The effects of open skies agreements on transatlantic air service levels

This paper examines the effects of Open Skies agreements on service levels in transatlantic aviation markets. Our route analysis reveals that Open Skies agreements between European countries and the US have resulted in both increases and decreases in service levels. Of the 22 European countries with US Open Skies agreements in place by 2007, only seven demonstrated increases in service levels while six showed reductions. Five countries saw no significant change and the remaining four have yet to receive direct transatlantic service, suggesting that liberalization alone does not lead to service level increases.     

Advertising directed to children: A look at the mother's point of view

The issue of whether to ban children's advertising from television has generated quite a controversy over the past several years. One view of the controversy which has received little attention, however, is the mothers'. This paper looks at those mothers who are both pro can con with regard to the idea of banning children's advertising. Bold Advertising     

Impact of the Emerging Financial Holding Company Model on Small Business Borrowers' Financial Welfare: Contemporary Evidence from Nigeria Based on the Monti‐Klein Approach

This study exploits the adequacy of the Monti‐Klein model to analyse the banking firms' lending behaviour and uses the geometric lag analytic model to detect the lifespan of bank conglomeration impacts on small business financial welfare. We find that, although the impact of emerging conglomerate banks on lending to small businesses is significantly negative (δ = ?0.6897; p < 0.01), the effect reverses to a pre‐conglomerate positive status within one year. Hence, bank conglomeration does not negatively affect the financial welfare of small business borrowers in the long run. Contrary to the widespread belief and fear, the negative effects are not permanent. Large banks are feared to have no time for mid‐sized businesses. We find, however, that mere increases in size, as may be caused by economic or internal growth, do not pose a threat to small businesses. Large‐sized banking firms positively and significantly correlate with small and predictable risks (δ = 1.7935; p < 0.01). Hence, contrary to what regulators fear, there is no real issue surrounding the idea that building diversifying banks will influence small business loans negatively. What matters is the means through which large banks emerge. Therefore, regulators ought to exercise caution so that they do not discourage their emergence.     

To What Extent do United Kingdom Companies Provide Oil and Gas Reserves Information Sufficient to Satisfy Statement of Recommended Practice Requirements?

The uncertainty surrounding oil and gas reserves estimation and the cost of gathering reserves data discourage firms from disclosing sufficient data to satisfy SORP (statement of recommended practice) requirements, especially where oil and gas reserves disclosure is discretionary. However, the need to reduce agency cost and signal to stakeholders induces firms to disclose oil and gas reserves. The contrasting views on the rationale guiding the extent of disclosure were examined in this study. A sample was drawn from 83 United Kingdom (UK) oil and gas exploration and production companies listed on the London Stock Exchange. Appropriate statistical tools were used to investigate the extent of oil and gas reserves disclosure. The findings provide mixed results about the extent of disclosure to meet SORP's requirements. There was no particular evidence that UK oil and gas companies provide qualitatively acceptable oil and gas reserves quantity information. The observed varying degrees of disclosure in the market could be attributed to a discretionary regime that allows firms to determine how and when to disclose. Policy makers and industry regulators could find the results useful in assessing the current extent of disclosure compliance.     

The Relative Importance of Monetary Policy,Uncertainty, and Financial Shocks

Open Economies Review - Motivated by recent research suggesting that uncertainty and financial shocks have become the most important sources of business cycle fluctuations, we assess the relative...     

The use of telephone dials as attitude scales: A laboratory experiment

Some researchers have expressed concern that the lack of a physical representation of an attitude scale in telephone surveys hinders repondents in answering attitude questions. One suggested remedy is to ask respondents to refer to their phone dial (a 9-point scale) in answering such questions. The method has been shown to be easily administered and enjoyable to respondents. However, additional concerns have been raised as to whether the use of telephone dials as scales produces different responses than would be obtained using printed scales on opinion cards or in self-administered questionnaires. This paper reports on the results of an experiment designed to address these concerns. The authors found that the use of telephone dials (as compared to other scales) produced no significant difference in response.