scholarly journals The distributional outcomes of rights-based management in fisheries

2022 ◽  
Vol 119 (2) ◽  
pp. e2109154119
Author(s):  
Joshua K. Abbott ◽  
Bryan Leonard ◽  
Brian Garber-Yonts
Keyword(s):  
Economic Efficiency ◽  
Financial Risk ◽  
Social Effects ◽  
Catch Shares ◽  
Individual Transferable Quotas ◽  
Level Data ◽  
The Commons ◽  
Biological Management ◽  
Almost All ◽  
Employment Data

Fisheries managers have increasingly adopted rights-based management (i.e., “catch shares” or “individual transferable quotas” [ITQs]) to address economic and biological management challenges under prior governance regimes. Despite their ability to resolve some of the symptoms of the tragedy of the commons and improve economic efficiency, catch shares remain controversial for their potentially disruptive social effects. One criticism is that the benefits of rights-based reforms are unequally distributed across vessels and between fishery participants (e.g., crew and hired captains) and that stakeholders that do not receive an allocation of harvest rights may see their remuneration decrease. Yet, empirically assessing these claims is difficult in almost all ITQs due to poor availability of longitudinal cost, earnings, and employment data. This paper evaluates these claims using vessel-level data to characterize impacts of a long-established ITQ program for Alaskan crab fisheries on the level and distribution of payments to claimant groups. We find that the share of vessel proceeds accruing to captains, crew, and vessel owners declined under the catch-share regime to make room for new payments to quota owners. Average daily payments to captains, crew, and vessel owners declined, albeit slightly, yet retained their pre-ITQ premia relative to compensation in other sectors. However, inequality in payments to workers and vessel owners declined after ITQs, as did the interseasonal volatility in compensation to workers, a measure of financial risk. Finally, we find that consolidation-induced increases in leasing costs have had little effect on workers’ remuneration, but have reduced returns to vessel ownership.

scholarly journals Projekty innowacyjne w przedsiębiorstwach jako potencjalne źródło ryzyka finansowego

2016 ◽  
pp. 49-64
Author(s):  
Michał Bacior
Keyword(s):  
Economic Efficiency ◽  
Financial Risk ◽  
New Products ◽  
Technological Environment ◽  
Risk Of Failure ◽  
Functional Areas ◽  
Market Strategies ◽  
A Company ◽  
Innovation Processes

Increase in the value of a company is related to implementation of innovative processes in all functional areas of business. As a result of implemented innovation, the company may offer new products or lower prices. In any case, this leads to improved economic efficiency of the company. The rise in innovation is coupled with an increase in the benefits but is also accompanied by an increase of the risk of failure. This constitutes background against which the article presents the course of innovation processes and possibilities of applying innovation in different market strategies. The article stresses relations between financial risk and the time of innovation. Sources of financial risk and methods of financing innovative investments are also discussed as is the need to take into account the technological environment and market context of innovation

scholarly journals International Real Estate Review

2010 ◽  
Vol 13 (3) ◽  
pp. 282-322
Author(s):  
Massimo Biasin ◽  
◽  
Anna Grazia Quaranta ◽  
Keyword(s):  
Real Estate ◽  
Financial Risk ◽  
Market Price ◽  
Policy Implications ◽  
Share Price ◽  
Prudential Regulation ◽  
Market Prices ◽  
Capital Theory ◽  
Bankruptcy Risk ◽  
Almost All

In contrast to the US experience, most international (European) real estate investments trusts (REITs) are subject to prudential regulation. This paper investigates the effects of prudential regulation on capital structures and consequently, the REIT share values of major legal and market constraints (i.e. leverage limitations, market discount on net asset value (NAV), tax controls) that affect non-US REITs. Italian market data are used for an empirical analysis. Our hypothesis is that in a constrained environment, the effects on share price significantly depend on the adopted valuation perspective, i.e. if shares are valued by following a NAV or a financial approach. The logic for this hypothesis is that the two valuation methodologies perceive leverage and implied financial risk differently. In particular, we argue that NAV valuation techniques incentivise REITs to maximize leverage regardless of the financial theory which indicates a contrasting impact of debt on the market value of shares. Differences in financial risk perception could also partially explain market price discounts on NAVs.The empirical results seem to support these expectations. Almost all Italian REITs tend to increase debt ratios over time. NAV discounts are significantly related to leverage. The discount effect is largely attributable to NAV increases that result from rising debt levels. On the contrary, share market prices tend to be independent from leverage. The latter result may indicate that the classic capital theory applies and current debt ratios do not imply bankruptcy risk. The results have significant policy implications in terms of an optimal regulatory design.

