The Action Plan on European Contract Law: Perspectives for the Future of European Contract Law and EC Consumer Law

The European Commission's Action Plan on European Contract Law is the follow-up to the Communication of July 2001. It reveals the conclusions of the Commission and proposes a mix of regulatory and non-regulatory measures aimed at removing obstacles to the smooth functioning of the internal market and ensuring the uniform application of EC law. These measures are (a) the improvement of the acquis through the elaboration of a common frame reference containing common rules and terminology, (b) promotion of the use of standard terms for cross-border contracts, and (c) further reflection on an optional horizontal instrument in the field. This article will undertake a general discussion of the likely impact of the measures on the future of EC consumer law and European contract law, and treat certain questions relating to the conflict of laws. It is also hoped that the article will acquaint the new reader with some of the (mainly) recent discussions in English and French on the subject matter from different jurisdictions.     

Latvia

Situated on a trading crossroads between Western Europe and Russia, Latvia has emerged as one of the most successful countries in Central Europe. This article provides a comprehensive review of Latvia's historical development, political structure, economy, investment, and foreign‐trade environment. It aims to be a useful source of information for foreign businessmen and investors interested in doing business in Latvia. In the fall of 1991, when the Baltic States separated from the Soviet system, no one predicted that these countries would make the transition to a market‐based economy as quickly and as effectively as they have. However, 11 years later, with notable growth and rising standards of living, such thinking is no longer considered overly optimistic. “It is the biggest, most complicated, and most promising piece of the new Europe,” wrote The Economist (1998) in reference to the Baltic region. Wherever there is new growth, there are many business opportunities to be found. Latvia's position in the center of this region is one indication of the business potential for those with the capacity to do business there. © 2003 Wiley Periodicals, Inc.     

Exotic betting opportunities,pricing policies and the demand for parimutuel horse race wagering

Parimutuel horse race wagering has been declining steadily for the past several decades. This has resulted in lower revenues to state governments, recetracks adn horseman. To retard or reverse this trend, attempts have been made to implement a number of pricing and marketing strategies. Among these has been the introduction of a variety of exotic wagering opportunities. Over the years the number and type of exotic wagers offered has been increased. Furthermore, the prices of both straight and exotic wagers have been increased and, in addition, the price of exotic wagers has generally been set at a higher rate than that for straight wagers. The paper examines the effectiveness of these policies.     

Ownership structure and open market stock repurchases in France

Abstract

This paper examines open market stock repurchases in France. We find a positive average market reaction to the repurchase announcement. However, the magnitude of the price reaction is found to depend on a number of corporate governance structure measures. The positive aspects of the announcement only appear for a company with a low likelihood of being taken over, and with a low risk of minority shareholder expropriation. Specifically, stock repurchase programmes are good news when the firm is supported by foreign institutional investors, and in the case of controlled firms, when the firm has a second large shareholder, which guarantees an effective balance of power for the controlling shareholders.     

Assessing the importance of international tourism for the Turkish economy: A social accounting matrix analysis

The international tourism sector has grown rapidly in Turkey since the 1980s and Turkey ranks among the top ten countries in terms of tourist arrivals and receipts. Previous studies on international tourism in Turkey are partial equilibrium studies which emphasized the importance of the sector for foreign exchange earnings, employment creation, and economic growth. The social accounting matrix (SAM) modeling approach is superior to partial equilibrium analysis as it takes into account intersectoral linkages. This paper analyzes the contribution of international tourism to the Turkish economy using two SAMs for 1996 and 2002, respectively. Two analyses are conducted using the SAM impact model: (i) sectoral comparison of GDP elasticities, and (ii) SAM impact analysis of international tourism on output, value-added, and employment. The results show that the GDP elasticity of international tourism is relatively low and the impact of foreign tourist expenditures on domestic production, value-added (GDP), and employment in Turkey are modest. The results imply the possibility of leakage of foreign tourist expenditures out of the economy.     

We can have the cake and eat it too: leisure and spirituality at ‘veiled’ hotels in Turkey

This paper uses ethnographic methods to inquire how new forms of consumption arise as a result of bridging Islamic spirituality with leisure in the newly growing tesettür hotels in Turkey, which have become a magnet of popular and academic attention. We aim to offer a multi-layered analysis of the leisure and consumption practices of Muslim women in the context of the new Islamic hospitality industry by looking at the interactions between spiritual Islam and modern capitalism. We focus on the consumption process of the female customers of these hotels as part of defining and redefining their newly developing identity that is Islamic and spiritual; as well as modern and luxurious. The study responds to the call of Gökar?ksel and Secor to analyse new Islamic patterns of consumption and leisure by building on their perspectives bridging neoliberal capitalism and resurgence of Islamic identities. We call for a critical and contextual perspective to understand the dynamic emergence of new forms of Islamic lifestyles and capitalism; emphasising a future agenda of further research that is sensitive to the complexities of desires and leisure activities of veiled Muslim women in diverse countries.     

Resort hotel service performance (RESERVE) – an instrument to measure tourists’ perceived service performance of resort hotels

Based upon a rigorous psychometric process of scale development through preliminary qualitative studies and a subsequent survey in the resort hotel setting, the authors propose the RESERVE scale as a comprehensive instrument for assessing resort hotel service performance. The proposed scale conceptualizes resort hotel service performance as a second-order, three-dimensional construct that assesses tourists' perceptions of setting, audience, and actors. The data supports the dimensional structure of RESERVE, providing empirical evidence for the scale's validity. The paper concludes with a discussion of implications and future research directions.     

Appraisal Smoothing: The Other Side of the Story

Appraisal smoothing has been widely accepted as an important factor to consider when analyzing real estate returns using appraisal-based data. In this paper, we demonstrate that the general applicability of the appraisal-smoothing arguments developed so far in the literature is limited by the assumptions upon which the arguments are based. We further show that the use of appraisal-based data can result in a higher (not lower) variance than that of true returns. Given this, it might be more fruitful to analyze the unique characteristics of real estate markets as possible explanations for the seemingly low variance observed in appraisal-based (or transaction-based) return indexes.     

Using strategic philanthropy to improve heritage tourist sites on the Gallipoli Peninsula,Turkey: community perceptions of changing quality of life and of the sponsoring organization

This paper examines the “Respect for History” project on Turkey's Gallipoli Peninsula sponsored by a Turkish oil company, OPET. The project sought to enhance and protect the cultural and historical experiences of tourists visiting Gallipoli, and to bring direct and indirect benefits to local communities through enhancing tourism-related business opportunities and improving community infrastructure. This research investigates the project's impact on residents’ perceived social and economic wellbeing, using a quality of life framework, and also ascertains residents’ views of the sponsoring firm. The context illustrates key differences between pure philanthropy and strategic philanthropy; the latter defined as doing good by purposefully achieving corporate and civic benefits. The role of strategic philanthropy as a sustainable tourism development tool, and its impact on tourism governance, are considered. Data were collected from 674 residents on the Turkish Gallipoli Peninsula in areas impacted by OPET's investment program. The results, using structural equation modelling (SEM), identify that respondents generally believe that both their economic and social quality of life have improved. This, in turn, has positively influenced respondents’ views of the sponsoring organization. The concept of strategic philanthropy appears valuable as a private sector, non-tourism, sustainable tourism development tool in some circumstances.