Regulatory risk, market uncertainties, and firm financing choices: Evidence from U.S. Electricity Market Restructuring

Based on the universe of rate-regulated electric utilities in the U.S., we examine why firms alter their financing decisions when transitioning from a regulated to a competitive market regime. We find that the significant increase in regulatory risk after the passage of the Energy Policy Act, state-level restructuring legislations, and divestiture policies have reduced leverage by 15 percent. Policies that encouraged competition, and hence increased market uncertainty, lowered leverage by another 13 percent on average. The ability to exercise market power allowed some firms to counter this competitive threat. In aggregate, regulatory risk and market uncertainty variables reduce leverage between 24.6 and 26.7 percent. We also confirm findings in the literature that firms with higher profitability and higher asset growth have lower leverage, and those with more tangible assets are more levered. Firms with greater access to internal capital markets and those with a footloose customer segment use less debt, while those actively involved in trading power in the wholesale market use more debt.     

Money demand, the Cagan model, testing rational expectations vs adaptive expectations: The case of Turkey

This paper estimates the Cagan type demand for money function for Turkish economy during the period 1986:1–1995:3 and tests whether Cagan's specification fits the Turkish data using an econometric technique assuming that forecasting errors are stationary. This paper also tests the hypothesis that monetary policy was implemented in aiming to maximize the inflation tax revenue. Finally, the Cagan model is estimated with the additional assumption of rational expectations for Turkey for the considered period. First version received: March 1998/final version received: October 1998     

Another look at the role of the industrial structure of markets for international diversification strategies

This paper re-examines the extent to which gains from international diversification are due to differences in industrial structure across countries. Recent papers by Roll (1992), Journal of Finance 47, 3–42 and Heston and Rouwenhorst (1994), Journal of Financial Economics 36, 3–27 investigate this issue and find conflicting evidence. Using a new database, the Dow Jones World Stock Index, with coverage in 25 countries and over 66 industry classifications, we decompose comprehensively both country and industrial sources of variation. We confirm that little of the variation in country index returns can be explained by their industrial composition. We also uncover differences in the proportion of variation in industry index returns that is captured by country and industry factors and discuss the implications for global diversification strategies.     

Taiwan aboriginal ecotourism: Tanayiku Natural Ecology Park

This paper discusses research into an ethno/ecotourism site developed by the Tsou nation of southern Taiwan. The Tanayiku Natural Ecology Park receives approximately 450,000 tourists annually. This paper assesses, from a poststructuralist perspective, the theoretical implications of what is termed an “ecocultural renaissance”. It shows that the park functions in two contradictory ways. First, it is a site of geopolitical resistance to colonization for the Tsou. Second, it is as a site of topological consumption—which is, effectively, continued colonization—by tourists. Paradox notwithstanding, the paper discusses why Tanayiku represents a rare example of a successful community-based ecotourism operation owned and operated exclusively by an aboriginal group.     

Exploring place perception a photo-based analysis

This paper examines the merits of volunteer-employed photography as a technique for investigating perceptions of residents and tourists of a destination. An exploratory study was undertaken in which both groups were asked to photograph features they considered important to their personal experience of the Welsh seaside resort of Aberystwyth. Participants also completed photologs and written questionnaires, which were used to supplement a content analysis of their snapshots. This enabled various comparisons and inferences to be drawn regarding how the town is perceived as a destination and as a place to live. An unexpected finding is that residents and tourists tend to adopt similar ways of “reading” the destination.     

Representative dissonance: India’s Self and Western Image

Western media have often been criticized for portraying Third World destinations through a colonial prism via images of primitiveness and exoticism. Contrastingly, some destinations have begun to resist those representations with media campaigns of their own. The purpose of this study was to critically construe the differences between ways that India is represented in American tourism media and how it is represented by the Indian government itself. The findings revealed that these two representations are different in ways that reflect the colonial nature of international tourism and the postcolonial stage of India’s nationalism. Moreover, the study of representative dissonance is proposed as a tool for understanding the conflicting ideological forces that shape destination images.     

Smooth estimators for estimating order restricted scale parameters of two gamma distributions

We consider the problem of component-wise estimation of ordered scale parameters of two gamma populations, when it is known apriori which population corresponds to each ordered parameter. Under the scale equivariant squared error loss function, smooth estimators that improve upon the best scale equivariant estimators are derived. These smooth estimators are shown to be generalized Bayes with respect to a non-informative prior. Finally, using Monte Carlo simulations, these improved smooth estimators are compared with the best scale equivariant estimators, their non-smooth improvements obtained in Vijayasree, Misra & Singh (1995), and the restricted maximum likelihood estimators. Acknowledgments. Authors are thankful to a referee for suggestions leading to improved presentation.     

基于国际经验的中国国家公园气候 变化应对路径

国家公园等自然保护地既是气候变化影响的敏感 区,也是减缓气候变化的重要载体。纵观世界上多个国家气候 变化应对历程发现,国家公园等自然保护地是应对气候变化的 先行者与探索者。而面对气候变化的重要议题,中国国家公园 尚处于初步研究阶段,缺乏系统的应对战略。选取国家公园 气候变化应对开展较早、体系完善及具有特色的6个国家和地 区,梳理其战略、政策与实践经验,从科研、减缓、适应和 教育4个方面总结其应对途径,并提出中国国家公园气候变化 应对的4条路径：充分凝结共识,鼓励多方参与;夯实科研基 础,形成前沿基地;战略规划指导,分级分区落实;适应减缓 并重,提升气候能力。     

Morphogenesis Of Social Networks And Coexistence Of Technologies ∗

The aim of the article is to relate the formation of influence networks to the coexistence of technologies in the long run. In the spirit of Plouraboue et al. (1998), we postulate that potential adopters of a technology are situated in a social network. In our model, initial relations are partly negative and all the expected utilities are revised in parallel. In the case of an exogenous network, opinions can fluctuate endlessly. When agents reallocate their relationships, this reinforces trust in agents whose opinion is close to theirs. As a result of this process, the network stabilizes in the long run, generating diversity in expected utilities.     

Cognitive maps of nature-based tourists

To investigate tourists' spatial conceptions of large-scale natural environments, this study explored sketch-maps drawn by a sample of 403 nature-based tourists visiting the Daintree and Cape Tribulation area, Australia. Multivariate comparisons of the style and content of sketch-maps revealed that visitors possessed a relatively limited spatial knowledge of the area, and that this knowledge varied according to the mode of travel, previous visitation, length of stay in the area, and the origin, age and gender of visitors. While the factors influencing environmental learning were identified, questions were raised concerning the salience of spatial knowledge in the overall experience of unfamiliar natural settings.