REIT Stock Market Volatility and Expected Returns

We study the relation between REIT stock volatility and future returns, focusing particularly on the financial crisis period of 2007–2009. There is ongoing debate about whether stock volatility can forecast future returns. Our findings suggest that REIT‐implied volatility is negatively related to contemporaneous stock returns; there is a significant positive relationship between REIT implied volatility and future stock volatility; and there is a significant negative relation between REIT implied volatility and future stock returns. Lastly, we develop trading rules based on REIT implied volatility to test whether these relationships are exploitable. The result suggests a potentially profitable trading strategy.     

How does consumption change upon retirement?

In this paper, we investigate the way consumption changes around retirement in Italy. Using micro data covering the 1985–1996 period, we document the existence of a one-off drop in consumption at retirement of the household head, as in the UK and the US, but (at 5.44%) smaller in size, and show that consumption of work-related goods falls around retirement and home production of food and other goods increases.     

Decision-making by farmers regarding ecosystem services: Factors affecting soil conservation efforts in Costa Rica

The impact of climate change on farm soils in the tropics is the combined result of short-term soil management decisions and expanding precipitation extremes. This is particularly true for cultivated lands located in steeply sloping areas where bare soil is exposed to extreme rainfall such as the Birris watershed in Costa Rica. Farmers in this watershed are affected by increasing degradation of soil regulation services and respond with different level of efforts to conserve their soils. This paper examines influences on farmers’ decisions through a survey involving interviews with a sample of farmers (n = 56) to test hypotheses on how a combination of cognitive variables (beliefs, risk perception, values) and socioeconomic variables shape decisions on soil conservation. Results show that farmers’ awareness of their exposure level to soil erosion combines with other variables to determine their level of soil conservation. Using discriminant analysis, three groups of farmers were identified based on their soil conservation efforts. ANOVA pairwise-comparison among these groups showed significant differences in respect to levels of awareness, perception of risk, and personal beliefs along with territorial exposure and participation in soil conservation programs. Our results help to understand farmers’ complex decision-making on soil conservation and help designing policies to support the provision of soil regulation services especially in areas highly exposed to increasing frequency of extreme precipitation events such as Central America.     

Organic farming policy development in the EU: What can multi-stakeholder processes contribute?

This paper discusses if and how multi-stakeholder involvement can make a worthwhile contribution to the development of agricultural policy in the enlarged EU, using the example of organic farming. A methodological approach to policy design and learning developed and implemented during the design phase for national implementations strategies of the Rural Development Plans in 11 European countries is introduced. Examples of results obtained by this methodology are presented. Conclusions for the design of future bottom-up policy development processes are drawn.     

Cash holdings and SME performance in Europe: the role of firm-specific and macroeconomic moderators

Small Business Economics - For the first time, this paper examines the way in which cash holdings affect firm operating performance in a wide sample of European small and medium-sized enterprises...     

Perspectives of children with disabilities and their guardians on factors affecting inclusion in education in rural Nepal: “I feel sad that I can’t go to school”

Globally, children with disabilities are significantly less likely to attend school compared to their peers without disabilities and, even if they do attend, have poorer educational outcomes. In order to understand why these inequalities persist, this study explores the barriers and enablers to accessing education. We focus on the perspectives of guardians and children with disabilities – voices that have thus far been underrepresented – complemented by perspectives from local and national level stakeholders. Data was collected in three rural districts in Nepal, using semi-structured interviews; data was analysed thematically. Overall, the research found that challenges to inclusion are complex, involving a mixture of individual, family, school, community and policy level factors. Notable barriers were attitudes towards education for children with disabilities, the low capacity of schools to provide an inclusive education, as well as the interplay of additional ‘push factors’ such as poor health and poverty.     

Input Rigidities and Performance of Vietnamese Universities

Universities in Vietnam are inclined to have an inefficient mix of input resources because of rigidities restricting the adoption of advanced teaching technology. There has been a deferral of the adoption of new teaching technologies to meet the rest of the world's higher education standards. Using an input‐orientated data envelopment analysis (DEA) method, technical, scale and mix efficiency indicators are estimated for 112 Vietnamese universities over the period 2011–2013 using the Färe–Primont index. The results indicate that the technical, scale and mix efficiency indicators are 0.784, 0.866 and 0.829, respectively. Using the fractional regression model, it is found that location, age, ownership and financial capacity have significant influences on the mix efficiency indicators of universities.     

Feasibility of risk‐based inspections in organic farming: results from a probabilistic model

A risk‐based inspection system might improve the efficiency of the organic farming certification system and ultimately provide a basis for increased competitiveness of this sector. This requires the definition of an effective inspection procedure that allows statistical evaluation of critical risk factors for noncompliance. In this article, we present a study based on data from selected control bodies in five European countries that is aimed at determining the feasibility of risk‐based inspections in the organic sector according to the data that are currently routinely recorded. Bayesian networks are used for identification of the factors that can affect the risk of noncompliance. The results show that previous/concurrent noncompliant behavior explains most of the risk, and that the risk increases with farm size and the complexity of their operations. The data currently recorded by control bodies appear to be insufficient to establish an effective risk‐based approach to these inspections.     

Government policies to enhance access to credit for infrastructure-based PPPs: an approach to classification and appraisal

Governments across the world have introduced a variety of instruments to enhance private investors’ appetites for public–private partnership (PPP) projects. The use of such instruments has become a core component of development and growth policies, for example by the EU as part of the Junker Plan. This paper provides a comprehensive categorization of these instruments, the risks they target and their effects, at both the project and system level, to support policy-makers to design the most appropriate instruments to attract private capital into infrastructure development.