Strategies for agricultural change and the UK balance of payments

The world food crisis, Britain's reliance on imported food and feedstuffs and balance of payments difficulties were some of the factors which lent weight to the call for increased self-sufficiency in Britain's agriculture in the 1970s. This project considers two main areas: an investigation of the impact of radical agricultural change, designed to increase self-sufficiency, on the balance of payments; and, an appraisal of the potential role of the food industry within a radically different food system. The study proceeded by: an examination of the principles of agricultural policy and its development in Britain; an overview of the mechanism and meaning of the balance of payments; a consideration of the debate on agricultural import saving; the construction of radical agricultural strategies; the estimation of effects of the strategies, particularly to the balance of. payments; the role of the food industry and possible innovations within the strategies; a case study of textured vegetable proteins; and, the wider implications of implementation of radical agricultural alternatives. Two strategies were considered: a vegan system, involving no livestock; and, an intermediate system, including some livestock and dairy cattle. The study concludes that although agricultural change could in principle make a contribution to the balance of payments, implementation of agricultural change cannot be justified for this purpose alone. First, balance of payments problems can be solved by more appropriate methods. Second, the UK' s balance of payments problem has disappeared for the time being owing to North Sea oil and economic recession. Third, the political and social consequences of the changes investigated would be unacceptable. Progress in UK food policy is likely to be in the form of an integrated food and health policy.

The availability of proprietary restitution in cases of mistaken payments

This article is concerned with the availability of “proprietary restitution” in cases of mistaken payments. It is argued that the mistake of the claimant is an insufficient justification for proprietary restitution, however a close analysis of the case law demonstrates that the presence of additional factors can justify the availability of proprietary restitution in specific circumstances. The basis of proprietary restitution is to be found in the breach of a duty which arises separately from the claim for unjust enrichment. The significant contribution of this article is the analysis that knowledge merely creates a duty to maintain the fund until restitution is made, and that knowledge cannot establish the breach of this duty. Importantly, breach of this duty is established by a second condition which is demonstrated by the wilful misconduct of the recipient. It is this conduct which justifies the imposition of the constructive trust. By adopting this analysis, the proprietary claim in the context of mistaken transfers can be classified as forming part of the law of wrongs, rather than the law of unjust enrichment.

Deploying internet commerce in lottery businesses:an executive guideline

Commerce is essentially the exchange of goods and services in various forms between sellers and buyers, together with associated financial transactions. Electronic Commerce (EC) is the process of conducing commerce through electronic means, including any electronic commercial activity supported by IT (information technology) (Adam and Yesha, 1996; Kambil, 1997; Yen, 1998). In this sense, EC is not totally new. Industries have used various EC platforms such as advertising on TV and ordering by telephone or fax. Internet Commerce (IC), or Web Commerce, is a specific type of EC (Maddox, 1998; Minoli D. and Minoli E., 1997). While some traditional EC platforms such as TV and telephone have been used to build “TV-gambling” and “telephone-betting” systems for conducting lottery business, Internet Lottery Commerce (ILC) has been assessed as the most promising type of EC in the foreseeable future. There are many social and moral issues relating to the conduct of lottery business on-line. However, this chapter does not debate these but deals only with business and technology issues. The purpose of this chapter is to provide a structured guide to senior executives and strategic planners who are planning on, or interested in, ILC deployment and operation. The guide consists of several stages: (1) an explanation of the industry segment’s traits, value chain, and current status; (2) an analysis of the competition and business issues in the Internet era and an evaluation of the strategic resources; (3) a planning framework that addresses major infrastructure issues; and (4) recommendations comprising the construction of an ILC model, suggested principles, and an approach to strategic deployment. The chapter demonstrates the case for applying the proposed guideline within the lottery business. Faced with a quickly changing technological context, it pays special attention to constructing a conceptual framework that addresses the key components of an ILC model. ILC fulfils the major activities in a lottery commerce value chain—advertising, selling and delivering products, collecting payments for tickets, and paying prizes. Although the guideline has been devised for lottery businesses, it can be applied to many other industry sectors.

Factors affecting e-payment adoption in Nigeria

The payment system of a country plays a crucial role in its economy; however, despite the benefits of e-Payment and efforts by financial authorities, Nigeria still has a low e-Payment adoption rate. In this regard, there is an urgent need to investigate the factors that affect individuals’ intention to adopt e-Payment. Drawing on the unified theory of acceptance and use of technology (UTAUT) model, this paper develops a theoretical model for e-Payment adoption in Nigeria. Additionally, a survey was conducted on 500 respondents with 213 complete responses received to test the model, and results show that perceived benefits, effort expectancy, social influence, trust, awareness, and demographic variables affected individuals’ intention to adopt e-Payments. Based on the findings, managerial and theoretical implications are deliberated.

