A spatially explicit techno-economic model of bioenergy and biofuels production in California

This study presents a spatially explicit techno-economic Bioenergy Siting Model (BSM) of the bioenergy production system in California. The model describes the bioenergy system in terms of facility siting and size, conversion technology, feedstock profile, and feedstock supply chain configuration for the year 2015. The BSM expands upon previous bioenergy siting work by optimizing the system using spatially explicit feedstock supply curves, multiple potential conversion technologies and geographically determined bioenergy demand. We present sensitivity analysis demonstrating the effect of market and policy change scenarios. The model couples transportation network analysis using a Geographic Information System (GIS) with a mixed integer-linear programming (MIP) optimization model. Scenario results show total biomass resource utilization between 18 and 25 million dry tons annually at biofuel prices from $2.20 to $4.00/gallon of gasoline equivalent.     

Electricity sector reform in developing countries: an econometric assessment of the effects of privatization,competition and regulation

Electricity sectors in both developed and developing countries have been subject to restructuring to introduce private capital and increase competition. Although the effects of such reforms in a number of the developed economies are now well documented, the experience of developing countries is much less well researched. This paper provides an econometric assessment of the effects of privatization, competition and regulation on the performance of the electricity generation industry using panel data for 36 developing and transitional countries, over the period 1985–2003. The study identifies the impact of these reforms on generating capacity, electricity generated, labor productivity in the generating sector and capacity utilization. The main conclusions are that on their own privatization and regulation (PR) do not lead to obvious gains in economic performance, though there are some positive interaction effects. By contrast, introducing competition does seem to be effective in stimulating performance improvements.      

The impact of firm prestige on executive compensation

We show that chief executive officers (CEOs) of prestigious firms earn less. Total compensation is on average 8% lower for firms listed in Fortune’s ranking of America’s most admired companies. We suggest that CEOs are willing to trade off status and career benefits from working for a publicly admired company against additional monetary compensation. Our identification strategy is based on matched sample analyses, difference-in-differences regressions, and a regression discontinuity design. We perform several robustness checks and exclude many alternative explanations, including that firm prestige just proxies for better corporate governance or for increased exposure of the pay-setting process to media attention.     

Volunteer tourism as an emerging trend or an expansion of ecotourism? A look at potential clients' perceptions of volunteer tourism organisations

• Volunteer tourism (VT) has recently been proposed as an alternative to ecotourism to link tourism and nature conservation. It is believed that VT represents an emerging tourism sector for vacationers who want to make a difference during their holidays. This investigation questions this belief using potential tourists' perceptions of volunteer tourism organisations.
• Through a multiple sorting procedure, respondents interpreted the promotional material of volunteer tourism organisations to describe this form of tourism and differentiate between organisations. The results suggested that respondents distinguish between organisations offering a volunteering experience and a holiday experience.
• Furthermore, the respondent's level of familiarity with expedition activities was important, as respondents with a high level of familiarity seek different benefits from their experience. The study suggests that volunteer tourism is a diverse sector, with different emphases on holiday and volunteering elements.

Copyright © 2006 John Wiley & Sons, Ltd.     

Opening a can of worms: the pitfalls of time-series regression analyses of income inequality

This paper argues that time-series regression analysis is of only very limited use for understanding the determinants of income inequality. The argument is based on a combination of results from the time series econometrics literature and several characteristics of inequality itself, principally nonstationarity of the data in most inequality regression models, and the weak theoretical foundations underlying the models. A sample of postwar US data is used to illustrate the problems involved.     

The Influence of U.S. GAAP on the Harmony of Accounting Measurement Policies of Large Companies in the U.K. and Australia

U.S. GAAP has increasingly become an influence on accounting practices in other countries, even aside from those traditionally considered under direct U.S. influence. The change arises from the large number of U.S. accounting standards, non-U.S. companies listing on U.S. stock exchanges, and the amount of U.S. direct investment abroad. As the impact of U.S. GAAP varies across countries, it may affect international accounting harmony. This idea is tested by examining the level of international harmony for eleven accounting measurement policies in matched pairs of large companies from Australia and the U.K., two countries with historically strong cultural and economic links. It is argued that, in recent decades, accounting practice in Australia, more so than in the U.K., has become increasingly U.S.-oriented. The concepts of harmony of Tay and Parker (1990) and Archer et al . (1996) are employed. International harmony is measured by the between-country C index and chi-square test; national harmony by van der Tas's (1988) H index. While considerable national harmony is found in the U.K. for seven and in Australia for five accounting policies, there is considerable or complete international harmony for only three policies. Evidence is presented of the influence of U.S. GAAP as one factor explaining the poor degree of U.K./Australia international harmony. Australian companies appear to follow U.S. GAAP to a greater extent than do U.K. companies. The state of partial harmony thus existing restricts international comparability of accounting reports and may cause problems for regulators.     

The cul-de-sac of foreign industrial investments to Russia

Abstract

The aim of this article is to determine the rationale for the ‘irrational’ investment behaviour of multinational corporations (MNCs) in Russia. During the on-going recession in a number of major sectors, MNCs have undertaken only a very limited number of divestments and, instead, have commissioned a record number of new manufacturing facilities (by opening new plants and expanding the capacities of existing plants). To explain this phenomenon, we first provide an overview of existing theoretical and empirical studies on investments in difficult locations and divestments of foreign subsidiaries, and identify the major weaknesses of the prevailing approaches and underlying assumptions of such studies. Next, we present a detailed picture of both industrial investments and divestments in Russia from January 2015 to March 2017. Finally, we indicate how a combination of systemic and contingent factors (pressure from the host country’s government, subsidiaries’ orientation towards the host country’s markets, and the absence of potential local and international acquirers for existing Russian manufacturing facilities of Western MNCs) has created ‘cul-de-sac’ conditions for foreign-owned industrial assets in Russia.