The Correct use of Confidence Intervals and Regression Analysis in Determining the Value of Residential Homes

This paper shows that (1) the principle of substitution has been misinterpreted in regression analysis on residential homes by the misuse of the confidence interval; (2) the proper confidence interval to judge the accuracy of the equation is the mean CI; and (3) the accuracy of the equation can be improved by applying factor analysis to the entire data set rather than a predetermined neighborhood. These results are illustrated in a sample of 571 residential sales in Northwest Arkansas during 1975. The data are divided into clusters, and a regression equation is computed for each. The results show that the mean confidence interval is the correct application of the principle of substitution. The correct decision rule to determine the superiority of the multi-equation or the single equation model compares the explained to the unexplained variation. These results should allow the appraiser to select properties that are better suited for comparison. This will improve the accuracy of the regression analysis and resulting estimates of property value.     

Factors that influence the length of industrial channels

This article is concerned with the length of channels utilized to market industrial products. Several marketing scholars have proposed that the appropriate channel structure is a function of conditions associated with the market for the product, the nature of the product itself, and characteristics of the producer and middlemen. By means of a survey of industrial product manufacturers, this study identified six characteristics of middlemen, industrial markets, and industrial customers that appear to be significant influences on the length of channels used to distribute industrial products.     

Measures used to evaluate industrial marketing activities

Given the importance of controlling marketing efforts, a study was conducted of industrial manufacturers to determine the extent of their use of various measures to evaluate different marketing activities. The predominate measures used for evaluation were sales volume with much less utilization of profitability, productivity, and expense measures.     

Mapping the university technology transfer process

Transfer of technologies from the universities to the private sector is increasingly regarded as playing a significant role in new business starts, growth of existing businesses, and new job creation. Further, there are monerous models describing the process of technology transfer. Some of the existing models represent this process as a linear progression of steps: from idea generation and technology development at the university, to patenting the technology and then establishing a university-private firm link through a formal search process. The process culminates in patent rights transfer. Other models describe technology transfer in terms of networking arrangements and emphasize not so much formal search as the role of long-term relationships between the two parties. Still other studies indicate that it is possible to combine the two approaches—formal search and informal networking arrangements—to ensure successful transfer.Business firms involved in transfer also may be classified into several groups. Transfer could occur between the university and an established firm, between the university and a recently created new venture, or transfer could result in the creation of a new company. Technology, for example, could be transferred to a large company that uses the transferred technology as a basis for just one of many product lines, or to a small firm that makes the transferred technology a cornerstone of its product strategy.Are there any differences among the transfer processes used when large or small firms are involved, or when technology is transferred to an existing company, or results in the creation of a new firm? To address these questions, we mapped the technology transfer processes of 23 different technologies developed at the University of Minnesota from 1983 to 1993.More than half of the technologies studied went to large companies and were used either to upgrade existing products or to extend existing product lines. In eight cases technologies were transferred to small firms. In three cases technologies were transferred to venture capital firms or intermediaries and had not been commercialized at the time the study was completed. In the rest of the cases new firms were created by the inventors/university scientists themselves and served as vehicles for marketing their inventions. None of the firms of the latter group have grown beyond a part-time employment opportunity for the inventors, and only one firm provided evidence that additional hiring would be necessary in the near future.Only four cases involved transfers of technologies that have been developed and patented by the university to firms that did not have any relationships with the university prior to the transfer. In these four cases the firms used some form of search strategy to find a needed technology. However, there is no evidence that any of the firms had a well-developed formal search procedure. In the overwhelming majority of cases some form of relationship existed between the university (or individual inventors) and the private firm prior to the transfer. These relationships ranged from long-term friendships and/or cooperation to such less involved forms as interaction at research seminars and university-sponsored events. Further, in four cases, the technologies were initially developed by private companies, whereas the university's role was to assist in refinement or testing of the technology.The research yielded a number of additional findings that deserve further investigation and discussion. Specifically, the study did not provide any evidence that the successfully completed technology transfers made any substantial contribution to either new business creation or the generation of new jobs. This finding suggests that scholars and policy makers should proceed with caution before accepting a notion that new or high technology firms will have any direct economic impact.The study findings hold specific implications for entrepreneurial behavior and public policy. The “formal search and shopping” for a technology model suggests that both business and academic/government laboratories publicize, respectively, their requirements and offerings, and that opportunities for creative brokerage ought to exist. We found that in the majority of cases technology was transferred not through formal search, but through some prior relationships among individuals. This observation suggests that the ability to build extended networks of relationships not only within the business world but also with the university community is an important skill that owners and managers of the technology-based businesses need to possess. Entrepreneurs seeking to start businesses based on new technologies may need to reevaluate how much of their limited time to allocate to build and maintain networks and cooperative relationships, and how much time to shop for new technologies through formal channels. Further, public policy and the efforts of the university transfer agencies intended to facilitate transfer may need to shift their emphasis from facilitating “shopping” by organizing and/or paying for “publicity” (which is currently the major emphasis) to providing assistance in network building and relationship marketing efforts.     

