Complex Ownership Structures and Corporate Valuations

The bulk of corporate governance theory examines the agencyproblems that arise from two extreme ownership structures: 100%small shareholders or one large, controlling owner combinedwith small shareholders. In this paper, we question the empiricalvalidity of this dichotomy. In fact, one-third of publicly listedfirms in Europe have multiple large owners, and the market valueof firms with multiple blockholders differs from firms witha single large owner and from widely held firms. Moreover, therelationship between corporate valuations and the distributionof cash-flow rights across multiple large owners is consistentwith the predictions of recent theoretical models.     

Evaluating ecotourism: The case of North Sulawesi, Indonesia

Ecotourism can contribute to both conservation and development and involves, as a minimum, positive synergistic relationships between tourism, biodiversity and local people, facilitated by appropriate management. This paper applies a framework for the development and evaluation of ecotourism to three protected areas in North Sulawesi. Due to its spectacular endemic biodiversity, the potential for providing quality nature experiences in North Sulawesi is high and tourism development is occurring rapidly. Site-level evaluations of ecotourism in three protected areas were performed to illustrate the application and the utility of the framework as a tool for evaluation and to assess the status of tourism in North Sulawesi. It is revealed that current relationships between people, resources and tourism in North Sulawesi have yet to provide the mutual benefits necessary for successful ecotourism. The approach and framework used to arrive at these conclusions have wide applicability for assessing the achievements of ecotourism at specific sites and for directing appropriate management strategies for ecotourism in protected areas.     

Improvements in the safety screening of resin manufacturing processes

Consequences of acrylic resin reactor runaways can be devastating, as it is evident in investigation reports of industrial accidents. Critical in preventing major accidents is the safety screening of any acrylic resin formula to be manufactured in large scale. Computer model simulations facilitate the evaluation of “layers of protection” against acrylic polymerization runaways. This work describes the adaptation of a chemical process dynamic simulator (DuPont™ TMODS™) for use in simulating acrylic polymerization runaways. “Loss of cooling” and “monomer pooling (accumulation)” scenarios are the causes of these runaways. Simulations show that scenarios leading to “monomer pooling” result in more energetic runaways and to larger emergency relief capacity requirements than “loss of cooling” scenarios. © 2009 American Institute of Chemical Engineers Process Saf Prog, 2009     

Critical social marketing – The impact of alcohol marketing on youth drinking: Qualitative findings

• This paper presents findings from exploratory qualitative research as part of a critical social marketing study examining the impact of alcohol marketing communications on youth drinking. The findings from stakeholder interviews (regulators and marketers) suggest that some alcohol marketing might target young people, and that marketers are cognisant of growing concern at alcohol issues, including control of alcohol marketing. Focus groups with young people (aged 13–15 years) revealed a sophisticated level of awareness of, and involvement in, alcohol marketing across several channels. It was found that some marketing activities featured content that could appeal to young people and appeared to influence their, well‐developed, brand attitudes. The research demonstrates the utility of taking a critical social marketing approach when examining the impact of alcohol marketing. The implications of these findings for research, regulation and policy around alcohol marketing are also examined. The contribution that studies such as this make to the debate around marketing principles and practice, and to social marketing, is also discussed.

Copyright © 2009 John Wiley & Sons, Ltd.     

Incentive properties of coincident peak pricing

Coincident peak pricing is used in several electricity markets to recover the embedded cost of infrastructure, such as transmission. In this approach, measured consumption at the time of the peak is used to set charges for that pricing period or a subsequent period. If transmission costs are truly sunk, then such a recovery is unlikely to be efficient. However, in the context of growing peak demand, new additions must be built. We consider the incentive properties of coincident peak pricing when related investments are not considered to be sunk, finding that it can reproduce the incentive properties of an ideal time-varying price. We also consider several variations on this assumption.     

The rise of economics in competition policy: A Canadian perspective

Competition policy in Canada and elsewhere has changed remarkably over the last 50 years—in large measure due to advances in economics. In this article, we trace the impact of developments in industrial organization on the three central areas of competition policy: cartels, single firm conduct and mergers. We focus on Canadian competition policy but draw comparisons with developments in the United States and Europe.