Recreation Demand and Residential Location

We use the properties of competitive location equilibrium to study the demand for recreation and the choice of primary residence location. Location-specific recreation and employment lead to pooling equilibria in which consumers reside according to their preference for recreation. In general, the stronger the taste for recreation, the greater the attraction of living close to the recreation site and the lower the demand for other goods, including housing. We explore the effects of trip frequency, trip length, and recreation cost on the spatial distribution of consumers. We also consider the effect of the wage rate on recreation and location demands.     

Endogenous Group Formation

While the rules governing the formation of groups engaging in collective action may have significant impact on group size and behavior of members, most experiments on public goods have been conducted with the subjects in exogenously fixed groups or of fixed sizes. We study endogenous formation of groups in a public‐goods provision game by allowing subjects to change groups under three sets of rules: free entry/exit, restricted entry with free exit, and free entry with restricted exit. We find that the rules governing entry and exit do have a significant impact on individual behavior and group‐level outcomes.     

The budgetary links of the Irkutsk oblast fuel and energy complex: An analysis

The links between the fuel and energy complex and the consolidated budget of Irkutsk oblast are examined; the budget balance of income and expenditure is evaluated in relation to the development of the fuel and energy complex; and factors affecting the budget proceeds from the energy sector and the related energy-intensive sectors are analyzed.     

Issues in Marketing Online Insurance Products: An Exploratory Look at Agents' Use, Attitudes, and Views of the Impact of the Internet

This article uses a survey of insurance agents in Florida to examine the manner in which insurance agents use and view the Internet as a method of marketing insurance products. The results of the survey suggest that the agents’ use of the Web and their attitudes toward the Web do not vary by demographic characteristics (including age, education level, gender, and income). In addition, the agents’ perception of the Internet as a threat (rather than an opportunity) does not vary by age or education level and is not correlated with their attitudes toward the use of the Web. However, while Internet marketing and other means of direct selling are viewed by the agents as equal threats to their sales, the agents believe that such marketing by other companies is a greater threat than that done by the companies they represent.     

LBOs,Reversions and Implicit Contracts

The conventional view of going-private transactions is that they are designed to enhance the efficiency of the firm (for example, Jensen (1986) ). A starkly different view is that these and other control transactions are motivated to effect transfers from other stakeholders in the firm to equity holders ( Shleifer and Summers (1988) ). This study exploits data describing pension terminations as a way to test these theories. We conclude that the efficiency theory can plausibly explain a substantial number of LBO-related terminations, but not enough to undermine the transfer theory. More specific predictions from the efflciency theory are needed to structure more exacting tests.     

The Losses Realized in Bank Failures

This paper examines the losses realized in bank failures. Losses are measured as the difference between the book value of assets and the recovery value net of the direct expenses associated with the failure. I find the loss on assets is substantial, averaging 30 percent of the failed bank's assets. Direct expenses associated with bank closures average 10 percent of assets. An empirical analysis of the determinants of these losses reveals a significant difference in the value of assets retained by the FDIC and similar assets assumed by acquiring banks.     

Bid‐ask spreads,volatility, quote revisions,and trades of thinly traded futures contracts

We investigate intraday bid‐ask spreads (BAS), volatility, and trading activity of thinly traded equity index futures contracts on the Singapore Exchange. Contrary to previous findings, we find a rather flat BAS pattern during the trading day. However, consistent with past findings, an increase in risk widens the spread and a higher trading activity reduces it. When trading occurs in a day, spreads are reduced. No significant difference in volatility between days with and without trades was detected. When trades occur, quote revisions increase, and it is positively related to the number of trades. An increase in the number of quote revisions increases the likelihood of a transaction, and when quotes are current, revisions that are accompanied by trades carry new information. We provide evidence that contracts that are thinly traded may possess liquidity attributes as long as their price quotes remain current. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:455–486, 2003     

B‐TO‐B E‐COMMERCE: A CONTENT ANALYTICAL ASSESSMENT OF MOTOR CARRIER WEBSITES

An Internet presence is a critical early component in the process of building towards a fully operational and unified e‐commerce strategy. E‐commerce has significantly impacted logistics/supply chain strategies and the development and implementation of a website have become key issues for many firms within the transportation industry. This study provides an overview of website content within the motor carrier industry. Content analysis was used to assess the site design, informational content, and the interactive content of 152 motor carrier websites, and to compare the features offered on the Top 100 motor carrier firm websites with those offered on the sites of smaller carrier firms.