Characteristics, Covariances, and Average Returns: 1929 to 1997

The value premium in U.S. stock returns is robust. The positive relation between average return and book-to-market equity is as strong for 1929 to 1963 as for the subsequent period studied in previous papers. A three-factor risk model explains the value premium better than the hypothesis that the book-to-market characteristic is compensated irrespective of risk loadings.     

Market\industry confusion in tourism economic analyses

It is common to read reference to the tourism industry in scholarly works, but attempts at describing or defining tourism as one are not without difficulties. This paper considers whether, given the economic definition of industry, tourism can be called as such. Moreover, the paper offers a clarification of the distinction between the concepts industry and market and how they may be used in the economic analysis of tourism. Definitions of these two notions, extracted from the relevant economic literature, are suggested. Tourism cannot be defined as either an industry or a market. Clarification of this confusion has important implications for economic analysis in this field.     

Estimating Benefits for Effective Enforcement of Speed Reduction from Dichotomous-Choice CV

We present an empirical estimation of the distribution of WTP foreffective speed restriction via implementation of local trafficcalming schemes. Random samples are drawn from the populations ofhouseholds (henceforth HHs) of three centres intersected by maintrunk roads with varying through traffic conditions. We estimatethe underlying WTP distributions from discrete-choice responsesto site-specific referendum contingent valuation studiesaccounting for zero-bidders. We then test the hypothesis ofdifferent distributions across villages. The statistical analysisconsists first of a parametric specification and then of atotally non-parametric one. Stated welfare changes for effectivespeed reduction are found to be sizeable and the parameters ofthe random utility models are plausibly related to differences inobjective speed measures across centres. The results appear toencourage the use of the referencum-CV method in the estimationof local public goods. In this case study the proposed publicproject would seem to pass the Kaldor-Hicks potentialcompensation test.     

Price discovery in the treasury futures market

The paper conducts a regression analysis utilizing both futures and cash market prices and net orderflow to determine where price discovery takes place as well as the forces at play that influence the location. Specifically, given the strong theoretical linkage between the U.S. Treasury cash and futures markets, they compare how orderflow contributes to price discovery and analyze how and when information flows from one market to the other. How a number of environmental variables (trader type, financing rates, and liquidity) impact the information flows between these two markets is also considered. Their findings provide new evidence on the extent to which price discovery happens away from a primary market. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27: 1021–1051, 2007     

Technology and Design, at Key Stage 3, within the Northern Ireland curriculum: teachers’ perceptions

Technology and Design was introduced at Key Stage 3 for all pupils in Northern Ireland, as a result of the Education Reform (NI) Order in 1989. Central to the process of introducing this new and compulsory subject, the government spent in excess of ￡167M to make provision for the subject in all post-primary schools. This paper explores the perceptions of teachers of Technology and Design (known as Design and Technology in GB) in post-primary schools throughout Northern Ireland to the introduction and implementation of the subject. The methods involved a questionnaire survey to all teachers of Technology and Design throughout Northern Ireland (n = 587) and one-to-one interviews with 24. Findings suggest that teachers consider Technology and Design to be a worthwhile subject and believe that it adds much to the educational experience of the pupils involved. Nonetheless, there is general acceptance that difficulties surround the whole issue of subject definition and content delineation. As a consequence, significant demands are placed upon these teachers as they work to ensure that all pupils are given a worthwhile and valuable learning experience. These findings are discussed in terms of teachers’ perceptions of subject definition, delineation of subject content, the nature of the work involved and issues related to academic ability.     

Determinants of domestic and import prices in Canadian manufacturing industries

This paper examines the determinants of the prices of domestic and imported goods in the domestic market using time-series data for a broad sample of Canadian manufacturing industries. It is found that the costs of both goods are the fundamental determinants of their prices, that the pass-through of costs into prices depends on the levels of domestic and import costs, real income per capita and concentration, and that factors which increase the sensitivity of both prices to domestic costs also reduce their sensitivity to import costs. In addition, it appears that the way in which prices are determined differs between industries with low versus high advertising-sales ratios.