scholarly journals METHODOLOGY FOR FORMING AND IMPLEMENTING A TOUR AND DETERMINING ITS ECONOMIC EFFICIENCY

2021 ◽  
Author(s):  
Tetiana Krasnoded ◽  
Tetiana Bakina ◽  
Olena Zakharchenko
Keyword(s):  
Economic Efficiency ◽  
Tourist Destination ◽  
Main Component ◽  
Almost All ◽  
The Cost ◽  
Operator Activity ◽  
Tour Operator

The relevance of the study of issues in the context of tour operator activity is determined. Important issues of formation and promotion of the tour as the main component of tourist products are considered. A tour project is presented and an algorithm for creating a tourist product for several days for a specific tourist destination is demonstrated. The mechanism for determining the cost of a tour is revealed, which includes the cost of accommodation, meals, travel, excursion services and entertainment, support, insurance and other additional services provided to consumer tourists within the framework of a tourist project. At the same time, a mechanism for calculating individual elements of the tour price is presented. The method of calculating the company's profit and economic efficiency from the sale of the tour is revealed. General marketing directions in tourism are also proposed, which can be used to determine the preferences of tourists, present and promote almost all tourist products.

Financial Risk of Conventional and Islamic Banks: Does Institutional Quality Matter?

2021 ◽  
Vol 12 (3) ◽  
pp. 510-524
Author(s):  
Normaizatul Akma Saidi Et.al
Keyword(s):  
Credit Risk ◽  
Financial Risk ◽  
Liquidity Risk ◽  
Islamic Banks ◽  
Government Effectiveness ◽  
Regulatory Quality ◽  
Level Data ◽  
Conventional Banks ◽  
The Relationship ◽  
Conventional And Islamic Banks

Banks play a significant role in financing the economy and take on risky financial activities based on information and trust as they specialized companies with their own specificities. This study was propelled to unravel the determinants that affect financial risk (liquidity risk and credit risk) for conventional and Islamic banks. The bank-level data of conventional and Islamic banks in the regions of Middle East, Southeast Asia, and South Asia between 2006 and 2014 were collected from the Bankscope, which is a commercial database produced by the Bureau van Dijk. Thus, for conventional banks the obtained results exhibited significantly positive relationship between regulatory quality towards liquidity risk. Then, the relationship between regulatory quality towards credit risk was negatively significant for conventional banks. Meanwhile, as for Islamic banks, the relationship between government effectiveness and regulatory quality towards financial risk was insignificant. Hence, the regulators or policymakers are able to identify specific mechanism to improve the risk management of these banks as well through this study.

A Further Empirical Investigation of German Firms’ Financial Structure and Ensuing Risks / Finanzierungsstrukturen und Risiken im Unternehmenssektor der Bundesrepublik Deutschland – Weitere Ergebnisse anhand von Unternehmensdaten

2001 ◽  
Vol 221 (5-6) ◽  
Author(s):  
Kai Kirchesch ◽  
Marc Sommer ◽  
Peter Stahlecker
Keyword(s):  
Financial Risk ◽  
Empirical Investigation ◽  
Empirical Distribution ◽  
Risk Measures ◽  
Balance Sheet ◽  
Financial Risks ◽  
Firm Level ◽  
Industrial Enterprises ◽  
Level Data ◽  
The Empirical Analysis

SummaryThe changes in the financial structures of West German industrial enterprises have been investigated in Größl/Stahlecker/Wohlers (2001). The empirical analysis confirmed the hypothesis that small and medium-sized enterprises are confronted with higher - and even rising - financial risks than larger enterprises. Thresholds were introduced to serve as signals for lenders to tighten credit conditions or even file for bankruptcy. Unfortunately, the empirical distribution of the financial ratios could not be quantified, because the analysis has been - due to reasons of availability - based on aggregate data. The present paper’s aim is to check the robustness of the results and to quantify the development of the financial risk measures by using firm-level data that have been the base for the Bundesbank’s special evaluation of the balance sheet statistic of West German enterprises. Our results confirm the higher risk position of small and medium-sized enterprises in the period 1987-1996.

An Integrated DEA Model Allowing Decomposition of Eco-Efficiency: A Case Study of China

2017 ◽  
Vol 5 (5) ◽  
pp. 473-488 ◽  
Author(s):  
Wanbin Pan ◽  
Lei Huang ◽  
Linlin Zhao
Keyword(s):  
Economic Efficiency ◽  
Economic Benefits ◽  
Environmental Efficiency ◽  
Decision Makers ◽  
Pollutant Emissions ◽  
Data Envelopment ◽  
Dea Model ◽  
Almost All ◽  
Economic Efficiencies

