Block trades and the benefits of control in Slovenia1

Ownership and control have been concentrating in most transition countries. The consolidation of control introduces changes in the power distribution within privatized firms and, most importantly, redirects the corporate governance problem to a conflict between large and small shareholders. In this study, we evaluate the ownership changes in Slovenian privatized firms through an analysis of stock price reactions to the entrance of a new blockholder (the shared benefits of control) and through an estimation of the premiums paid for large blocks (the private benefits of control). We provide evidence of and discuss the reasons for the failures of the privatization investment funds in implementing control over firm managers and in promoting the restructuring of firms in the first post‐privatization years.     

A look for low season tourist profile: Antalya Region of Turkey example

This paper investigates the profile of low season tourists who visit Antalya Region of Turkey. The research findings belong to their opinions regarding destination and quality of services. At the same time additional information on demographic aspects of sampled tourists can be followed from the research. In order to satisfy tourists, providing information about their likes and dislikes is always important. Primary goal of this paper is to be a potential part of future marketing strategy for Antalya Region. Ana Cristina N. Silva was an “Erasmus Student”.     

A NON‐SUBSTITUTION THEOREM WITH NON‐CONSTANT RETURNS TO SCALE AND EXTERNALITIES

An input–output model with non‐constant returns to scale and externalities is presented, and it is shown that in this model the non‐substitution theorem is still valid. More precisely, the quantity side of the theorem, i.e. the proposition on efficiency, remains valid, while there can be no equilibrium prices independent of final demand.     

Travellers’ profiles definition using statistical multivariate analysis of attitudinal variables

This paper aims at presenting a set of travellers’ typologies using attributes characterizing people’s attitude, through an Exploratory Factor Analysis (EFA), and a subsequent cluster analysis (CA), based on the obtained latent constructs. The final goal is to contribute to deepen the knowledge on market segmentation in order to define more people-oriented transport policies, focusing on a medium size Italian city, Alessandria. Six factors have been defined on which the k-means cluster analysis has been applied finding four travellers’ profiles.Results confirm certain hypothesis from behavioural psychological theories. Attitude–behaviour relationships loosen when habits, consolidated in time, do intervene; moreover in small-medium urban context, as opposed to large and dense cities, insufficient transport supply does not favour the use of alternative modes to the motor vehicle, if not to the cost of a great loss in efficiency. In fact, the study shows how significant constraints such as necessity, time saving, and low transport supply (mainly designed around students going to school) are in determining a behavioural change, so that the “right general attitudes” are not sufficient to obtain a real modal shift. This leads to expect opportunistic behaviours, even within a overall positive attitude towards the environment. Actually, that overall positive attitude is not enough to prompt consistent behaviour unless a marked self-control and strong motivation are present. These two features seem to be missing in the interviewed sample of population, unlike what emerges from other studies undertaken in Northern Europe. The geographic location most likely plays a significant role in such a difference. Indeed, cultural background and the prevailing habits of the population may well explain the “slackening” of the bond between moral norms and behaviour, and the subsequent search for surrogates (e.g. the high willingness to pay for environmental protection) to justify the unwillingness to forgo the private vehicle on behalf of more sustainable modes.Finally, our study seems to prove that education could play a key role in transport policy formulation but, moreover, in social policy, as individuals more akin to modal shift are those showing higher levels of instruction.     

Controversies over fair value accounting： The case of SMEs

This study analyses IASB＇s stipulations on fair value usage in its standard designed for SMEs and the reactions of national standard setters, preparers and users of financial reporting in this respect. It tries to clarify fair value applications such as market value and value in use and the appropriateness of their usage for the case on hand. This research determines the inconsistencies within IASB ED IFRSfor SMEs （2007） related to the usage of fair value, underlined by the respondents＇ comment letters. The content analysis of all the above, conducted according to the type of economy and nature of respondent, along with the statistical techniques applied, indicates a partial approval of fair value usage under the following conditions： clarification of the concept, details on its usage in relation to market liquidity and the nature of the asset, additional guidance regarding the measurement methods. We advocate for the value in use, an application of the fair value based on internal valuations, which offers an adequate cost-benefit rate. The final version ofIFRSfor SMEs highlights both the preference of market information over the internal valuations and the insufficient information regarding solutions suited for non-liquid markets. It may be appropriate for the IASB, maybe in collaboration with the IVSC, to provide guidance and details regarding the implementation and disclosure of the valuation techniques applicable to this type of entities.     

The Role of Education vis-a-vis Job Experience in Explaining the Transitions to Employment in the Spanish Youth Labour Market

It is well known that young cohorts experience higher unemployment rates than their adult counterparts. However, it is less well known that more educated young cohorts may face higher unemployment rates than less educated ones. This seems to be the evidence in some OECD countries such as Spain and Italy. We use data on the Spanish labour market and estimate a duration model for young unemployed people. University graduates’ lack of job experience may explain this puzzling observation.     

Linear joint-production models

Summary The purpose of this paper is to analyze the solvability of linear joint production models (that is the existence of nonnegative solutions for all admissible values of the relevant parameters). A characterization result is provided.Thanks are due to Carmen Herrero, Begoña Subiza and an anonymous referee for very helpful comments. Financial support from the Dirección General de Investigación Científica y Técnica, under project PS89-0066 is grateful acknowledged.     

Employee voice mechanisms for lesbian,gay, bisexual and transgender expatriation: the role of Employee-Resource Groups (ERGs) and allies

Abstract

Recent literature on lesbian, gay, bisexual and transgender (LGBT) expatriates has largely taken an employee perspective. Less attention has been devoted to organizational mechanisms supporting LGBT voice opportunities for global mobility. In this study, we use respondent data from 15 LGBT employees in combination with data from five global mobility managers to examine the role of Employee Resource Groups. Using the depth, scope and level of voice to frame the study in relation to stereotype threat theory, the findings show that discrimination and stigmatization are prevalent features affecting voice. The findings advance three distinct contributions concerning marginalized (LGBT) employee voices about expatriation: the importance of ‘informal’ social dialogue, the shallow ‘depth’ to voice decision-making roles about LGBT expatriation, and a consideration of ‘silence’ in voice literatures.