Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors

We examine the costs and benefits of the global integrationof initial public offering (IPO) markets associated with thediffusion of U.S. underwriting methods in the 1990s. Bookbuildingis becoming increasingly popular outside the United States andtypically costs twice as much as a fixed-price offer. However,on its own, bookbuilding only leads to lower underpricing whenconducted by U.S. banks and/or targeted at U.S. investors. Formost issuers, the gains associated with lower underpricing outweighedthe additional costs associated with hiring U.S. banks or marketingin the United States. This suggests a quality/price trade-offcontrasting with the findings of Chen and Ritter, particularlysince non-U.S. issuers raising US$20 million–US$80 millionalso typically pay a 7% spread when U.S. banks and investorsare involved.     

Accounting for Environmental Influences in Stochastic Frontier Models: With Application to International Airlines

The principal aim of this paper is to measure the efficiency of international airlines. We obtain measures of technical efficiency from stochastic frontier production functions which have been adjusted to account for environmental influences such as network conditions, geographical factors, etc. We observe that two alternative approaches to this problem have been proposed in the efficiency measurement literature. One assumes that the environmental factors influence the shape of the technology while the other assumes that they directly influence the degree of technical inefficiency. In this paper we compare the results obtained when using these two approaches. The two sets of results provide similar rankings of airlines but suggest differing degrees of technical inefficiency. Both sets of results also suggest that Asian/Oceanic airlines are technically more efficient than European and North American airlines but that the differences are essentially due to more favourable environmental conditions. Nevertheless, it is among Asian companies that the major improvements in managerial efficiency (technical efficiency with environmental factors netted out) took place over the sample period (1977–1990).     

Jumps and betas: A new framework for disentangling and estimating systematic risks

We provide a new theoretical framework for disentangling and estimating the sensitivity towards systematic diffusive and jump risks in the context of factor models. Our estimates of the sensitivities towards systematic risks, or betas, are based on the notion of increasingly finer sampled returns over fixed time intervals. We show consistency and derive the asymptotic distributions of our estimators. In an empirical application of the new procedures involving high-frequency data for forty individual stocks, we find that the estimated monthly diffusive and jump betas with respect to an aggregate market portfolio differ substantially for some of the stocks in the sample.     

Do satisfying walking and cycling trips result in more future trips with active travel modes? An exploratory study

Previous studies have indicated that travel satisfaction - the experienced emotions during, and cognitive evaluation of, a trip - can be affected by travel mode choice and other trip characteristics. However, as satisfactory trips might improve a person's attitude towards the used mode, persons may be more likely to use that same mode for future trips of the same kind. Hence, a cyclical process between travel mode choice and travel satisfaction might occur. In this paper we begin to analyse this process—using a structural equation modelling approach on cross-sectional data—for people who engage in walking and cycling for leisure trips in the Belgian city of Ghent. The focus on walking and cycling reflects recent studies indicating that active travel is often associated with the highest levels of travel satisfaction. Results of this exploratory analysis offer tentative support for the idea of a cyclical process: the evaluation of walking and cycling trips positively affects the respondents' attitude towards the respective mode, which in turn has a positive effect on choosing that mode.     

Towards sustainable tourism planning in New Zealand: Monitoring local government planning under the Resource Management Act

In the light of the increasing pace and scale of tourism activity in New Zealand, the concept of sustainable tourism has become a key ingredient in the nation's tourism strategy. This paper explores sustainable tourism planning in New Zealand at the level of local government, and in particular, focuses on the implementation of the Resource Management Act 1991 (RMA) as a mechanism for achieving sustainable tourism. Using the findings of a survey of Regional Councils and Territorial Local Authorities, the paper explores public sector planning responses to tourism impacts and sustainability concerns in New Zealand. The paper extends the earlier work of Page and Thorn (1997. Towards sustainable tourism planning in New Zealand: public sector planning responses. Journal of Sustainable Tourism 5(1): 59-77; 2002. Towards sustainable tourism development and planning in New Zealand: the public sector response revisited. Journal of Sustainable Tourism 10(3): 222-238), which identified major issues of concern at local council level with regard to tourism impacts and argued the need for a national vision for tourism to ensure that the RMA achieved its original goals. Since then, a national tourism strategy has been published and changes in legislation have further empowered local authorities to further progress the sustainability agenda. This paper examines these developments and the ensuing implications, concluding that significant progress has been made in developing tourism policies at the local level, but that a number of constraints and issues limit the development of New Zealand as a sustainable destination.     

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