Nonlinear effects of exchange rate volatility on the volume of bilateral exports

In this paper, we investigate empirically the impact of exchange rate volatility on real international trade flows utilizing a 13‐country data set of monthly bilateral real exports for 1980–1998. We compute one‐month‐ahead exchange rate volatility from the intra‐monthly variations in the exchange rate to better quantify this latent variable. We find that the effect of exchange rate volatility on trade flows is nonlinear, depending on its interaction with the importing country's volatility of economic activity, and that it varies considerably over the set of country pairs considered. Copyright © 2003 John Wiley & Sons, Ltd.     

Canadian foreign exchange policies: Intervention,control, cointegration

Zusammenfassung Kanadische Wechselkurspolitik: Intervention, Kontrolle, Kointegration. - Die Verfasser testen unter Rückgriff auf die Kointegrationstechnik und den Ansatz der optimalen Kontrolle, wie sich die offiziellen Interventionen der Bank of Canada auf den Devisenkurs zwischen dem kanadischen und amerikanischen Dollar ausgewirkt haben. Wenn sich die Bank des Ansatzes der optimalen Kontrolle bedient, um ihre Interventionen zu steuern, und keine Sterilisierungsma?nahmen anwendet, dann sind Wechselkurs, sein Zielwert und der kanadische Zinssatz im dynamischen Gleichgewicht miteinander verbunden. Die Existenz dieser dynamischen Gleichgewichtsbeziehung wird mit Hilfe von multivariaten Kointegrationsmethoden getestet und best?tigt.

---

Résumé Les politiques canadiennes du taux de change: intervention, contr?le, et co-intégration. - Les méthodes de contr?le optimal et de co-intégration sont utilisés pour tester l’effet de l’intervention officiel par la Banque de Canada sur le cours dollar canadien/dollar américain. Si la Banque utilise l’approche de contróle optimal pour diriger ses interventions et ne prend pas de mesures de stérilisation, il existe une relation d'équilibre dynamique entre le taux de change actuel, le taux de change désiré et le taux d'intérêt canadien. En utilisant les méthodes de co-intégration aux variables multiples, on a affirmé l’existence d'une relation d'équilibre dynamique.

---

Resumen Las politicas de cambio canadienses: intervention, control, cointegración.- En este trabajo se utiliza un enfoque mixto de control óptimo y cointegración para llevar a cabo un test del impacto de una interventión oficial por parte del Banco del Canada en el mercado de cambios Canadá-EE UU. Si el banco utiliza control óptimo para guiar sus politicas de interventión y no emplea procedimientos de esterilización existe una relación de equilibrio dinámica entre la tasa de cambio, su valor meta y la tasa de interés canadiense. La existencia de una relación de equilibrio dinámica es verificada empíricamente aplicando métodos multivariantes de cointegración. La hipótesis nula de no cointegración es rechazada, con lo cual se implica la existencia de un equilibrio dinámico.

     

Capitalizing R&D expenses versus disclosing intangible information

We study how to improve the value-relevance of financial information for intangible-intensive firms by investigating two alternatives: capitalizing research and development (R&D) expenses and disclosing intangible information. Using patent counts/citations to proxy for intangible intensity, we find that the incremental value-relevance of disclosing patent counts/citations is greater than that of capitalizing R&D expenses for the high-patent group and vice versa for the low- or medium-patent group. Investors favor the disclosure of patent information for firms with more successful innovations. Since disclosing intangible information may lead to appropriation by rivals, we find that, for the high-patent group, the incremental value-relevance of disclosing patent counts/citations is more pronounced for firms in industries with stronger protection of intellectual property. Overall, our results suggest that disclosing R&D outputs can improve the value-relevance of financial statements for firms rich in intangibles and the incremental benefits of such disclosure will be greater in industries with strong protection of intellectual property.     

Financial liberalization and banking efficiency: evidence from Turkey

This paper examines the banking efficiency in a pre- and post-liberalization environment by drawing on the Turkish experience by using DEA. The paper also investigates the scale effect on efficiency. Our findings suggest that liberalization programs were followed by an observable decline in efficiency. Another finding of the study is that the Turkish banking system had a serious scale problem during the study period. The second part of our analysis relied on econometric methods and found that one major reason for such system-wide efficiency decline has been the growing macroeconomic instability of the Turkish economy in general and financial sector in particular.

