The Accelerated Sublime: Landscape,Tourism, and Identity

Abstract

One of the first lessons in any economics course is that prices of substitute commodities matter. For example, the magnitude of estimated values for a specific recreation area may be substantially affected by the availability of substitute sites. This basic lesson of economics is often overlooked in the design of contingent‐valuation questions. Assumptions regarding the prices of substitutes become implicit in designing surveys and are rarely made explicit to survey respondents. In this article, hypotheses are formulated about hunter responses to contingent valuation questions under explicit and implicit assumptions regarding prices of substitute hunting opportunities. The hypotheses are tested using data from a statewide survey of Maine hunters. The results indicate that it may not be necessary to specify assumptions that prices of substitutes remain unchanged. In contrast, respondents did not change their statements of value when told that the prices of substitutes had doubled.     

Skyscrapers' influence on cities' roles as tourist destinations

Skyscrapers are, literally, prominent features of many cities. They are increasingly dominating urban skylines around the world. Skyscrapers are advantageous for certain constituents, architects and builders who design and construct them and the politicians and corporate tenants who believe that large, upwardly thrusting symbols have promotional and competitive benefits. However, in the context of tourism, except for the very few that are distinctively tall, skyscrapers are not merely ineffective as attractions, they create unpleasant contexts for urban tourism, eroding the quality of leisure, the foundation of recreational and cultural experiences at the core of tourism. Thus, attempts to promote tourism with images of skylines dominated by tall buildings might be counter-productive in the end analysis. This implies that Asian cities where most of the world's skyscrapers are being constructed should re-examine the role of skyscrapers in promoting tourism, especially, considering that many European cities that have sustained popularity as tourist destinations lack skyscrapers.     

The changing regulation of public leisure provision

There is much current international interest in the effectiveness, efficiency and economy of alternative mechanisms of public service delivery. In the UK, research has concentrated on Compulsory Competitive Tendering (CCT), both in terms of its impacts and the wider socio-political project which it represents. It has been argued that CCT has been less about getting the private sector into public leisure provision than it has about commercializing the public sector. However, it is evident that the ‘externalization’ of public leisure management functions has been encouraged by the legislation, meaning that a new marketplace has been created, characterized by the emergence of a number of private sector leisure management companies. With the potential advent of a new Best Value (BV) regime in place of CCT, it is argued that the significance of these companies could increase considerably. Here, this new dynamic of private capital into public leisure provision is analysed, through reviewing its structural nature in the context of the wider social reproduction of capitalism. In locating the analysis within the field of Regulation Theory, the paper makes explicit the exogenous structural nature of the dynamic, particularly in its need for legitimation through the annexation of change through social norms, mechanisms and institutions. The paper consequently argues that while the primary project of CCT may have been about the commercialization of the public sector, the underlying priority of government has been much more associated with the need to find new and acceptable ways of reinforcing the hegemonic message of consumerbased capitalism. It is concluded that the BV regime, far from challenging this orthodoxy, is likely to further legitimate it.     

Building firm-specific advantages in multinational corporations: the role of subsidiary initiative

This paper investigates how subsidiary companies are able to contribute to the firm-specific advantages of the multinational corporation (MNC). Specifically we examine the determinants of the contributory role of the subsidiary and subsidiary initiative. The study reveals the following significant relationships: (a) internal subsidiary resources in combination with initiative have a strong positive impact on the subsidiary's contributory role; (b) subsidiary initiative is strongly associated with the leadership and entrepreneurial culture in the subsidiary; and (c) contributory role is strongly associated with subsidiary autonomy and a low level of local competition. We discuss the implications of these findings and some of the theoretical issues associated with subsidiary initiative. Our provisional conclusion is that MNC subsidiaries can not only contribute to firm-specific advantage creation, they can also drive the process. © 1998 John Wiley & Sons, Ltd.     

