Filling the void

In the tourism field educational and training programmes are proliferating. Professor Gunn of Tourism Planning and Development at Texas A and M University, argues that instead of standardizing these courses educators should encourage the development of more to fill the gaps left by the rapid growth in this complex area. Education and training should be emphasized not as separate issues but as interlinked components in college programmes.     

The Effect of Bond Rating Changes and New Ratings on UK Stock Returns

This is the first study to use daily data from a major capital market outside of the US to examine the role of corporate bond and commercial paper rating changes on common stock returns. Using data published by Standard and Poors' credit rating agency between 1984 and 1992, we examine the impact of new credit ratings, credit rating changes and Credit Watch announcements on UK common stock returns. We find significant negative excess returns around the date of a downgrade and positive returns close to the date of a positive CreditWatch announcement. Hence, the financial markets would appear to place some importance on rating agency pronouncements in the UK. New ratings, whether short or long-term, have no significant impact on returns. We also attempt to quantify the impact of a new credit rating upon firm cost of capital through measures of conditional volatility and systematic risk. However, we find only weak evidence to suggest that a stock's cost of capital is reduced after a long-term credit rating is awarded for the first time.     

From rhetoric to reality: farmer perspectives on the economic potential of biochar in China

Biochar has garnered much attention for its potential to improve farming productivity and sustainability by amending soil, enhancing crop yields, improving fertilizer use efficiency and sequestering carbon. However, few publications consider farmer perspectives on whether biochar is attractive as an agricultural input. This paper therefore investigates the micro-economics and social suitability of biochar in four contrasting Chinese agricultural systems, using linear optimization models and qualitative contextual data. Results demonstrate that commercially produced biochar is uneconomic as an independent farming input, whilst farm-produced biochar shows promise in just one of four case-study sites. This suggests that biochar research in China should shift away from on-farm production and application of pure biochar, towards combined biochar-inorganic fertilizer products.     

Process safety evaluation applying DIERS methodology to existing plant operations

The DIERS methodology can be used to quickly assess the relief capacity envelope for a collection of existing process vessels accounting for both vapor and gassy systems. Easy-to-use vent sizing nomograms and PRESS sheets are proposed that can be completed by the process engineering, the process chemistry and the process safety departments. A vessel volume-vent size diameter relationship is also developed using the source term based on fire exposure to cover a reasonable range of credible upset scenarios. In this way the adequacy of existing relief systems can be quickly surveyed for potential trouble sources—“outliers”—warranting further evaluation and corrective action.     

Social cynicism,greenwashing, and trust in green clothing brands

This research develops a theoretical model of the effect of social cynicism as a personality trait on trust in green clothing brands. We conducted an online survey of a representative Australian sample to test the hypothesized relationships. Our findings confirmed that social cynicism affected green brand trust negatively and that this effect can be explained by an increase in perceived greenwashing. Conspicuous consumption moderates this indirect influence. This mediated influence decreased when conspicuous consumption was more salient. Findings provide important practical insights for brand managers intending to avoid a decrease in brand trust regarding garments marketed with sustainability claims.