Effects of parking and cordon charge policies on tourist's modal shift in central business district of Mashhad city,Iran

The second largest holy city of the world, Mashhad, attracts high volumes of tourists and pilgrims every year. Most visitors travel by private car and are a source of considerable funds for the local economy. Among road users, tourists as one of the major traveller categories in Mashhad city behave differently due to the particular trip purpose. The aim of this research is to model tourist's shifting modes of travel behaviour when policy measures, such as the parking and cordon fares, are implemented. The tourists’ preferences were examined using binary logit analysis when different options of travel cost and time scenarios were provided. Results indicate that travel time, parking cost, cordon cost, education level and vehicle price influence tourist's modal choice. In addition, the finding shows that congestion pricing will be more effective than a parking pricing strategy in encouraging switching of modes.     

Indonesian universities in transition: catching up and opening up

Indonesia's higher education system is changing rapidly: in 2010 there were about 5 million students, up from 2,000 in 1945. Effectively the tertiary system has four tiers, three of which are within the public sector. However, the system is increasingly private sector driven. The key themes of this paper on universities are rapid growth; overcoming the historical backlog; and the need for further fundamental reform. The quality of Indonesia's tertiary institutions is highly variable. Governance structures and incentives regimes within the state universities are complex and obscure. The government both over-regulates and under-regulates. Major reforms are under way and increasing financial resources are available.     

Urban Waterscapes: The Hydro‐Politics of Flooding in a Sinking City

The threat of flooding in cities is often compounded by political and economic decisions made on watershed management, land development and water infrastructure and provisioning. It has also become a point of conflict between cities’ objectives for development and modernization, and the struggles of marginalized residents living in low‐lying coastal and riverine areas to remain in place. Flooding takes on different forms depending on one's point of view. It is a biophysical issue, involving geology, geography, meteorology and ecology. It is one of urban governance, involving planning and maintenance of infrastructure and land use. And it is sociopolitical, involving historical social and spatial marginalization and contestation. This article, based on mixed‐methods research in Jakarta, Indonesia, traces the conceptual and physical contours of urban waterscapes across these conflicting ideas and narratives. It brings into dialogue theories of urban political ecology, landscape ecology and environmental ethnography to explore the interrelationships between biophysical and sociopolitical factors behind urban flooding. In the article the focus is on the varying materialities and scales involved, including the ecological scales of the watershed, the infrastructural scales associated with flood protection, and the urban scales of planning, governance and social activism. The article concludes with a proposition for a multidimensional approach to thinking and acting on problems of urban ecological change.     

Returns to Education and Skills in the Labor Market: Evidence from Japan and Korea

This study investigates the determinants of skill proficiency, and the impact of adult skills on earnings, in Japan and Korea. Using the Program for the International Assessment of Adult Competencies survey data, it shows that Japanese adults perform better than Korean respondents, on average, on skill proficiency tests. A decomposition analysis shows that the score gap in literacy, numeracy, and problem solving skills between the two countries is mostly due to different returns to individual characteristics such as upper‐secondary and tertiary education. Adult skills have a positive and significant impact on individual earnings and employment probability, in both countries. In Japan, the returns to literacy, numeracy, and problem‐solving skills increase significantly with experience, and tend to fall with formal education, suggesting employer learning or human capital accumulation through career progression. In contrast, in Korea, the returns to literacy and numeracy skills do not seem to increase with experience.     

Extreme Events and the Copula Pricing of Commercial Mortgage-Backed Securities

Commercial mortgage-backed securities (CMBS), as a portfolio-based financial product, have gained great popularity in financial markets. This paper extends Childs, Ott and Riddiough’s (J Financ Quant Anal, 31(4), 581–603, 1996) model by proposing a copula-based methodology for pricing CMBS bonds. Default on underlying commercial mortgages within a pool is a crucial risk associated with CMBS transactions. Two important issues associated with such default—extreme events and default dependencies among the mortgages—have been identified to play crucial roles in determining credit risk in the pooled commercial mortgage portfolios. This article pays particular attention to these two issues in pricing CMBS bonds. Our results show the usefulness and potential of copula-based models in pricing CMBS bonds, and the ability of such models to correctly price CMBS tranches of different seniorities. It is also important to sufficiently consider complex default dependence structure and the likelihood of extreme events occurring in pricing various CMBS bonds.     

The impact of e-marketing orientation on performance in Asian SMEs: a B2B perspective

ABSTRACT

Business-to-business (B2B) organisations are increasingly utilising electronic devices in their business operations in order to succeed in increasingly competitive markets. This trend is prevalent in the growing Asian markets, especially in the small and medium-sized enterprises (SMEs) sector. While prior research has focused on this issue in the context of large business-to-customer (B2C) organisations in Asia, there have hardly been any studies that have shed light on the B2B sector in the SME setting. This study aims to critically explore B2B e-marketing critical success factors (B2B-eM-CSFs) for SMEs operating in the Asian B2B marketplace. A key finding is the development of a theoretical framework for SMEs, emerging from the analysis of 406 companies from various industrial sectors. The study shows that interaction with the B2B-eM-CSFs is an important dimension and has a positive and significant impact on e-business efficiency and marketing improvements for Asian SMEs.