Who decides the shape of product markets? The knowledge institutions that name and categorise new technologies

We consider naming and categorization practises within the information technology (IT) arena. In particular, with how certain terminologies are able to colonise wide areas of activity and endure for relatively long periods of time, despite the diversity and incremental evolution of individual technical instances. This raises the question as to who decides whether or not a particular vendor technology is part of a product category. Who decides the boundaries around a technology nomenclature? Existing Information Systems scholarship has tended to present terminologies as shaped by wide communities of players but this does not capture how particular kinds of knowledge institutions have emerged in recent year to police the confines of technological fields. The paper follows the work of one such group of experts—the industry analyst firm Gartner Inc.—and discusses their current and past role in the evolution of Customer Relationship Management (CRM) software. We show how they make regular (but not always successful) ‘naming interventions’ within the IT domain and how they attempt to regulate the boundaries that they and others have created through episodes of ‘categorisation work’. These experts not only attempt to exercise control over a terminology but also the interpretation of that name. Our arguments are informed by ethnographic observations carried out on the eve of the contemporary CRM boom and interviews conducted more recently as part of an ongoing investigation into industry analysts. The paper bridges a number of disparate bodies of literature from Information Systems, Economic Sociology, the Sociology of Scientific Knowledge, and Science and Technology Studies.     

A General Equilibrium Analysis of the Australian Information Economy

The more robust computable general equilibrium (CGE) modelling has been applied to examine the macro-economic implications of promoting the nascent Australian information economy. The Australian information economy has been trichotomized into marketed or primary information, secondary or non-marketed information and non-information economic sectors using a special algorithm. The trichotomized data base has been used in a CGE framework to examine the macro-economic policy implications of information sector development. In particular, the nurturing, under protection, of the primary information sector as a strategic trade sector provided unanticipated lack-lustre results. Overall, it is the contention of this paper that the CGE analysis of the Australian information economy provides richer policy insights than straightforward input–output analytics.     

Accounting for financial instruments with characteristics of debt and equity: finding a way forward

Accounting for compound financial instruments, that is those with characteristics of both debt and equity, has challenged accounting standard setters for decades. The principles developed to distinguish liabilities and equity and the application of these principles in IAS 32 have been widely criticised. In 2016–2017, the IASB was engaged in a project to improve IAS 32. Our study presents research that is relevant to the issues faced by standard setters, related to improving the definitions and enhancing presentation and disclosure of liabilities and equity. We discuss studies investigating the effects of the accounting classification requirements on firms’ financing choices and on users’ decision‐making, to examine the question, ‘Does the distinction matter?’ We then explore various approaches that may be pursued by the standard setters to improve accounting in this area and identify areas for future research.     

The Impact of Accounting Education Research

Abstract

This paper presents an exploratory study into the nature and patterns of usage of accounting education research. The study adopts the most accessible metric, Google Advanced Scholar citations, to analyse the impact of research published in the six principal English-language accounting education journals. The analysis reveals a global readership for these journals but evidence of relatively low citation levels. However, papers tended to be cited more than expected in cross-disciplinary education journals, discipline-specific education journals, and non-education journals. Guidance is offered to authors seeking to maximise the impact of their research, and issues of concern are identified for editors and publishers. This is the first paper to look beyond content at the usefulness of research in accounting education as indicated by citations. In doing so, it contributes to the current debate on the quality of this research, and of research in accounting and finance in general.     

How do auditors perceive CEO's risk‐taking incentives?

Prior literature documents that executive compensation influences managerial risk preferences through executives’ portfolio sensitivities to changes in stock prices (delta) and stock‐return volatility (vega). Large deltas discourage managerial risk‐taking, while large vegas encourage risk‐taking. Theory suggests that auditors charge higher audit fees when standard audit procedures do not allow auditors to reduce audit risk including the risk arising from higher business risk. We posit and find evidence of a negative (positive) relation between CEO portfolio deltas (vegas) and audit fees. We also find a negative relation between CEO portfolio deltas and the issuance of going‐concern audit opinions (GCO).     

The sensitivity of bank stock returns to real estate

According to the Federal Reserve Board, banking firms have recently been shifting significantly larger portions of their loan portfolios into real estate. This increase in real estate lending has caused concern about the continuing economic health of banks on the part of state and federal regulators, since changes in real estate returns, evidenced by changes in property value, can potentially have a significant impact on bank default risk and profit-ability. However, concerned parties do not seem to have explicitly considered the relationship between mortgage default risk and the specific characteristics of real estate investments.This study examines the sensitivities of stock returns for different bank groups, based on the percentage of total loans in real estate and the percentage of loans in five different mortgage categories (construction and development loans, farmland loans, one- to four-family residential loans, multifamily residential loans, and nonresidential and nonfarm loans), to changes in real estate market returns. This is done by developing and using a three-index model.The results of this study indicate that bank stocks, overall, are very sensitive to changes in real estae returns. Banks, with a larger portion of their total loans invested in all types of real estate loans, except farmland loans, are most sensitive to changes in real estate returns.