The performance edge: Strategic and value dissensus

The study discussed in this article deals with the effects of strategic and value consensus on the performance of management teams in operating units at a large multinational company. The results showed that diversity of views on objectives, competitive methods, and values are positively related to objective measures of performance but negatively related to manager's own perceptions of their operating units' performance. This suggests that diversity of views may allow managerial employees to fulfill their responsibilities more effectively by improving their units' performance. Possible explanations for these results are discussed in the concluding section of this article.     

The role of the tour operator in South America: Argentina,Chile, Paraguay and Uruguay

The role of the tour operator in the supply chain has focused traditionally on the dominant position of companies situated in the generating countries of Europe and North America; despite recognition of the tour operator located in emergent receiving countries, the area has not been discussed extensively. This paper investigates the opinions of 37 tour operators in four emerging countries in South America, with a view to evaluating the nature and level of contact with foreign tour operators and suppliers. It assesses the degree of internationalisation that occurs, and the extent to which tour operators are involved in the process of tourism development. The paper confirms the role of the receiving tour operator within the distribution chain, but concludes that in terms of stimulating tourism development there is a need for more research into the relationships between government and the wide range of organisations involved in the process. Copyright © 1999 John Wiley & Sons, Ltd.     

Economics of Food Labeling

Federal intervention in food labeling is often proposed with the aim of achieving a social goal such as improving human health and safety, mitigating environmental hazards, averting international trade disputes, or supporting domestic agricultural and food manufacturing industries. Economic theory suggests, however, that mandatory food-labeling requirements are best suited to alleviating problems of asymmetric information and are rarely effective in redressing environmental or other spillovers associated with food production and consumption. Theory also suggests that the appropriate role for government in labeling depends on the type of information involved and the level and distribution of the costs and benefits of providing that information. This report traces the economic theory behind food labeling and presents three case studies in which the government has intervened in labeling and two examples in which government intervention has been proposed.     

Jesse Norman: Adam Smith: what he thought,and why it matters

Business Economics -     

Investor sentiment and interest rate volatility smile: evidence from Eurodollar options markets

This paper studies the extent to which investor sentiment affects the Eurodollar option smile and finds that there is the dynamic interplay between sentiment-driven investors and arbitrageurs. The results reveal a significant relation between investor sentiment and interest rate volatility smile. The significant relations are stronger for put options, for short-maturity options, and for periods with higher uncertainty. The results are robust when considering controlling variables, net buying pressure, different interest rate option models, model-free method, or excluding rational components from the sentiment measures. Our findings favor the limits to arbitrage hypothesis against the positive feedback hypothesis, suggesting that the sentiment effect is transitory. Change in investor sentiment explains the time-varying smile that can be explained neither by rational interest rate models nor by net buying pressure.     

Projected Images of Major Chinese Outbound Destinations

This study aimed to explore the projected images of major outbound destinations based on popular travel magazines in China. Travel articles on Hong Kong, Macau, Japan, South Korea, Vietnam and Taiwan from 2006 to 2008 were content analyzed. Japan was reported on most, and the projected images of the six destinations are dominated by leisure and recreation, and culture, history and art. Correspondence analysis was used to examine relationships between destinations and popular image attributes. The results showed that South Korea and Macau had distinct projected images, whereas Japan, Taiwan, Hong Kong and Vietnam shared many similar image attributes. Practical implications for destination marketing organizations are provided.