A Protected Areas Ecotourism Competitive Cluster Approach to Catalyse Biodiversity Conservation and Economic Growth in Bulgaria

This paper focuses on how small ecotourism and related supply chain businesses in gateway communities can be linked to protected areas by organising them into competitive clusters focused on their comparative advantages and uniqueness. It examines pilot project work in Bulgaria in small communities near the Rila and Central Balkan National Park. It shows how Bulgaria might develop its ecotourism potential by replicating this approach. The Bulgarian experience holds potential for replication in other protected areas and gateway communities using collaborative tools based upon lessons learned from the model sites and from ecotourism cases around the world, including: (1) developing an inclusive stakeholder group; (2) fostering education within gateway communities near protected areas; (3) strengthening the legal and regulatory framework; (4) expanding small and medium size enterprises (SMEs) and entrepreneurship opportunities; (5) expanding destination management capacity at the community level; (6) linking protected area sites to less visited areas; (7) implementing environmental management and certification programmes; (8) expanding financing for protected areas; (9) using the Internet for linking and branding the network; and (10) developing indicator or monitoring systems.     

Aquatic resources and recreation behavior

While substantial effort has been undertaken to understand the consequences of industrial and agricultural uses for the environment, concern has also been expressed about its other uses, including recreation. Little is known about the relationship between recreational behavior and an environmental resource base. The present paper focuses upon participation in a specific outdoor recreation activity or activity‐cluster and dominant resource base where participation occurs. Resource bases identified were river, lake, ocean, swamp/marsh, forest/mountain, range/ farm and city/town. Emphasis is placed upon aquatic environs and participation in water‐based recreation. Water activities constituted from 14–30 percent of all outdoor activities taking place at those resource bases identified. Aquatic environments provided the resource base for 38 percent of all recreation participation events, water‐ and non‐water based, occurring during one reporting period. While participation in water‐based activities requires a water resource, the array of participation patterns reported suggests that resource bases defined as recreation places provide a wide range of opportunities for non‐resource‐dependent recreation activities. One conclusion is that resource bases cannot be distinguished by the recreation activities occurring on them. Resource bases in fact facilitate a wide range of recreation activities, some holding little direct connection with the resource base, nor are the conditions of the resource sufficient to predict behavioral outcomes.     

Book review

Tourism Marketing. By Salah Wahab, Jack Crampon, and L. Rothfield. London, England: Tourism International, 1976. 273 pp. U.S. $16.00

Tourism in the Bahamas and Bermuda: Two Case Studies. By Brian H. Archer. Bangor, Wales: University of Wales Press, 1977. Pp. ix, 87. £3.25

Park Planning Handbook: Fundamentals of Physical Planning for Parks and Recreation Areas. By Monty L. Christiansen. New York: John Wiley & Sons, Inc., 1977. Pp. xiv, 413. Hardcover: $18.95

Educating for Leisure‐Centered Living. By Charles K. Bright‐bill and Tony A. Mobley. (2nd Edition—Revised). New York: John Wiley and Sons, 1977. Pp. viii, 128. Paperback: $4.95

Private and Commercial Recreation: A Text and Reference. By Arlin F. Epperson. New York: John Wiley & Sons Publishing Company, Inc., 1977. Pp. 385. Hardcover: $15.95

The Economic Impact of Parks. A report prepared for the Federal/Provincial Parks Conference. By the Canadian Outdoor Recreation Research Committee. Toronto: Ontario Research Council on Leisure, 1975. Pp. 107. $4.50