Abstract A common feature of previous studies about the application of data envelopment analysis (DEA) to determine environmental and economic efficiencies is that the two were analyzed in separate models or frameworks. The purpose of this paper is to analyze the economic efficiency and environmental efficiency with a single model. This paper proposes an integrated DEA model, based on a modification of the directional distance function, which allows us to decompose the eco-efficiency (EE) into the economic efficiency (ECE) and environmental efficiency (ENE). The ECE characterizes the ability of gaining economic benefits while the ENE characterizes the ability to control pollutant emissions in production activities. Identification of ECE and ENE can help decision makers of different regions detect what kind of factor (economic inefficiency or environmental inefficiency) is the main source of eco-inefficiency. This can help decision makers more targeted to improve EE. To illustrate the feasibility of our approach, a case study of 30 regions in China is presented. The empirical results show that almost all regions have very high economic efficiencies. The environmental inefficiency is the main source of eco-inefficiency. The differences of environmental efficiencies lead to the differences of eco-efficiencies in the east, central and west areas, while the economic efficiencies do not have significant differences among these areas. The economic efficiencies showed an opposite “V” shape and the environmental efficiencies showed a decreasing trend during the period 2010–2014.

scholarly journals Behavioral and Physiological Responses to Computers in the Ultimatum Game

2019 ◽  
Vol 15 (1) ◽  
pp. 33-45 ◽  
Author(s):  
Aleksandra Swiderska ◽  
Eva G. Krumhuber ◽  
Arvid Kappas
Keyword(s):  
Decision Making ◽  
Ultimatum Game ◽  
Physiological Responses ◽  
Behavioral Pattern ◽  
The Body ◽  
Social Effects ◽  
Emotional Involvement ◽  
Acceptance Rates ◽  
Almost All ◽  
Computer Agents

This article describes how studies in the area of decision-making suggest clear differences in behavioral responses to humans versus computers. The current objective was to investigate decision-making in an economic game played only with computer partners. In Experiment 1, participants were engaged in the ultimatum game with computer agents and regular computers while their physiological responses were recorded. In Experiment 2, an identical setup of the game was used, but the ethnicity of the computer agents was manipulated. As expected, almost all equitable monetary splits offered by the computer were accepted. The acceptance rates gradually decreased when the splits became less fair. Although the obtained behavioral pattern implied a reaction to violation of the rule of fairness by the computer in the game, no evidence was found for participants' corresponding emotional involvement. The findings contribute to the body of research on human-computer interaction and suggest that social effects of computers can be attenuated.

‘The consent of the body of the whole realme’: Edward Hall’s parliamentary history

2018 ◽  
pp. 60-76
Author(s):  
Scott Lucas
Keyword(s):  
First Generation ◽  
Driving Forces ◽  
Strong Support ◽  
The Body ◽  
Ecclesiastical Reform ◽  
The Reformation ◽  
The Commons ◽  
Prime Movers ◽  
Parliamentary History ◽  
Almost All

Modern scholars have often presented Henry VIII and his chief ministers as the prime movers behind the reform of religion in 1530s England. Edward Hall, a Protestant-minded MP in the Reformation parliament, sharply contested this view in his chronicle, The Union of the Two Noble and Illustrious Families of Lancaster and York (1548). Hall presented not the king, but parliamentarians in general and the burgesses of the House of Commons in particular as the true driving forces behind statutory ecclesiastical reform. Insisting upon a pre-existing widespread zeal for reform among his fellow MPs and suppressing almost all sense of the strong support for the clergy expressed by the Commons’ more conservative members, Hall made the Henrician Reformation above all parliament’s Reformation. Hall’s Chronicle therefore broadens our appreciation of the significance of history in the thinking of England’s first generation of reformers.

Who Gets to Fish?

2019 ◽  
pp. 37-49
Author(s):  
Ray Hilborn ◽  
Ulrike Hilborn
Keyword(s):  
Fisheries Management ◽  
Economic Efficiency ◽  
Coastal Waters ◽  
Best Interest ◽  
Important Concept ◽  
Fishing Vessels ◽  
Or Groups ◽  
The Commons ◽  
Fishing Fleets ◽  
Limit Access

Who Gets to Fish. Garrett Hardin’s “The Tragedy of the Commons” is the most important concept in managing fisheries. Simplified, it states that when a resource such as a fishery is held in common, everyone will act in their own best interest and, as long as it is profitable, will fish hard enough to deplete the resource. In Western countries, fisheries management has successively restricted who is allowed to fish. The declaration of 200-mile fishing zones around coastal countries closed coastal waters to foreign fleets. Efforts to limit access began by restricting the number of vessels and then progressed to limiting catch or days at sea. Various forms of allocation to fishing vessels, individuals, or groups have in effect privatized the fishery. While leading to generally increased economic efficiency and smaller fishing fleets, the result has often been a concentration of ownership in few hands that are often large corporations.

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