The use of strong and weak form sustainability to assist in rate development for the valuation of exhaustible resources (part I)

2014 ◽  
Vol 32 (3) ◽  
pp. 256-277
Author(s):  
T.V. Grissom ◽  
M. McCord ◽  
D. McIlhatton ◽  
M. Haran
Keyword(s):  
Discount Rate ◽  
Weak Form ◽  
Urban Land ◽  
Exhaustible Resources ◽  
Utility Analysis ◽  
Content Type ◽  
Sustainable Resources ◽  
Discounted Utility ◽  
Rate Development

Purpose – The purpose of this paper, which is the first of a two-part series, is to build upon the established research on environmental economics and sustainability theory developed by Ramsey (1928), Weitzman (2007) and Gollier (2010). The Ramsey-Weitzman-Gollier model, with the contribution of Howarth (2009) and Nordhaus (2007a, b), focuses on discount rate development for environmental and long-term assets, linking discounted utility analysis embedded in the CCAPM model of Lucas (1978) to the policy concerns associated with the valuation of public and sustainable resources. This paper further investigates these issues to the rates structure appropriate for exhaustible resources with a particular emphasis on urban land, based upon the differentiation of strong and weak form sustainability concepts constrained by the objectives of the sustainable criterion of Daly and Cobb (1994). Design/methodology/approach – The paper integrates the concepts of discount rate development for environmental and long-term assets and discounted utility analysis to the policy concerns associated with the valuation of public and sustainable resources. It develops new theoretical insight in order to allow the theoretical formulation of discount and capitalization rates that can be empirically applied and tested. Findings – The paper provides theoretical support for a new approach concerned with the development of capitalization and discount rates in the valuation of non-renewable resources. A key concern of valuing non-renewable or limited resource endowments (in space or time) is the problem of irreversible investment or irrevocable decision implementation as suggested by Arrow-Fisher (1974), Krautkraemer (1985) and Daly and Cobb (1994). It investigates the challenge with developing capitalization rates and valuation of depleting resources temporally, within the constraints of sustainability. To achieve this, an optimal control discounting procedure subject to a sustainable objective statement is employed – in this context it suggests that sustainability should be treated as an alternative to traditional growth and the maximization of near-term returns. Originality/value – This paper extends the construct of developing rates structures appropriate for the valuation of exhaustible resources. It places a conceptual emphasis on urban land development. The measures developed and the insights gained may serve as a basis for future research on the optimal levels of sustainable development appropriate for different nations.

The use of strong and weak form sustainability to assist in rate development for the valuation of exhaustible resources (part II)

2014 ◽  
Vol 32 (4) ◽  
pp. 295-311
Author(s):  
T.V. Grissom ◽  
M. McCord ◽  
P. Davis ◽  
J. McCord
Keyword(s):  
Weak Form ◽  
Strong Form ◽  
Exhaustible Resources ◽  
Future Research ◽  
Theoretical Formulation ◽  
Marginal Rate ◽  
Content Type ◽  
Sustainable Resources ◽  
Resource Endowment ◽  
Rate Development

Purpose –This paper is the second of a two part series which offers new theoretical and empirical insights investigating the rates structures appropriate for exhaustible resources with a particular emphasis on urban land, based upon the differentiation of strong- and weak-form sustainability concepts constrained by the objectives of the sustainable criterion of Daly and Cobb (1994). The integration of the concepts and objectives allow the theoretical formulation of discount and capitalization rates that can be empirically tested. This empirical application employs data from 12 diverse national economies. The paper aims to discuss these issues. Design/methodology/approach – The paper integrates the concepts of discount rate development for environmental and long-term assets and discounted utility analysis to the policy concerns associated with the valuation of public and sustainable resources. The new approach empirically shows the diverse issues of competing sustainable objectives across nations. Findings – The potential and degree of strong-form or weak-form sustainability application in each nation enabled the identification as to whether alternative capital as defined by the modified Ramsey model used per nation, or the marginal rate of resource return as defined by strong form objective of a constant natural resource endowment, can identify which form of capital becomes the major constraint on the resource valuation and allocation decision appropriate within each nation. The findings showed constraints on nation resource endowments relative to population needs and the culture preferences endemic across nations. Originality/value – The findings serve as a basis for future research on the optimal levels of sustainable development appropriate for different nations, the impactions of the timing and level of capital re-switching associated with the application of strong- or weak-form sustainability and the develop of rate and risk measures that can assist in the consideration of sustainable resource as a distinct asset class.

