Game experience: an analysis of English and Welsh domestic cricket spectators

• This study investigated differing emphasis cricket spectators place on key game experience variables. Spectators were classified based on membership, frequency of attendance and demographics. The mixed methods designs used a qualitative strand, which identified four key game experience variables; star players, quality of game, social facilitation and auditory and olfactory elements. The quantitative strand was used to empirically test these game experience variables. This survey of 584 cricket spectators identified auditory and olfactory elements, quality of game, and social facilitation as the three important game experience variables relevant to various cricket spectator segments. The findings revealed that women, members, older spectators and moderately frequent attendees placed greater emphasis on auditory and olfactory. Older spectators and members also placed greater emphasis on quality of game. It was also found that regardless of how frequently spectators attend games, they placed equal emphasis on social facilitation.
• In this exploratory study, tentative light is shed on the largely unexplored subject of cricket spectator consumption experience. As such it helps provide practitioners in the industry as well as researchers with a better understanding of cricket spectators.

Copyright © 2009 John Wiley & Sons, Ltd.     

For the Student: Matching and Economic Design

This article presents a brief survey of two‐sided matching. We introduce the reader to the problem of two‐sided matching in the context of the college admission model and explain two central requirements for a matching mechanism: stability and non‐manipulability. We show how the frequently used ‘Boston Mechanism’ fails these key requirements and describe how an alternative, the Deferred Acceptance Algorithm, leads to stable matchings but fails to be non‐manipulable in general. A third mechanism, the Top Trading Cycle, is efficient and non‐manipulable when only one side of the match acts strategically. We also discuss some applications of matching theory.     

Transfer pricing as a tax compliance risk

This paper studies the role of transfer pricing as a critical compliance issue. Specifically, we analyse whether and to what extent the perceived risk associated with transfer pricing responds to country-, industry- and firm-specific characteristics. Empirically, transfer pricing risk awareness is measured as a professional assessment reported by the person with ultimate responsibility for transfer pricing in their company. Based on a unique global survey conducted by a Big 4 accounting firm in 2007 and 2008, we estimate the number of firms reporting transfer pricing being the largest risk issue with regard to subsequent tax payments. We find that transfer pricing risk awareness depends on variables accounting for general tax and transfer pricing specific strategies, the types and characteristics of intercompany transactions the multinational firms are involved in, their individual transfer pricing compliance efforts and resources dedicated to transfer pricing matters.     

Drivers of long haul flight supply at secondary airports in Europe

Intercontinental air traffic is unevenly distributed between secondary European airports. While a few airports offer a remarkable number of long haul services, most non-hubs struggle to attract such flights. We discuss and test factors influencing secondary airport choice of long haul carriers. Results indicate that the economic power of the airport region has a significantly positive influence on long haul flight supply, while a sufficient runway length is only a condition sine qua non. Consequently, long runways at many secondary airports are underutilized and thus not economically viable.     

Kostentr?ger- und Ergebnisrechnung in der Stromwirtschaft

Der Strommarkt befindet sich nach der Markt?ffnung im Jahr 1998 in einem dramatischen Wandel.     

Bereichernd oder belanglos?

Although participatory press photography has existed for decades, its institutionalization by tabloid journalism is a relatively new phenomenon. The most popular example in Germany is constituted by the “reader reporters” of the tabloid newspaper Bild. Supporters of participatory press photography hope for an enrichment of news coverage while its critics consider the photos as insignificant. This paper tries to clarify this controversy on the basis of news value theory. It presents the results of a census of reader reporter photographs and their adjacent articles. This paper tries to answer the question of whether selection and prominence of the photographs is oriented toward societal or individual relevance. It can be shown that selection is dominated by “soft” news factors while prominence is mainly influenced by “hard” news factors. The latter are also attributed to the photographs via the adjacent text. The results can be transferred to other forms of participatory journalism. They support the hypothesis of a complementary rather than competitive relation between participatory and professional journalism.     

Evidence on the effects of inflation on price dispersion under indexation

Distortionary effects of inflation on relative prices are the main argument for inflation stabilization in macro models with sticky prices. Under indexation of non-optimized prices, those models imply a nonlinear and dynamic impact of inflation on the cross-sectional price dispersion (relative price or inflation variability, RPV). Using US sectoral price data, we estimate such a relationship between inflation and RPV, also taking into account the endogeneity of inflation by using two- and three-stage least-squares and GMM techniques, which turns out to be relevant. We find an effect of (expected) inflation on RPV, and our results indicate that average (??trend??) inflation is important for the RPV?Cinflation relationship. Lagged inflation matters for indexation in the CPI data, but is not important empirically in the PPI data.     

Methoden der risikobasierten Kapitalallokation im Versicherungs- und Finanzwesen

The present contribution is intended to serve as a survey of techniques of risk based capital allocation for (aggregated) insurance and/or financial positions. The starting point is the determination of the risk based capital for the aggregated position, which in turn requires the specification of the existing risk exposure and as well the risk measure used. After this the basic capital allocation procedures (absolute, incremental and marginal capital allocation) are explained. A discussion of postulates for a reasonable absolute capital allocation follows. Especially the axioms of coherent capital allocation developed by Denault are treated. Then central principles of capital allocation (proportional capital allocation, covariance principle, conditional expected value principle, conditional value-at-risk principle, Euler-principle) are introduced and their properties are discussed, especially regarding coherence. Finally firm value based approaches and as well game theoretic approaches are mentioned.     

Mortgage Shoppers: How Much Do They Save?

Survey evidence suggests that many U.S. and European consumers do not spend a lot of time comparing mortgage products. We show, however, that mortgage shopping is associated with a substantial monetary payoff, using a unique data set from a website where borrowers (not the lenders) can post their complete set of received mortgage rate offers. A borrower who shops for five mortgage offers is able to save 7,078 euros in net present value on average. The potential savings suggest suboptimal mortgage shopping as the opportunity cost of time to renegotiate additional quotes is unlikely to be that high.     

Das Umlaufvermögen von Verteilnetzbetreibern

How much current assets are needed to operate a distribution system in Germany? The German “Energiewende” requires tremendous amounts of investment in the distribution network over the next years. The return of invested capital is regulated by § 7 Strom/GasNEV (German network tariff regulations). Current assets are principally included in the regulatory asset base in order to determine the regulatory equity yield rate. The regulatory authorities and distribution system operators have different point of views regarding the proper amount of current assets needed for operating a distribution network. This debate seems quite significant when considering that the average ratio of current assets to total assets is 25%. On the other hand, one could argue that distribution system operators do not need current assets at all. In order to address the issue of the proper amount of current assets for distribution system operators, business specific processes (such as the “EEG process”) should be examined. Furthermore, the provision of current assets causes costs of capital, which reduces the shareholder value and makes the acquisition of capital more challenging. This paper analyses such interrelations between current assets and shareholder value in regulated markets. Moreover, the current regulatory practice of cutting current assets in the regulatory asset base to a standardized amount does not seem appropriate. Rather there is a need for a multi-level and item-by-item based valuation scheme: Is the item required for the business? Is the amount limited to the efficient minimum? Is the amount comparable to other businesses? Concerning this matter, this paper examines proper instruments, such as the cash flow statement. In addition, this paper benchmarks the current (liquidity) ratio of distribution system operators and non-regulated companies. Based on this benchmark, the current assets of distribution system operators appear comparatively efficient. The results point out a need of action regarding current regulatory practice.