Price dynamics, foreign exchange and anticipated shocks in a tourism economy

Using a dynamic model of an open monetary economy, this paper examines the effects of tourism-related anticipated shocks on goods prices and foreign exchange reserves. Foreign tourists consume mainly non-traded goods in holiday destinations, converting them into exportable goods. This gives rise to a tourism terms-of-trade effect that affects the accumulation of foreign exchange. Announcements of anticipated events bring tourist visits forward, resulting in an initial under-adjustment or an over-adjustment in the prices of the non-traded goods when the tourism terms-of-trade effect is positive or negative. This leads to an increase or a decrease in foreign reserves in the long run.

Price dynamics, foreign exchange and anticipated shocks in a tourism economy

Using a dynamic model of an open monetary economy, this paper examines the effects of tourism-related anticipated shocks on goods prices and foreign exchange reserves. Foreign tourists consume mainly non-traded goods in holiday destinations, converting them into exportable goods. This gives rise to a tourism terms-of-trade effect that affects the accumulation of foreign exchange. Announcements of anticipated events bring tourist visits forward, resulting in an initial underadjustment or an over-adjustment in the prices of the non-traded goods when the tourism termsof-trade effect is positive or negative. This leads to an increase or a decrease in foreign reserves in the long run.

Dividends and family ownership: evidence from Indonesia

The thesis finds a significant negative association between family ownership and dividend payout in the Indonesian market. . It is revealed that the market does not disregard the existence of family ownership in reacting to dividend announcements. It documents dividend-paying family firms are associated with lower abnormal accruals as as a proxy of earnings management.

Controlling shareholder, expropriations and firm’s leverage decision: Evidence from Chinese Non-tradable share reform

This paper examines the effect of excess control rights on the leverage decisions made by Chinese non-SOEs before and after the Non-tradable share reform (NTS reform). We find that firms with excess control rights have more excess leverage and their controlling shareholders use the resources for tunneling rather than investing in positive NPV projects. We also find that excess leverage in firms with excess control rights decreases and the market reaction to announcements of related party transactions are more positive after NTS reform. This confirms that tunneling by the controlling shareholders actually reduced. We argue that in emerging markets where legal protection for creditors and shareholders is weak, controlling shareholders borrow excess debt to tunnel through inter-corporate loans and related party transactions. Furthermore the privatization of these economies can reduce the controlling shareholders' tunneling activities and associated excess leverage which destroys firm value.

The ‘r’ word and closure of remote Aboriginal communities in Western Australia; a potential framework for change

AbstractThe latest Australian Commonwealth Government Close the Gap Report reveals the circumstances of many of Australia’s Indigenous Peoples are either stagnant or going backwards. This paper argues that such ongoing injustice is a consequence of systemic racism that has been perpetuated since colonization and sustained in the twenty first century by discussion or mention of racism being taboo. A counter colonial educational framework is then provided that has the potential to address such institutional racism. The paper begins by providing a definition of systemic racism. Following this there is a brief explanation of the unique geographical context and the racist history of colonization in Australia. The nature of remote communities, the link between traditional law, country and identity will be outlined. Based on readily available sources such as media reports, social media links, and public policy announcements by government the paper then reflects on what has been reported about closure of remote communities in Western Australia. Government policy, announcements and events of the past year will be described and critically discussed in light of the definition of racism provided at the beginning of the article. The proposed framework requires self-reflexivity of organisations and individuals with a particular focus on aspects of sovereignty, healing, re-learning history and starting with a focus on agency instead of deficit. Being guided by this framework has the potential to avoid arbitrarily forcing people from their physical, spiritual and ancestral home, though this is likely to be a long term proposition rather than a quick fix.

Perspective: LaGuardia Community College Newsletter Vol. 1, No. 5

A newsletter published periodically to keep the faculty, students, staff, and community informed about the activities taking place on the campus of LaGuardia Community College. Cover article: SONY SHIFT SCHEDULED SOON, SPOKESMAN SAYS. Other entries include: CUNY TEACHING EXCELLENCE AWARD TO PROFESSOR MILLER; CHILD CARE LEAVE ADOPTED BY BHE; NINETY SENIOR CITIZENS RECEIVE CERTIFICATES; COLLEGE COMMENCEMENT TO BE HELD AT QUEENS COLLEGE AUDITORIUM; DEAN PALMER TO SING AT SEPT. 16, COMMENCEMENT; FOUR MORE PARAPROFESSIONALS COMPLETE DEGREES.”

