Theory of planned behaviour: predicting tourists’ pro-environmental intentions after a humpback whale encounter

Nature-based experiences can contribute to individuals’ connection to nature and intentions toward sustainable environmental behaviours. Conservation psychology can use tourism as a platform to modify tourists’ intentions and behaviours regarding key marine threats such as single-use plastics. This study examined changes to pro-environmental intentions, particularly regarding plastic use, in 267 nature-based tourists from Australia and Tonga who completed a whale watching/swim experience. A theory of planned behaviour (TPB) framework was used incorporating moral norms and environmental identity, which have been previously implicated in explaining pro-environmental actions. This study found that including moral norms in the TPB model significantly increased the ability to predict pro-environmental intentions. Further, when controlling for the TPB and moral norm variables, environmental identity explained a further 15% of tourists’ pro-environmental intentions. The findings suggest the original TPB model may be less suitable within a marine conservation context. Collectively, positive nature-based experiences, environmental identity, and moral norms are important in understanding tourist’s intentions to engage in sustainable environmental behaviours.     

Disappearing Dividends, Catering, and Risk

Fama and French (2001a) show that the propensity to pay dividendsdeclines significantly between 1978 and 1999. We examine this"disappearing dividends" puzzle through the lens of risk andreport two main findings: (i) Risk is a significant determinantof the propensity to pay dividends, and it explains roughly40% of disappearing dividends; (ii) We find little support forthe view that disappearing dividends reflects firms' cateringto transient fads for dividends. Absent risk controls, proxiesfor fads matter, but these proxies are insignificant once wecontrol for risk. Our results are robust to an extensive batteryof robustness tests that vary samples, time periods, proxiesfor fads, the types of empirical tests, and the nature of payoutdecisions made by firms.     

A planning model for regional systems of CT scanners.

For the last couple of years the number of CT scanners has increased considerably in the Federal Republic of Germany. This development has led to regional disparities in the provision of CT scanner installations. For the purpose of evaluating additional locations for CT scanners a planning model is proposed. The model contains two planning options: the number of CT scanners and the regional distribution of scanner locations. It allows one to calculate overall operation costs and transportation costs, as well as additional criteria relevant to decisions about regional systems of CT scanners. The model has been applied to the northeast of Baden-Württemberg. One of the interesting findings is that an increase in the number of CT scanners may result in lower total costs for a regional system of CT scanners.     

The impact of inventory dynamics on long-term stock returns – An empirical investigation of U.S. manufacturing companies

This paper investigates the relationship between the inventory dynamics and long-term stock returns of a large panel of U.S. manufacturing firms over the time period from 1991 to 2010. We propose two measures of inventory dynamics: one metric to assess the fluctuations of quarterly inventories within the year and a second metric to quantify relative year-over-year inventory growth. Our results indicate that within-year inventory volatility (IV) and abnormal year-over-year inventory growth (ABI) are associated with abnormal stock returns. Both metrics cannot be entirely explained by common risk factors. We find that firms with high IV and low ABI have the best long-term stock returns, and that stock performance decreases monotonically with higher ABI values. Our results are robust to various control variables including size, book-to-market value, industry and prior performance. We therefore conclude that changes in inventory levels provide valuable insights into the risks and opportunities faced by a company.     

How responsive are charities to market needs?

Voluntary organisations have a unique set of stakeholders. Their services are paid for, not by their customers, but by ‘purchasers’ such as social services or grant-making trusts. This separation of customers from purchasers denies voluntary organisations a direct market mechanism for feedback on their services. As a result, charities are in danger of providing outdated poor-quality services for years, while convincing purchasers that they are still doing a good job. This paper examines the extent to which voluntary organisations do in fact respond to market needs, despite their undemanding environment. The paper draws on research from 15 national disability charities to explore the extent to which charities are market orientated, and to identify examples of best practice in the field. The paper concludes by identifying the critical role played by charity chief executives in urging their own organisations to adopt marketing principles. Copyright © 1999 Henry Stewart Publications     

Litigation risk, strategic disclosure and the underpricing of initial public offerings

Using word content analysis on the time-series of IPO prospectuses, we show that issuers tradeoff underpricing and strategic disclosure as potential hedges against litigation risk. This tradeoff explains a significant fraction of the variation in prospectus revision patterns, IPO underpricing, the partial adjustment phenomenon, and litigation outcomes. We find that strong disclosure is an effective hedge against all types of lawsuits. Underpricing, however, is an effective hedge only against Section 11 lawsuits, those lawsuits which are most damaging to the underwriter. Underwriters who fail to adequately hedge litigation risk experience economically large penalties, including loss of market share.     

Building trust in shoreline management: creating participatory consultation in shoreline management plans

This article canvasses the arguments in favour of a more active and conciliatory approach to consultation than is generally the case for resource allocation and environmental decision-making in the UK. It looks at the experience of consultation in shoreline management and flood defence decision-making in East Anglia, England. It concludes that there are many different ways of conducting and justifying mediation, but that there are strong social, political and economic arguments for widening the consultative arrangements and ensuring a more face to face participatory role for representative interests.