Last resort gambles, risky debt and liquidation policy

This paper develops a real option model in which the interaction between debt, liquidation policy and risky investments is studied. We consider a manager who owns the firm and faces the opportunity to invest in risky projects which may boost current profits at the cost of bankruptcy if they turn out to be unsuccessful. These investments are “last resort gambles” in the sense that, if successful, they save the company from insolvency, while, if unsuccessful, they make liquidation unavoidable. It is shown that last resort gambles delay liquidation. We study how the liquidation trigger and the last resort investment decisions are affected by the firm's capital structure.     

桂林旅游地生命周期的界定

通过对历史资料的分析及对未来发展趋势的预测．指出桂林旅游自1973年对外开放以来经历了引入期、成长期和成熟期3个阶段，目前正处于旅游地生命周期的成熟阶段。     

论旅游地的集聚效应

旅游地的集聚在带来经济效应的同时，也可能产生集聚不经济现象，分析了旅游地集聚效应的形成机理和旅游地的集聚效应，并对如何引导和培育旅游地的集聚经济效应进行了分析。     

Floating a “lifeboat”: The Banque de France and the crisis of 1889

When faced with a run on a “systemically important” but insolvent bank in 1889, the Banque de France pre-emptively organized a lifeboat to ensure that depositors were protected and an orderly liquidation could proceed. To protect the Banque from losses on its lifeboat loan, a guarantee syndicate was formed penalizing those who had participated in the copper speculation that had caused the crisis bringing the bank down. Creation of the syndicate and other actions were consistent with mitigating the moral hazard from such an intervention. This episode contrasts the advice given by Bagehot to the Bank of England to counter a panic by lending freely at a high rate on good collateral, allowing insolvent institutions to fail.     

The relationship between people's activities and values with the protection level and biodiversity

We investigated how people's recreational activities, values, and land use preferences are related to the protection level, biodiversity and cultural heritage values of nature-based tourism areas in northern Finland. We assessed peoples' opinions using a public participation geographic information system (PPGIS) and analyzed the data together with spatial biodiversity and cultural heritage data from the same area. Associations between the PPGIS place markings with the protection level and biodiversity values were quite low, and for the cultural heritage sites they were altogether missing. Negative preferences were often marked in areas with high numbers of sites rated as pleasant and they overlapped with each other, indicating conflicting preferences. Since most activities are not noticeably related to the protection level or biodiversity values of a site they can be planned so as to protect the biodiversity of the area.     

温泉度假村旅游服务质量评价实证研究——以河源御临门温泉度假村为例

以河源御临门温泉度假村为例,以温泉旅游服务质量评价问卷为基础,对影响温泉旅游服务质量的20个因素进行了分析,探讨游客对温泉度假村整体旅游服务质量的总体评价。建议度假村从"原生态"温泉文化、温泉旅游解说系统的建设、特色客家温泉饮食文化、员工培训等四个方面进行完善与提高,提升服务满意度。     

评价阻燃纤维及其性能表征方法研究

阻燃纤维的研究和生产发展迅速，但尚无建立适合纤维形态的阻燃性能检测方法和评判标准。纤维阻燃性能测检方法的空白已在很大程度上制约阻燃纤维产品的开发和市场推广。经过三年的不懈努力，我们建立了涤纶和粘胶短纤维及涤纶长丝阻燃性能试验方法——氧指数法来表征其阻燃性能。     

蓝田县汤峪温泉开发的影响因素分析

温泉旅游度假区是我国一个新兴旅游项目,近年来发展很快。通过大量的实证调查,对影响蓝田汤峪温泉度假区开发的主要因素进行综合分析。这些因素是温泉资源自身因素,周边自然和人文景观,客源市场和交通条件,区域经济发展水平,温泉旅游文化特色,空间集聚和竞争以及人才状况。它们共同作用于汤峪温泉旅游的发展。通过对这些因素的分析,对蓝田汤峪温泉旅游的进一步开发具有重要的现实意义。     

旅游地意象、地方依恋与旅游者环境责任行为——以浙江省旅游度假区为例

文章综合旅游地意象、地方依恋及环境责任行为理论,将旅游地意象分为5个要素,将地方依恋分为2个要素,并构建了旅游地意象、地方依恋与旅游者环境责任行为之间的关系模型。研究发现:(1)景观意象、设施意象、服务意象及安全意象均直接影响情感意象。设施意象与服务意象不仅直接影响地方依赖,且通过情感意象来实现。安全意象和景观意象间接影响地方依赖。安全意象、服务意象及景观意象不仅直接影响地方认同,且通过地方依赖来实现。设施意象间接影响地方认同。服务意象不仅直接影响旅游者环境责任行为,且通过地方依恋来实现。景观意象、设施意象及安全意象间接影响旅游者环境责任行为。(2)情感意象直接影响地方依赖,间接影响地方认同与旅游者环境责任行为。(3)地方依赖直接影响地方认同和旅游者环境责任行为,且通过地方认同间接影响旅游者环境责任行为。     

延长桂林旅游地生命周期的对策

针对桂林旅游地生命周期的主要影响因素提出了加强环境保护，提高旅游产品质量、优化旅游产品结构、完善旅游产品种类，加强旅游宣传促销，加强区域合作等一系列对策，以期能延长桂林旅游地生命周期，使桂林旅游业得到持续稳定发展。