FINANCIAL INTERMEDIATION SERVICES INDIRECTLY MEASURED: ESTIMATES FOR FRANCE AND THE U.K. BASED ON THE APPROACH ADOPTED IN THE 1993 SNA

The 1993 SNA proposes a revised treatment of the output of financial intermediaries which treats intermediation services in part as a component of final demand, so that GDP is higher than the 1968 SNA suggests. In this paper we present the results of attempts to estimate FISIM (Financial Intermediation Services Indirectly Measured) for France and the U.K. The French study uses a reference rate calculated to ensure that no imputation is made with respect to own funds, while the U.K. study relies on a market interest rate. Both studies present an allocation of intermediation services by industry as well as by category of demand. The adjustments to GDP are of similar magnitudes in both countries.     

Fiscal Rules and the Scope for Risk Sharing

The trade-off between risk reduction and risk sharing has been at the heart of debates concerning EU economic governance over the last five years, but there are few signs as yet of a solution being reached.     

Fly-posting: An exploration of a ‘controversial’ medium

This paper investigates the concept of a controversial medium focussing on fly posting and provides insights into the attitudes held on it, the controversies surrounding it, its media effects, and on how these issues affect sponsoring organisations. Overall, the findings from the group depth interviews paint an attractive picture for potential users, as target groups of younger informants hold positive overall attitudes towards the medium. Indeed, rather than offending, fly posting's illegality and covert use were found to further enhance its ability to communicate effectively with this group. In contrast, older respondents held a range of negative views, suggesting that fly posting is not inherently controversial but it can become so in combination with audience and executional factors. Our main contribution is that we provide evidence on which to caution organisations about putting the goal of engaging with youth segments above their responsibility to other customer groups, employees, and society.     

Rethinking strategy and geopolitics: Critical responses to globalisation

Rethinking geopolitics is a key feature of those disciplines concerned with rearticulating the site and nature of political space and political community in an age of globalisation causing much social protest and concern. The article focuses upon how social movements challenging globalisation are rearticulating and rethinking, through their objectives and strategies, the practices, meaning and site of state sovereignty and ‘the (geo)political’. The article focuses upon the way critical movements such as the Emiliano Zapata (Zapatista) Army of National Liberation (EZLN) are engaging with new ways of thinking about, representing and constructing political space and the relationship between the local and the global whilst cultivating an inclusionary national community project(s). The article argues that the EZLN engages in a struggle which may provide an insight into the possibility of cultivating alternative and genuinely democratic civil societies and inclusive political communities that transcend the exclusionary cartography and institutions of the neoliberal state.     

Activity-Based Segmentation of Canadian Domestic Pleasure Travelers to New Brunswick

The purpose of the study was to conduct a distinctive analysis for segmenting the New Brunswick travel market through empirical examination. Data was obtained from the Consumer Interests, Motivators and Attitudes (CIMA) Surveys conducted by the New Brunswick Ministry of Tourism and Parks. This study examined the travel characteristics, benefits sought from travel to New Brunswick, intention to revisit, interest in various travel activities when traveling and sociodemographic characteristics of 655 visitors and nonvisitors from Quebec, Ontario, Nova Scotia, and Prince Edward Island. The results showed that the activity-based travelers are classified in three clusters: outdoor lovers, active explorers, and cultural shoppers. Statistically significant differences among three clusters were found in sociodemographic, travel pattern, activity participation, trip planning, and benefit-related variables. The study results indicated that activity was a viable basis for market segmentation and implications existed for product packaging, promotional strategies, and advertising strategies when attracting domestic pleasure travelers in Canada to New Brunswick.     

The Value Relevance of Direct Cash Flows under International Financial Reporting Standards

This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of direct cash flows after IFRS, along with an increase in the value relevance of accruals. These results are consistent with the proposition that direct cash flows play a reinforcing role that complements the more complex IFRS accounts. Consequently, if the International Accounting Standards Board (IASB) were to mandate direct cash flow statements it would, in all likelihood, provide users of accounts with a valuable incremental source of hard transaction information.     

Attitudes and behaviours of key account managers: Are they really any different to senior sales professionals?

This study investigates the range of attitudes and behaviours exhibited by Key Account Managers (KAMs) in their roles as customer relationship managers. Specifically, we test whether KAMs exhibit different behaviours and attitudes towards relationship management compared to other sales professionals based on a range of assumptions currently theorized but untested in the Key Account Management (KAM) literature. Utilizing the existing theoretical models of a KAM role we identify six major areas of relational behaviour assumed in the literature to separate the KAM from the sales professional. Drawing on a cross sectional quantitative study of 10 organizations and 409 key account managers, sales managers, and senior sales executives we explore goal orientation, planning, customer embeddedness, strategic prioritization, adaptability and internal management behaviours of our groups and find that, in certain managerial tasks, KAMs do indeed exhibit many of the different behaviours and attitudes predicted in the literature. However, in many customer-facing, goal orientated and revenue generating activities, contrary to expectations, they display similar attitudes and behaviours to those in senior sales roles. This challenges the way that the KAM role has previously been conceptualized. Our findings raise a potential issue for senior managers, since KAMs' unexpectedly short term orientation may lead to insufficient consideration of the strategic consequences of their decisions for these key customer relationships.