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1.
This study investigates supply-side investments in the tourism sector, analysing the return and risk relationship of investments in tourism across several countries. The performance of tourism sector companies listed on the stock exchange, for the top one dozen countries according to the World Economic Forum (WEF) tourism rankings, is investigated by region, across these countries and within each country by comparison to other sectors. Several metrics are used to compare the risk-adjusted returns, over a 15-year period ending March 2007 and sub-periods to check the persistence of performance over time. The results present a strikingly different ranking than those of the WEF. The implications for the flow of investment funds are of importance in a global capital market. Money will flow to those investments with the highest expected returns for a given risk level and this has consequential impacts for economic growth and employment in the tourism sector. 相似文献
2.
The key task in the next stage of spectrum management is to adapt regulation to the prospect of widespread sharing, on a much more sophisticated basis than sharing is used today. There is a role for the regulator to take steps to expand the area of choice within which public and private sector users can operate. This is best done in general by enhancing the flexibility of usage rights, which itself is best achieved by enhancing the freedom to trade them in the dimensions of time, space, level of interference and priority of access, by subdividing, re-aggregating, etc. However, there are considerable transactions cost impediments to trading where unlicensed users are involved. This creates a role for the regulator pro-actively to investigate different allocations, to make provisions for the most promising to occur and to incorporate both in refarming exercises and in primary assignments based on auctions configurations of usage rights, which might favour promising avenues of shared spectrum use. 相似文献
3.
Jonathan A.K. Cave 《Economics Letters》1983,12(2):147-152
An explicit model of communication and informational equilibrium is constructed and some results generalizing Aumann's theorem on the impossibility of agreeing to disagree are obtained, together with an example showing that full rationality may be sub-optimal. 相似文献
4.
Many companies aspire to be players in the global marketplace, but the challenges to succeed are now greater than ever. Steve Tappin and Andrew Cave spoke with the CEOs of strongly globalized companies to learn their secrets. 相似文献
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Ralf Boscheck Judith C. Clifton Daniel Díaz-Fuentes Mark Oelmann Christoph Czichy Monica Alessi Sébastien Treyer Janet Wright Martin Cave 《Intereconomics》2013,48(3):136-158
The European Commission’s proposal for a Directive on the award of concession contracts has sparked vigorous public debate and intense opposition. This Directive is controversial because of the nature of the policy it proposes and because the sectors involved are highly sensitive. This Forum examines the weaknesses of the Commission’s proposal and presents an overview of the current issues in water regulation and the provision of water services. The authors analyse the regulation of natural monopolies, water efficiency and upstream competition in the water industry. 相似文献
7.
This article starts by identifying the key elements of the antiquated system which has ensured that prices for international telephony have stayed high even though costs have fallen sharply. It then explains why and how that system, built on bilateral relationships between telecommunications companies (telcos) which were formerly monopolies, is now being undermined. The authors conclude that international customers of telcos can look forward to massive price cuts in the near future and that this will make it possible for world-wide communications across disparate operations to expand even faster than before. The telcos themselves must face up to (i) rapidly falling profits from what has been a cash cow and (ii) the strategic dilemma of whether to hold out against change or to roll out new services to compete with new entrants and the new service options opened up by technological advance. 相似文献
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Fiscal policy in Latin American countries is too often evaluatedon the basis of raw deficit figures. This study demonstrateshow the effects of inflation on the deficit must be removedin order to derive the discretionary component of fiscal policy.Once this correction is made, fiscal policy can be evaluatedby testing the movement of the deficit with respect to alternativepolicy targets. As an illustration I employ Argentine data inorder to decompose the deficit and determine the degree to whichit is a reflection of budget endogeneity versus populism/socialconflict. 相似文献
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