Nature Tourism Seminar

On the 10th and 11th November 1992, a two-day seminar on nature tourism was held at the Whitianga campus of the Bay of Plenty Polytechnic in New Zealand. The seminar attracted over 80 people from the northern half of New Zealand and included tourism operators, local government representatives, academics and interested members of the local community. Dr C. Michael Hall describes the objectives of this regional forum as well as the lessons learnt.     

Sustaining urban place-making

Educational travel, a neglected area of study in sustainable tourism, has grown substantially over the last 20 years in part as a response to institutional missions to promote international education, but also as a result of the USA's national security concerns to nurture a global citizenry. Considerable future growth is predicted following the bipartisan Lincoln Commission report and under the pending new legislation in the USA. Our pre-test/post-test study of almost 5% (n = 651 US students) of the entire short-term, US educational travel market to Australia and New Zealand between 2008 and 2009 revealed significant differences between the cohorts of the two programs, both of which focused on sustainable development. The Australia program not only produced significant increases in global citizenship (as measured by scores on consumer behaviors, support for environmental policies, and environmental citizenship) beyond that of the New Zealand program, but any initial differences between the programs were erased following participation. Reasons for the differences in attitude change are discussed. Analysis also noted key differences between students with different political orientations, but no gender differences. Implications for managing educational travel, marketing Australia's and New Zealand's tourism, sustainable tourism planning, and theory advancements are discussed.     

Constraints to Park Visitation: A Meta-Analysis of North American Studies

The constraints that curb visitation to parks have received considerable research attention and remain an important issue. Constraints to outdoor leisure in parks include structural barriers, such as cost of entry, interpersonal barriers, for example, lack of a partner to visit with, or intrapersonal barriers, including lack of interest. Using a meta-analysis approach, this article integrates the findings of 22 North American studies with 541 estimates, conducted over a 30-year period, to determine the key constraints to park visitation based on various socio-demographic factors. The findings highlight the varying roles that constraints play in limiting the visitation of people according to race, age, gender, education and income. Gaps in the literature are identified, with implications for encouraging visitation for more constrained groups discussed. An agenda for future research is presented.     

The collateral channel: Evidence on leverage and asset tangibility

We examine how asset structure is related to leverage in different institutional environments, using tens of thousands of firm-level observations from small, privately held, emerging market firms that are likely to face financing constraints. Our empirical analysis indicates that the linkage between asset tangibility (fixed assets as a portion of total assets) and leverage (measured as long-term debt over total assets) varies, such that in countries with fewer restrictions on collateral (land transferability), the relationship between these variables is much tighter. This also applies to the linkage between tangibility and debt maturity structure (measured as long-term debt over total debt). We find no evidence that industry concentration in different countries or changing composition of firms over time is driving our findings. The results are robust to using firm-level fixed effects specifications, to clustering error terms at the country level, and to using an alternative proxy for collateral law regime.     

Forecasting with an econometric model: Some recent results using the national institute model

It is widely believed that the large econometric models cannot be used for forecasting without considerable intervention on the part of the forecaster. In this paper we challenge this view by reproducing a number of recent forecasts published by the National Institute but without the ad hoc interventions used at the time. We show that in no case would the forecast, produced by the model used mechanically, have been radically different from that actually published. Further, in an ex-post comparison against actual out-turns, the mechanical model forecast is not obviously dominated by the published version.