International Management Strategies for a Straddling Fish Stock: A Bio-Economic Simulation Model of the Norwegian Spring-Spawning Herring Fishery

In this paper, a three-country dynamic bio-economic simulation model is presented for the spring-spawning herring fishery. The international spring-spawning herring fishery, based on potentially one of the most valuable fish stocks in the world, is currently recovering from a severe depletion of the stock and subsequent harvesting moratorium. Management of the herring fishery is complicated by its multi-nation exploitation, due to the highly migratory behaviour of the species moving between several coastal state zones (exclusive economic zones, EEZs) and the high seas (Ocean Loop). Based on extensive work invested on analysing both the biology of the herring stock and the fisheries economics around its exploitation we study here the profiles of different multi-agent management schemes, simulating catch levels, stock size and profit potentials of alternative management strategies. The stock dynamics are described by a linear discrete-time age-structured population model and the economics are presented by a rent maximising model with constant price of herring catch and different costs of harvesting and efficiency levels for the different national fleets. The simulations, carried out over several decades, show that the benefits of international co-operation far exceed the returns of a competitive open access fishery.JEL Classifications: C7, C15, Q22     

Accounting for heterogeneity in cross‐country bank efficiency comparisons

In this article, we investigate the significance of the heterogeneity problem in banking efficiency research by using stochastic frontier techniques. The cost frontier function is estimated on a sample of banks from new European Union members from Central and Eastern Europe and the Baltics (CEEB) for the 1998–2007 period. The results imply that environmental variables can only partly control for the presence of heterogeneity in the sample. By employing the ‘true’ random‐effects model as originally proposed by Greene (2005a, 2005b) , the unobserved heterogeneity that is typically associated with the complexity of the banking environment is additionally taken into account. This approach is found to result in considerably smaller differences in average country efficiency levels, which implies that CEEB countries represent a relatively homogeneous group in terms of bank performance.     

On the value relevance of customer satisfaction. Multiple drivers and multiple markets

Existing research implicitly assumes that all factors known to influence customer satisfaction are likewise important for investor behavior. However, if investors do not equally value activities targeting different satisfaction drivers, managers focusing on short-term stock returns might over- or under-emphasize certain satisfaction drivers to the detriment of the long-term success of the firm. Therefore, we extend prior research on the value relevance of customer satisfaction by assessing the relationship between the dynamics of key satisfaction drivers and contemporaneous risk-adjusted stock returns. Moreover, we compare three major markets using a dataset covering nearly the entire set of car brands sold between 2004 and 2008. Our results show that investors react to information related to perceived product quality, whereas, surprisingly, the cost of ownership and dealer service quality are unimportant despite the importance attributed to them in consumer research. Furthermore, we observe that information concerning the U.S. market dominates that of the UK and German markets.     

Efficiency enhancing taxation in two-sided markets

This paper examines the efficient provision of goods in two-sided markets and characterizes optimal specific and ad-valorem taxes. We show that (i) a monopoly may have too high output compared to the social optimum; (ii) output may be reduced by imposing negative value-added taxes (subsidy) or positive specific taxes.     

International Franchising Research: Some Thoughts on the What,Where, When,and How

The purpose of this article is to examine the present state of international franchising research. We consider the origins and evolution of franchising as an enterprise form and summarize relevant research in this area. We advance and substantiate the premise that franchising research in the global arena has largely followed the geographic expansion trajectory of the franchise industry. And, based on these themes, we conclude by identifying a series of significant research topics in the international franchising domain.     

Restoring tourist flows and regenerating city's image: the case of Belgrade

The aim of this research is to examine the effects of the post-1990 transition on the relocation of tourism and changes in the structure of tourism over the last 20 years in Belgrade. Economic and social development altered spatial relations of tourist factors and elements. Apart from the old city core, new tourist zones and directions appeared. Tourist flows and economic challenges influenced the rationalisation of doing business and relocating the hotels outside the central city municipalities. Belgrade has been acknowledged as a low-cost destination of fun and nightlife and the city's new image has attracted more foreign tourists. Both the volume of foreign tourists and their countries of origin have changed significantly over the last several years. However, there have been negligible economic effects on the city's economy, despite this increase in the number of foreign tourists. In conclusion, we examine the implications of new directions in tourism development for the future position of Belgrade as a tourist destination in a competitive European market.     

Measuring reputation in global markets—A comparison of reputation measures’ convergent and criterion validities

Corporate reputation has become one of the most important intangible assets for maintaining and enhancing firms’ competitiveness in the global marketplace. Researchers have shown considerable interest in measuring the corporate reputation construct, resulting in a lack of consensus on valid measurement approaches. Against this background, we discuss commonly used reputation measures from a conceptual as well as theoretical perspective, and empirically compare them in terms of convergent validity and criterion validity. By examining the measures’ psychometric properties, both theoretically and empirically, this study provides guidance for their reasonable application in business research and practice.     

Roles for managing in mobile service development nets

This paper examines the roles for managing in business nets. The roles are studied by applying an initial conceptual framework built on network management research and role theory. The study empirically grounds the framework by using the case of a new mobile service development net. The article answers the question of what are the managerial action-based roles for managing in business nets. The empirical data of the study consists of fifteen interviews and a seven-month participant observation in a net that created and piloted a new mobile service directed at the spectators of a sports team. As a result of this study, an empirically grounded typology of twelve roles for managing in nets is presented. The roles are related to the changes in the net, the service development over time, and to the interpretations of the behaviours by the other actors in the net. Moreover, the study shows how external actors to the net can influence it.     

Entrepreneurs or Investors: Do Multi‐unit Franchisees Have Different Philosophical Orientations?

Although multi-unit ownership has become the dominant form of franchising in the United States, the motivations for either franchisor or franchisee to participate in these agreements continue to be the subject of debate. This study looks at the issue from the perspective of the franchisee. It is argued that some multi-unit franchisees, especially those operating as area developers, are likely to enter the field viewing their franchise as an investment, while others, especially those operating as sequential multi-unit operators, are likely to view their franchise as an opportunity to fulfill more personal, entrepreneurial ambitions. A study of multi-unit franchisees of both types found that both were equally investment-oriented but that the sequential multi-unit operators were more likely to seek fulfillment of entrepreneurial goals. Implications for practitioners and for future research are discussed.