Channel incentives as unilateral and bilateral governance processes

The authors investigate channel incentives as extra-contractual governance processes that maintain and extend marketing channel relationships. More specifically, instrumental incentives are monetary-based payments made by a manufacturer in a unilateral channel arrangement to motivate distributor compliance, while equity incentives are bilateral expectations of fair treatment that motivate both parties to continue to cooperate with one another. A model of the antecedents and performance consequences of channel incentives is conceptualized and tested on 314 marketing channel relationships using a structural equation modeling methodology. The findings support the conceptual model and suggest that unique facets of the channel relationship explain the type of incentive mechanism in use.

Factors affecting e-payment adoption in Nigeria

For e-commerce to be successful, an efficient e-payment system is the key. The use of formal payment systems also enhances the ability to execute and manage monetary policies, which is essential for a country’s financial sector. Although Nigeria is a regional leader, the usage of e-Payments is still very low despite its many benefits and also attempts by the financial authorities. This therefore calls for an urgent need to investigate the factors that affect individual’s intention to adopt e-payment in Nigeria so that steps can be fashioned out to improve the situation. A survey was conducted to get individual perceptions of e-payments through the use of questionnaires designed based on the theoretical model developed. The results showed that awareness, knowledge of benefits, ease of use, reliability, trust and security, acceptability, accessibility and social influence are the main factors that influence individuals’ intention to adopt e-payments.

Primary production, financial constraints and economic instability:Zambia since independence.

A systematic analysis is presented of the economic consequences of the abnormally high concentration of Zambia's exports on a commodity whose price is exceptionally unstable. Zambian macro-economic variables in the post-independence years are extensively documented, showing acute instability and decline, particularly after the energy price revolution and the collapse of copper prices. The relevance of stabilization policies designed to correct short-term disequilibrium is questioned. It is, therefore, a pathological case study of externally induced economic instability, complementing other studies in this area which use cross-country analysis of a few selected variables. After a survey of theory and issues pertaining to development, finance and stabilization, the emergence of domestic and foreign financial constraints on the Zambian economy is described. The world copper industry is surveyed and an examination of commodity and world trade prices concludes that copper showed the highest degree of price instability. Specific aspects of Zambia's economy identified for detailed analysis include: its unprofitable mining industry, external payments disequilibrium, a constrained government budget, potentially inflationary monetary growth, and external indebtedness. International comparisons are used extensively, but major copper exporters are subjected to closer scrutiny. An appraisal of policy options concludes the study.

Investement appraisal in a deregulated electricity market

This thesis analyses the impact of deregulation on the theory and practice of investment decision making in the electricity sector and appraises the likely effects on its long term future inefficiency. Part I describes the market and its shortcomings in promoting an optimal generation margin and plant mix and in reducing prices through competition. A full size operational model is developed to simulate hour by hour operation of the market and analyse its features. A relationship is established between the SMP and plant mix and between the LOLP and plant margin and it is shown bow a theoretical optimum can be derived when the combined LOLP payments and the capital costs of additional generation reach a minimum. A comparison of prices against an idealised bulk supply tariff is used to show how energy prices have risen some 12% in excess of what might have occurred under the CEGB regime. This part concludes with proposals to improve the marl

Exploring the dimensions and transactional outcomes of incomplete business contracts

With an increased emphasis on outsourcing and shortening business cycles, contracts between firms have become more important. Carefully written contracts contribute to the efficiency and longevity of inter-firm relationships as they may constrain opportunism and are often a less costly governance mechanism than maintaining complex social relationships (Larson 1992). This exploratory examination adds to our understanding of how incomplete contracts affect interorganizational exchange. First, we consider the multiple dimensions of contract constraints (safeguards). We also investigate the extent that constraints affect decisions to enforce the relationship by delaying payments, and whether the decision is efficient. Finally, we examine the extent the constraints are effective (and ineffective) at reducing transaction problems associated with enforcement. Based on 971 observations of transactions using explicit, written terms and other secondary data in the context of IT transaction in The Netherlands we test our research propositions.

