Toward a theory of bank loan commitments

The characteristics of fixed and variable rate bank loan commitments are analyzed in a contingent-claims framework, and valuation expressions are derived for these commitments. The valuation expressions are used to present estimates of the impact of interest rate uncertainty on the liability assumed by a bank issuing loan commitments. Finally, a simple, two-period, asymmetric information model is employed to explain the recent trend among bankers to substitute variable rate commitments for their fixed rate counterparts.     

Tourism occupations,career profiles and knowledge

This paper summarizes the approach and main findings of a research study undertaken by the Tourism Society into occupations, career profiles and knowledge requirements of professionals engaged in tourism. It outlines the main stages in the research program, including the identification of a body of knowledge about tourism, the development of an occupational classification, and a survey of professionals employed in tourism. It then presents and comments on findings covering occupational classifications, career profiles and knowledge requirements, making particular reference to the implications for tourism education. The study is very much a pioneering work in this field and it is confined to the experiences of the United Kingdom.     

Accounting aggregation: User preferences and decision making

This experiment tests the effects of alternative aggregations of accounting data in a simulated portfolio task. Certain entropy-based aggregation criteria were used to prepare differentially aggregated financial statements for use in the task. Subjects made allocations of initial edowments between hypothetical firms, disclosed confidence in their allocation decisions and reported on specific characteristics of the financial statements. Differences in reported usefulness of statement sets furnished were found to be associated strongly with measured information content. The results also provide limited evidence that decisions and judgments of subjects were affected by the information content of the accounting aggregations provided.     

Investment, employment, and political conflict in Northern Ireland

This paper combines panel data on employment and investmentin different types of capital good in Northern Ireland withtime-series data on the level of political conflict (measuredin various ways) in order to estimate the extent to which conflictdiscourages employment and investment of different kinds. Whileall factors of production are affected by political conflict,the magnitude of the effect varies substantially from one toanother.