The effect of differences in the number of attribute levels on conjoint results

It is well known that the range of attribute variation used in a conjoint design influences the inferred attribute importance. However, even if the range is held constant, the addition of intermediate levels can increase this importance. In this paper we show why the problem occurs for rankorder preferences. The results from an experimental study confirm the existence of a systematic influence due to the number of (intermediate) levels. Surprisingly, the problem is equally strong when rating scale preferences are collected. Several possible solutions are suggested.     

Policy Making on Reserves of Dutch University Hospitals: A Case Study

Organizations in the health care sector are increasingly managed and judged on the basis of economic criteria. Because they are faced with growing risks, reserves need to be sufficiently high. This paper entails a case study on policy making regarding reserves in a particular segment of the Dutch health care sector, i.e. university hospitals. After describing the various major risks of health care organizations, the three stages of the case study will be presented. First, we developed, in collaboration with experts from the university hospitals, a model for establishing sufficient reserves. Second, an advisory committee of the Dutch government formulated guidelines for policy making on this issue. Finally, after the recommendations of this committee became the basis for policy making on reserves, we examined the changes in the actual reserve policy of the university hospitals. The way in which health care organizations can cope with their perceived risks by establishing sufficient reserves or by taking other actions is hardly covered in the literature on public sector or not–for–profit organizations. This paper endeavours to raise relevant questions and to suggest preliminary answers by describing and critically appraising a case study on this subject.     

Mortgage Default in Local Markets

Using recent theoretical advances and an extensive panel data set on metropolitan areas, this study provides new tests of the contingent claims based model of default. The empirical modeling incorporates a full complement of variables that permit direct tests of the options-based model including the conditional effects of age and rent-to-price ratios. The role of transaction costs and trigger events is examined, and the results confirm the importance of both. The effects of aggregation and short sample periods are explored and demonstrated to affect inference in studies of mortgage default.     

The relationship between government accounts and national accounts, with special reference to the netherlands

National accounts are a macro-economic accounting system that is compiled on the basis of a globally harmonized accounting standard, that is SNA93/ESA95. To a large extent, the SNA93/ESA95 accounting principles are also suitable for government (micro-)accounting purposes, if only because the accounts drawn up according to this standard are comparable across (types of) units and over time. That facilitates performance monitoring and benchmarking. In addition, the ESA95 guidelines and procedures deal with innovative transactions and accounting, which increases the credibility of the accounts. Finally, accounts for government units are then directly comparable with the macroeconomic accounts, which facilitates the link between forecasts for the national economy and drawing up government budgets. This paper also describes the present conversion of government accounts to national accounts for the government sector in the Netherlands and the plans of the Dutch government to change from a cash-based to an accrual government accounting system.     

Pirates and Samaritans: A decade of measurements on peer production and their implications for net neutrality and copyright

This study traces the evolution of commons-based peer production by a measurement-based analysis of case studies and discusses the impact of peer production on net neutrality and copyright law. The measurements include websites such as suprnova.org, youtube.com, and facebook.com, and the Peer-to-Peer (P2P) systems Kazaa, Bittorrent, and Tribler. The measurements show the two sides of peer production, the pirate side with free availability of Hollywood movies on these P2P systems and the Samaritan side exhibited by the quick joining of 400,000+ people in a community to organize protests against events in Burma. The telecommunications and content industry are disrupted by this way of peer production. As a consequence, revenues of both industries are likely to suffer in the coming years. On the other hand, innovative P2P systems could win the battle on merit over classical distribution technologies. As a result, a continuation is expected of both legal actions against P2P and possible blocking actions of P2P traffic, violating net neutrality. It is argued that this hinders innovation and causes a large discrepancy between legal and user perspectives. A reform of copyright laws is clearly needed, otherwise they will be unenforceable around 2010.     

Corporate Focus and Stock Performance International Evidence from Listed Property Markets

Does corporate focus translate into superior stock performance? We use 17 years of international data on 275 property companies from the U.S., British, French, Dutch and Swedish listed property share markets to answer this question. After analyzing corporate structures, we document significant differences in corporate focus strategies both between nations and firms and over time. By linking these focus profiles to risk-adjusted performance measures, we show that companies with high levels of geographical focus perform significantly better than the overall market. With regard to industrial focus, our results are mixed but again imply a positive relationship between corporate focus and stock outperformance. At the same time, our results show that the firm-specific risk of a company increases with higher levels of corporate focus. Hence, our results imply that within the real estate sector a focused strategy mildly increases both a firm’s return and risk.