Accruals,Investment, and Future Performance

It is well documented that accounting measures of investment, such as working capital and capital expenditures, negatively predict future stock returns. The earnings fixation hypothesis suggests that investors overestimate and overvalue the persistence of the accrual component of earnings. Another stream of the literature argues that since accruals capture growth, the accruals anomaly can be explained by the investment anomaly, which finds that firms that grow their assets tend to have lower future returns. As empirical proxies for accruals and investment are either positively correlated or interchangeably used, it is difficult to distinguish between the competing hypotheses in empirical tests. This study contributes to the debate by identifying two special economic settings in which the two explanations offer diverging predictions. First, investment in research and development (R&D) represents an investment expenditure that reduces earnings but is not subject to accrual accounting. Thus, the earnings fixation hypothesis predicts a positive relation between increases in R&D investments and future returns, whereas the investment anomaly predicts a negative relation. Second, firms operating with negative working capital have working capital accruals that are negatively correlated with other forms of investment and growth. Therefore, while the earnings fixation hypothesis still predicts a negative relation between accruals and future returns in this setting, the investment explanation predicts a positive relation. For both sets of tests, the empirical evidence supports the earnings fixation hypothesis for the accruals anomaly and is inconsistent with the notion that the investment anomaly subsumes earnings fixation in explaining future stock returns.     

Managing heritage attractions: marketing challenges at sensitive historical sites

Historical sites now feature strongly as sites of visitation. However, such sites are often connected with historical events, which are sensitive to visitors and thus highly contentious when utilised in the development of tourism. The paper, from the perspective of the visitor, examines some of the critical issues that generally determine the nature of visitation at sensitive historical sites. The issues identified are the visitor's emotional state at the site, prior expectations of the site and what is to be learnt and perception of site presentation and interpretation. They also include the primary visitor objective to learn about the site, the ease with which access to the site can be obtained and the existence of social experiences between relevant visitor groups that may be extended to the site. The issues identified place significant challenges on how marketers communicate with potential visitors and other stakeholders of the site and require the marketing function to take cognisance of the different emotional states of visitors. Similarly, the nature of the packaging of the site, the channels of visitor access to be encouraged and how pricing is to be used as a marketing tool in a way that it is appropriate for the different groups of visitors to the site, all present unique marketing challenges. Copyright © 2002 John Wiley & Sons, Ltd.     

园游、郊游、山水游：三种时空尺度 北宋文人交游

中国古代文人的群体一致性与个体矛盾性并存，该 特征的直接表现形式是文人交游活动，园林因作为交游活动的 场所而具有历史传承意义。然而此类研究集中于文、史、哲、 艺等学科，风景园林对其关注度较低。北宋文人群体规模大、 雅集结社之风盛行，且交游唱和诗作遗存较多。因此，以北宋 文人群体为研究对象，以司马光的独乐园及其举办的真率会、 欧阳修春游嵩山，以及邵雍的一次长途秋游为例，对园记、交 游唱和诗等遗存进行文本分析，归纳总结了园游、郊游、山水 游3种不同时空尺度的文人交游活动，挖掘文人交游与山水园 林调和共生、精神反哺的关系，对风景园林历史理论体系的完 善具有积极意义，观古知今以实现古为今用。     

Staging a comeback? The influencing mechanism of tourist crowding perception on adaptive behavior

An increasing number of studies have recently elucidated the serious negative effects of tourist crowding. However, how tourists cope with crowding and adopt adaptive responses remains unclear. Thus, this study qualitatively identified the mechanism of tourist crowding perception of adaptive behavior from interviewees and then quantitatively validated the mechanism through the mediation of tourist fatigue and negative emotions, as well as the moderation of peer emotion contagion. Tourists were more likely to return to a destination and engage in temporal replacement behavior through the mediating effect of tourist fatigue, but it was also found that peer emotional contagion interferes with two paths that explain how tourist crowding perception influences tourist emotion change or state variation, impacting adaptive behavior responses. Consequently, we recommend diverting tourists, focusing on alleviating fatigue and negative emotions and channeling the peers’ negative emotions to mitigate the negative impact of tourist crowding.