Perspective: LaGuardia Community College Newsletter Vol. 1, No. 2

"A newsletter published periodically to keep the faculty, students, staff, and community informed about the activities taking place on the campus of LaGuardia Community College." No date [1973]; Vol. 1, No. 2; 4 pages; Color (green, black & white); black & white photographs. Cover article: “BLACK HISTORY WEEK AT LAGUARDIA”. Other entries include: “LAGUARDIA’S FIRST ANNUAL COMMENCEMENT SCHEDULED FOR SUNDAY, SEPT. 16;” “LAGUARDIA FIVE SEEKS FIRST VICTORY.”

Perspective: LaGuardia Community College Newsletter Vol. 1, No. 3

"A newsletter published periodically to keep the faculty, students, staff, and community informed about the activities taking place on the campus of LaGuardia Community College." No date [1973]; Vol. 1, No. 3; 4 pages; Color (green, black & white); black & white photographs. Cover article: “COMMENCEMENT SPEAKER NAMED, SHIRLEY CHISHOLM TO DELIVER GRADUATION ADDRESS”. Other entries include: “FIORELLO FUNDS COMMITTEE ANNOUNCES F INAL AWARDS;” “’TOWN MEETINGS’ PROGRAMS TO BEGIN ON TELEVISION MARCH 17;” “Highights of BLACK HISTORY WEEK.”

Perspective: LaGuardia Community College Newsletter Vol. 1, No. 4

"A newsletter published periodically to keep the faculty, students, staff, and community informed about the activities taking place on the campus of LaGuardia Community College." No date [1973]; Vol. 1, No. 4; 3 pages; Color (green, black & white); black & white photographs. Cover article: “Another LaGuardia First, Distinguished Professor John A. Willliams.” Other entries include: “DEAN HAMILTON WELCOMES NEW FRESHMEN.”

Perspective: LaGuardia Community College Newsletter [1976]

No date [1976]; 6 pages; Color (green, black & white photographs). Cover article: “LAGUARDIA SELECTED BY H.E.W. AS ONLY COMMUNITY COLLEGE IN U.S.A. TO DEVELOP CAREER EDUCATION MODEL FOR COUNTRY’S 2-YEAR COLLEGES."

Perspective: LaGuardia Community College Newsletter (27 November 1974)

"A newsletter published periodically to keep the faculty, students, staff, and community informed about the activities taking place on the campus of LaGuardia Community College." No date; 2 pages; Color (green, black & white). Cover article: “JOHN WILLIAMS TO HOLD READING DECEMBER 5.” Other entries: “Resolution prohibiting smoking and eating in all classrooms;” “Parking Shifted to L&P;” “Who’s Who Seeks Nominees;” Faculty news; “Cagers to Face John Jay, Ulster.”

Perspective: LaGuardia Community College Newsletter [1979]

A newsletter published monthly to keep the faculty, students, staff, and community informed about the activities taking place on the campus of LaGuardia Community College.

Perspective: LaGuardia Community College Newsletter [1975]

A newsletter published periodically to keep the faculty, students, staff, and community informed about the activities taking place on the campus of LaGuardia Community College. Cover article: GOVERNOR CAREY APPOINTS PRESIDENT SHENKER TO HIGHER ED. TASK FORCE. Other entries include: COLLEGE'S FIRST MUSIC FESTIVAL TO HONOR CASTELNUOVO-TEDESCO; WNET TV AUCTION; CHANNEL 9 TO SHOW CO-OP SPOTS.

Perspective: LaGuardia Community College Newsletter [1974]

A newsletter published periodically to keep the faculty, students, staff, and community informed about the activities taking place on the campus of LaGuardia Community College Cover article: Senate Studies New Grading Policy.