Comparing Aggregate Housing Price Measures

Three methodologies to measure the aggregate price of housing JEL Classification C82,R31     

Book reviews

Routledge Series in Analytical Management Series Editor: D.C. Wilson London and New York, Routledge.

Strategues fir Growth; Maturuity, Recovery and Internationalisation Peter McKiernan London and New York, Routledge, 1992, £35.00. (hbk), ISBN 0-415-07383-9.

Technology and Organisation: Power, Meaning and Design Harry Scarborough & F. Martin Corbett London and New York, Routledge, 1992, £35.000 (hbk), ISBN 0-415-07384-7.

A Strategy of Change; Concepts and Controversies in the Management of Change D. C. Wilson London and New York, Routledge, 1992, £10.99 (pbk), ISBN 0-415-09773-8.

Human Resource Strategies for International Growth Chris Hendry London and New York, Routledge, 1994, £35.00. (hbk), ISBN 0-415-09773-8.

What is Strategy and Does it Matter? Richard Whittington London and New York, Routledge, 1993, £35.00. (hbk), ISBN 0-415-07385-5.

Technological Collaboration in Industry Mark Dodgson London, Routledge, 1993, £40.00 (hbk), ISBN 0-415-08230-7.

Corporate Vision and Rapid Technological Change Peter Swann & Jas Gill London, Routledge, 1993, £37.50 (hbk), ISBN 0-415-09135-7.

Internal Merkets: Bringing the Power of Free Enterprise Inside your Organisation W.E. Halad, A. Germanmayeh and J. Pourdenhad (eds) New York, Wiley, 1993, 301 pp., US$ 34.95.

Strategic Management: A Methodological Approach, 4th edition A.J. Rowe, R.O. Mason, K.E. Dicker, R.B. Mann & R.J. Mocler New York, Addison-Wesley, 1994, ISBN 0-201-58638-X.

The Management of Scale (Big Organizations, Big Decisions, Big Mistakes) David Collingridge London, Routledge, 1992, £35.00 (hbk), £12.99 (pbk), ISBN 0-415-07856-3.

The Intelligent Enterprise James B. Quinn New York, Free Press, 1992, ISBN 0-02-925615-1.     

Expectations equilibrium and informational efficiency for stochastic environments

This paper studies the existence of expectations equilibria for message processes on stochastic exchange environments. A message process which permits the general existence of expectations equilibria is termed admissible. The main results are: (1) Every admissible process satisfies a weakened version of the Hurwicz “privacy” condition. (2) The competitive process is admissible, and has a message space of locally minimal size among admissible nonwasteful processes. (3) The only admissible condensations of the competitive process are constant functions.     

Do social product features have value to consumers?

The present paper utilizes a random utility theoretic experimental design to provide estimates of the relative value that selected consumers place on the social features of products. Experiments were conducted in Hong Kong and Australia using both university students and supporters of the human rights organization Amnesty International. The paper focuses on two classes of social features, “labor practices” and “animal rights and the environment”. The results show that the social features of products can, on average, affect an individuals' likelihood of purchasing a product. Also, this paper finds distinctive segments of ethically orientated consumers.     

Do investment banks listen to their own analysts?

To what extent conflicts of interest affect the investment value of sell-side analyst research is an ongoing debate. We approach this issue from a new direction by investigating how asset-management divisions of investment banks use stock recommendations issued by their own analysts. Based on holdings changes around initiations, upgrades, and downgrades from 1993 to 2003, we find that these bank-affiliated investors follow recommendations from sell-side analysts in general, increasing (decreasing) their relative holdings following positive (negative) recommendations. More importantly, these investors respond more strongly to recommendations issued by their own analysts than to those issued by analysts affiliated with other banks, especially for recommendations on small and low-analyst-coverage firms. Thus, we find that investment banks “eat their own cooking,” showing that these presumably sophisticated institutional investors view sell-side recommendations as having investment value, particularly when the recommendations come from their own analysts.     

