Unbounded liabilities,capital reserve requirements and the taxpayer put option

When firms access unbounded liability exposures and are granted limited liability, then an all equity firm holds a call option, whereby it receives a free option to put losses back to the taxpayers. We call this option the taxpayer put, where the strike is the negative of the level of reserve capital at stake in the firm. We contribute by (i) valuing this taxpayer put, and (ii) determining the level for reserve capital without a reference to ratings. Reserve capital levels are designed to mitigate the adverse incentives for unnecessary risk introduced by the taxpayer put at the firm level. In our approach, the level of reserve capital is set to make the aggregate risk of the firm externally acceptable, where the specific form of acceptability employed is positive expectation under a concave distortion of the cash flow distribution. It is observed that, in the presence of the taxpayer put, debt holders may not be relied upon to monitor risk as their interests are partially aligned with equity holders by participating in the taxpayer put. Furthermore, the taxpayer put leads to an equity pricing model associated with a market discipline that punishes perceived cash shortfalls.     

A Decommodified Experience? Exploring Aesthetic,Economic and Ethical Values for Volunteer Ecotourism in Costa Rica

Volunteer ecotourism has been described as an ‘ideal’ form of decommodified ecotourism that overcomes problems associated with tourism in general, and ecotourism specifically. Using a case study of volunteer ecotourism and sea turtle conservation in Costa Rica, this paper interrogates this ideal. Perceptions of volunteer ecotourism were explored through in-depth interviews with 36 stakeholders, including hosts, NGO staff, government employees, local ‘cabineros’ (families who provide accommodation) and guests (volunteers). Results show that while all stakeholder groups share similarly positive views of volunteer ecotourism, subtle but important differences exist. We analyse these differences in terms of aesthetic, economic, and ethical values, and situate the results in existing theories about the moralisation and decommodification of ecotourism.     

Intellectual capital and firm performance: evidence from Indian banking sector

In the aftermath of the 2008 financial crisis, the entire Indian banking industry was paralysed and their performance was shattered by the unfolding of enormous cases of Non-performing Assets (NPA). The study estimates the operating efficiency of 40 Indian banks for 5 years (2011–15) as a proxy of performance measure using the output-oriented DEA-BCC model. We find that nearly 62% of the state-owned banks and 47% of the private banks are inefficient indicating that the inefficient banks need to reduce their inputs or improve their output to become efficient. The study further investigates the relationship between intellectual capital (IC) and bank performance using a truncated regression model. The regression results show that out of the three components of intellectual capital, only human capital efficiency is positively and significantly associated with operational efficiency while structural capital and finance capital have a negative impact on the efficiency of banks. The study concludes that to achieve competitive edge banks should invest in their human capital. The results are robust in the case of financial variables taken as a proxy for performance.     

关于高校贫困生问题的思考

20世纪90年代中期以来,高校贫困生人数和比例迅速增长,高校贫困生现象日益突出,高校贫困生已经成为了一个新的引人注目的弱势群体。本文在分析了我国高校贫困生的现状、特点和原因的基础上,从政府、高校以及社会三个层面提出了切实解决贫困生问题的对策。     

货币时间价值与时间货币价值概念辨析

本文对货币时间价值和时间货币价值概念进行了辨析,前者主要体现货币资金在财富积累过程中所起作用,后者主要体现时间作为一种资源在财富积累过程中所起作用。     

Progress and the economy of nature

Progress is a difficult concept, but the phenomenon itself seems to be more than just an illusion. In this paper we consider how a bioeconomic perspective can help to clarify matters, especially when we compare aspects of organic evolution to technological progress. Beginning with the influence of Malthus upon Darwin, we see how the latter's ideas differ in important respects from those of other biologists and from those of social scientists and philosophers. Consideration of biologist's views about competition and the reasons for specialization suggests ways in which matters might be clarified by a more 'entrepreneurial' view of the relationships of organisms to the natural economy.     

北京市外来人口滞留时间的影响因素分析

利用CHAID分析和Logistic回归分析对北京市外来人口在京滞留时间的影响因素进行探讨,并提出政策性建议.     

Examining E-Relationship Marketing Features on Hotel Websites

Abstract

This study developed and tested a progressive five-level e-Relationship marketing (e-RM) model. The authors examined e-RM web features of the top 127 hotel companies. The results indicate that the hotel companies in the study did not extensively utilize higher-level (Accountable, Proactive, and Partnership) e-RM features on their websites although they employed many lower-level (Basic and Reactive) features. The study also reveals that the extent to which a hotel company employed e-RM website features was positively associated with the size of the hotel company but negatively associated with the number of brands held by the company. This article provides an in-depth e-RM literature review and discusses practical marketing implications as well.     

Using life cycle approaches to enhance the value of corporate environmental disclosures

As the focus of environmental policy and management shifts from cleaner production at the process level towards greener products as a whole, stakeholders ask for transparency throughout the entire value chain. This article assesses the comprehensiveness and the value of currently reported quantitative environmental disclosures of 97 listed companies from the automotive, banking, pharmaceutical and electronic hardware sectors. Findings indicate that quantitative environmental disclosures have many limitations, including incompleteness and inconsistency regarding corporate activities and sites, and limited internal data coherence. For many sectors, corporate disclosures only cover a very small share of the total environmental burden of products. A stepwise procedure is proposed to verify and improve the quality and completeness of reporting using life cycle approaches. We present simple data quality tests, and we introduce the concept of the environmental influence matrix, which provides a solid basis for the identification and prioritization of key performance indicators and areas of action. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment.