The art of tourism-driven development: economic and artistic well-being of artists in three Balinese communities

One route from coastal to inland Bali traverses three communities with different types of art, from mass-produced art for beachside tourists in Sanur, through the village of Mas, home to mask and wood carving workshops, to several high-end galleries and renowned museums in Ubud, known for painting. This comparative case study, based on our interviews with artists, museum directors, collectors, community activists and leaders, arts entrepreneurs, and civil servants, focuses on the economic and artistic well-being of artists in three communities. This well-being approach overcomes a preoccupation with ‘authenticity’ characteristic of older scholarship on tourism and the arts in Southeast Asia. We conclude that the impact of tourism-driven development on artists' well-being varies tremendously even within one region in Bali and that ‘slow’, purposeful arts tourism and forward-looking, hybrid approaches offer the most artistic and economic benefits to local artists. Examples, both positive and negative, provide lessons or strategies for other communities that have distinctive artistic heritages and increasing numbers of tourists.     

The lag relationship between wholesale and consumer prices: An application of the Hatanaka-Wallace procedure

This paper examines the lag distribution relating wholesale to consumer price changes. Sims' causality test indicates a one-sided lag structure. Following Hatanaka and Wallace, parameters of the lag distribution which can be estimated with relatively high precision are emphasized. Thus, our concern is with the sum of coefficients and the first four moments of the distribution. Short-run effects are estimated from lag moments using Pearson's method for equating moments. As a smoothness prior, a Beta distribution in the lag weights is suggested. Tests for bias due to missing components in the wholesale price index indicate little is lost because of misspecification.     

Alternate scenario planning

Although a number of organizations are attempting to add flexibility to their planning efforts by using Alternate Scenario Planning techniques, formal methodologies for preparing appropriate scenario sets are only now being developed. One 12-step scenario set generation technique is described in this article, and a particular application of the technique by a government-industry-university team is discussed.     

The real effects of proxy advisors on the firm

This paper examines the influence of proxy advisors (PA) on firm voting outcomes, policies, and value. We measure PA influence with shareholders' historical propensity to follow PA recommendations. PA influence increases the impact of PA recommendations on proxy voting outcomes and firm policies. When shareholders have private incentives to engage in costly research in the absence of a proxy advisor, PA influence neither harms nor benefits shareholder value. However, at firms with dispersed shareholders PA influence can increase value. Our findings are consistent with theories of voting in which proxy advisors compete with private information acquisition efforts by large shareholders.     

Business Ties and Information Advantage: Evidence from Mutual Fund Trading

This article examines whether ties to portfolio firms’ management via pension business relationships provide mutual funds with an informational advantage. Funds become related to portfolio companies when fund families serve as trustees for firms’ employee pension plans. Selling by related funds is more likely to be motivated by an information advantage than their buying, because the latter is heavily influenced by the desire to secure pension inflows. We find that stocks with larger net sales by related funds experience lower future returns. Information appears related to firm fundamentals, as the return predictability of related funds’ selling concentrates in stocks with negative future earnings surprises. Consistent with an information‐based explanation, the predictive power of related funds’ selling for future returns is more pronounced when information uncertainty about the stock is higher. Our results contribute to a growing literature that shows the sources of informed trading by institutions.     

The case for process approaches in loyalty research in tourism

The article reviews the literature on loyalty in consumer behaviour with particular emphasis on the difficulties of interpreting repeat purchasing in terms of loyalty. Problems of conceptual definition and measurement are examined in the context of tourism. A case is made for seeing the concept of loyalty as a process rather than as a state. In this respect two approaches related to information processing are suggested as possible research approaches. Psychological cost‐benefit technique and methods associated with optimum stimulation level are discussed. Copyright © 2001 John Wiley & Sons, Ltd.     

Explaining forecasting bias: The case of real exchange rate variance

Recent tests of the rational expections hypothesis (REH), based on the assumption that agents are risk-neutral, have yielded conflicting results when applied to foreign exchange markets. Here a two-stage procedure which does not assumej risk-neutrality is derived from a model of a utility-maximizing importer who incurs an adjustment cost if he changes his import order. Although a short-run test (based on aggregate imports) leads to rejection of the REH in the majortity of cases, a longer-ren test (based on manchinery imports) is more favourable to the null huypthesis. The observed shot-run tendency to, in effect, ignore low levels of real exchange rate variation is found to be more likely when bilateral rates have remained relatively stable, when the importingj economy is relatively closed, or when governments have announced policies of intervention to stabilize bilateral rates.     

The potential of participatory hybrid breeding

This article explores the potential of involving smallholder farmers in hybrid development for their low-external input farming systems. We have developed a conceptual model of the procedures, based on five assumptions: (a) the hybrids are bred for adaptation to local needs and preferences; (b) the dependence on and need for genetic diversity is taken into account; (c) breeders collaborate closely with farmers also in the initial stages of the breeding programme, that is, in establishing the breeding goals by identifying the desired traits and preferred local populations as (one of the) crossing parents; (d) hybrid seed production can be integrated into the farmers’ local seed system; and (e) farmers and breeders can agree on intellectual property rights, access and benefit sharing in a fair and transparent way. We illustrate the procedural consequences of these assumptions with reference to the case of a participatory maize breeding programme in southwest China, from 2000 to 2012, that included both open-pollinated and hybrid maize improvement. We show how farmers’ early involvement in hybrid development during the pre-breeding stage, including broadening the base populations with farmer-maintained local landraces, can support co-evolution of the genetic resources in farmers’ fields.     

Processes in collaborative entrepreneurship: a longitudinal case study of how multiple actors exploit a radically new opportunity

In this longitudinal case study, the authors integrate the theory on social movement with the entrepreneurship literature on opportunity discovery, evaluation, and exploitation. They construct a model on collaborative entrepreneurial processes in which multiple partners are involved in identifying, forming, and exploiting an opportunity. Three interdependent subprocesses are identified: (1) the opportunity conceptualization dialogue, (2) resource mobilization and, (3) legitimacy building, which significantly contribute to our understanding of how individuals across different organizations become engaged in collaborative entrepreneurial processes. The model of collaborative entrepreneurial processes complements traditional models of the entrepreneurial process, which place the individual entrepreneur at the center of the process and does not consider group mobilization processes in which the actors aim to be creative and innovative in collaborating with actors from other organizations or firms.