Are share prices of Gulf corporate council banks predictable? A time-series analysis

2020 ◽  
Vol 21 (1) ◽  
pp. 9-28
Author(s):  
Hesham I. Almujamed
Keyword(s):  
Moving Average ◽  
Weak Form ◽  
Efficient Market Hypothesis ◽  
Accounting Disclosure ◽  
Content Type ◽  
Share Prices ◽  
Market Participants ◽  
Short And Long Term ◽  
Future Evaluation

Purpose This research aimed to evaluate the predictability of moving-average strategies and examined the validity of the weak form of the efficient market hypothesis (EMH) for securities of banks listed in the Gulf Cooperation Council (GCC) stock markets of Bahrain, Kuwait, Qatar and Saudi Arabia. Design/methodology/approach Several statistical analyses and eight moving-average rules were employed where buy and sell signals were produced by comparing a security price’s short- and long-term moving averages. The study covered the daily closing share prices of 40 GCC-listed banks over the 18-year period ending 31 December 2017. Findings The results suggest that securities of banks in the GCC were not weak-form efficient because share prices were predictable. Investors who traded using moving-average strategies could generate higher profits. Analysis of variance found that securities of Kuwaiti banks were the most efficiently priced. Practical implications The findings supported the idea that profitability depended on the moving-average rules and country chosen. Transaction costs did not affect the returns obtained using different trading rules. Originality/value This work facilitates future evaluation of accounting disclosure environments as well as the market efficiency and the performance of securities in the GCC countries. The performance of moving average rules among representative countries that share similar characteristics was analyzed. Different market participants, including investors, analysts and regulators, can benefit from this study for decision-making. These results suggest that new regulations might be drafted that would improve the timeliness of accounting information and the banks’ level of efficiency.

Dual-isotope single-photon emission computerized tomography scanning in patients with glioblastoma multiforme: association with patient survival and histopathological characteristics of tumor after high-dose radiotherapy

1998 ◽  
Vol 89 (1) ◽  
pp. 60-68 ◽  
Author(s):  
Richard B. Schwartz ◽  
B. Leonard Holman ◽  
Joseph F. Polak ◽  
Basem M. Garada ◽  
Marc S. Schwartz ◽  
...  
Keyword(s):  
Survival Rate ◽  
Glioblastoma Multiforme ◽  
Single Photon ◽  
Photon Emission ◽  
High Dose ◽  
Term Survival ◽  
Content Type ◽  
Dual Isotope ◽  
Fine Print

Object. The study was conducted to determine the association between dual-isotope single-photon emission computerized tomography (SPECT) scanning and histopathological findings of tumor recurrence and survival in patients treated with high-dose radiotherapy for glioblastoma multiforme. Methods. Studies in which SPECT with 201Tl and 99mTc-hexamethypropyleneamine oxime (HMPAO) were used were performed 1 day before reoperation in 47 patients with glioblastoma multiforme who had previously been treated by surgery and high-dose radiotherapy. Maximum uptake of 201Tl in the lesion was expressed as a ratio to that in the contralateral scalp, and uptake of 99mTc-HMPAO was expressed as a ratio to that in the cerebellar cortex. Patients were stratified into groups based on the maximum radioisotope uptake values in their tumor beds. The significance of differences in patient gender, histological characteristics of tissue at reoperation, and SPECT uptake group with respect to 1-year survival was elucidated by using the chi-square statistic. Comparisons of patient ages and time to tumor recurrence as functions of 1-year survival were made using the t-test. Survival data at 1 year were presented according to the Kaplan—Meier method, and the significance of potential differences was evaluated using the log-rank method. The effects of different variables (tumor type, time to recurrence, and SPECT grouping) on long-term survival were evaluated using Cox proportional models that controlled for age and gender. All patients in Group I (201Tl ratio < 2 and 99mTc-HMPAO ratio < 0.5) showed radiation changes in their biopsy specimens: they had an 83.3% 1-year survival rate. Group II patients (201T1 ratio < 2 and 99mTc-HMPAO ratio of ≥ 0.5 or 201Tl ratio between 2 and 3.5 regardless of 99mTc-HMPAO ratio) had predominantly infiltrating tumor (66.6%); they had a 29.2% 1-year survival rate. Almost all of the patients in Group III (201Tl ratio > 3.5 and 99mTc-HMPAO ratio ≥ 0.5) had solid tumor (88.2%) and they had a 6.7% 1-year survival rate. Histological data were associated with 1-year survival (p < 0.01); however, SPECT grouping was more closely associated with 1-year survival (p < 0.001) and was the only variable significantly associated with long-term survival (p < 0.005). Conclusions. Dual-isotope SPECT data correlate with histopathological findings made at reoperation and with survival in patients with malignant gliomas after surgical and high-dose radiation therapy.

Long-term management of patients with multiple brain metastases after shaped beam radiosurgery

2004 ◽  
pp. 406-412
Author(s):  
Paul Okunieff ◽  
Michael C. Schell ◽  
Russell Ruo ◽  
E. Ronald Hale ◽  
Walter G. O'Dell ◽  
...  
Keyword(s):  
Brain Metastases ◽  
Tumor Control ◽  
Content Type ◽  
Negative Results ◽  
Multiple Metastases ◽  
Extracranial Disease ◽  
Successful Control ◽  
The Brain

✓ The role of radiosurgery in the treatment of patients with advanced-stage metastatic disease is currently under debate. Previous randomized studies have not consistently supported the use of radiosurgery to treat patients with numbers of brain metastases. In negative-results studies, however, intracranial tumor control was high but extracranial disease progressed; thus, patient survival was not greatly affected, although neurocognitive function was generally maintained until death. Because the future promises improved systemic (extracranial) therapy, the successful control of brain disease is that much more crucial. Thus, for selected patients with multiple metastases to the brain who remain in good neurological condition, aggressive lesion-targeting radiosurgery should be very useful. Although a major limitation to success of this therapy is the lack of control of extracranial disease in most patients, it is clear that well-designed, aggressive treatment substantially decreases the progression of brain metastases and also improves neurocognitive survival. The authors present the management and a methodology for rational treatment of a patient with breast cancer who has harbored 24 brain metastases during a 3-year period.

Spinal meningioma after treatment for Hodgkin disease

2001 ◽  
Vol 95 (2) ◽  
pp. 232-235 ◽  
Author(s):  
Andrew J. Martin ◽  
Christopher J. Hammond ◽  
H. Jane Dobbs ◽  
Safa Al-Sarraj ◽  
Nicholas W. M. Thomas
Keyword(s):  
Hodgkin Disease ◽  
Second Primary ◽  
Combined Modality Treatment ◽  
Spinal Meningioma ◽  
Primary Tumors ◽  
Content Type ◽  
Radiation Induced ◽  
Mutagenic Effects ◽  
Long Term Survivors

✓ Long-term survivors of Hodgkin disease may develop second primary tumors caused by the mutagenic effects of radio- and chemotherapy. The authors describe the case of a 35-year-old woman who presented with an unusual meningioma of the cervical spine 9 years after undergoing combined-modality treatment for Hodgkin disease. To the authors' knowledge, this is the first report of spinal meningioma as a complication of such therapy. Whereas radiation-induced intracranial meningiomas are well described in the literature, treatment-induced meningiomas of the spine have not been widely recognized.

