Public Perception of Overcrowding and Management Alternatives in a Multi-purpose Open Access Resource

This paper presents an analysis of overcrowding problems in the Norfolk Broads and the role this plays in overall concern about declining environmental quality and, as a consequence, tourism demand. The analysis is based on interviews with the two main user groups of the periodically congested Broads waterways: boat hirers and private boat owners. The main objectives of the study are to assess these user groups' perceptions of overcrowding of the Broads, and to explore their attitudes to and preferences for different ways of managing the actual and perceived problems. A combination of quantitative and qualitative social research formats, including face-to-face interviewing and group discussions, are used to reveal the views these user groups hold. In these interviews and discussions, a variety of issues are explored related to the future management of the Broads waterways. Overcrowding appears to be related to the quality of boat usage as much as the total number of boats. Issues such as trust in the authority responsible for managing the area, public right of access and fairness play a major role in the results.     

The Slope of the Credit Yield Curve for Speculative-Grade Issuers

Many theoretical bond pricing models predict that the credit yield curve facing risky bond issuers is downward-sloping. Previous empirical research (Sarig and Warga (1989), Fons (1994)) supports these models. Our study examines sets of bonds issued by the same firm with equal priority in the liability structure, but with different maturities, thus holding credit quality constant. We find, counter to prior research, that risky bonds typically have upward-sloping credit yield curves. Moreover, when we combine our matched sets of bonds (no longer controlling credit quality), the estimated slope is negative, indicating a sample selection bias problem associated with maturity.     

Marktanalyse en markttheorie

Summary The introduction of expectations in market theory has increased its dynamic nature and realism. It is argued that only the incorporation of historical time in the theory will suggest the market development patterns needed by analysts. Dynamic market theory can usefully be based on the development stages of the product cycle. The scope of such a theory is much wider than is currently acknowledged. It comprises entrepreneurial theory, the theory of profits, competition and industrial change, and provides the building blocks of a theory of international business. The application of methods of analysis in the various stages of market development is mentioned.

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Rede, uitgesproken bij de aanvaarding van het ambt van lector in de bedrijfshuishoudkunde aan de Universiteit van Amsterdam op 27 april 1971. Prof. Dr. P. Hennipman heeft door zijn critische opmerkingen wezenlijk bijgedragen tot de formulering en nuancering van het gegeven betoog.     

Forecasting demand for secondary materials: A case study of waste paper

The authors examine how best to forecast the demand for a resource, in this case waste paper, using three methods. The first is based on long or short-term GDP forecasts, the second is a basic or modified Holt-Winters model, and the third is an input-output model, which can incorporate various scenarios to allow for the effects of technical change. All three techniques are superior to time-series projection. As data availability increases, the application of a combination of these methods would improve the policy response to resource shortage.     

(NON‐)RESILIENCY OF FOREIGN DIRECT INVESTMENT IN THE UNITED STATES DURING THE 2007–2009 FINANCIAL CRISIS

We study the contraction of foreign direct investment (FDI) flows in the United States during the recent financial crisis and show their unusual non‐resiliency, which depends in part on the global nature of the economic recession, but also on the increases in the cost of financing FDI in the economies in which the flows originate. To formally study the effects of external financial conditions on FDI in the United States, we exploit the three dimensions of a panel of US inward FDI flows organized by recipient US industries, source countries and years for the recorded flows. Changes in the cost of finance in the source countries have little or no effect on total inward flows (the sum of equity, debt and reinvested earnings) over the 2006–2010 period. However, US industries characterized by more financial vulnerability experience statistically significant variations in the debt and equity components of inward FDI flows in response to the changes in the cost of capital that occurred in the source countries during the crisis.