Equity financing activities and European value-growth returns

This paper extends the U.S. evidence in Bali et al. (2010) to European stock markets. Like in the United States, European value-growth returns are strongly dependent on the valuation signals contained in the firm’s equity financing activities. The high returns of value firms are due to value purchasers, while the low returns of growth firms are due to growth issuers. Among value issuers and growth purchasers, there exists no value premium at all. The large return difference between value purchasers and growth issuers cannot be explained by common risk factors. However, employing Piotroski and So’s (2012) recently proposed market expectation errors approach shows that the observed value-growth returns can be attributed to mispricing.     

On structural inelasticity of modal substitution in freight transport

At the European level there is an increasing focus on how freight transport can be moved from trucks on roads to more environmentally friendly modes such as rail and ship. A large proportion of the transport services between OD pairs, however, cannot be substituted since there is only one alternative available. The paper investigates the magnitude of this “structural inelasticity” of modal substitution in freight transport due to a sparser layout of rail and ship-based freight networks compared to road. In the analysis we use a recent Scandinavian freight demand model covering more than 800 zones. We find that the structural inelasticity is very significant - in particular for transportation over less than 500 km. Moreover, the inelasticity varies greatly with commodity groups and between OD pairs, and it depends strongly on the port and rail infrastructure. The results suggest that pure charging instruments (road pricing for trucks) in many regions will have limited mode substitution impacts. However, if combined with structural changes in terms of improved infrastructure for rail and ship, impacts may be greater.     

中国企业内部资本市场的功能、陷阱及其法律规制

中国现阶段内部资本市场具有优化融资渠道、催化产业整合以及改进公司治理的功能,但由于信息不对称及代理问题而存在利益侵占、过度投资、风险扩散以及低效率补贴等诸多潜在陷阱。完善的法律规制体系将有助于减少机会主义的内部资本市场运作所带来的负面效应。     

Supply-side investments: An international analysis of the return and risk relationship in the Travel & Leisure sector

This study investigates supply-side investments in the tourism sector, analysing the return and risk relationship of investments in tourism across several countries. The performance of tourism sector companies listed on the stock exchange, for the top one dozen countries according to the World Economic Forum (WEF) tourism rankings, is investigated by region, across these countries and within each country by comparison to other sectors. Several metrics are used to compare the risk-adjusted returns, over a 15-year period ending March 2007 and sub-periods to check the persistence of performance over time. The results present a strikingly different ranking than those of the WEF. The implications for the flow of investment funds are of importance in a global capital market. Money will flow to those investments with the highest expected returns for a given risk level and this has consequential impacts for economic growth and employment in the tourism sector.     

Social networks and small business performance in West African border regions

This paper studies the links between economic performance and social networks in West Africa. Using data collected on 358 small-scale traders in five border markets, we show that social networks can be simultaneously a resource which positively contributes to labour market outcomes and a social burden that has a negative economic impact. Testing the effect of social networks between small traders and three categories of actors, we find that the most well-connected actors are also the most successful in terms of monthly profit. The effects of social networks are, however, dependent on the type of persons with whom traders are connected. We show that support received from state representatives and politicians is converted into economic performance, while the impact of law enforcement officers on the monthly profits of traders is not significant. We also find that interacting with traditional religious leaders has a negative effect on economic performance. Our work has two implications: Firstly, collecting data on social networks remains challenging due to endogeneity. Secondly, network-enhancing policies should aim at improving both the internal connectivity of economic actors at the local level and their external connectivity with the rest of the world.     

Property finance in the UK in the post‐war period

Summary

This paper is intended to introduce readers to the subject of property finance and to provide a review of post‐war trends in property finance and investment. In particular, it considers the growth and influence of institutional investment. The property ‘myth’ is examined in the light of recent analysis of the rental performance of commercial and industrial property, and the obsolescence of buildings.     

江苏国内旅游客源市场空间结构研究

以江苏省国内旅游抽样调查资料为基础,运用ADod指标、数值模拟等方法分析了江苏国内旅游客源市场份额分布情况,发现2000—2008年各个年份一级客源市场都占有绝对的主导地位,但有不断下降的趋势;江苏客源地到目的地的平均距离总体上呈现出不断上升的趋势,对远距离客源地的吸引能力在不断的加强;江苏省国内旅游客源市场分布符合距离衰减规律,客源市场在500km以内衰减较快,距离效应比较明显,500km以内的区域的比重占到了60%以上,500—2300km客流量呈现波动减少的特征;江苏国内客源市场的衰减规律遵循幂指数衰减,其距离摩擦指数为1.2095。     

Tourist preferences for ecotourism in rural communities adjacent to Kruger National Park: A choice experiment approach

This paper analyses the potential for development of ecotourism in rural communities adjacent to Kruger National Park (KNP) in South Africa. We determine preferences of tourists, according to origin and income levels, for ecotourism and their marginal willingness to pay (MWTP) for three ecotourism attributes: village accommodation, village tours and visits to crafts markets. Data were collected from 319 tourists through choice experiments, and analyzed using a conditional probit model. Findings indicate reluctance on the part of all tourists to use accommodation facilities outside KNP, but interest to purchase village tours and visit village-based craft markets. MWTP was negative for accommodation for all income groups, but positive for village tours and crafts markets. Among international and high income groups of tourists, tourists were willing to pay much higher fees than proposed by communities. These findings suggest the potential for development of some limited ecotourism services in villages adjacent to KNP.     

Whose experience matters in the boardroom? The effects of experiential and vicarious learning on emerging market entry

Using an organizational learning perspective, we develop arguments about vicarious learning through board interlocks and its relation to experiential learning. Although it is well established that firms learn from board interlocks, little attention has focused on which types of interlocks are most consequential and why. We distinguish between the relative advantages of various tie attributes such as experience, authority, and credibility and argue that these distinctions lead to measureable differences in learning outcomes. We further demonstrate that whether vicarious learning substitutes or complements focal firm experiential learning depends upon the type of interlock involved. After accounting for the endogeneity of ties, we find support for our framework in a longitudinal analysis of foreign investments by German firms in emerging economies between 1990 and 2003. Copyright © 2013 John Wiley & Sons, Ltd.