Ex-dividend Day Pricing in New Zealand

Controversy continues over the question of tax clientele effects in the pricing of shares that pay dividends. The empirical results remain inconclusive, with variations in testing methods and sample formation the probable causes of much of the variation in outcomes. This study focuses on testing for the presence of a tax clientele effect consistent with prior tests for the same effect using a sample from a particular tax regime period in New Zealand in which companies could pay either or both taxable and non-taxable dividends. The results are generally consistent with the presence of a tax clientele effect in the New Zealand market for the time period, while providing essentially no support for the short term trading hypothesis.
JEL classification: G10; G15     

Assessing the returns to R&D on perennial crops: the costs and benefits of Pierce's disease research in the California winegrape industry

Several complicating issues arise in evaluating the returns to research into varietal improvements for perennial crops compared with annual crops. We elucidate and address these issues in the context of a case study of research aiming to develop varieties that are resistant to Pierce's disease (PD) of grapevines. PD imposes costs of over $100 million per year on the California grape industry, even with public PD control programs in place. Research projects to develop PD resistant varieties of grapevines are at various stages of completion. We describe the economic problems posed by PD, document the research programs undertaken to address the disease and present an economic assessment of the returns to the investment, which are conditional on other policies. Using a simulation model of the market for California winegrapes, we estimate the benefits from research, development and adoption of PD‐resistant vines as ranging from $4 million to $129 million annually over a 50‐year horizon, depending on the length of the R&D lag and the rate of adoption. In addition to these specific quantitative results the paper offers insight into the broader question of economic evaluation of damage‐mitigation technology for perennial crops.     

改变收入不平等

目前,全球财富收入最平等的国家主要分布在北欧,如瑞典、挪威、丹麦和芬兰。与其它国家相比,它们经济更稳定,社会、环境问题更少不久前,瑞士瑞信银行发布了一份新的全球财富报告,报告中估算了全球成年人所拥有的资产净值。个人资产超过100万美元的人数只占总人数的0.7%,却拥有全球总资产的44%。     

Re-thinking ‘Spheres of Responsibility’: Business Responsibility for Indirect Harm

This article considers two prominent, competing approaches to defining the scope of business responsibility for human rights. The first approach advocates extension of business responsibility beyond the boundaries of the enterprise to encompass broader ‘spheres of influence’. The second approach advocates a business ‘responsibility to respect’ human rights (but not a ‘positive’ duty to protect, promote or fulfil rights). Building on a critical evaluation of these competing accounts of business responsibility, this article outlines a modified account, referred to as a framework of ‘spheres of responsibility’. On such an account, business responsibility for human rights outcomes is conceptualised not only in relation to direct ‘harms’ imposed by business, but also in relation to corporate influence over broader relationships and institutions that shape and constrain the substantive realisation of human rights.     

The impact of degenerative episodes on the sponsorship B2B relationship: Implications for brand management

Sponsorship B2B relationships generally are entered into by sponsors seeking brand-related benefits through association with a sport entity brand. Negative incidents involving athletes representing the sport entity may threaten the brands of both the sport and sponsor and can weaken or even dissolve the partnership. The management of these episodes is critical in protecting the sport entity's brand equity, as well as the sponsor's brand, and ultimately the relationship. This study explores multiple stakeholders' perspectives on these degenerative episodes and the potential relational outcomes using a series of depth interviews with major sponsors and sport entities. We identify key constructs such as attribution of blame, societal norms, zone of tolerance and perceived severity which influence whether this behavior acts as a degenerative episode in the relationship. Factors such as existing relationship quality and episode management can affect the impact on the relationship as well as the extent of relational change.     

Examining the Influence of the Individual in Arts Sponsorship Decisions

Support from the corporate sector is an important revenue source for many nonprofit organizations. In this article, we consider individual-level influence within the decision-making processes of companies as they make decisions concerning nonprofit arts sponsorship. These decisions have often been linked to the influence of a single high-level executive, and the research contained here seeks to better understand the role of the individual in influencing these decisions. Through qualitative multiple-case research the authors find that a single individual, termed the advocate, is in fact influential. Furthermore, the advocate is determined not by their title or official ranking but by their possession of expert power, a combination of knowledge and the belief of others in that knowledge. In addition, how individuals influence these decisions relates to their application not of gut instinct, but of informed intuition. The article closes in suggesting new perspectives that will assist in better understanding this role.     

Knit,purl and upload: new technologies,digital mediations and the experience of leisure

In the last decade, there has been a resurgence of interest in knitting and an accompanying set of leisure practices from ‘stitch n bitch’ groups and pub knitting circles to fibre festivals and knit meets. Alongside this renaissance is a growing presence of ‘crafsters’ and ‘knitsters’ on the web, with blogs and podcasts devoted to the craft and social networking sites connecting a global community of knitters. The leisure experience of knitting now proliferates across multiple media sites and flows through various lifeworlds and circuits of consumption. This technological expression of the craft provides an interesting juxtaposition for exploring meanings and practices of mediated leisure and this article will argue that web 2.0 technologies have given users new ways to think about and engage with their creativity that, in turn, have become an embedded part of their construction and enjoyment of leisure practice. Technology use can be understood as a reciprocal and interconnected aspect of knitting as leisure and the study of techno-cultural change marks a territory where distinctions between leisure and technology are increasingly dissolved. Knitting as a material craft provides a useful example of the way in which virtual networks and environments have reshaped the consumption of leisure in rich and dynamic ways.