their consumption; appliances are expensive and several are required to make best use of electricity; people prefer other fuels because they are familiar and have strong personal and cultural associations, and because Eskom is not trusted owing to its past ties to illegitimate local authorities and misunderstanding of electricity and how its use is monitored and charged for. Further, it is mistaken to equate ‘development’ with total electrification: most developed countries have fuel mixes which include gas and coal, particularly for cooking and heating. Accepting an affordable fuel mix for the poor in particular would focus attention on the problems currently associated with paraffin, gas and coal, namely fires, poisoning and air pollution.     

Target marketing in a social marketing context: gender differences in importance ratings of promoted intrinsic and extrinsic restricted exchange benefits of military enlistment

Social marketing involves influencing voluntary behaviour of people towards a social end. Examples of social marketing range from campaigns to encourage healthy physical behaviour to efforts to encourage tax support for public education, overcome racism, or stimulate ‘patriotic’ behaviour. Using data from a summer 2001 telephone survey of 600 young adults, this paper investigates how recruitment campaigns may benefit from considering gender differences in importance ratings of a variety of benefits promoted by the military in the USA. Importance ratings are assessed using differences in means and variances tests. Findings identify gender specific differences that may be used to enhance recruitment campaigns. Copyright © 2004 Henry Stewart Publications     

ECONOMIC EFFECTIVENESS OF BRAND ADVERTISING PROGRAMMES FOR U.S. ORANGE JUICE IN THE EUROPEAN MARKET: AN ERROR COMPONENT ANALYSIS

An econometric model is used to measure the impact of the Three-Party Programme on European demand for U.S. orange juice. The results show that the programme has helped expand the demand for orange juice in European countries and, from the viewpoint of the U.S. citrus industry, is an economically preferred way of generating additional exports compared with using price reductions to achieve additional sales.     

Consumer behaviour and the purchasing of dental services: Influences on selection and evaluation of health care services

This paper examines the process of interaction between consumers and providers of dental services in terms of the key selection and evaluation criteria employed by consumers. Focusing on the United Kingdom, it examines the impact of changes in both pricing and provision on the utilisation and evaluation of dental services. Based on a questionnaire survey of dental patients, in the context of the evolving body of literature concerned with consumer behaviour in respect of services, the paper attempts to improve the current understanding of the key factors shaping consumer choice in respect of professional services. Specifically, it argues that the highly complex nature of professional services impacts on patterns of consumer behaviour, resulting in the relationship between the individual service professional and the consumer being the focus of consumer evaluation. This in turn has significant implications for the effective marketing of such professional services.     

Time-Based Management of the New Product Development Process

This study explored the problem of compressing new product development by focusing on the specific phases of the innovation process. These phases manifest significant qualitative differences that require attention for understanding the complexities of accelerating new product development. Based on data from 35 high-technology companies, Necmi Karagozoglu and Warren Brown identified several different acceleration methods. Results revealed unexpected and at times inconsistent insights than those reflected in the case study and anecdotally based literature, and implied also that some of the well documented approaches to successful new product development need to be replaced with their time-based versions.