The net benefit of saving the Asian elephant: a policy and contingent valuation study

Reports results from a contingent valuation (CV) survey of willingness to pay (WTP) for the conservation of the Asian elephant of a sample of urban residents living in three selected housing schemes in Colombo, the capital of Sri Lanka. Face-to-face surveys were conducted using an interview schedule (IS). A non-linear logit regression model is used to analyse the respondents' responses for the payment principle questions and to identify the factors that influence their responses. We investigate whether urban residents' WTP for the conservation of elephants is sufficient to compensate farmers for the damage caused by elephants. We find that the beneficiaries (the urban residents) could compensate losers (the fanners in the areas affected by human-elephant conflict, HEC) and be better off than in the absence of elephants in Sri Lanka. Therefore, there is a strong economic case for the conservation of the wild elephant population in Sri Lanka. However, we have insufficient data to determine the optimal level of this elephant population in the Kaldor-Hicks sense. Nevertheless, the current population of elephant in Sri Lanka is Kaldor-Hicks preferable to having none. (C) 2003 Elsevier B.V. All rights reserved.

Beauty and the market: Actress postcards and their senders in early twentieth century Australia

A hundred years ago the international craze for picture postcards distributed millions of images of popular stage actresses around the world. The cards were bought, sent, and collected by many whose contact with live theatre was sometimes minimal. Veronica Kelly's study of some of these cards sent in Australia indicates the increasing reach of theatrical images and celebrity brought about by the distribution mechanisms of industrial mass modernity. The specific social purposes and contexts of the senders are revealed by cross-reading the images themselves with the private messages on the backs, suggesting that, once outside the industrial framing of theatre or the dramatic one of specific roles, the actress operated as a multiply signifying icon within mass culture – with the desires and consumer power of women major factors in the consumption of the glamour actress card. A study of the typical visual rhetoric of these postcards indicates the authorized modes of femininity being constructed by the major postcard publishers whose products were distributed to theatre fans and non-theatregoers alike through the post. Veronica Kelly is working on a project dealing with commercial managements and stars in early twentieth-century Australian theatre. She teaches in the School of English, Media Studies, and Art History at the University of Queensland, is co-editor of Australasian Drama Studies, and author of databases and articles dealing with colonial and contemporary Australian theatre history and dramatic criticism. Her books include The Theatre of Louis Nowra (1998) and the collection Our Australian Theatre in the 1990s (1998).

A full cost environmental accounting experiment

A lack of appropriate measurement techniques has constrained full cost environmental accounting (FCEA) experimentation. Yet, there has been little research on the applicability of valuation techniques recently developed by environmental economists within FLEA frameworks. This paper examines a reporting experiment using these valuation techniques that was undertaken by an Australian Government Department managing publicly owned forests. The FCEA experiment was ultimately not successful. However, the implementation experiences of the Department including the reactions of its managers and stakeholders provide an opportunity to critically reflect on the experimental outcomes to extend the current empirical knowledge of corporate social responsibility reporting. Such critical reflection has not been common in past FCEA experimentation. © 2005 Elsevier Ltd. All rights reserved.

Canonical valuation of options in the presence of stochastic volatility

Proposed by M. Stutzer (1996), canonical valuation is a new method for valuing derivative securities under the risk-neutral framework. It is non-parametric, simple to apply, and, unlike many alternative approaches, does not require any option data. Although canonical valuation has great potential, its applicability in realistic scenarios has not yet been widely tested. This article documents the ability of canonical valuation to price derivatives in a number of settings. In a constant-volatility world, canonical estimates of option prices struggle to match a Black-Scholes estimate based on historical volatility. However, in a more realistic stochastic-volatility setting, canonical valuation outperforms the Black-Scholes model. As the volatility generating process becomes further removed from the constant-volatility world, the relative performance edge of canonical valuation is more evident. In general, the results are encouraging that canonical valuation is a useful technique for valuing derivatives. (C) 2005 Wiley Periodicals, Inc.

Purchasing behaviour for non-prescription medicines

Background: The non-prescription medicine, market is constantly challenges. With changes to scheduling and market dynamics, a need for current Australian data on medicines purchasing behaviour was identified. Objectives: This survey aimed to report on the purchasing behaviour of non-prescription medicine customers, the medicines bought and influences on medicine sales. Methods: Researchers were stationed in 15 community pharmacies in southeast Queensland during mid-August 2004. Interview and observational data were collected for all eligible medicine purchases -over approximately 35 hours per pharmacy. Results: Data were collected for 3017 medicines purchased by 2583 customers. Most purchases were made by females (65%) and customers aged 26-35 years (25.8%). Pharmacy assistants alone provided advice in 58% of sales. Two thirds of purchases were for self use. In two thirds of cases, customers had a particular brand in mind; this was highly correlated with previous purchases. Pharmacy staff were highly influential in first time purchases. Conclusions: This study reports a high level of involvement and influence of pharmacy staff in medicine selection.

