The Maximum Sustainable Yield of Artisanal Fishery in Zanzibar: A Cointegration Approach

The objective of this study is to analyze the scope for expanding theartisanal fishery in Zanzibar and to present cointegration as an econometricmethod to estimate the maximum sustainable yield (MSY) in fishery. For thatpurpose the Schaefer and Fox surplus production models are considered.Application of cointegration is discussed to test whether there is atendency to long run equilibrium between catch and effort as assumed bythe surplus production models and implied by the MSY concept. Moreover,estimation of the parameters is dealth with. Application to data relating toartisanal fishery in Zanzibar shows that there is support for a Fox model.Moreover, we find that the current catch is only about 40 percent of theestimated MSY, but the prevalent effort is about two times bigger than theestimated optimum effort. It appears therefore that the fishery in Zanzibaris biologically overfished.     

Developing a common standard for authentic restaurants

This paper investigates the paradox of authenticity versus standardisation. It examines the features that constitute restaurant authenticity and determines whether these can be standardised within an alliance of top restaurants to reap the benefits of commonalities among the restaurants. We determine the features of authenticity by examining the literature, by interviewing owners and managers of alliance restaurants and by means of a consumer survey. The results show several discrepancies. Combining these three data sources allowed us to distinguish between essential and peripheral features of authenticity. This distinction can help to define a standard for restaurant authenticity, specifying minimum levels for essential features of authenticity.     

Costs and benefits of livestock systems and the role of market and nonmarket relationships

In developing countries livestock are kept not only for their physical products, but also for insurance, financing, and to display status. Though this range of purposes is acknowledged, livestock policies nevertheless often emphasize physical production: a limited perspective that hampers the formulation and implementation of effective livestock policies. This article presents a comprehensive appraisal of costs and benefits of livestock systems that takes into account the institutional environment of livestock keepers. Indicators are developed that capture, quantify, and organize not only the benefits resulting from the physical production, but also those from the intangible functions. The method is illustrated by an analysis of cattle in the Western Province of Zambia. The results indicate that the perspective on livestock systems developed more closely reflects the observed decisions of the livestock keepers.     

Standardization as emerging content in technology education at all levels of education

Integration of standardization into different levels of technology education has surfaced as a critical issue for educational practitioners and policy makers at national and regional (APEC, EU) level. In this paper, we describe and analyze empirical data collected from 118 educational experiences and practices about technology standards and standardization in 21 countries of a regional variety. Specifically, this research examines standardization education programs these countries have implemented, and explores suggestive indications for the design and development of an educational policy for standardization. Online surveys, offline interviews, face-to-face meetings and case studies have been used to determine the way these standardization education programs are segmented and implemented in different contexts. The findings are consolidated into a framework for standardization education. The framework presents an applicable combination of target groups (who), appropriate learning objectives (why), probable program operators (where), prospective contents modules (what), and preferred teaching methods (how). This framework may contribute to planning and implementing more inclusive standardization education programs.     

Time-varying rare disaster risk and stock returns

This study provides empirical support for theoretical models that allow for time-varying rare disaster risk. Using a database of 447 international political crises during the period 1918-2006, we create a crisis index that shows substantial variation over time. Changes in this crisis index, our proxy for changes in perceived disaster probability, have a large impact on both the mean and volatility of world stock market returns. Crisis risk is positively correlated with the earnings-price ratio and the dividend yield. Cross-sectional tests also show that crisis risk is priced: Industries that are more crisis risk sensitive yield higher returns.     

Implementing international standards for Information Security Management in China and Europe: a comparative multi-case study

The leading international standards for information security management, ISO/IEC 27001 and ISO/IEC 27002 originate from the UK, but are applied worldwide. This paper explores whether the processes of selection, implementation and use of these interrelated standards differ between China and Europe by studying cases of Chinese and European companies. Chinese companies face some additional problems with the standards but manage to get them successfully implemented in a short period of time. Main differences relate to governance and management of standard adoption. This study is innovative in the method used for standardisation research (comparative multi-case study), and the topic: implementation and impact of information security management standards.     

The Influence of Ownership Structure on Risk Management: Evidence from New Zealand State Owned Enterprises

This paper examines how recent theories on risk management apply to government owned organizations. We argue that, compared to publicly listed firms, government owned organizations have a lower need for risk management since stakeholders are likely to rely on implicit guarantees arising from government ownership. We test this proposition empirically and find that government owned organizations make less use of financial derivatives to reduce the costs of financial distress and agency conflicts. In general our findings provide strong support for the modern theories of risk management.     

Coordination of Expectations in Asset Pricing Experiments

We investigate expectation formation in a controlled experimentalenvironment. Subjects are asked to predict the price in a standardasset pricing model. They do not have knowledge of the underlyingmarket equilibrium equations, but they know all past realizedprices and their own predictions. Aggregate demand for the riskyasset depends upon the forecasts of the participants. The realizedprice is then obtained from market equilibrium with feedbackfrom six individual expectations. Realized prices differ significantlyfrom fundamental values and typically exhibit oscillations around,or slow convergence to, this fundamental. In all groups participantscoordinate on a common prediction strategy.     

Crucial issues in successful European business

Time has come to put business ethics explicitly on the agenda of those who bear responsibility in the business world and of the scholars working in the field of business administration sciences. Reflection should bear on specific issues of concern, but also on processes of decision in business practices and on patterns of thought at work inside issues and processes. What the issues are, which processes and patterns need scrutiny, is to be decided upon in the course of the public normative debate in which ethicists, as experts of conceptual analysis and argumentation, and corporate executives as experts in decision-making each take an equal and fair share, as people who are able and willing to proffer an argued personal standpoint in an open debate.Henk J. L. van Luijk is Professor of Ethics at Nijenrode, The Netherlands School of Business, Breukelen, The Netherlands, and at the University of Groningen, The Netherlands. He is chairman of the Executive Committee of EBEN, The European Business Ethics Network. His special field is business ethics. He is the author of three books on various philosophical subjects. In his special field he published several articles, mainly in Dutch philosophical and professional journals.