The linkage between the U.S. ethanol market and developing countries’ maize prices: a panel SVAR analysis

The major expansion of U.S. ethanol production raises concerns about the potential detrimental impacts on developing countries’ agricultural prices, farm income, and food security. To assess the sensitivity of maize prices to ethanol production, this study explores the linkage between the U.S. ethanol market and developing countries’ maize prices. The econometric approach, based on a panel structural vector autoregression model, captures market interdependencies and the likelihood that developing countries’ responses are both heterogeneous and dynamic. The results indicate that the U.S. ethanol market's impacts on maize prices in developing countries are heterogeneous and that coastal countries are more susceptible to U.S. economic shocks. The estimates also suggest that countries more dependent on food imports and/or receiving U.S. food aid are at a higher risk of being affected by such shocks. Overall, the results indicate that those countries with the greatest sensitivity and exposure to global agricultural commodity markets could benefit from domestic policies and international assistance, which reduce their exposure to impacts from the U.S. maize market.     

Riparian Buffers and Hedonic Prices: A Quasi-Experimental Analysis of Residential Property Values in the Neuse River Basin

Riparian buffers, the strips of vegetation along banks of rivers and streams, have been proposed as a key instrument to protect water quality in the United States. Riparian buffers impose a restriction on the use of private property limiting harvest and development, but buffers can also provide for aesthetic and recreational benefits that may accrue to property owners. With data from the Neuse River Basin in North Carolina, this study attempts to provide empirical evidence on the effect of a mandatory buffer rule on the value of riparian properties. Spatial autoregressive hedonic models are estimated within a quasi-experimental framework using the imposition of the buffer rule as the treatment and nonriparian properties as a control group. Results indicate that a riparian property generally commands a high premium. We find no evidence, however, that the mandatory buffer rule has had a significant impact on riparian property values when compared with the control group.     

Off‐farm work and technical efficiency on U.S. dairies

In this study, we investigate the impact of an increase in farm households’ off‐farm work on technical efficiency (TE) of U.S. dairies. We present a theoretical framework that implies that an increase in farm household off‐farm work decreases TE. We use two nationally‐representative samples of U.S. dairies (2010 and 2005 Agricultural Resource Management Surveys) and a parametric approach (stochastic frontier analysis) to empirically test the hypothesis. Results are generally consistent with the hypothesis and show that an increase in off‐farm work by the farm household is associated with a significant decrease in TE. In addition, results show that there is a statistically significant difference in TE between small, medium, and large farms. Small farms are associated with significantly higher off‐farm work and have lower TE than large farms, which implies that less off‐farm work by households with larger farms is at least partially responsible for the evidence of economies of scale in the U.S. dairy industry.     

A Canterbury tale: imaginative genealogies and existential heritage tourism at the St. Lawrence Ground

At its most innate, heritage is biological, and perceptions of our own origins can drive many heritage journeys. However, like many heritage excursions, genealogical travel can also fuse objective fact with imagination in the search for meaning and identity. This paper explores a genealogical journey to a cricket ground in Kent, where the search for a family member's past seamlessly merged with broader heritage constructions. Through this journey, it was found that heritage could be seen as a series of dualities; a mixture of collective and individual, objective and imaginative, and tangible and existential. Furthermore, it considers that heritage sport tourism – a topic broadly concerned with extrinsic, tangible heritage such as sports sites, sports museums, and sporting artifacts, can also be viewed through a more existential lens.     

Entrepreneurial strategy making and firm performance: tests of contingency and configurational models

This field study explores the nature of entrepreneurial strategy making (ESM) and its relationship with strategy, environment and performance. In the first phase, we assess the independence of entrepreneurially oriented strategy-making processes through factor analysis. The second phase, using moderated hierarchical regression anlaysis, investigates the relative predictive power of two approaches for exploring the ESM–performance relationship: contingency and configuration. Findings from a sample of 32 firms competing in a wide variety of industries indicate that configurational approaches that align ESM, strategy, and environment have greater predictive power than contingency approaches. However, not all high performing configurations are consistent with normative theory. Thus, alternate theories linking entrepreneurial strategy making to competitive advantage should be developed and tested. © 1997 John Wiley & Sons, Ltd.     

Time-series properties and predictability of Greek exchange rates

This paper explores the time-series properties and predictability of weekly percentage changes in the Greek drachma exchange rates with respect to the currencies of major trading-partner countries, such as the USA, Germany, the UK, France, Italy and Japan. The analysis is carried out using the EGARCH-M model along with the power exponential distribution. Percentage changes in the Greek drachma with respect to the German mark, the French franc, the Italian lira and Japanese yen are predictable using past information. The volatility of Greek exchange rates is best represented by an EGARCH process and as such is predictable using past volatility measures. Moreover, volatility of the Greek drachma with respect to the German mark and Italian lira positively influences future movements in these exchange rates. The hypothesis that volatility is an asymmetric function of past innovations is rejected in all cases. Following the inclusion of the Greek drachma in the ECU currency basket, its value has been depreciating at a higher rate with respect to the German mark and Italian lira and at a lower rate with respect to the US dollar. Also, its volatility with respect to the German mark, the French franc, and the Italian lira has decreased, whereas its volatility with respect to the US dollar has increased.