'Seeing the market': Technical analysis in trading styles

Whilst financial markets are not strangers to academic and professional scrutiny, they still remain epistemologically contested. For individuals trying to profit by trading shares, this uncertainty is manifested in the varying trading styles which they are able to utilize. This paper examines one trading style commonly used by non-professional share traders-technical analysis. Using research data obtained from individuals who identify themselves as technical analysts, this paper seeks to explain the ways in which individuals understand and use the technique in an attempt to make trading profits. In particular, four distinct subcategories or ideal types of technical analysis can be identified, each providing an alternative perceptual form for participating in financial markets. Each of these types relies upon a particular method for seeing the market, these visualization techniques highlighting the existence of forms of professional vision (as originally identified by Goodwin (1994)) in the way the trading styles are comprehended and acted upon.

The effect of non-standard employment on work-family balance

Across the last four decades, the structure of the Australian labour market has changed profoundly as non-standard forms of employment have become more prevalent. According to many researchers, the growth of non-standard work has been driven by employee preferences, particularly among married women, for greater flexibility to balance paid work with domestic responsibilities and other non-work related pursuits. In contrast, other researchers argue that the increasing prevalence of non-standard employment reflects employer demands for greater staffing flexibility. From this perspective, non-standard forms of employment are considered to have a negative effect on work-family balance. This paper explores whether non-standard employment is associated with improved or poorer work-to-family conflict and tests whether experiences vary by gender. It concentrates on three common forms of non-standard employment: part-time employment, casual and fixed-term work contracts and flexible scheduling practices (such as evening work, weekend work and irregular rostering). Analysis is based on 2299 employed parents from the first wave of the Household, Income and Labour Dynamics on Australia (HILDA) project. Results show that few scheduling measures are significant determinants of work-family balance. However, part-time employment is associated with reduced work-to-family strain for both men and women, even after controlling for various other employment and household related characteristics. Casual employment, in contrast, incurs the cost of poorer work-family balance for men. Surprisingly, HILDA data show that overall men experience greater work-to-family strain than women.

Load profiling and data mining techniques in electricity deregulated market

This paper presents load profiles of electricity customers, using the knowledge discovery in databases (KDD) procedure, a data mining technique, to determine the load profiles for different types of customers. In this paper, the current load profiling methods are compared using data mining techniques, by analysing and evaluating these classification techniques. The objective of this study is to determine the best load profiling methods and data mining techniques to classify, detect and predict non-technical losses in the distribution sector, due to faulty metering and billing errors, as well as to gather knowledge on customer behaviour and preferences so as to gain a competitive advantage in the deregulated market. This paper focuses mainly on the comparative analysis of the classification techniques selected; a forthcoming paper will focus on the detection and prediction methods.

ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS SÃO BERNARDO DO CAMPO

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital

Introducing international accounting standards to an emerging capital market: relative familiarity and language effect in Egypt

The purpose of this study is to assess the effect of relative familiarity and language accessibility on the International Accounting Standards (IASs) disclosures when IASs are first introduced in an emerging capital market. The study focuses on the annual reports of listed non-financial companies in Egypt when IASs were first introduced. The method used applies a disclosure index measurement to a sample of listed company annual reports and evaluates relative compliance with IASs in relation to corporate characteristics. The results show that for relatively less familiar requirements of IASs, the extent of compliance is related to the type of audit firm used and to the presence of a specific statement of compliance with IASs. A lower degree of compliance with less familiar IASs disclosure is observed consistently across a range of company characteristics. Consideration of agency theory and capital need theory would lead to prior expectation of a distinction in disclosure practices between different categories of companies. The results were, therefore, counterintuitive to expectations where the regulations were unfamiliar or not available in the native language, indicating that new variables have to be considered and additional theoretical explanations have to be found in future disclosure studies on emerging capital markets.