To examine the relationships between supplier development practices and supplier-buyer relationship practices from the supplier’s perspective

2017 ◽  
Vol 24 (5) ◽  
pp. 1309-1336 ◽  
Author(s):  
Sarang Joshi ◽  
Manoj Kharat ◽  
Rakesh Raut ◽  
Sachin Kamble ◽  
Sheetal Kamble
Keyword(s):  
Structural Equation ◽  
Success Factors ◽  
Structural Model ◽  
Manufacturing Firms ◽  
Supplier Development ◽  
Competitive Advantages ◽  
Content Type ◽  
The Relationship ◽  
Relationship Improvement

Purpose The purpose of this paper is to examine the relationships between supplier development practices (SDPs) and supplier-buyer relationship practices from the supplier’s perspective (SBRSP), and seek to understand how specific SDPs may impact a buyer’s operational performance as well as supplier-buyer relationship practices. Design/methodology/approach The authors conducted a survey of 512 respondents from the different manufacturing firms in India and applied structural equation modelling to test a structural model that proposes the impacts of various efforts of SDPs on a buyer’s performance as well as SBRSP. Findings The study concludes that SDPs and SBRSP together improve the relationship between a buyer and supplier, and this improved relationship leads to competitive advantages (CAs) followed by profitability. Results indicate that supplier perspective of buyer-supplier relationship can be improved under the condition of SDPs and SBRSP together. SDPs are driven by productive measure and competitive pressure, whereas customer uncertainty is found to be statistically insignificant. Research limitations/implications The study was carried out in North Maharashtra Industrial Zone of India, where the auto sector and machine/components manufacturing firms have been established for a considerable period of time. Results of the study are limited to manufacturing organizations predominantly focussing on the automobile sector and machine/components manufacturing firms. Practical implications This study provides significant insights into the specific impact of various SDPs and SBRSP for both academics and practitioners. SDPs along with SBRSP practices lead to improvement in the relationship leading to CAs. SBRSP suggests that trust, long-term commitments and the supplier’s perspective are important practices for relationship improvement. Originality/value The current study attempts to identify what are the success factors for the supplier-buyer relationship from the supplier’s perspective and SDPs and how the supplier-buyer relationship can be improved under the condition of SDPs and SBRSP. Hence, the aim is to develop a more thorough understanding of the outcomes of a supplier-buyer relationship improvement from both buyer’s and supplier’s perspective, under the conditions of supplier development to achieve CAs leading to profitability. Furthermore, the study analyses the effect of the improved supplier-buyer relationship for achieving CAs leading to profitability.

scholarly journals Sinabung volcano: how culture shapes community resilience

2019 ◽  
Vol 28 (3) ◽  
pp. 290-303
Author(s):  
Marta Mori ◽  
Ronan McDermott ◽  
Saut Sagala ◽  
Yasmina Wulandari
Keyword(s):  
Structured Interviews ◽  
Content Type ◽  
Aid Dependency ◽  
Relief Operations ◽  
Long Term Impact ◽  
Cultural Experts ◽  
Practical Implications

Purpose The purpose of this paper is to explore how culture, including traditions and social structures, can influence resilience and how culturally sensitive relief operations can put affected people and their context at the core of any interventions. Design/methodology/approach A case study of the Mt Sinabung volcano area in Indonesia was undertaken. As part of the case study, an analysis of interventions was conducted, which was complemented by semi-structured interviews with Karo cultural experts and humanitarian organisations. Findings Culture influences the manner in which the Karo people react to volcano eruptions with varying implications for recovery. In addition, relief organisations which understand people’s actions through a cultural lens have better managed to tailor programs with long-term impact, thereby avoiding aid dependency. Practical implications Practical examples of disaster management activities that adequately account for the beneficiaries’ way of living prior to the eruptions are provided. Aid actors are provided with guidance concerning how to better tailor their activities in line with a cultural lens. Originality/value The study provides empirical grounding for claims concerning the role of culture in planning interventions in Indonesia and other similar contexts.

