Black capitalism

Summary and Conclusion What then has the government’s promotional effort and the increasing economic efforts of black entrepreneurs wrought? Three years is too short a span to really expect the establishment of long term trends. The most we could expect is fissures and cracks in a system that has kept Blacks out of the mainstream of American economic development.     

Health care and philanthropy: where are we headed?

Peering into health-care's future means examining social, economic and political issues. Knowing what's coming will help development professionals deal with this new world.     

Jardine Matheson & Company: The Role of External Organization in a Nineteenth-Century Trading Firm

Jardine Matheson & Company, a Hong Kong conglomerate foundedin 1832, has survived political upheaval and global and regionaleconomic crises, transforming itself several times. From theirbeginnings in the commission business, William Jardine and JamesMatheson developed a reputation for sound financial managementthat furthered their trading relationships and supported theirfirm's expansion from agency house to managing agent to investmenthouse between 1832 and 1885. Fundamental to Jardine Matheson'ssuccess was the strategic decision to eschew speculation andto concentrate on building a pattern of relationships withinand outside the business that would foster the flow of information,the knowledge with which to interpret it, the ability to influenceothers, and a reputation for probity that would attract andretain trading partners.     

On the pricing of intermediated risks: Theory and application to catastrophe reinsurance

We model the equilibrium price and quantity of risk transfer between firms and financial intermediaries. Value-maximizing firms have downward sloping demands to cede risk, while intermediaries, who assume risk, provide less-than-fully-elastic supply. We show that equilibrium required returns will be “high” in the presence of financing imperfections that make intermediary capital costly. Moreover, financing imperfections can give rise to intermediary market power, so that small changes in financial imperfections can give rise to large changes in price.     

Expert Systems in Accountancy: A Review of Some Recent Applications

This paper assesses the current and likely impact of expert systems on the accounting community.

The paper begins by briefly reviewing about twenty financially-oriented systems, including those which model expertise in the sub-domains of auditing, taxation advice, financial planning and business risk assessment. The predominantly narrow view taken by some authors in the literature is noted. An attempt is made to broaden this view by ascertaining why particular classes of application might have been chosen in preference to others, and to comment on the significance of this choice. The number and scope of applications are analysed, and some observations are made on their current state of development. Some conclusions are drawn on the suitability of expert systems for traditional accountancy tasks, and an assessment of their current level of success is made. Their likely future impact is considered and the conclusion is drawn that there are still many stumbling blocks in the way of successful implementations of large scale systems but that a useful niche may exist for smaller systems.     

The rise of the Arabian Gulf carriers: An insight into the business model of Emirates Airline

Middle Eastern airlines are changing the dynamics of international aviation as Emirates, Qatar Airways and Etihad Airways are quickly emerging as the new global challengers. The region’s airports are also undergoing a rapid transformation to remain in line with the exponential traffic growth that is forecast. This paper examines the relentless growth of Emirates, and investigates the various strategies that underpin its core competencies, which are responsible for its 20 years of consecutive profitability. The paper establishes that the underlying formula for Emirates’ success is largely attributed to its hub and spoke operation, competitive cost structure and the strong leverage of its brand.     

The Scottish Highland Games: evolution,development and role as a community event

This article provides an in-depth review of the Highland Games as an event that has achieved worldwide recognition, staged not just in Scotland but across the globe where Scottish Diasporas exist, although the focus here is on Scotland. Highland Games events are complex to categorise and conceptualise considering their multi-layered nature and scope, encompassing a multitude of activities each based on diverse local histories and traditions. The article commences with a detailed historical analysis of the Highland Games in Scotland to illustrate the distinctiveness and uniqueness of this type of event. A review of the event literature follows to illustrate the complexities and problems that conventional event typologies pose for seeking to classify or categorise the Highland Games, emphasising the community basis of such events as a starting point for understanding this phenomenon. The article reports the results of an empirical study of Highland Games events in Scotland and addresses a number of the current concerns and debates associated with the staging of Highland Games, including the challenges that non-profit Games organisations face in continuing the community tradition of event hosting. One particular issue that features is an acknowledgement of the dangers posed by the more commercial priorities of contemporary event management to the rich cultural heritage that underpins the Highland Games which could easily become neglected or even eradicated through more professional organisation.     

Transformation of India's Domestic Airlines: A case study of Indian Airlines, Jet Airways, Air Sahara and Air Deccan

India, home to one-sixth of the world's population, is becoming one of the world's economic engines. Its bureaucratic and outdated regulatory policies have been reformed resulting in a three-fold increase in the number of scheduled airlines and a five-fold increase in the number of aircraft operated. This paper reviews how the new regulatory roadmap has transformed the supply of domestic air services. A large passenger survey conducted in Mumbai investigated the sensitivity of passengers to a change in fare and which flight products would encourage them to select either a full service airline or a low cost carrier. The study finds that there is a homogenous set of flight products required by leisure passengers, travelling on both full service and low cost airlines, however there is a considerable dissimilarity overall between the requirements of passengers using a full service airline and a low cost carrier.