Incorporation and Company Formation in Australasia, 1790–1860

Nearly 260 companies were founded in and for the Australasian colonies between 1790 and 1860. A quantitative survey suggests that the patterns of incorporation mainly reflected ‘functionalist’ economic factors rather than ‘autonomous’ legal conditions, though the changing nature of company law did influence the various forms that incorporation took. In some sectors, outside factors and even historical accidents also pushed patterns of incorporation along distinct lines. The result was a tradition of adapting legal powers of incorporation to local needs which persisted beyond the introduction of modern company acts to the region in the 1860s and therefore shaped the subsequent evolution of the company in Australia and New Zealand.     

The marketing of love: how attachment styles affect romantic consumption journeys

Journal of the Academy of Marketing Science - The experience of romantic love is closely interlocked with consumption journeys—yet how and why consumers engage in romantic consumption is not...     

Tracking urban sprawl: Using spatial data to inform farmland preservation policy

The development of state farmland preservation policies has primarily relied upon results of the Census of Agriculture that is updated every 5 years by the USDA National Agriculture Statistics Service. Questions about the suitability of the Census of Agriculture center on the measures of total farmland and total cropland as reported by agricultural producers. The reliance on these variables fails to distinguish between conversion to developed uses and other fluctuations in the total availability of farmland. This inability to directly measure farmland conversion to developed uses has been shown to influence state level farmland preservation policies. The policies of Illinois and Indiana highlight the disparate approaches, with Illinois pursuing an intensive policy to protect farmland and Indiana choosing to not address farmland preservation at a state level. In order to assess the suitability of the different approaches to farmland preservation policy it is critical to evaluate the Census of Agriculture data used to justify the policies of Illinois and Indiana.     

Environmental Regulation and Innovation Offsets in the Bluegrass Seed Industry

Burning bluegrass seed stubble is an important production practice that, among other benefits, increases production and stand life of this perennial crop. Despite economic forecasts that higher production costs from the 1996 state ban on seed stubble burning would reduce Washington production by up to 30%, output in the years 1998–2005 was nearly two-thirds higher than in any previous eight-year period. This study seeks to explain why that paradoxical behavior occurred. This study puts forward and systematically tests several hypotheses. The only hypothesis with any support, innovation offsets, is examined by an assessment of contemporaneous innovations and by corroborative statistical evidence.     

The Role of Expectations in Explaining the Cross-Section of Stock Returns

We find highly significant results when the cross-section of market-adjusted stock returns is regressed against changes in analyst expectations this year about: (1) this year's earnings, (2) next year's earnings, (3) long-term earnings growth, and (4) noise (measured as the standard deviation of analyst forecasts). Surprisingly, changes in expectations about this year's earnings are not significant in a multiple regression with the other independent variables. Changes in expectations about next year's earnings are highly significant but with an impact that is much smaller than that of changes in expectations about the long-term growth in earnings. Changes in noise are also statistically significant and are negatively related to market-adjusted returns, an indication that the signal to noise ratio, rather than merely the signal, is what drives price adjustments to new information.     

Me,My Tourist-Self,and I: The Symbolic Consumption of Travel

This paper argues that before the tourism industry can truly individualize products, experiences, and niche markets successfully, we need to better understand exactly what benefits a tourist is seeking to obtain through the symbolic consumption of tourist products. This study has made the first attempt to empirically test a model combining self-concept, self-congruity, motivation, and symbolic consumption behavior within a tourism setting. Based on a sample of 410 young “overseas experience” (OE) travelers, the results reaffirm that the self is multidimensional, whilst also suggesting that when buying a product, or consuming an experience abroad, the tourist looks beyond functional utility to social meaning. This study further suggests that when making consumption decisions, a tourist forms perceptions based on the likelihood that the product or experience will be congruent with their self.     

The impact of Chinese monetary policy shocks on East and South‐East Asia1

We study the effects of Chinese monetary policy shocks on China's major trading partners in East and South‐East Asia by estimating structural vector autoregressive (SVAR) models for six economies in the region. We find that a monetary expansion in Mainland China leads to an increase in real GDP (temporary) and the price level (permanent) in a number of economies in our sample, most notably in Hong Kong and the Philippines. The impact could result from intertemporal substitution present in a general equilibrium framework, which allows for positive domestic impacts of foreign monetary expansions. Our results emphasize the growing importance of China for its neighbouring economies and the significance of Chinese shocks for the design of monetary policy in Asian economies.