Rates of Return on Art Objects, the Fisher Hypothesis, and Inflationary Expectations

After surveying the evolution of the major methodologies in inflation hedging, this study presents a unique methodology that uses principal component factor analysis to separate the effects of variability in the real rate of return from the nominal rate of return. This approach allows the effects of both anticipated and unanticipated inflation on rates of return to be estimated more precisely. This study finds that art objects perform well in terms of average real rates of return and that the market, though not perfect, integrates anticipated inflation into the rates of return. However, unanticipated inflation is very often negatively related to the rates of return.     

Accelerated Product Introductions and Emerging Managerial Accounting Perspectives: Implications for Marketing Managers in the Technology Sector

Rapid changes in manufacturing and design technologies coupled with increased competition domestically and internationally have led to shorter product life cycles and compressed lead times for product introductions in the technology sector. Traditional cost accounting systems, which assume labor to be the major cost component in the production process, have resulted in distortions in cost information. Samuel Rabino and Arnold Wright describe emerging cost accounting approaches that more adequately address the changing competitive and technological environments and facilitate an improved evaluation of product launch programs.     

Impacts in Uganda of rising global food prices: the role of diversified staples and limited price transmission

This study assesses the potential impact of rising world food prices on the welfare of Ugandan households. While Uganda experienced sharply higher food prices in 2008, as a landlocked, food‐exporting country the causes of those price changes were mainly regional and indirect rather than directly transmitted from global markets. Using trade volumes, food prices, and household survey data we describe how Uganda, unlike some other countries, is partially shielded from direct impacts of global food price movements. Although the majority of Ugandans are net food buyers, the adverse impact at household‐level of rising global prices is moderated by the relatively large quantity and range of staples consumed that come from home production. Moreover, several of these are not widely traded. Some population groups in Uganda are vulnerable to rising food prices, however, primarily those for whom maize is an important staple, including those dependent upon humanitarian relief and the urban poor. Only a relatively small group of Ugandan households will benefit directly and immediately from rising food prices—the significant net sellers of food crops constituting between 12% and 27% of the population. In this assessment we do not estimate the level and extent of wider second round effects from these higher prices.     

State appropriations and undergraduate borrowing: more debt,less money

When state appropriations decrease, public universities respond by raising tuition. Students borrow more in response to both tuition increases and appropriation cuts. This article investigates the feedback of how borrowing and tuition influence state appropriations. Using a panel data set of 450 four-year public universities from 1999 to 2012, we employ three-stage least squares techniques to control for the endogeneity between state appropriations, tuition and student borrowing. There is evidence that state policy-makers respond to increases in university tuition and student borrowing by decreasing future appropriation levels. After controlling for the effect of appropriations on tuition and borrowing, a one-dollar increase in student borrowing reduces state appropriations per student by $0.06, and a one-dollar increase in tuition results in a decrease of $0.45 in state appropriations per student. When universities increase tuition for reasons other than a reduction in state appropriations, policy-makers respond with a significant cut in future appropriations which could signal an incentive strategy.     

You say you want a (Rose) Revolution? The effects of Georgia's 2004 market reforms

After Georgia declared its independence from the Soviet Union, it experienced civil war and strife for more than a decade. In late 2003, the peaceful Rose Revolution installed a new government that began a series of radical market‐liberal reforms. However, the effectiveness of these reforms was controversial. We offer a rigorous evaluation of these reforms via the synthetic control method which creates a credible counterfactual. Compared to the synthetic controls, we find that the reforms enacted after the Rose Revolution led to significant improvements in Georgia's social and economic development, albeit with temporary side effects and argue that this case provides some support for the effectiveness of rapid, multidimensional reform.     

Some aspects of Bangalore's growth 1941-1991

"Relying on census data from 1941 to 1991, the study examines the patterns of population growth in Bangalore city [India] and its extensions. To the extent possible, data have been adjusted for boundary shifts and changes in the definition of workers. After assessing the contribution of migration to the growth of Bangalore, the paper reviews the changes that have taken place in the economic base of Bangalore. The paper notes that urban infrastructure development has not kept pace with population growth."     

Tour Guide Management in Hainan,China: Problems,Implications and Solutions

There have been few efforts made to identify the positioning of exhibition host countries or cities, even though studies on the positioning of convention host destinations have been popular. Thus, the aim of this study was to assess the positioning of exhibition cities as perceived by a sample of exhibitors who participated in exhibitions held in Hong Kong. A total of 304 questionnaires were collected at the PATA Travel Mart 2006, the Hong Kong Jewelry and Watch Fair, Aircraft Interiors Expo ASIA 2006, MIPIM Asia 2006, and Electronic Asia 2006. The results of this study found that there is a strong competition between major exhibition host cities in Asia, including Hong Kong, Beijing, Shanghai, Singapore, Seoul and Tokyo. The respondents showed the highest preference for Hong Kong and Singapore as an exhibition host destination.     

Cave Tourism: Tourists' Characteristics,Motivations to Visit,and the Segmentation of Their Behavior

Geotourism is one among many types of ecotourism or nature tourism. Cave tourism within geotourism has gained popularity in Korea. The study's objectives include cave tourists' characteristics, segmenting them according to motivation factors, and finally identifying who they are. The sample population for this research consisted of tourists who have visited the Hwansun Cave in Samchuk City. Among a total of 547 questionnaires distributed, 537 questionnaires were used for further data analyses. On the basis of cluster analysis using the motivation factors, cluster 1 was named an “escape-seeking group”, cluster 2 was termed a “knowledge- and novelty-seeking group”, cluster 3 was called a “novelty-seeking group” and cluster 4 was termed a “socialization group”. Differences in socio-demographic variables, beliefs about cave tourism resources, preferred cave tourism products, satisfaction with this tour, willingness to participate in another cave tour and belief in the value of cave tourism resources were found among the four clusters. The study's findings were expected to be helpful in understanding who they are.