Focus group discourses in a mined landscape

Focus group research is rarely used for examining environmental discourses other than when conflict arises. This study looks at local citizen perceptions in relation to mined (or ‘cutaway’) industrial peatland landscapes in Ireland, and seeks to shine a light on the opinions of potential actors, and the degree of willingness to participate in after-use strategies, through focus group sessions. Data are analysed using two mechanisms—content and discourse analysis. It is shown that there is a high degree of reflective perceptions on issues of quality of life and the environment with a low level of concern about further use of peatlands as places of employment—a shift from a productive, utilitarian perception to a post-productive, non-utilitarian perception. It is also shown that, when presented with a scenario that sees cutaway peatlands being used for amenity and biodiversity, there are no negative issues and some degree of enthusiasm. This paper will conclude with remarks on focus group methodologies.     

Earnings management following chief executive officer changes: the effect of contemporaneous chairperson and chief financial officer appointments

Using a sample of listed Australian firms from 1999 to 2007, we examine the relationship between discretionary accruals and concurrent senior management appointments. Employing panel data regression models and focusing on a measure of discretionary accruals that excludes the effect of transparent write‐downs such as restructuring charges, we find that chief executive officer (CEO) appointments, as a general phenomenon, are not significantly associated with opaque earnings management in the year of appointment or the following year. However, we find that CEO changes accompanied by a concurrent change in board chairperson are associated with significant income‐decreasing earnings management in the year of appointment. We detect no significant relationship between contemporaneous CEO and chief financial officer changes and discretionary accruals. We find no evidence of earnings management in the first compete financial period following CEO appointment, regardless of whether or not concurrent Chair or chief financial officer appointments occurred.     

Convertible Bond Arbitrage: Risk and Return

Abstract:  This paper specifies a simulated convertible bond arbitrage portfolio to characterise the risks in convertible bond arbitrage. For comparison the risk profile of convertible bond arbitrage hedge fund indices at both monthly and daily frequencies is also examined. Results indicate that convertible bond arbitrage is positively related to default and term structure risk factors. These risk factors are augmented with the simulated convertible bond arbitrage portfolio, mimicking a passive investment in convertible bond arbitrage, to assess the risk and return of individual hedge funds. We provide estimates of the performance of two hedge fund indices (an equally weighted and value weighted index) and a sample of convertible bond arbitrage hedge funds using a factor model methodology. Lagged and contemporaneous observations of the risk factors are specified, controlling for illiquidity in the securities held by funds. Our results cover two time periods. Initially we find evidence of abnormal risk adjusted returns in the individual hedge fund data and the equally weighted hedge fund index and no evidence of abnormal risk adjusted returns in the value weighted hedge fund index. When we examine performance during the credit crisis of 2007 and 2008 we find evidence of negative abnormal returns amongst individual hedge funds and the hedge fund indices.     

Organization design for service excellence: A review of the literature

It is commonly accepted that service excellence can enhance the competitive advantage of a firm. Two critical success factors in this regard are evaluated in this article: First, how best to structure an organization in order to provide flexibility in satisfying customer needs, and second, how certain human resource practices help create and improve customer service. © 1996 by John Wiley & Sons, Inc.     

Effects of personality traits on visitors attending an exposition: the moderating role of anxiety attachment

Expositions or “expos” are large consumer trade shows representing a catalyst for on-site direct spending by visitors attracted to these events that are promoted by destination marketing organizations, governments, communities, and businesses. The purpose of this study was to develop and test a new research model involving the analysis of five specific personality traits representing pleasure visitors attending an annual expo to provide more meaningful information for destination marketing professionals. This study then examined the effects of how visitor personality traits play upon expo attachment, satisfaction, and revisit intention using anxiety attachment as a moderator. Results revealed the relationships between expo attachment and satisfaction, attachment and revisit intention, and satisfaction and revisit intention were significant. Also, anxiety attachment was shown to moderate the relationships between all visitor personality traits and expo attachment. Accordingly, this study provides theoretical insights for future tourism research and offers new promotional implications for expo practitioners.     

Do Industries Explain Momentum?

This paper documents a strong and prevalent momentum effect in industry components of stock returns which accounts for much of the individual stock momentum anomaly. Specifically, momentum investment strategies, which buy past winning stocks and sell past losing stocks, are significantly less profitable once we control for industry momentum. By contrast, industry momentum investment strategies, which buy stocks from past winning industries and sell stocks from past losing industries, appear highly profitable, even after controlling for size, book-to-market equity, individual stock momentum, the cross-sectional dispersion in mean returns, and potential microstructure influences.     

Inflation, Unemployment and the NAIRU in Australia

In this paper we investigate the relationship between inflation and unemployment in Australia, post 1959. Our approach is based on identification of the time series components of the data. Evidence is found of significant correlations between the non-trend frequencies of inflation and unemployment and these correlations are exploited to estimate a simple forecasting model that does not suffer from the instability normally associated with the Phillips Curve. Estimates of the NAIRU are also provided and these range from as low as 2.3 per cent to as high as 9.2 per cent over this period, but these estimates are quite imprecise. Reasons for this imprecision are discussed.     

Competition in the Pay-TV Market

This paper discusses competition in the emerging pay-TV market. Economic features of the industry are described, and the current state of the market in the UK is summarized. Two simple formal models of the industry are analyzed: First the danger of two vertically integrated pay-TV networks entering into collusive agreements to exchange programming with each other is discussed; second, the private and social incentives for signing exclusive contracts for premium programming are analyzed. J. Japan. Int. Econ., December 1999, 13(4), pp. 257–280. Nuffield College, Oxford OX1 1NF, United Kingdom. Copyright 1999 Academic Press.Journal of Economic Literature Classification Numbers: D43, L13, L41, L82.