The historical origins of the Philippine economy: a survey of recent research of the Spanish colonial era

This article surveys recent research of the Spanish colonial era in the Philippines since the late eighteenth century. While highlighting imperfections in our understanding, the article establishes the parameters with which the Philippine economy entered the twentieth century. It outlines the intensification of Spanish colonial rule through changes in the taxation system, particularly the expansion of forced tobacco cultivation until its abolition in 1882. Since then, the Spanish set out to further change and intensify colonial rule but contradictions in the system of colonial rule caused the effort to come to an abrupt end in 1898.     

Average Monotonic Cooperative Games

A subclass of monotonic transferable utility (T.U.) games is studied: average monotonic games. These games are totally balanced. We prove that the core coincides with both the bargaining set à la Davis and Maschler and the bargaining set à la Mas-Colell. To obtain this result a technique based on reduced games is used. Journal of Economic Literature Classification Number: C71     

After over 25 years of accrediting beaches,has Blue Flag contributed to sustainable management?

This paper examines the qualitative, quantitative, and geographical evolution (1987–2012) of the Blue Flag campaign and accreditation process in Spain, a leading coastal tourism destination heading the list of awards. The standard Blue Flag criteria for crowded, developed beaches are now adapting to new demands for natural beaches, but they still fail to capture essential sustainable tourism features, such as limiting user numbers, or preserving and restoring sand ecosystems. Given these shortcomings, some destinations are moving to alternative awards with a higher environmental commitment, such as EMS, ISO14001, and Eco-Management and Audit Schemes (EMAS). A cluster analysis of Blue Flag data for 983 beaches in Spain over 26 years revealed different behaviour patterns: established tourist areas that have always opted for the Blue Flag programme; tourist areas that adopted the Blue Flag early on but replaced it with ISO14001 and EMAS; recently developed destinations applying for the award to boost their tourism promotion; and tourist areas with no well-defined policy that have opted intermittently for Blue Flag. These profiles illustrate the different policies of Spain's Autonomous Regions, and they are useful for tourism managers to verify whether their destination's behaviour pattern contributes to sustainable tourism and matches strategic policies they have designed for them.     

On the short-time behavior of the implied volatility for jump-diffusion models with stochastic volatility

In this paper we use Malliavin calculus techniques to obtain an expression for the short-time behavior of the at-the-money implied volatility skew for a generalization of the Bates model, where the volatility does not need to be a diffusion or a Markov process, as the examples in Sect. 7 show. This expression depends on the derivative of the volatility in the sense of Malliavin calculus. E. Alòs’ research is supported by grants MEC FEDER MTM 2006 06427 and SEJ2006-13537. J.A. León’s research is partially supported by the CONACyT grant 45684-F. J. Vives’ research is supported by grant MEC FEDER MTM 2006 06427.     

Defining management accounting constructs: A methodological note on the risks of conceptual misspecification

This paper stresses the need for a sound conceptual specification of research constructs prior to fitting them to explanatory models. It emphasizes that in addressing the conceptual level of the predictive validity framework [Libby, R., Bloomfield, R., & Nelson, M. (2002). Experimental research in financial accounting. Accounting, Organizations and Society, 27, 775–810], special attention must be paid to two issues: (1) the production of a specific agreed-upon meaning and domain for each construct of interest; and (2) the specification and conceptual justification of the nature and direction of the epistemic relationships between constructs, dimensions and indicators (i.e., reflective vs. formative models; latent vs. emergent models). The paper highlights the importance of both issues especially in the case of practice-defined variables, and it provides guidelines on how to address both aspects of conceptual specification. While the issues raised are pertinent to many research areas, the paper concentrates on the implications for management accounting and control systems (MACS) research, using interactive use of control systems [Simons, R. (1995a). Levers of control. Boston: Harvard Business School Press] to illustrate how researchers should go about specifying meaning and epistemic relationships in MACS research.     

