How much does tax erode fund excess returns?

We model the tax drag from active fund management based on reported monthly holdings of active equity funds. Tax drag erodes 65 percent of the 0.74 percent excess return in Broad Market funds, but only 21 percent of the 1.80 percent excess return in Small-Cap funds for Australian superannuation (pension) fund investors. Tax drag varies with investment style; market state, which is most detrimental during bull markets; and fund turnover. For high-income individual investors, tax drag is exacerbated to the extent that active management only generates meaningful after-tax excess return for Small-Cap funds of certain styles.     

Research engagement,impact and sustainable tourism

In this editorial, we reflect on how the Journal of Sustainable Tourism can contribute towards sustainable tourism researchers achieving more impact with their research. We propose some changes that can be tested in, and introduced gradually and collaboratively with, the community of the editorial board and authors. To support impactful mind sets, we will promote research that reflects diverse academic communities. To promote impactful research topics, we will encourage authors to frame their submitted articles against the Sustainable Development Goals, while research that is time sensitive will be fast tracked so it can contribute to current debates. To promote impactful methodologies, we shall favour articles that use mixed methods and action research, and those that conduct longitudinal, experimental, and evaluative research. To promote impactful partnerships, we will favour multidisciplinary approaches and research that has been co-created with stakeholders. To promote impactful communication and dissemination, we will continue to build an online community on social media for sustainable tourism researchers, we will promote articles in social media to raise their visibility, and we will provide free access to those articles that are deemed to have the greatest potential to impact positively on society.     

Soil and Moisture Management in Mali: A Case Study Analysis for West Africa

In order for farmers to accept improved soil and water management practices, new technologies must be appropriate to the specific site conditions found in the farm setting and be consistent with farmers' objectives and available resources. A whole-farm modeling analysis of this problem is described. Preliminary estimates of the benefits of increased soil moisture conservation for representative low-resource farmers in Mali are presented. If farmers could improve rainfall infiltration from currently low rates of about 40% up to 60%, and use small amounts of chemical fertilizers, disposable income could increase two to four times depending on rainfall. Income could be increased another 50% if the infiltration rate was raised to 80%. Food grain production could increase 60 to 90% with improved moisture conservation and fertilizer use.     

Assessing the growth-inducing impact of the Appalachian Development Highway System in southern Ohio: Did policy promote change?

The concept of “inducing growth” is typically considered an adverse consequence of a project on the land use system. In certain instances, however, the desire to induce growth and foster land use change is a focus of land use policy. Such is the example of the Appalachian Highway Development System (AHDS) program initiated by the Appalachian Regional Commission (ARC) during the late 1960s. With the goal of providing highway infrastructure to improve assess to a geographically isolated and historically impoverished region, the ADHS has added nearly 3000 miles of highway to the Appalachian landscape. The degree to which highway investment has contributed to regional growth remains a controversial point and tractable methods to quickly assess landscape change given a project of this magnitude are elusive. In this paper a portion of the AHDS trending through southern Ohio is examined using data acquired from the Landsat series of satellites. Beginning with a pre-highway condition in 1976, a 26 year time horizon, concluding in 2002, was analyzed based on a post-classification change detection methodology. Results of this investigation revealed slight, yet significant, levels of urban expansion within a 10 km corridor along the path of AHDS Corridor D/State Route 32. Beyond this buffer zone the land use system evidenced more stability, suggesting that as distance increased from Corridor D/State Route 32, reduced accessibility also reduced the attractiveness of land for urban uses. Relating these results back to the infrastructure investment policies of the ARC demonstrates that growth did result from the construction of Corridor D and supports previous findings that land development based on highway construction is extremely time-sensitive.     

Significant Issues for the Future of Product Innovation

Product innovation management, by definition, requires that we become comfortable dealing with change. As this journal enters its eleventh year of publication, the editor-in-chief asked each member of the editorial board to reflect upon changes and opportunities that they see influencing our profession during the coming decade. In our first installment of these essays, George Day, Bela Gold and Thomas Kuczmarski discuss the value of managing ideas, embracing a longer-term view of development opportunities, and creating a senior executive position charged with developing such opportunities. Each of these short essays is designed to introduce new perspectives. It is not essential that you agree with the recommendations, but we hope that you are stimulated as you reflect on the issues they present.     