Africa's changing farm size distribution patterns: the rise of medium‐scale farms

This study assesses changes over the past decade in the farm size distributions of Ghana, Kenya, Tanzania, and Zambia, drawing on two or more waves of nationally representative population‐based and/or area‐based surveys. Analysis indicates that much of Sub‐Saharan Africa is experiencing major changes in farm land ownership patterns. Among all farms below 100 hectares in size, the share of land on small‐scale holdings under five hectares has declined except in Kenya. Medium‐scale farms (defined here as farm holdings between 5 and 100 hectares) account for a rising share of total farmland, especially in the 10–100 hectare range where the number of these farms is growing especially rapidly. Medium‐scale farms control roughly 20% of total farmland in Kenya, 32% in Ghana, 39% in Tanzania, and over 50% in Zambia. The numbers of such farms are also growing very rapidly, except in Kenya. We also conducted detailed life history surveys of medium‐scale farmers in each of these four countries and found that the rapid rise of medium‐scale holdings in most cases reflects increased interest in land by urban‐based professionals or influential rural people. About half of these farmers obtained their land later in life, financed by nonfarm income. The rise of medium‐scale farms is affecting the region in diverse ways that are difficult to generalize. Many such farms are a source of dynamism, technical change, and commercialization of African agriculture. However, medium‐scale land acquisitions may exacerbate land scarcity in rural areas and constrain the rate of growth in the number of small‐scale farm holdings. Medium‐scale farmers tend to dominate farm lobby groups and influence agricultural policies and public expenditures to agriculture in their favor. Nationally representative Demographic and Health Survey (DHS) data from six countries (Ghana, Kenya, Malawi, Rwanda, Tanzania, and Zambia) show that urban households own 5–35% of total agricultural land and that this share is rising in all countries where DHS surveys were repeated. This suggests a new and hitherto unrecognized channel by which medium‐scale farmers may be altering the strength and location of agricultural growth and employment multipliers between rural and urban areas. Given current trends, medium‐scale farms are likely to soon become the dominant scale of farming in many African countries.     

Is Passive Farming A Problem for Agriculture in the EU?

We address a new agricultural policy concern following the decoupling of CAP direct payments in 2005: passive farming, whereby landowners maintain their agricultural area to collect payments without producing commodities. It is claimed that passive farming is hindering agricultural development by ‘blocking’ access to farmland for expanding farmers. We evaluate the links between the EU's Single Payment Scheme (SPS), passive farming, land use and agricultural development. Following identification of the rational landowners’ optimal land‐use choice, we evaluate the effects of the SPS using a spatial, agent‐based model that simulates farmers’ competition for land in a case‐study region of Sweden. We show that passive farming does not constrain land from being used in production; on the contrary more land is used than would be the case without the SPS. We conclude that passive farming is not a problem for agriculture, but provides public goods that would otherwise be under provided: preservation of marginal farmland and future food security. However SPS payments on highly productive land inflate land values (capitalisation) and slow structural change, which hinder agricultural development. Consequently CAP goals could be better served by targeting payments on marginal land and phasing out payments to highly productive land.     

Tourism in Trinidad and Tobago: carving a niche in a petroleum‐based economy

Trinidad and Tobago lies within one of the world's most tourism‐intensive regions, the Caribbean. Yet, unlike its neighbours, it has not relied heavily on income from travel and tourism since its economy is dominated by the energy sector. The energy sector is the mainstay of the economy contributing approximately 34.1% to the country's GDP, 85.5% to merchandise exports and 37.1% to Government revenues in 2004 (Ministry of Energy, 2006). The Government, in its aim for developed nation status by 2020, recognizes that the energy sector is unable to provide the sustainable jobs needed to achieve this. Thus, the Government's policy strategy, Vision 2020, identifies tourism as one of five (5) sectors that should be developed to contribute to the country's economic development. The tourism industry currently represents 13.8% of total Gross Domestic Product (GDP) in Trinidad and Tobago and is expected to increase its share by nearly three percentage points to 16.5% by 2015. It accounts for 16.7% of total employment, and this is forecasted to rise to 19.2% (WTTC, 2005). Several challenges are evident, that continue to limit the industry's full potential for growth in the country. It is against this background that this paper seeks to identify and analyse the strategies that can be adopted to maximize the contribution of the hospitality and tourism industry to economic development in Trinidad and Tobago. The three main strategies proposed are a greater focus on local entrepreneurship; the re‐orientation of the role of the local financial mechanisms in tourism development and; the development of competitive tourism investment incentives for potential investors in the hospitality and tourism industry. Copyright © 2008 John Wiley & Sons, Ltd.