Short haul business travel in the European Union: a segmentation profile

Business travellers tend to be charged a premium for the air services they consume due to the nature of demand, and therefore represent a potentially high source of revenue to airlines. Airlines are keen to secure and maintain executive travel business. The research investigates the short haul business air travel market in Europe, using a conceptual benefit segmentation model that addresses the industrial nature of the market. Three distinct market segments are identified; the schedule driven segment, the corporate cog segment, and the informed budgeter segment. A profile of these market groupings is given and implications for marketing strategy discussed.     

An international travel Demand model US Travel to Western Europe

This paper examines international travel demand between the United States and Western Europe. A complete system of demand equations is estimated to obtain expenditure and price elasticities of the demand for travel. The results allow the classification of regions of Western Europe as substitutes or complements according to the preferences of travelers. It is found that Americans view Norway, Sweden, Denmark, Spain, and Portugal as “luxury destinations” that might expect to receive an increasing share of the traveler's budget. The price elasticities are relatively low for France, Belgium, the Netherlands, and Luxembourg. France and the U.K eexhibited high price substitution effects as did France and Germany. Travel to most other countries might be classified as complementary with respect to travel to France and substitutes with respect to the U.K.     

The grand tour travel as an educational device 1600–1800

Brodsky-Porges, Ned, The Grand Tour: Travel as an Educational Device: 1600–1800. Annals of Tourism Research 1981, VIII(2): 171–186. This paper discusses various factors such as religion and health, which influenced the development of the Grand Tour. It examines the early philosophy of travel as an educational device, from the medieval period to the subsequent development of a formal and ritualized process by which the rich and near rich sons of England embarked on a prescribed trip to finish their education. The purposes, motivations, routes, and the students themselves underwent profound changes in the two hundred years between 1600–1800. The Grand Tour eventually evolved to what is presently known as tourism.     

Incentive Efficiency of Stock versus Options

This paper examines the relative incentive costs of using stockversus options in management incentive contracts that use market priceas the performance measure. We establish that if the manager'seffort has little or no effect on a firm's operating risk, thenthe cost of incentive risk is less using stock rather than options.However, this result is reversed if the manager's effort has asignificant impact on the firm's operating risk.     

英国旅游架构及其对我国旅游的启示

对英国旅游及其相关领域和产业的了解,对英国的旅游发展状况,英国人对“旅游”的理解及其旅游行为,旅游管理机构,旅游运作商和旅游代理商的状况,旅游交通设施建设,以及旅游相关教育的一些情况作了简要介绍,并结合我国的旅游架构现状的几个方面提出一些粗略的看法。     

公共产品理论与"一事一议"制度

受益范围仅在村内的村级公共产品应该由村级集团通过"一事一议"的形式提供,但却不是必然的,政府有时也有责任;选择运用恰当的公共产品评价方法来确定"一事一议"的优先序,是"一事一议"立项的重要依据;设计"一事一议"的项目应该尽量利益相容,尽量维持"小规模"格局,采用"有选择性的激励"方式,同时要确保资金专款专用、财务公开、群众评估和农民参与维护等.     

Valuing reload options

Over the past quarter century, the use of stock options as pay for performance has grown enormously. Option grants now account for 32% of CEO pay—more than twice that of salaries. In addition options are now being granted to many more employees than before. During this same time period, there have been numerous innovations in the features on compensation options. One of these features is the reload—the grant of new options to replace shares tendered in the payment of the exercise. Within the past year, the long-delayed FASB requirement that options be expensed for financial reporting has finally become a fact. It is incumbent upon financial researchers to provide methods to achieve the goal of valuing options, not only to serve the accounting needs, but also to provide ways of determining their true costs and incentive effects. This paper analyzes the various forms of reload options and provides simple Black-Scholes like formulas for evaluating them. JEL Classification G13     

Career concerns and mandated disclosure

This paper examines the effects of mandated disclosure on the design of contracts and induced behavior in the presence of career concerns. We analyze the impact of two key properties of a mandated performance measure that is publicly disclosed: its sensitivity to the agent’s effort and its informativeness about the agent’s ability. We show conditions under which the agent’s effort (and the firm’s output) and the pay-for-performance weight critically depend on these two properties. In particular, when the mandated measure is sufficiently noisy, the pay-for-performance weight always decreases relative to a setting with no mandated measure. But when the mandated measure’s noise is close to that of the existing performance measure, the effect of a mandated measure on the pay-for-performance weight depends on the effort-sensitivity and informativeness of the measure. We also characterize settings where a mandated disclosure would be desirable or not; variations arise because mandated disclosures can increase both effort and risk. Our results imply that mandating the public disclosure of performance measures, particularly measures that are relatively informative about ability but are difficult to influence through managerial effort, may have the unintended consequence of generating inefficiencies in firms’ employment contracts.     

中国债券市场发展的制度问题和方法研究

本文采用理论分析和历史分析相结合的研究方法,从制度经济学的角度分析我国债券市场的发展,以激励机制约束机制对立统一的制度观作为本文的理论基础.分析中目债券市场的问题和制度进步的动力.验证了激励机制和约束机制的矛盾运动推动债券市场制度进步这个基本规律.     

论横向联盟战略与中资旅行社竞争优势的增强

中资旅行社要在五个竞争作用力下找到生存与发展 ,必须进行战略的选择。将横向联盟战略应用于中资旅行社 ,分析该战略实施的必要性和实施的几个方面 ,论证了横向联盟战略是中资旅行社竞争优势增强的重要手段。