Volunteering for success:mentoring as a form of student volunteering

Previous studies into student volunteering have shown how formally organized volunteering activities have social, economic and practical benefits for student volunteers and the recipients of their volunteerism (Egerton, 2002; Vernon & Foster, 2002); moreover student volunteering provides the means by which undergraduates are able to acquire and hone transferable skills sought by employers following graduation (Eldridge & Wilson, 2003; Norris et al, 2006). Within the UK Higher Education Sector, a popular mechanism for accessing volunteering is through formally organized student mentoring programmes whereby more ‘senior’ students volunteer to mentor less experienced undergraduates through a particular phase of their academic careers, including the transition from school or college to university. The value of student mentoring as a pedagogical tool within Higher Education is reflected in the literature (see for example, Bargh & Schul, 1980, Hartman,1990, Woodd, 1997). However, from a volunteering perspective, one of the key issues relates to the generally accepted conceptualisation of volunteering as a formally organized activity, that is un-coerced and for which there is no payment (Davis Smith, 1992, 1998; Sheard, 1995). Although the majority of student mentoring programs discussed in the paper are unpaid and voluntary in nature, in a small number of institutions some of the mentoring programs offered to students provide a minimum wage for mentors. From an ethical perspective, such payments may cause difficulties when considering potential mentors’ motivations and reasons for participating in the program. Additionally, institutions usually only have one or two paid mentoring programs running alongside several voluntary programmes – sometimes resulting in an over-subscription for places as paid mentors to the detriment of unpaid programs. Furthermore, from an institutional perspective, student mentoring presents a set of particular ethical problems reflecting issues around ‘matching’ mentors and mentees in terms of gender, race, ethnicity and religion. This is found to be the case in some ‘targeted’ mentoring programs whereby a particular demographic group of students are offered access to mentoring in an attempt to improve their chances of academic success. This paper provides a comparative analysis of the experiences and perceptions of mentors and mentees participating in a wide-range of different mentoring programs. It also analyzes the institutional challenges and benefits associated with managing large scale student volunteering programs. In doing so the paper adds to third sector literature by critiquing the distinctive issues surrounding student volunteering and by discussing, in-depth, the management of large groups of student volunteers. From a public policy perspective, the economic, educational, vocational and social outcomes of student volunteering make this an important subject meriting investigation. Little is known about the mentoring experiences of student volunteers with regards to the ‘added value’ of participating in campus-based volunteering activities. Furthermore, in light of the current economic downturn, by drawing attention to the contribution that student volunteering plays in equipping undergraduates with transferable ‘employability’ related skills and competencies (Andrews & Higson, 2008), this paper makes an important contribution to current educational and political debates. In addition to providing the opportunity for students to acquire key transferable skills, the findings suggest that mentoring encourages students to volunteer in other areas of university and community life. The paper concludes by arguing that student mentoring provides a valuable learning experience for student volunteer mentors and for the student and pupil mentees with whom they are placed.

Losses, dividend reductions, and market reaction associated with past earnings and dividends patterns

This paper examines investors' reactions to dividend reductions or omissions conditional on past earnings and dividend patterns for a sample of eighty-two U.S. firms that incurred an annual loss. We document that the market reaction for firms with long patterns of past earnings and dividend payouts is significantly more negative than for firms with lessestablished past earnings and dividends records. Our results can be explained by the following line of reasoning. First, consistent with DeAngelo, DeAngelo, and Skinner (1992), a loss following a long stream of earnings and dividend payments represents an unreliable indicator of future earnings. Thus, established firms have higher loss reliability than less-established firms. Second, because current earnings and dividend policy are a substitute source of means of forecasting future earnings, lower loss reliability increases the information content of dividend reductions. Therefore, given the presence of a loss, the longer the stream of prior earnings and dividend payments, (1) the lower the loss reliability and (2) the more reliably dividend cuts are perceived as an indication that earnings difficulties will persist in the future.

Dividend increases and initiations and default risk in equity returns

This study extends the Grullon, Michaely, and Swaminathan (2002) analysis by incorporating default risk. Using data for firms that either increased or initiated cash dividend payments during the 23-year period 1986-2008, we find reduction in default risk. This reduction is shown to be a priced risk factor beyond the Fama and French (1993) risk measures, and it explains the dividend payment decision and the positive market reaction around dividend increases and initiations. Further analysis reveals that the reduction in default risk is a significant factor in explaining the 3-year excess returns following dividend increases and initiations. © Copyright Michael G. Foster School of Business, University of Washington 2011.