Assessing greenhouse gas emissions from electric vehicle operation in Australia using temporal vehicle charging and electricity emission characteristics

ABSTRACT

Significant interest exists in the potential for electric vehicles (EVs) to be a source of greenhouse gas (GHG) abatement. In order to establish the extent to which EVs will deliver abatement, however, a realistic understanding of the electricity and transport sector GHG emissions impacts arising from different approaches to integrating EVs into the power system is required. A key issue in this regard is the extent to which GHG emissions are a function of where and when EV charging will be enabled (or disabled) by the provision of recharging infrastructure and implementation of charging management strategies by the electricity industry. This article presents an investigation of the GHG emissions arising from electricity and gasoline consumption by plug-in hybrid EVs under a range of standard EV-power system integration scenarios. An assessment framework is presented, and GHG emissions from EV use are assessed for the New South Wales (NSW) and South Australian (SA) pools of the Australian National Electricity Market (NEM) using retrospective electricity system generation data for 2011. Results highlight that there is a range of possible outcomes depending on the integration scenario and emissions accounting approach used. This range illustrates value of a temporally explicit assessment approach in capturing the temporal alignment of electricity sector emission intensity and EV charging. Results also show the importance of a clean electricity generation mix in order for EVs to provide a GHG abatement benefit beyond what would be achieved by a hybrid (but non-plug-in) vehicle. The extent to which overnight charging in NSW is observed to produce higher emissions relative to unmanaged charging also illustrates a possible trade-off between GHG emissions and benefits for electricity industry from EV charging at times of low demand.     

Riding the Ever-Rolling Stream: Time and the Ontology of Violent Conflict

In this paper, we examine the ways in which the passage of time is dealt with in econometric studies of violent conflict and civil war with empirical attention to the dynamics of ethnic conflict. We argue that the mainstream approach to econometric studies of civil war is based on a time-invariant ontology and that this is not an appropriate or adequate way of capturing the causal patterns of violent conflict. Based analysis of replication datasets using structural break analysis and rolling windows, we show how careful attention to the passage of time reveals important macro-historical changes in the coefficients on ethnic diversity in explaining conflict incidence. We conclude that econometric studies of civil war need to pay more careful attention to the limitations on the generalizations that they draw through attention to the passage of time and better iteration with qualitative and historical studies.     

How broad-based is broad-based black economic empowerment?

Common perceptions about broad-based black economic empowerment (BBBEE) have been that it is nothing more than a tool for the already affluent to access further wealth and has limited potential to address the economic exclusion of the most marginalised. An analysis was conducted of data on black economic empowerment (BEE) deals between 2004 and 2009. The findings demonstrate that although the elite continue to benefit from deals, broad-based beneficiaries, particularly employees and women, are also beginning to benefit to some extent. This suggests that empowerment policies have some potential to promote private sector involvement in addressing the state's social transformation agenda. However, a closer analysis of the BEE transactions shows that the BEE landscape is far more complex and nuanced than commonly thought. Further research is necessary to understand the real impacts of BEE on the ground.     

Relationship-Oriented Cultures, Corruption, and International Marketing Success

This study explores the general problems associated with marketing across international markets and focuses specifically on the role of corruption in deterring international marketing success. The authors do this by introducing a broader conceptualization of corruption. The dimensions of corruption and their importance in explaining the exporters’ successes in international markets are developed empirically. Partial Least Squares formative indicators are used in a comprehensive model including consumer resources (wealth and information resources), physical distance (kilometers and time zones), and cultural distance (linguistic and values differences) as alternative explanatory variables. Finally, differences in the model’s performance across data from three exporting countries (France, Japan, and the US) are delineated and discussed. For example, the successes of French and Japanese exporters in international markets are in part determined by the levels of corruption in target countries. Alternatively, corruption in target countries does not appear to affect the successes of American exporters in global markets. The conceptualization of corruption in this study extends the more narrow view of corruption solely as bribery.