From Ossau and Iraty to PDO Ossau-Iraty

2019 ◽  
Vol 121 (12) ◽  
pp. 3062-3075 ◽  
Author(s):  
Morgane Millet
Keyword(s):  
Local Development ◽  
Qualitative Interviews ◽  
Pasture Production ◽  
Content Type ◽  
Farm Production ◽  
Protected Designation Of Origin ◽  
Summer Pasture ◽  
On Farm ◽  
Term Analysis

Purpose The purpose of this paper is to understand how a geographical indication (GI) is built through time and how its (non)appropriation by local producers shapes it. The reciprocity of such process is also considered: how the creation of a GI changes local relationships between producers, within the GI and out of it? The case of Ossau-Iraty is relevant: in south-west of France, this protected designation of origin (PDO) has been based on two distinct regions: Bearn (Ossau) and Pays Basque (Iraty). Since then, most producers of Bearn have rejected this PDO. Design/methodology/approach The author adopts a diachronic perspective: the trajectory of the local dairy ewe sector is described, focusing on the trajectory of on-farm cheese makers from Bearn and Pays Basque and the trajectory of Ossau-Iraty. Based on different methods (qualitative interviews and archive research), this paper aims at analyzing the interactions within such heterogeneous networks. Findings When the PDO was created (1980), the opposition between producers of Bearn and Pays Basque was based on strong senses of place, which would be translated in a different perception of tradition: to Bearn producers, PDO Ossau-Iraty would be an industrial cheese, in which they did not recognize their product and themselves. With time, the producers who have been involved in the PDO worked on its specifications. The recognition of symbolic practices such as on-farm production or Summer pasture production, the recognition of differences between Basque cheese and Bearn cheese are changes that contribute to the evolution of perceptions within the local producers’ community. The author observes a recent convergence between Basque producers and Bearn producers, as their distinct products share common and strong qualifications within PDO Ossau-Iraty that contribute to their respective valorization. However, it seems to occur at an institutional level and the adhesion of the local producers might still be at stakes. Research limitations/implications A statistical study could reinforce the author’s exploratory and historical research. Furthermore, it would have been relevant to take local inhabitants and local consumers into account, as they have participated in the products’ qualifications as well. Originality/value A long-term analysis (40 years) contributes to better understand how cheeses are valorized and how such process is based on controversial processes. It contributes to root GIs into local histories, which are nor as consensual neither as uniform as we would primarily think, and to identity levers for sustainable local development.

Management of competition among sellers and its performance implications for business-to-business electronic platforms

2015 ◽  
Vol 6 (2) ◽  
pp. 199-222 ◽  
Author(s):  
Xiaoling Li ◽  
Xingyao Ren ◽  
Xu Zheng
Keyword(s):  
Longitudinal Research ◽  
Time Windows ◽  
Customer Relationship ◽  
Effective Control ◽  
Marketing Tactics ◽  
Long Term Effects ◽  
Content Type ◽  
Short And Long Term ◽  
Term Performance

Purpose – This paper aimed to analyze the short- and long-term effects of the breadth and depth of seller competition on the performance of platform companies, and investigated the underlying mechanisms of customers’ two-sided marketing tactics on the structure of the competition between sellers. Design/methodology/approach – A longitudinal research design was adopted by gathering daily market objective data on e-commerce platforms for 250 days, and the dynamic evolution effects was analyzed by using a vector autoregression model which compared the differences between the short- and long-term effectiveness of different customer relationship management (CRM) strategies. Findings – The breadth of competition amongst sellers improves the performance of platforms, whilst the depth of competition among sellers has a positive effect on the short-term performance. However, it has a negative effect on the long-term performance of their platforms. In both the short and long terms, advertising tactics that attract new buyers contribute more to increases in the breadth of seller competition than those that attract existing buyers do. Subsidies for new sellers decrease the depth of seller competition more than those for old sellers. Research limitations/implications – Further research could be undertaken to investigate the validity of marketing tactics other than advertising tactics, and thus expand the time windows of the available data. Practical implications – It is imperative for platform companies to implement effective control over seller competition to balance the interests of the sellers and of themselves. Originality/value – The dyadic paradigm of CRM research has been extended by considering the perspective of the electronic platform company, how the tactics of exploitation and exploration of two-sided customers impact upon seller competitive structures have been delved into and why new customers have a unique value to platform companies has been identified.

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