The Dynamics of Capital Structure in Transition Economies

This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies' target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We explicitly model the adjustment of companies' leverage to a target leverage, and this target leverage is itself explained by a set of factors. The panel data methodology combines cross-section and time-series information. The results indicate that the Bulgarian corporate credit markets were less supply -constrained than those of the Czech Republic during the period under investigation. Bulgariancompanies adjusted much faster to the target leverage than Czech firms. The speed ofadjustment related positively to the distance between target and observed ratio for Bulgarian companies while the relationship was neutral for Czech companies. The conservative policies of Czech banks and the exposure control were likely responsible for the slower adjustment among the larger companies while the opposite were true for Bulgarian banks and companies.     

The Pre-industrial landscape in Moravia. The case study of inventory and analysis of the ancient land use structures in the Czech Republic)

The paper deals with the process of searching and inventorying of relict - so-called pre-industrial landscape - in Moravia (approximately 1/3 of the territory in the east of the Czech Republic). So far, during the inventory of pre-industrial landscape segments in Moravia, around 1,500 land use mosaic areas have been registered, surviving without significant changes since the completion of maps of the so-called stable cadastre realized in the 1830s to the present. Each of these areas with a steady mosaic has been supplemented with substantial quantitative and qualitative characteristics. This paper presents the results of geodatabase analysis of segments of the pre-industrial landscape concerning the sea elevation and morphology of the area. The results show that although numerous parts of stable ancient landscapes have been preserved at higher altitudes, they reach larger separate areas and larger aggregate areas at lower altitudes with more fertile soils. Hypotheses attempting to explain this territorial disparity are also presented in the text of the paper.     

Creating sustainable value in the hospitality industry: a (critical) multi-stakeholder study in the Dominican Republic

This paper identifies sustainable initiatives reported by “sustainability-champion” hotels in the Dominican Republic, while contrasting them against the views of key stakeholders. We adapt and apply Hart and Milstein's Sustainable Value Framework, and complement it with a Critical Management Studies approach. Our analysis relies on a mixed-methods approach (non-hierarchical k-means cluster analysis, as well as thematic and content analysis). Findings indicate that most hotels are engaging more actively in present-oriented strategies such as pollution prevention (especially, the international hotels) and in product/service stewardship. However, in the future-oriented strategies, hotels owned by local investors show higher commitment to both clean technology and innovation, and to the sustainability vision (as the firm's growth path). In addition, although the views of multiple stakeholders show a clear acknowledgment of the hospitality industry's sustainability efforts (particularly regarding education and environmental protection), they also offer differing views about the ultimate impact and value of those efforts for them and for the broader society. Our study offers a new theoretical lens to explore multi-stakeholder approaches and offers practical implications for the Dominican Republic's National Strategy for Development 2010–2030, as well as implications that may be of use for other tourism-dependent countries.     

金庸小说的主题学研究与定位——刘卫英、王立《金庸小说母题及中外比较研究》读后

《金庸小说母题及中外比较研究》一书,从多种母题、主题、意象来探讨金庸小说的民族文学特征、民族文化内蕴生成以及外来佛经故事影响。注意在一个武侠文学传统的传承性链条上,发掘金庸小说的多重文化价值。在具体母题、意象的实证探究中,非常重视主题学理论方法的运用,拓展了主题学研究的视阈与空间,进一步验证和提升了主题学研究方法的学术意义与价值。     

与九头蛇的战斗--罗马共和国和我国唐代反奢侈制度的比较

骄奢淫逸之风犹如九头蛇，危害巨大且永生不死。与之的战斗遍布人类历史的每一个角落。作为现代西方法治文明的起源，除了监察官制度外，罗马在共和国颁布了一系列的反奢侈法律，从衣食住行各个方面抑制奢侈风气。中国古代也有同样功能的制度，仅以唐代为限，就有二十多部帝王诏令限制各种过分的开支。对二者进行比较会发现很多有趣的共同点，比如对家族财富的珍惜、专门官员的设置以及对社会风气的净化等。历史经验证明反奢侈规制在时间和空间上的一般性，并告诫我们：良好国民性格的养成是长期有效净化奢靡之风的必要条件。     

我国原产地规则存在的问题与对策研究

原产地规则(Rules of Origin,ROOs)是国际贸易中的一项重要规则和各国海关管理的一项重要制度,它涉及到每一国家和地区的经济贸易利益,因此已成为各国对外贸易政策的重要组成部分。然而当美国、欧盟等发达国家、区域集团把原产地规则作为一种“灰色”的政策工具灵活自如地运用时,中国对原产地规则的运用却仍停留在最惠国和普通两栏关税税率的计征和进口国别统计上。由此引发了大量的他国歧视性地使用原产地规则的纠纷。中国制定和运用相对完善的原产地规则以抵御贸易保护主义、维护自身利益已迫在眉睫。     

The relationship between public transport and the progressive development of rural areas

In a consequence of the economic transformation, transport companies compete for the most profitable lines of public transport whereas the wide countryside remains of a little interest. As a solution, integrated systems of public transport could play an important role in the development of rural areas, especially in post-communist countries. Such a system in the South Moravian Region connects 24 state, municipal and private transport companies in a unified mode. It includes unified tariff, operation management from one place, and creation of a skeleton of high capacity (train) lines with transfer traffic nodes, creation of nodes on the city fringe for the change from buses to electric vehicles and release of capabilities for tangential lines. The system competes mainly with the individual car transport by its increasing comfort and extension of services. The annual performances have increased from 118 to 829 million of passengers-kilometers in the regional transport and from 344 to 396 million passengers in the city during the period 2004–2015. The relation between accessibility and rural development, particularly depopulation trends, was investigated. It was found that the frequency of connections is sufficient throughout the territory, which is one of main reasons inhabitants should remain in the countryside. Moreover, this frequency contributes positively to rural tourism, prevents social exclusion and stimulates progressive rural development throughout the whole territory.     

Effects of Free Trade on Women and Immigrants: CAFTA and the Rural Dominican Republic

We construct a disaggregated rural economywide model with a focus on gender and immigration as well as on the allocation of time to wage work, household production activities, and housework (reproduction). We use this model to simulate the impacts of the Dominican Republic-Central American Free Trade Agreement (DR-CAFTA) on rural incomes and welfare in the Dominican Republic. We find that elimination of agricultural import tariffs hurts both agricultural and non-agricultural households, via adverse factor-market effects, but impacts vary substantially by workers’ gender and country of origin. Females and Haitian immigrants tend to fare better than Dominican males, and there are ramifications for both market and non-market activities.     

The impact of SARS on China's human resources: implications for the labour market and level of unemployment in the service sector in Beijing,Guangzhou and Shanghai

In this paper, we examine the effects of SARS (Severe Acute Respiratory Syndrome) on China's human resources, its labour-market and its level of employment and unemployment, looking specifically at what was one of its economically most vulnerable points, the hotel industry. The paper hypothesizes that the greatest impact would be on human resources in the service-industries and on particular sub-sectors, such as employment in hotels, located in three main cities in the PRC, in Beijing, Guangzhou and Shanghai, catering to both overseas as well as domestic tourism. It tentatively concludes that the almost dramatic demand and supply ‘shocks’ may have directly affected both the demand for and the supply of labour in the sub-sector, with discernable employment consequences.