The effect of flight distance on fuel mileage and CO2 per passenger kilometer

In this study, the effect of distance on fuel mileage (fuel burn per nautical mile) and CO₂ intensity, based on a large amount of actual flight data, is discussed for narrow-body commercial aircraft performing domestic flights for flight distances of between ～200 and ～800 NM, in Turkey. For twenty-nine domestic routes, the average CO₂ intensity is calculated to be 88 gr/pa-km, with an 80% load factor, ranging from between 112 gr/pa-km (207 gr/pa-NM) for the shortest route and 78 gr/pa-km (145 gr/pa-NM) for the longest route. An overall runway-to-runway analysis reveals that the average flight fuel consumption increases by 5.1 kg for each additional nautical mile. The discussion is extended to cover wind effect, through westbound and eastbound flights, on fuel consumption. The average fuel mileage of the eastbound flights, above 30 kft, is found to be 11.2% lower than those for the westbound flights. A sensitivity analysis is also carried out to reveal the effects of three main flight performance parameters, namely, cruise altitude, cruise speed and aircraft mass on the cruise CO₂ intensity.     

Antecedents of Corporate Entrepreneurship in SMEs: Evidence from an Emerging Economy

Corporate entrepreneurship (CE) research has reached a certain degree of consensus around five core internal antecedents that enable CE, but consensus remains focused on large‐sized firms in Western economies. Using institutional theory, we argue that contextual factors may undermine the viability of internal antecedents in emerging economy contexts. Our qualitative study shows that the organization of the internal environments for CE among service sector Kenyan SMEs is much more interactive and complex than currently presented in the literature. Specifically cultural and contextual factors appear to influence the extent to which the antecedents are able to produce CE activity. Our findings provide a more fine‐grained depiction of the internal environment for CE in emerging economy SMEs.     

Civilizational futures: Clashes or alternative visions in the age of globalization?

This article underlines the existing similarities between Samuel Huntington's civilizational approach hypothesis and the fundamentals of political Islam. The similarity pertains to the argument related to the gradual weakening of nation-states, which also constitutes the main theme of the globalization debate. The civilizational approach and political Islam signify new efforts to reach a much larger political community and organization in world politics. Both of them argue that the formation of new political actor(s) is replacing the old nation-states across religious and cultural affinities. The terrorist organization Al-Qaeda is trying to legitimize its political violence by manipulating the weakness of the nation-states and the utopia of the formation of a much more comprehensive political community and political organization through Islam. Huntington's clash of civilizations thesis indirectly provides a base for Al-Qaeda's rhetoric and a certain type of justification for its terror activities, since the theory argues for the inevitability of the conflict between civilizations, regardless of their political regimes (liberal or totalitarian) with civilizations being determined by their cultural and religious differences—a theme that is used by the ideologues of political Islam.     

Ecological ideals,sustainable tourism and the heritage concept of an eco-village: the case of Arcosanti,USA

Arcosanti in Arizona, USA, is a yet-to-be completed ecological settlement which reflects the major ideas of Paolo Soleri, an Italian architect and philosopher, on an alternative type of city. Based on field research using interviews, participatory observation and the survey method it examines the relationship between tourism and eco-settlements, using Arcosanti as a case study, in order to discuss current approaches to sustainable tourism and to examine visitor profiles, perceptions, and attitudes. The data indicates that ecological settlements such as Arcosanti can be an attractive tourist destination and it is clear that although Arcosanti had started life as an urban experiment based on ecological and alternative ideas, today it is a place that attracts many visitors. Regardless of whether Arcosanti can be categorized as an eco-village or eco-city, its valuable attractiveness results from Paolo Soleri and his tangible/intangible heritage that contributes an income via sustainable tourism. The study concludes that Arcosanti is an excellent case which offers the promise that ecological settlements can have significant potential for sustainable tourism.     

Understanding career experiences of skilled minority ethnic workers in France and Germany

Human resource management literature pays little attention to the agency of skilled ethnic minorities in Europe in terms of explaining their career choices and outcomes. As a step towards addressing this gap, we draw on two field studies based on qualitative interviews. One of these studies draws on interviews with 49 participants in France, and the other is based on interviews with 30 participants in Germany. Through a Bourdieuan analysis, we contribute to the human resource management literature, and demonstrate the varied forms that the agency of highly skilled ethnic minorities takes, in terms of their work experiences, in the context of structures of inequality in both countries.     

Online tourism destination marketing in Kumasi Ghana

This study develops a conceptual research model to identify and induce local and international tourists to visit historical attractions and facilities in Kumasi the Ashanti region of Ghana. Websites provide valuable information about tourism destination marketing and tourism products to visitors and enhance tourists purchasing intentions. Data from a judgemental sampling technique were used for the research. Full time front desk employees from 36 hotels and 396 customers contributed to the study. A confirmatory factor analysis was used to evaluate the reliability and validity of the model measurements. The analytical results indicate that online destination image, online word of mouth, online security vulnerability test significant with tourists’ satisfaction as a mediator. The results also provide reliable reference for tourism administrators and researchers interested in online destination marketing and suggest that tourists perceive online security vulnerability as a menace to society and should be prevented.