A consistent characteristic function-based test for conditional independence

Y is conditionally independent of Z given X   if Pr{f(y|X,Z)=f(y|X)}=1$\{f(y|X,Z)=f(y|X)\}=1$ for all y on its support, where f(·|·)$f(·|·)$ denotes the conditional density of Y   given (X,Z)$(X,Z)$ or X.$X.$ This paper proposes a nonparametric test of conditional independence based on the notion that two conditional distributions are equal if and only if the corresponding conditional characteristic functions are equal. We extend the test of Su and White (2005. A Hellinger-metric nonparametric test for conditional independence. Discussion Paper, Department of Economics, UCSD) in two directions: (1) our test is less sensitive to the choice of bandwidth sequences; (2) our test has power against deviations on the full support of the density of (X,Y,Z$X,Y,Z$). We establish asymptotic normality for our test statistic under weak data dependence conditions. Simulation results suggest that the test is well behaved in finite samples. Applications to stock market data indicate that our test can reveal some interesting nonlinear dependence that a traditional linear Granger causality test fails to detect.     

Museum pricing: challenges to theory development and practice

• The museum sector has undergone considerable change in the last few decades, which has been a result of both internal and external forces. The topic of pricing in museums, however, has attracted little interest from researchers in the field despite the sector's need to understand it better. This study aimed to address this gap in knowledge. Results of a comprehensive literature review on pricing highlight that the topic of pricing in museums is problematic, as a range of issues, social, political and often value-laden, must be considered before pricing decisions can be made. The study highlights that there is diversity in the sector with regard to pricing, but that museums generally adopt a unilateral approach to pricing. Researchers in entrepreneurial marketing have noted that conventional pricing theory is being turned on its head and they argue that deciding what prices to charge represents one of the more entrepreneurial strategies for organisations. This study indicates that, within the context of museums, marketers are failing to recognise and capitalise on such pricing opportunities. Approaches to setting multiple museum pricing strategies, depending on the market context, are proposed in this paper. In this way, knowledge of museum pricing can optimise the organisational outcomes of museums while continuing to meet their social responsibilities.

Copyright © 2007 John Wiley & Sons, Ltd.     

The Crash of 1882 and the Bailout of the Paris Bourse

The crash of the French stock market in 1882 presented the Paris Bourse with its worst crisis of the nineteenth century. Its structure was similar in key respects to today’s futures markets, with a dominant forward market leading the Bourse to adopt a common fund to guarantee transactions and liquidity. While this mutualization of risk protects clients and brokers from idiosyncratic shocks, it is generally assumed that it also provides considerable protection against systemic shocks, as no twentieth century exchange has been forced to shut down. Using new archival data, this paper shows how a stock market crash overwhelmed the Bourse’s common fund. Only an emergency loan from the Bank of France, intermediated by the largest banks, prevented a closure of the Bourse.

The safety attitudes of people who use multi-purpose recreation facilities as a physical activity setting

Multi-purpose recreation facilities (MPRFs) are a popular setting for physical activity and it is therefore important that they are safe for all patrons. However, the attitudes of MPRF users towards safety are a potential barrier to the success of injury prevention programmes implemented within MPRFs. This article reports a survey of the safety attitudes of over 700 users of four indoor MPRFs. Factor analysis of 12 five-point Likert scale statements showed that the attitudes clustered around three major dimensions - the importance of safety, the benefits of safety and the perceptions of injury risk. Together, these three dimensions accounted for 49% of the variability in the attitudes. More than 85% of respondents agreed/strongly agreed that: safety was an important aspect of physical activity participation; being injured affected enjoyment of physical activity; people should adopt appropriate safety measures for all physical activity; and individuals were responsible for their own safety. The MPRF users, particularly women and older people, were generally safety conscious, believed in adopting safety measures, and were willing to take responsibility for their own safety. Facility managers can be confident that if they provide evidence-based injury prevention interventions in these settings, then users will respond appropriately and adopt the promoted behaviours.     

ENVIRONMENTAL FINANCE: VALUE AND RISK IN AN AGE OF ECOLOGY

Environmental issues are restructuring markets and redirecting capital flows throughout the world. An outline is provided of concerns facing the development of an environmentally responsible or ‘environmental finance’ perspective. It reviews the major ways in which organizations are responding to environmental threats and opportunities in the three major branches of finance — corporate finance, investments and financial institutions — highlighting in particular novel programs and initiatives. In the past, financial concerns have exacerbated the degradation of the natural environment; in the future, they probably hold the key to their preservation.     

Fostering rural and agricultural tourism: exploring the potential of geocaching

Geocaching is a modern-day version of “hide and seek” where participants use geographical longitude and latitude coordinates to locate a “geocache” using a GPS device or mobile app. An agriculturally focused geocache program could foster tourism, interest and educational opportunities about rural and agricultural areas, and could facilitate additional patronage of businesses that operate in these areas. As a prerequisite to such a program, however, organizations must commit to establishing and maintaining a geocache. This study explores the perceived benefits and constraints to an organization's participation in a rural or agriculturally focused geocache program. A case example of an agriculturally focused geocaching program, AgCache, is used as a starting point. In-depth interviews of program Founders and current participants explored the program's background and goals, and experiences of participating sites. Complimenting this, a survey collected information from potential host sites, and probit model analyses were used to assess influences on an organization's interest in hosting a geocache. While many organizations indicated that they would be interested in such a program, several indicated (addressable) concerns. Characteristics of the organization and respondent were found to significantly influence their interest. Findings are instructive for targeting and recruiting organizations into an agricultural or rural geocaching program.     

A Structural Model of Leisure Constraints Negotiation in Outdoor Recreation

A conceptual model tested the leisure constraints negotiation process of outdoor recreation: motivation and the constraints to participate likely influenced by negotiation efforts. Higher motivation to participate encourages using negotiation strategies and resources to overcome constraints. Experiencing constraints was thought to trigger negotiation efforts. Drawing from social cognitive theory, negotiation-efficacy was proposed to encourage motivation, diminish the perception of constraints and promote negotiation efforts, which indirectly influenced positive participation. The model tested used data collected from a random sample of Arizona residents through hierarchical confirmatory factor analysis and structural equation modeling. Results support the conceptual model and suggest the constraints negotiation process is a dynamic interaction of influences promoting outdoor recreation participation.