Agroindustrialization through institutional innovation Transaction costs, cooperatives and milk-market development in the east-African highlands

Some small-holders are able to generate reliable and substantial income flows through small-scale dairy production for the local market; for others, a set of unique transaction costs hinders participation. Cooperative selling institutions are potential catalysts for mitigating these costs, stimulating entry into the market, and promoting growth in rural communities. Trends in cooperative organization in east-African dairy are evaluated. Empirical work focuses on alternative techniques for effecting participation among a representative sample of peri-urban milk producers in the Ethiopian highlands. The variables considered are a modern production practice (cross-bred cow use), a traditional production practice (indigenous-cow use), three intellectual-capital-forming variables (experience, education, and extension), and the provision of infrastructure (as measured by time to transport milk to market). A Tobit analysis of marketable surplus generates precise estimates of non-participants' 'distances' to market and their reservation levels of the covariates — measures of the inputs necessary to sustain and enhance the market. Policy implications focus on the availability of cross-bred stock and the level of market infrastructure, both of which have marked effects on participation, the velocity of transactions in the local community and, inevitably, the social returns to agroindustrialization.     

Saltwater Crocodiles as Tourist Attractions

These study reports the results derived from a pilot research study based on a phenomenographic research approach with 50 respondents in the Northern Territory of Australia. The data permitted a perceptual map to be drawn which identifies tourist fascination with crocodiles as being based on attributes of potential threat, danger, power, links with the prehistoric, and survivorship. However the study also found that when asked to describe the Northern Territory, crocodiles did not immediately come to mind, even though, arguably, the reptile is etched upon the ethos of the 'Top End'. However prompted responses quickly elicited mention of crocodiles. There was also a preference to see crocodiles within their natural terrain. Some evidence of a minority of tourists being prepared to mitigate their behaviours was also found, and hence this study may have wider implications.     

Reverse convertible bonds analyzed

We study the pricing of reverse convertible (RC) bonds. These are bonds that carry high coupon payments. In exchange, the issuer has an option at the maturity date to either redeem the bonds in cash or to deliver a pre‐specified number of shares. We find that Dutch plain vanilla and knock‐in RC bonds are, on average, overpriced by almost 6%. This overpricing is confirmed in a model‐free analysis with respect to option‐ and bond‐pricing models. We find that rational factors explain 23% of the documented overpricing. In addition, we find that the combination of financial marketing, framing, and the representativeness bias further increases our ability to explain the documented overpricing to more than 35%. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:895–919, 2009     

The dilemma of implementing controls: The case of managerial accounting

Managerial accounting contains a technical theory of control. Whenever this technical theory of control is correctly implemented to deal with issues that are embarrassing or threatening, the players activate their personal-human theory of control in order to remain “in control”. The correct implementation of the personal-human theory of control necessary inhibits the effective implementation of the technical theory and vice versa.     

THE FINANCIAL IMPACT OF ABOLITION

One argument for metropolitan county council abolition in England was that it would save money, yet detailed studies suggested that it would increase expenditure. After abolition, Government statements emphasised the savings that had resulted. Analysis of expenditure change from 1984/5 to 1987/8 shows that rate and grant-borne expenditure on transferred services increased by four percent over the four-year period, compared with nine percent for all metropolitan county council, district council and precepting authority services. Some increases are directly attributable to diseconomies of scale caused by abolition, while others reflect local political choices which have become possible. Expenditure reductions are also evident in some areas.     

In search of legitimacy: personnel management associations worldwide

In considering the development of the HR ‘profession’, there has been little exploration of the role of the professional association. This is particularly true looking across national boundaries, raising questions about the impact and extent of homogeneity of personnel management association activities. It is argued that professional associations have a legitimising role to play in establishing a specialist body of knowledge, regulating practice and providing a source of internal and external identity for practitioners. A recent worldwide survey of personnel management associations found that, although associations are active in these areas, there is a lack of mandatory control and regulation across the profession, diluting the legitimacy accorded by such activities. Association activities were also found to be largely generic across countries, resulting from inter‐association collaboration, although different contexts result in different outcomes.     

"You know we are not an Employment Agency": Manpower, Government, and the Development of the Temporary Help Industry in Britain

This article looks at the early development of the temporaryhelp industry in Britain. It focuses on the activities of oneof the largest suppliers of temporary workers, Manpower, inthe late 1960s and early 1970s. Drawing on material from TheUK National Archives, the article examines Manpower's effortsto gain access as a genuine employer to the state employmentexchange network to advertise their temporary vacancies. Thearticle reveals the incremental changes in attitude within thegovernment towards Manpower's activities and argues that thisgave the company a competitive advantage over other employmentagencies, facilitating their development of relations with thegovernment and the trade unions in Britain over the 1970s and1980s. The main conclusion of the article is that explicit attentionneeds to be paid to the actions and strategies of agencies themselvesin order to develop an adequate understanding of the growthand development of the temporary help industry.