The Midweek Match: Premiership Football and the Urban Economy

The financial aspect of Premiership football is currently attracting huge attention. Hardly a week goes by without some new story breaking about the game, whether it is a record transfer, a wage or television deal, or the building of a new stadium. Yet there has been little, if any, investigation into just how the newfound wealth from Premiership football impacts on the locality. In this article, the authors present an initial indication of how the two Premiership clubs situated in Merseyside are linked into the local economy. It is based on a survey of club suppliers and local businesses located around the two grounds of Everton and Liverpool Football Clubs. It shows Premiership football to be more than a dependent consumer service activity in the local economy with a potential for exploitation in terms of supplier networks, tourism and image boosting. The authors argue that this is a subject area that requires further research and understanding, and more serious attention as a feature of local economic policy.     

‘Christie Malry's own double entry’, by B.S. Johnson: An interpretation as Foucauldian discourse

B.S. Johnson's controversial novel of 1973, ‘Christie Malry's own double entry’, is studied in detail in the article which follows. The book outlines the frustrations of Christie Malry, a bank clerk and subsequently, accounts clerk, in facing up to the irritations and unfairnesses of everyday life at work and at home, including the organisation of business and political life and personal tragedies such as illness and death. The hero, Malry, uses accounting to help him address the problems.The article places Johnson's darkly humorous and satirical work in the context of the 1960s and 1970s. It also analyses it in terms of Foucauldian discourse, in order to show how effective literary protest was attempted against the tide of accepted knowledges and the system of power-constrained publications and utterances about accounting and business then in circulation.     

Trans-Tasman Transmission of Monetary Shocks: Evidence From a VAR Approach

This paper investigates the cross-country transmission mechanisms of monetary shocks between Australia and New Zealand within a VAR framework for the period 1985:1–2003:4. The empirical results indicate that a monetary shock in either Australia or New Zealand has real effects in the short-run in both countries however, an Australian shock generates more significant responses of most variables. Australian output is found to be significantly more sensitive than New Zealand output to monetary innovations in either country. The results also suggest that monetary innovations in a small open economy can also influence its larger trading partner.The authors would like to thank Faik Koray and an anonymous referee for their valuable comments. The usual disclaimer applies.     

SUBORDINATED BINOMIAL OPTION PRICING

We extend the binomial option pricing model to allow for more accurate price dynamics while retaining computational simplicity. The asset price in each binomial period evolves according to two independent and successive Bernoulli trials on trade occurrence/nonoccurrence and up/down price movement. Subordination leads to a trinomial tree with stochastic volatility in calendar time. We derive utility‐dependent valuation results incorporating the leverage effect and test the model empirically.     

Introductory Essay for a Symposium on “Urban Interventionism”

The Review of Austrian Economics -     

Picking up litter: an application of theory-based communication to influence tourist behaviour in protected areas

Tourism to protected areas worldwide has increased rapidly, prompting management agencies to seek enhanced visitor management including communication aimed at influencing tourists' behaviour to reduce impacts and strengthen conservation viability. Research has shown that the greatest success in influencing visitors' actions comes from understanding what they think about a particular behaviour. This notion was investigated in this study in Mt Field National Park, Tasmania, using the theory of planned behaviour and the elaboration likelihood model of persuasion in a three-stage research process to design specific persuasive messages that were then evaluated for their impact on visitors' beliefs, attitude and behaviour. Of four salient beliefs found through survey, one offered much promise. Two experimental treatments based on that belief resulted in a 15%–20% increase in litter pickup compared with a control condition, and were also found to positively affect targeted beliefs and attitudes relating to this pro-environmental behaviour. Potential benefits include cost savings on litter collection for the park, fewer detrimental impacts on wildlife and less aesthetic degradation. Conclusions are drawn about the efficacy of a theory-based approach to influencing problem visitor behaviours in protected areas and the nature of the cognitive process which might be involved.     

CEO's Operating Ability and the Association between Accruals and Future Cash Flows

This study investigates whether an individual CEO's operating ability, operationalized as the extent to which an individual CEO utilizes the company's assets efficiently to generate profits, explains the association between accruals and future cash flows. While this mapping can be driven by both the quality of accounting measurement and CEO operating ability, there is little empirical evidence on the latter link. After controlling for the CEO's accounting estimation ability, we find that the association between current period accruals and future cash flows is stronger when the CEO demonstrates superior operating ability. This suggests that a CEO's operating ability is an important determinant of the informativeness of current accruals for future cash flows.