The Favourite-Longshot Bias and Market Efficiency in UK Football betting

It is shown that the individual fixed-odds betting market on UK football exhibits the same favourite-longshot bias as that found in horse-racing. The bias appears both in betting on results (home win, away win or draw) and in betting on specific scores, and there are certain trading rules which appear to be profitable. Poisson and Negative Binomial regressions are carried out to estimate the mean number of goals scored by a team in a match with given market odds for the various outcomes. Tables of odds for individual scores are derived and these appear to fit the actual outcomes far better than those of the bookmaker.     

Lifestyle segmentation and museum/gallery visiting behaviour

A number of variables have been used in the quest to understand better who visits museums and art galleries. This paper proposes the use of lifestyle segmentation in an attempt to understand how museum and art gallery visits fit in with other aspects of the visitors' life. Research to date has tended to focus on those who actually visit, but little has been done to enhance an understanding of non‐visitors. Lifestyle studies, undertaken across a representative sample of a population, offer the potential to understand not only those who visit, but also those who do not. Seven segments result from this lifestyle analysis of New Zealanders, with a significant relationship evident between lifestyle grouping and frequency of visits to museums and art galleries. As each of these lifestyle segments also demonstrates significantly different media characteristics, there are important implications for the placement and tone of promotional messages. Copyright © 2001 Henry Stewart Publications     

The State of Resource Taxation in Australia: ‘An Inexcusable Folly for the Nation’?

This article discusses the principal claims made for the Resource Rent Tax (RRT) by Garnaut and Clunies-Ross (1975, 1979) relating to its efficiency and potential for generating tax revenue relative to other forms of resource taxation, and also their concern about the greater uncertainty of these revenues. An analysis of the risk-return trade-off associated with a shift from ad valorem royalties to an RRT finds this shift to be worthwhile. Estimates are also provided of the foregone tax revenue from the North West Shelf associated with the use of ad valorem royalties rather than the RRT.     

Modern Strategies for Time Series Regression

This paper discusses several modern approaches to regression analysis involving time series data where some of the predictor variables are also indexed by time. We discuss classical statistical approaches as well as methods that have been proposed recently in the machine learning literature. The approaches are compared and contrasted, and it will be seen that there are advantages and disadvantages to most currently available approaches. There is ample room for methodological developments in this area. The work is motivated by an application involving the prediction of water levels as a function of rainfall and other climate variables in an aquifer in eastern Australia.     

Breach of traveller privacy in location-based social media

The availability of location-based social media (LBSM) presents various opportunities for tourism researchers and businesses to understand and enhance the traveller experience. However, privacy concerns can prevent users from sharing their location data, impeding the future development of LBSM applications. Privacy issues of LBSM remain under investigation in the tourism literature probably because social media platforms are often assumed to feature good security mechanisms. This paper argues that risks of privacy disclosure exist not from direct access to private data but indirectly through seemingly harmless data published by users. We present a social link mining technique and demonstrate how private and sensitive information in the form of social relationships between travellers can be revealed. The ?ndings can support managers and researchers in realizing the potential privacy risks of LBSM so that effective strategies can be developed to protect users and promote the gains that LBSM can bring.     

Leading corporate sustainability: The role of top management team composition for triple bottom line performance

Sustainable development at the corporate level requires balancing social, environmental, and financial performance goals. Achieving such “triple bottom line” (TBL) performance is a very challenging task. In this study, we explore the role the organization's top management team (TMT) plays in leading their organization towards corporate sustainability. We focus on how two distinct aspects of the TMT's structural composition—the presence of a “chief sustainability officer” (CSO) and the TMT's functional diversity—affect the organization's ability to reach high levels of TBL performance. We follow the presence of 22 global energy companies in Corporate Knight's “Global 100” sustainability index for a period of 11 years and find that, surprisingly, the presence of a CSO does not boost TBL performance. However, we do find a positive effect for TMT functional diversity, suggesting that more diverse TMTs are better able to lead their organization to higher levels of TBL performance.     

Asymmetric effects of corporate sustainability strategy on value creation among global automotive firms: A dynamic panel quantile regression approach

This study explores the asymmetric effects of corporate sustainability strategy on firm value at different conditioning quantiles by performing a dynamic panel quantile regression analysis on global automotive firms from 2011 to 2017. Further, this study measures the distinct effects of positive and negative corporate sustainability strategies on firm value, which has remained unconsidered as yet. The findings suggest that low-value and midvalue firms respond more strongly to positive and negative corporate sustainability strategies than high-value firms. This implies that for low-value and midvalue corporations that are in a growth phase, an investment in positive corporate sustainability strategies is essential to increase firm value by enhancing public perception of their efforts. Therefore, positive corporate sustainability strategy contributes substantially to future growth. Conversely, positive corporate sustainability strategy may not be a priority in increasing firm value for high-value corporations, because these strategies do not enhance the public's discernment of their efforts in ethics management and hence do not contribute to a future increase in value. Meanwhile, engagement in negative corporate sustainability strategy worsens firm value in all quantiles, although the effect is somewhat weaker for high-value firms. Nevertheless, however high valued and well established a firm is, it is not immune to crisis.     

The Impacts of Financial Integration on the Linkages Between Monetary Independence and Foreign Exchange Reserves

This paper investigates the short-run and long-run effects of financial integration on the dynamics between monetary independence and foreign exchange reserves using a GMM system estimation involving two-year non-overlapping average data (2000-2011) from 114 countries. The results indicate that the effect of foreign exchange reserves on the monetary independence is intensified by the level of financial integration. This suggests a positive spill over effect from the financial integration to the monetary policy independence. Besides, a positive implication of financial integration on monetary independence could be established when the foreign exchange reserves is at the maximum level. In addition, the comparisons between the mean of foreign exchange reserves and the threshold levels of foreign exchange reserves that neutralise the impact of financial integration indicate that on average, the foreign exchange reserves are sufficient to offset the effect of financial integration. A stable exchange rate will undermine the positive impact of foreign exchange reserves on monetary independence. Finally, the long-run and short-run impacts occur in the same direction. This paper ends with some policy implications and suggestions for future research.