Accounting-based downside risk,cost of capital,and the macroeconomy

We hypothesize that earnings downside risk, capturing the expectation for future downward operating performance, contains distinct information about firm risk and varies with cost of capital in the cross section of firms. Consistent with the validity of the earnings downside risk measure, we find that, relative to low earnings downside risk firms, high earnings downside risk firms experience more negative operating performance over the subsequent period, are more sensitive to downward macroeconomic states, and are more strongly linked to earnings attributes and other risk-related measures from prior research. In line with our prediction, we also find that earnings downside risk explains variation in firms’ cost of capital, and that this link between earnings downside risk and cost of capital is incremental to several earnings attributes, accounting and risk factor betas, return downside risk, default risk, earnings volatility, and firm fundamentals. Overall, this study contributes to accounting research by demonstrating the key valuation and risk assessment roles of earnings downside risk derived from firms’ financial statements, also shedding new light on the link between accounting and the macroeconomy.     

On the need for critical pedagogy in tourism education

Critical management studies is less a coherent movement than a loose coalition of counter-discourses that have arisen in opposition to mainstream management ideology, practice, and education. The purpose of these counter-discourses has been both to offer reactionary critique to what are viewed as problems with the management status quo and to generate creative alternative theories and explanations for phenomena in the realm of management studies. This paper explores the theoretical and philosophical roots of critical pedagogy and argues for its benefits to tourism education. We argue that including a critical pedagogy in tourism curricula can result in positive outcomes on three levels: individual freedom, social justice, and business productivity.     

Tourism,Religion and Religiosity: A Holy Mess

Although religion and religiosity are well-known factors for influencing behaviour in different social settings, there is very limited research that explores the links between them and visitation patterns of tourists. In this study tourists' visitation patterns to a heritage site of religious significance (the Wailing Wall, Israel) are explored. Differences are found between tourists based on their religious affiliation and religiosity. The findings also reveal that the tourists' religiosity has different effects on those with different religious affiliations. It is argued that the actual relationships between a tourist's religion and strength of religious belief need to be understood in relation to the site visited, the tourist's perception of it and the meaning he or she attaches to it. The implications for tourism management and the theoretical investigation of heritage tourism are discussed.     

Reimagining Chinatown: An analysis of tourism discourse

Ever since Chinese immigrants began to move into big North American cities in the late nineteenth century, their ethnically segregated neighborhoods have been referred to as Chinatown and layered with negative and demeaning imagery. Through an analysis of the discourse circulating in neighborhood tours organized by the Chicago Office of Tourism, this paper illustrates how current tourism representations of Chicago's Chinatown are constructed through a process of negotiation with the infamous past imagery of this ethnic enclave. The paper identifies two discursive themes that work to exoticize this neighborhood, while simultaneously attempting to render it familiar and comfortable for tourists. It is argued that such an analysis illuminates how the process of touristification is governed by an ideological shift toward diversity in the globalized city. Moreover, it also illuminates the ways that present tourism discourse, which is produced within an ideological milieu that is celebratory of diversity and multiculturalism and within a political–economic milieu that recognizes the marketability of diversity, draws upon traditional characterizations of Chinatown as Other, while reconstructing this Otherness in a way that appears friendly to tourists. It thus contributes to our understanding of how discourse about an ethnic urban enclave evolves with changing ideological and political–economic conditions, such that traditional imagery is both reinforced and revised.     

Domestic monopoly and redundant tariff protection

This paper examines the redundancy of tariff protection when there is a single domestic monopolist producer. The cases where the monopolist exports in free trade and where he confronts import competition are distinguished and a general rule characterizing water-in-the-tariff in protected equilibrium is derived.     

Determinants of university student registration by department

This study attempts to explain the observed distribution of students among university departments. A general model describing the student's initial choice of department is constructed. The decisions made by a sample of student's were then explained by multiple regression analysis, where students' socio-economic characteristics are the explanatory variables. Although the statistical results are weak, some conclusions regarding educational planning can be drawn.     

Constraints facing tourism entrepreneurs in South Africa: a study in the Gauteng and Mpumalanga provinces,South Africa

The current study is an investigation into tourism entrepreneurship of small, medium and micro enterprises in Gauteng and Mpumalanga. Through Principal Factor Analysis, the paper identifies a three-factor instrument that could be used as a diagnostic tool to investigate how government policies and support, the tourism industry's products and services, and perceptions about South Africa could advance or constrain the development of small, medium and micro tourism in South Africa. Such a tool can be used to identify problematic areas in order to take remedial action to manage sustainable tourism in South Africa and prevent the leakage of profits.     

Price Impact Asymmetry of Block Trades: An Institutional Trading Explanation

This article develops a theoretical model to explain the permanentprice impact asymmetry between buyer- and seller-initiated blocktrades (the permanent price impact of buys is larger than thatof sells). The model shows how the trading strategy of institutionalportfolio managers creates a difference between the informationcontent of buys and sells. The main implication of the modelis that the history of price performance influences the asymmetry:the longer the run-up in a stock's price, the less the asymmetry.The intensity of institutional trading and the frequency ofinformation events affect the asymmetry differently dependingon recent price performance.     

Accounting earnings and gross domestic product

We document that aggregate accounting earnings growth is an incrementally significant leading indicator of growth in nominal Gross Domestic Product (GDP). Professional macro forecasters, however, do not fully incorporate the predictive content embedded in publicly available accounting earnings data. As a result, future nominal GDP growth forecast errors are predictable based on accounting earnings data that are available to professional macro forecasters in real time.