Idiosyncratic risk and expected returns in frontier markets: Evidence from GCC

We investigate the pricing of idiosyncratic volatility of seven frontier markets in six GCC countries. We find a significant (marginal) negative relationship between expected returns and lagged idiosyncratic volatility for individual stocks in Saudi Arabia (Qatar) but none in Kuwait and Abu Dhabi. However, when we estimate conditional idiosyncratic volatility either by EGARCH or AR Models, the relationship turns positive. Introducing unexpected idiosyncratic volatility as an explanatory variable to control for any unexpected returns uncovers the true relationship between expected idiosyncratic volatility and expected returns. The evidence turns out to be robust for return reversals and other control variables. Moreover, the pricing of idiosyncratic risk is less evident in higher country governance and seems to be unrelated to the degree of financial development.     

Some Aspects of Trade between Australia and Pacific Island Countries

Australia and Pacific Island countries (PICs) have maintained an ongoing trade and economic relationship for several years. The determinants of trade between Australia and PICs are examined using a gravity model by utilising time‐series cross‐country data for the period 1981 to 2005. The empirical findings indicate that imports by PIC from Australia are significantly determined by PICs’ population and their per capita GDP. The results also suggest that PICs’ exports are significantly determined by PICs and Australia's population, PICs’ infrastructure (telecommunications) and the distance to Australia. Consistent with the findings of other studies using the gravity model, distance is found to be a friction to PICs’ exports to Australia. While this study identifies factors influencing PICs’ trade with Australia, a more substantial issue for the governments and trade policy makers in PICs is to look into the generally disappointing long‐term trade performance. From a policy perspective, PICs would need to seriously look at increasing their export potential.     

How website information decreases intangibility and influences donation

The purpose of this article is to understand how online marketing communications influence donors. This article postulates, in the online arena, by taking the intangible and making it real, definite, solid, or easily grasped, one can positively impact donation. The data were collected in a lab where respondents from a university in the southwest United States explored a well-known nonprofit website. Following the exploration, they responded to a series of survey questions. The findings show that a well-designed website decreases perceptions of intangibility and increases donation. For inexperienced donors, the affective aspects of the site are more influential in determining donation. Our study is one of the first to focus on how specific information on a nonprofit website may influence donation with regards to intangibility. Our work was limited by the use of students and hypothetical situations. By utilizing cognitively and affectively laden website characteristics effectively, nonprofits can influence decision making and subsequent donation through organizational perceptions of intangibility.     

An assessment framework for public urban land management intervention

The ability to manage land effectively depends on the availability of accurate and up to date information on it. Many cities, particularly those in the developing world, lack the means to generate the information needed to support land management. This paper proposes the use of assessment studies as a mechanism to generate information for land management. A model of the public land management system and a framework of steps and issues for carrying out an assessment study are presented. The paper also presents an overview of the common problems of land management in the developing world and a case study to illustrate the utility of the proposed framework.     

Cottage and Small Firm "Presence" in Indonesian Manufacturing between 1975–1996

The article reviews the development of business incubators in a developing country, namely Nigeria.The current operational status of the seven existing incubators are highlighted as well as the successes and shortcomings associated with the implementation of the programme. This is followed with an assessment of the needs to be addressed before incubators can make the desired impact in stimulating entrepreneurship development and technological innovation. Finally, policy recommendations are made to guide the future development of business incubators in Nigeria so that they can make effective contribution to the goal of promoting small and medium scale enterprises.     

Gender and Ethnic Diversity on Boards and Corporate Responsibility: The Case of the Arts Sector

This study provides insights on sector-specific characteristics, challenges and issues that affect corporate responsibility (CR) in relation to ethnicity and gender on arts boards. Using stakeholder theory, the study explores how arts board composition (e.g. gender and ethnicity) sets the scene for dynamics that affect CR. Data analysis is based on interviews with 92 board members and stakeholders sitting on 66 arts boards in Australia. Results suggest that the dynamism of gender and ethnic diversity on arts boards makes them responsive to CR; however, their presence does not always lead to CR. For diverse boards to lead to CR, our findings indicate the significance of board member attributes of passion, skill and capability of developing networks, irrespective of gender and ethnicity. The article advances understanding of the implications and relevance of ethnic and gender diversity on non-profit boards and contributes to an important yet under-researched body of literature.     

Applying evolutionary psychology in understanding the representation of women in advertisements

One of the most ubiquitous creative copy decisions in advertising is to use young attractive women in decorative roles. Contrary to the mantra chanted by some staunch feminists, advertisers are not involved in a patriarchal white‐male‐dominated conspiracy to derogate, exploit, subjugate, and dominate women. Advertisers are concerned with providing messages that are maximally effective to their relevant target audience. Accordingly, they are well aware that in certain situations the use of decorative female models will appeal to a particular group of their constituency. Using evolutionary psychology as the explicative framework, it is argued that the greater use of young and attractive women in decorative roles in advertising is steeped in the differential mating strategies of the two sexes. An analysis of several content‐analytic studies demonstrates that the more frequent use of women as young and attractive decorative models is longitudinally stable and culturally invariant further attesting to the Darwinian roots of this phenomenon. © 2004 Wiley Periodicals, Inc.     

Accidents airline safety perceptions and consumer demand

This paper assesses the impact of perceptions about the safety level of airlines on enplanement. Consumer perceptions are specified with a Poisson distribution that updates over time. Using two different empirical specifications via a pooled generalized least squares procedure with fixed effects; we find no statistical evidence of a correlation between the perceived level of safety and enplanement. However, under an alternative specification in which the severity levels of accidents are ranked, we find that safety perceptions about accidents with minor injuries have no statistically significant impact on enplanement, while perceptions about accidents with serious injuries and fatalities lead to cumulative decreases in enplanement.