Correcting NDP for SO2 and NOx Emissions: Implementation of a Theoretical Model in Practice

The theoretical and the practical studies in the field of environmental accounting are often two separate lines of work. In this study, we develop an optimal control theory model for adjusting NDP for the effects of SO₂ and NO_x emissions, and subsequently insert empirically estimated values. The model includes correction entries for the effects on welfare, real capital, health and the quality and quantity of renewable natural resources. In the empirical valuation study, production losses were estimated with dose-response functions. Recreational and other welfare values were estimated by the contingent valuation (CV) method. Effects on capital depreciation are also included. For comparison, abatement costs and environmental protection expenditures for reducing sulfur and nitrogen emissions were estimated. The theoretical model was then utilized to calculate the adjustment to NDP in a consistent manner. The estimated damage value of sulfur is close to the Swedish sulfur tax.     

Why sad people like shoes better: The influence of mood on the evaluative conditioning of consumer attitudes

An experimental study investigated the influence of mood on the acquisition of affective consumer attitudes. Within an evaluative conditioning paradigm, participants in happy or sad mood were presented with evaluatively neutral products paired with affectively liked or disliked faces. Subsequent likability ratings revealed that the mere co‐occurrence of a product with the valenced face influenced the evaluation of the previously neutral targets. However, this effect of affective learning was significantly stronger in the sad‐mood condition. A subsequent awareness test indicated that contingency awareness plays a role in the acquisition of consumer attitudes. The implications for consumer research and attitude formation processes are discussed. © 2004 Wiley Periodicals, Inc.     

Exploring de-facto accountability regimes in Muslim NGOs

This paper aims to deepen and advance our understanding of the de-facto accountability processes and practices within Muslim non-governmental organisations (NGOs). We employ a three-fold accountability framework of felt, imposed and adaptive accountability, supported by insight from the Islamic perspective to elucidate our empirical findings. We adopt this framework because it enables us to localise the notions of accountability, allowing a more complete understanding of the de-facto nature of Muslim NGO accountability to emerge within the context of religious ideals and between accountabilities that are externally imposed and those that are internally generated.     

Retail Mergers and Food Prices: Evidence from France

This paper analyzes the impact of a merger in the French supermarket industry on food prices. Using consumer panel data, we compare the changes in prices for merging and rival firms in affected and comparison markets. We use a novel definition of affected markets when some firms have a local pricing strategy and others a more centralized pricing strategy. We find that prices increase significantly following the merger, and that the merging firms lose market shares. For the rivals, the price increases are larger in local markets, in which concentration increased and differentiation changed after the merger.     

HEDGING STRATEGIES AND MINIMAL VARIANCE PORTFOLIOS FOR EUROPEAN AND EXOTIC OPTIONS IN A LÉVY MARKET

This paper presents hedging strategies for European and exotic options in a Lévy market. By applying Taylor’s theorem, dynamic hedging portfolios are constructed under different market assumptions, such as the existence of power jump assets or moment swaps. In the case of European options or baskets of European options, static hedging is implemented. It is shown that perfect hedging can be achieved. Delta and gamma hedging strategies are extended to higher moment hedging by investing in other traded derivatives depending on the same underlying asset. This development is of practical importance as such other derivatives might be readily available. Moment swaps or power jump assets are not typically liquidly traded. It is shown how minimal variance portfolios can be used to hedge the higher order terms in a Taylor expansion of the pricing function, investing only in a risk‐free bank account, the underlying asset, and potentially variance swaps. The numerical algorithms and performance of the hedging strategies are presented, showing the practical utility of the derived results.     

Is it the Law or the Lawyers? Investment Covenants around the World*

This paper introduces a new dataset from 50 private investment funds from 17 countries around the world. We analyse the frequency of use of investment covenants imposed by institutional investors governing the activities of private investment fund managers in areas pertaining to investment decisions, investment powers, types of investments, fund operations and limitations on liability. While the data indicate a role for country legality in affecting the frequency of use of fund covenants, the data further indicate that the presence of legally trained managers has a more pronounced role in affecting the use of covenants. As private equity and venture capital investment increases across Europe and elsewhere, our results indicate that legal practice factors will matter more than the legal setting for the establishment of covenants governing new funds.     

Stock exchange competition in a simple model of capital market equilibrium

This paper uses a simple model of mean-variance capital markets equilibrium with proportional transactions costs to analyze the competition of stock markets for investors. We assume that equity trading is costly and endogenize transactions costs as variables strategically influenced by stock exchanges. Among other things, the model predicts that increasing financial market correlation leads to a decrease of transaction costs, an increase in cross-border trading activity, and to a decrease in the home bias of international equity flows. These predictions are consistent with the recent evolution of international stock markets.     

Masculinising domesticity: an investigation of men’s domestic foodwork

Abstract

This study examines how men configure their gendered identity in relation to a traditionally feminised domain. Hegemonic masculinity is said to structure men’s dominance over women. We use the lens of hegemonic masculinity along with social fields of cultural production to understand new allocations of status capital in relation to gendered identity work. Sweden, a country permeated by an ideology of egalitarianism and having a history of high economic and symbolic incentives for the domestic field, has seemingly legitimised the domestic consumption field in the search for higher status. By exploring the transforming meanings of masculinity when men enter a traditionally feminine consumption domain in this particular cultural context, we identify how feminised masculinities are shaped into hegemonic masculinity. This in turn suggests that the currently most honoured way of being a man includes forms of masculinities that incorporate egalitarian relationships between men and women.     

An empirical investigation of the welfare effects of banning wholesale price discrimination

Economic theory does not provide sharp predictions on the welfare effects of banning wholesale price discrimination: if downstream cost differences exist, then discrimination shifts production inefficiently, toward high‐cost retailers, so a ban increases welfare; if differences in price elasticity of demand across retailers exist, discrimination may increase welfare if quantity sold increases, so a ban reduces welfare. Using retail prices and quantities of coffee brands sold by German retailers, I estimate a model of demand and supply and separate cost and demand differences. Simulating a ban on wholesale price discrimination has positive welfare effects in this market, and less if downstream cost differences shrink, or with less competition.