Public Policy and Attitudes on Tax Support for Live Artistic Communications Media

Abstract . Hypothesized direct and interaction relationships among the dependent variable willingness to pay more taxes for support of live artistic communications media and the independent variables of past attendance, education, income, leisure time, and liberalism-conservatism are tested. Past enjoyment probably makes people more favorable to tax support. Social policy implications of the results are discussed.     

Tomorrow and tomorrow and tomorrow : Aspects of the history and social development of European Australia

The forces which shaped modern Australia are still powerfully present. Some of these forces can be traced through the themes of an Australian novel Tomorrow and Tomorrow and Tomorrow which was first published in 1947. Using this novel as a springboard, this article considers a number of key aspects of Australian society and culture. It concludes that some major changes are needed if the country is to maintain its existing way of life.     

Rushing to Overpay: Modeling and Measuring the REIT Premium

We explore the questions of why Real Estate Investment Trusts (REITs) pay more for real estate than non-REIT buyers and by how much. First, we develop a search model where REITs optimally pay more for property because (1) they are willing, due to cost of capital advantages and, (2) they are occasionally rushed, due to external regulatory time constraints and internal incentives to deploy capital quickly. Second, using commercial real estate transactions, we find that the extant hedonic pricing models contain an unobserved explanatory variables bias leading to inflated estimates of the REIT premium. Third, using a repeat-sales methodology that controls for unobserved property characteristics, we derive more plausible estimates of the REIT premium. Consistent with our model, we also find the REIT-buyer premium depends on the size of the REIT advantage, the rush to deploy, and the relative presence of REITs in the market.     

Linking organisational critical activities with business typology

This research aims to discover the connection between strategic typologies and organisational critical activities, and focuses on the organisational critical activities in three functional areas in high-tech organisations: ‘research and development’, ‘marketing’ and ‘manufacturing’. Research methods used include semi-structured interviews with 11 firms and 15 interviewees. And 34 participants were surveyed with analytic hierarchy process (AHP) questionnaires in Taiwan. The results show that organisations adopt different typologies tend to perform organisational critical activities differently to achieve success. Prospectors place more emphasis on ‘research and development’ related activities, Defenders focus on activities of ‘manufacturing and production related fields’, and Analysers care more about activities in ‘marketing related fields’. Defenders tend to pay more attention to activities relating to the manufacturing domain than Prospectors and Analysers. This research establishes a linkage between organisational critical activities and corporate strategy, and it could be useful for high-tech organisations to better manage their strategies.     

After Lomé IV: ACP-EU trade preferences in the 21st century

The ACP countries and the EU recognise that the present non-reciprocal and discriminatory Lomé preferences must be replaced with WTO compatible arrangements. This means that the agreements conform either to the free trade area provisions of Article XXIV or to the GSP. This article sets out the key elements of ACP preferences and examines the potential advantages and disadvantages for various groups of ACP countries of possible forms of free trade areas and a ‘Lomé-equivalent’ GSP.     

Reducing laundering frequency to prolong the life of denim jeans

The use and disposal phase in a garment's life cycle is highly dependent on the choices made by the consumer. Maintenance procedures such as laundering and drying require energy and water use. Garment disposal increases waste in landfill sites, unless incinerated, which can take a toll on the environment through greenhouse gas emissions. Therefore, encouraging consumers to launder less frequently and finding ways to extend the useful life of clothing are two ways of increasing sustainability within the clothing industry. Denim jeans are one of the most popular items of clothing worldwide. Changing habits such as reducing the frequency with which a person washes their denim jeans could have a positive impact on the environment through less water and energy use. However, environmental knowledge about what is detrimental to the environment may not necessarily lead to pro‐environmental behaviour. In denim jeans fibre loss results in thinning and loss in colour due to use. Laundering in particular can degrade clothing due to the abrasive forces applied to the surface of wet fibres. Therefore, this study highlights the effect that frequent laundering can have on the degradation of jeans with the aim to provide additional motivation to encourage change in consumers’ laundering habits. Consumers wore jeans for the equivalent of 60 days and either washed their jeans after approximately 2 days of wear or after approximately every 20 days of wear. The findings confirmed that frequent laundering reduced mass, increased colour loss, and reduced tensile strength in the warp direction of the fabric. Although washing is a major contributor to the degradation of jeans, the process of wearing denim jeans also naturally degrades the denim as the thigh region of the jeans showed greater colour loss and reduction in tensile strength than the shin region, which is typically less prone to abrasion through wear. The findings from this study provide compelling evidence to encourage consumers to reconsider their laundering habits in terms of wash frequency as both a means to behave in a more environmentally sustainable way, and to preserve their favourite garments.     

Fashion sensitive young consumers and fashion garment repair: Emotional connections to garments as a sustainability strategy

Where clothing consumption has continued to rise around the world, a deeper understanding of how and why garments are disposed of is critical in regard to addressing the issue of textile waste by consumers. The purpose of this study was to explore the garment management processes of young, fashion sensitive consumers, examining their disposal behaviours as well as motivations towards garment end‐of‐life extension through maintenance or repair of damaged fashion clothing. A survey of 161 South Korean young consumers (18–34 years) was conducted, utilizing a fashion sensitivity scale to measure impact on unsustainable garment disposal practices and garment repair behaviour. Further, general recycling behaviour of these individuals was examined, as linked to garment repair propensity. Results indicate that fashion sensitive consumers dispose of garments more rapidly, and with less ethical consideration. However, these same consumers are motivated to repair items that support their fashion identity. The study contributes some useful insight into encouraging garment life extension practise among heavy consumers of fashion, thus extending what is known about fashion garment disposal in the sustainability context.     

Multinational corporations in the international hotel industry

Original data are presented on the growth of foreign-based international hotel chains and their distribution by home and host countries as well as by the principal sphere of economic activity of the parent company. A feature of the paper is the analysis of the source of competitive advantage of the international hotel chains and the non-equity forms of involvement which particularly characterize the industry. These characteristics may require that a clear distinction be made between ownership of an international-class hotel and control over its operations.     

Some Loans Are More Equal than Others: Third–Party Originations and Defaults in the Subprime Mortgage Industry

We show how agency problems between lenders (principals) and third–party originators (TPO; agents) imply that TPO–originated loans are more likely to default than similar retail–originated loans. The nature of the agency problem is that TPOs are compensated for writing loans, but are not completely held accountable for the subsequent performance of those loans. Using a hazard model with jointly estimated competing risks and unobserved heterogeneity, we find empirical support for the TPO/default prediction using individual fixed–rate subprime loans with first liens secured by residential real estate originated between January 1, 1996, and December 31, 1998. We find that apparently equal loans (similar ability to pay, option incentives and term) can have unequal default probabilities. We also find that, initially, the agency–cost risk was not priced. At first, the market did not recognize the higher channel risk, since TPO and retail loans received similar interest rates even though the TPO loans were more likely to default. We also show that this inefficiency was short–lived. As the difference in default rates became apparent, interest rates on TPO loans rose about 50 basis points above otherwise similar retail loans.