Greenways: a sustainable leisure experience concept for both communities and tourists

This paper reviews the development of greenways/car-free trails as an alternative environmentally friendly communication system and assesses their strengths and weaknesses. It gives the results of a questionnaire survey of 1261 users along a 106-km greenway in Spain linking the Pyrenees with the Mediterranean Sea. Unlike previous studies, sampling was random and unequal probabilities of selection were properly accounted for. The results show a complex range of user profiles, tourist and non-tourist, their perceptions of the trail and some of the direct and indirect impacts of the greenway on the communities through which it passes. Management recommendations flowing from the survey are presented with the aim of increasing the use of accommodation services and businesses in the towns and villages near the greenway and helping create a more sustainable tourism system. The paper illustrates the potential importance of greenways in a future low-carbon tourism strategy adapting to climate change.     

Regime shifts in stock–flow I(2)–I(1) systems: the case of US fiscal sustainability

In the last two decades, fiscal sustainability has been tested through the use of non‐stationary time series analysis. Two different approximations can be found in the literature: first, a univariate approach that has focused on the stochastic properties of the stock of debt and, second, a multivariate one that has focused on the long‐run properties of the flows of expenditures and revenues, i.e., in the stochastic properties of the deficit. In this paper we unify these approaches considering the stock–flow system that fiscal variables configure. Our approach involves working in an I(2) stochastic processes framework. Given the possibility of the existence of regime shifts in the sustainability of US deficit that the literature has pointed out, we develop a new statistic that can be applied to test several types of I(2) cointegration and multicointegration relationships allowing for regime shifts. To test for these kinds of changing long‐run relationships we propose the use of a residual‐based Dickey–Fuller class of statistic that accounts for one structural break. We show that consistent estimates of the break fraction can be obtained through the minimization of the sum of squared residuals when there is I(2) cointegration. The finite sample performance of the proposed statistic is investigated by Monte Carlo simulations. The econometric methodology is applied to assess whether the US fiscal deficit and debt are sustainable. Copyright © 2010 John Wiley & Sons, Ltd.     

Beyond Economic Criteria: A Humanistic Approach to Organizational Survival

There are many theories about organizations that are mutually inconsistent with each other, which explain phenomena to very similar extents. Most of them ignore the ethical dimension completely. In this paper I put forth the basic principles for a theory of decision-making in organizations, which integrates ethics in the core of the theory. It is based on the work of Juan Antonio Pérez López [1991, Teoría de la Acción humana en las organizaciones (Ediciones Rialp, Madrid), 1993, Fundamentos de la Dirección de Empresas (Ediciones Rialp, Madrid)] and is essentially a humanistic view of the interrelationships between people and its implications for organizational decision-making. I will first show that in any relationship between two people, the learning of the two is crucial for such a relationship to last; and then I will expand on the different aspects of that learning. This analysis will then be applied to the organizational context as a basis for organizational decision-making, Second, it applies the previous analysis to the organizational context as a basis for organizational decision making, showing how any decision in an organization needs to be analyzed on the basis of three criteria (short-run effectiveness, development of distinctive competence, and unity and identification with the organization) and how ethics is included in the last two. Josep M. Rosanas is professor of Accounting and Control and “Crèdit Andorrà” Chair of Markets, Organizations and Humanism, IESE Business School, University of Navarra, Spain. He is a Ph.D. in Accounting and Information Systems (Northwestern University, 1977), Doctor in Industrial Engineering (Polytechnical University of Catalonia, 1981) MBA (IESE, University of Navarra, 1971) and Nuclear Engineer (Polytechnic University of Catalonia, 1969). He is the author of several books and articles related with management control and ethics and has been consultant to many organizations.     

Who buys newspapers in Spain? An analysis of the determinants of the probability to buy newspapers and of the amount spent

In this paper, we examine the determinants of household consumption of newspapers and the amount spent on their purchase by considering several explanatory variables related to household characteristics and the main household wage earner. Results show that the variables have quite similar effects on both the relative probability of buying newspapers and the amount spent. The key variables are the age and occupational status of the main wage earner, the number of household members, income and having to pay for the house, as well as a number of geographical variables. However, certain differences are also observed. The most important is the education of the main wage earner: while its effect on buying newspapers is very small (only those who did not complete primary education are less likely to buy), its effect on the amount spent increases with the level of education. As other studies of cultural goods and services consumption have suggested, education and occupational status are more relevant determinants than income.