A Model for Planning and Managing National Parks. By Laurence Prosser. Center of Leisure Studies, University of Oregon, 1977. Pp. 456. $25.00

Delivery of Community Leisure Services: An Holistic Approach. By James F. Murphy and Dennis R. Howard. Philadelphia: Lea & Febiger, 1977. Pp. vii, 219. Paperback: $9.75

Recreation Leadership. 3rd edition. By Maryhelen Vannier. Philadelphia: Lea & Febiger, 1977. Pp. 387. Hardcover: $12.50

Leisure: An Introduction. Edited by Hilmi Ibrahim and Fred Martin. Los Alamitos: Hwong Publishing Company, 1977. Pp. 360

Outdoor Recreation in America: Trends, Problems and Opportunities. 3rd edition. By Clayne R. Jensen. Minneapolis: Burgess Publishing Company, 1977. Pp. 269. Hardcover: $12.95

A Research Study into Provision for Recreation in the Highlands and Islands: Phase 1—Areas Affected by Oil‐Related Development. Research Reports 22, 23, and 31. Tourism and Recreation Research Unit, University of Edinburgh, Scotland, 1976 and 1977. Pp. 339, 411, and 145.

Research Study into Provision for Recreation in the Highlands and Islands: Phase 2—Regional Perspective: A Commentary by J. A. Long, J. T. Coppock, and B. S. Duffield. Research Report 37. Tourism and Recreation Research Unit, University of Edinburgh, Scotland, 1978. 110 pp.

The Environmental Impact of Outdoor Recreation. By Geoffrey Wall and Cynthia Wright. Waterloo, Ontario, Canada: Department of Geography Publication Series, Faculty of Environmental Studies. 1977, 69 pp. $5.00.

Avocational Counseling Manual—A Complete Guide to Leisure Guidance. By Robert Overs, Sharon Taylor, and Catherine Adkins. Washington, D.C.: Hawkins and Associates, Inc., 1977, 203 pp.

Leisure and Recreation: Introduction and Overview. By Clayne R. Jensen. Philadelphia: Lea & Febiger, 1977, 295 pp. Paperback $13.50.

The Joy of Sport. By Michael Novak. New York: Basic Books, 1976. Pp. 358. $10.95     

Participation and retention in a green tourism certification scheme

Tourism certification schemes offer a transitional procedure to a more transparent and sustainable tourism product. Engaging current and previous Green Tourism Business Scheme (GTBS) members in Scotland, this research addresses issues of retention affecting progression of sustainable tourism supply. Quantitative analysis tracking GTBS members over three time points reveals 2% growth but conceals significant flux in membership. Retention was calculated at 66%, where business type analysis discloses distinct issues among accommodation providers with 42% departing the scheme. Decline is greatest among B&;Bs and guesthouses (?61%), where poor and falling recruitment coincides with very poor retention (33%). Our analysis demonstrates that slow growth in membership is primarily a result of enterprises choosing to leave the scheme, rather than poor recruitment. Questionnaires from past and present GTBS members (n = 109) confirm the importance of personal pro-environmental philosophies and perceived business benefits in attracting members, yet anticipated benefits do not always materialise. The main reasons for leaving the GTBS relate to membership cost and unrealised benefits. Lack of scheme awareness, management, criteria, bureaucracy and time commitment were further departure factors. The paper offers some suggestions to address issues and enhance retention leading to sustainable growth among tourism certification schemes.     

ON THE WEALTH EFFECTS OF THE SUPERVISORY GOODWILL CONTROVERSY

We provide evidence on the potential wealth effects of the 1996 U.S. Supreme Court decision that the U.S. government had violated contractual obligations when, in 1989, it passed legislation prohibiting savings and loan associations from counting “supervisory goodwill” as capital. The Supreme Court decision produced large wealth gains for the savings and loan plaintiffs, as did prior court decisions in favor of these savings and loans. However, little evidence exists to suggest negative market responses to important events surrounding the 1989 legislation.     

EMPLOYMENT-RELATED LEGAL OBLIGATIONS: A RISK MANAGEMENT PERSPECTIVE OF FEDERAL ANTI-DISCRIMINATION LAWS

Abstract: The authors examine the statutes, protected classes and damages under federal antidiscrimination laws. Because of the limitations of insurance as a loss financing tool, the authors contend that loss control is a more prudent course of action for employers than loss financing.