On the existence of visual technical patterns in the UK stock market

The aim in this paper is to replicate and extend the analysis of visual technical patterns by Lo et al. (2000) using data on the UK market. A non-parametric smoother is used to model a nonlinear trend in stock price series. Technical patterns, such as the 'head-and-shoulders' pattern, that are characterised by a sequence of turning points are identified in the smoothed data. Statistical tests are used to determine whether returns conditioned on the technical patterns are different from random returns and, in an extension to the analysis of Lo et al. (2000), whether they can outperform a market benchmark return. For the stocks in the FTSE 100 and FTSE 250 indices over the period 1986 to 2001, we find that technical patterns occur with different frequencies to each other and in different relativities to the frequencies found in the US market. Our extended statistical testing indicates that UK stock returns are less influenced by technical patterns than was the case for US stock returns.

The valuation of travel time savings in least developed countries:theoretical and empirical challenges and results from a field study

In developed countries travel time savings can account for as much as 80% of the overall benefits arising from transport infrastructure and service improvements. In developing countries they are generally ignored in transport project appraisals, notwithstanding their importance. One of the reasons for ignoring these benefits in the developing countries is that there is insufficient empirical evidence to support the conventional models for valuing travel time where work patterns, particularly of the poor, are diverse and it is difficult to distinguish between work and non-work activities. The exclusion of time saving benefits may lead to a bias against investment decisions that benefit the poor and understate the poverty reduction potential of transport investments in Least Developed Countries (LDCs). This is because the poor undertake most travel and transport by walking and headloading on local roads, tracks and paths and improvements of local infrastructure and services bring large time saving benefits for them through modal shifts. The paper reports on an empirical study to develop a methodology for valuing rural travel time savings in the LDCs. Apart from identifying the theoretical and empirical issues in valuing travel time savings in the LDCs, the paper presents and discusses the results of an analysis of data from Bangladesh. Some of the study findings challenge the conventional wisdom concerning the time saving values. The Bangladesh study suggests that the western concept of dividing travel time savings into working and non-working time savings is broadly valid in the developing country context. The study validates the use of preference methods in valuing non-working time saving values. However, stated preference (SP) method is more appropriate than revealed preference (RP) method.

The impacts of market orientation and corporate social responsibility on firm performance:evidence from China

Purpose – The purpose of this paper is to investigate the joint effects of market orientation (MO) and corporate social responsibility (CSR) on firm performance. Design/methodology/approach – Data were collected via a questionnaire survey of star-rated hotels in China and a total of 143 valid responses were received. The hypotheses were tested by employing structural equation modelling with a maximum likelihood estimation option. Findings – It was found that although both MO and CSR could enhance performance, once the effects of CSR are accounted for, the direct effects of MO on performance diminish considerably to almost non-existent. Although this result may be due to the fact that the research is conducted in China, a country where CSR might be crucially important to performance given the country's socialist legacy, it nonetheless provides strong evidence that MO's impact on organizational performance is mediated by CSR. Research limitations/implications – The main limitations include the use of cross-sectional data, the subjective measurement of performance and the uniqueness of the research setting (China). The findings provide an additional important insight into the processes by which a market oriented culture is transformed into superior organizational performance. Originality/value – This paper is one of the first to examine the joint effects of MO and CSR on business performance. The empirical evidence from China adds to the existing literature on the respective importance of MO and CSR.

The influence of political, economic and passenger market factors on international civil aviation

Civil aviation plays an essential role in maintaining international communications. Many extraneous factors influence the daily operations of the air transport industry. This thesis begins by investigating the major categories of so­ called "external interests" in civil aviation. These are shown to have played a significant part in ensuring the need for international agreement over the adoption of regulating principles. The combination and interaction of the various influences has produced a particular type of regulatory environment in which all commercial air services have to operate. The need for such regulation and the extreme difficulty experienced in trying to define universally acceptable methods of supervision is discussed. It is shown how opportunity for the development of on-scheduled air services was created by default on the part of the European Governments.The concept of so-called "scheduled" and "non-scheduled" sectors" is considered and it is suggested that growth of the inclusive tour industry resulted from inappropriate categorisation of the air services involved. The means by which development opportunities were created for inclusive tour operations is considered and the work then investigates the importance of British air transport policy in their exploitation. The politics of British civil aviation in the post-war years is the subject of detailed examination and the process by which Independent airlines were encouraged to develop inclusive tours, is identified. This theme is expanded to demonstrate the vital contribution of British air transport policy in the restructuring of the international industry. The subsequent involvement of the United States is shown to have been directed specifically towards the satisfaction of domestic issues. British objectives, however, are considered to have been more generally concerned with improving the tariff structure. The unique opportunities for British experimentation with international fares are seen to have major influence in forcing the pace of tariff rationalisation.