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1 – 10 of 11L'analyse contenue dans le chapitre précédent donne une réponse à la question de savoir pourquoi on poursuit aux Pays‐Bas, dans le cadre de la politique économique, une politique…
Abstract
L'analyse contenue dans le chapitre précédent donne une réponse à la question de savoir pourquoi on poursuit aux Pays‐Bas, dans le cadre de la politique économique, une politique destinée à favoriser le tourisme. Cette réponse consiste à signaler l'intérét du tourisme pour l'ensemble de l'économie. Nous avons distingué cinq éléments, dont le dernier, qui porte exclusivement sur le budget de l'Etat, ne sera pas traité ultérieurement. Les trois premiers, à savoir la production de devises, le développement de la prospérité régionale et l'accroissement du revenu et de l'activité en général, ont été indiqués comme étant les éléments les plus importants, surtout qu'ils correspondent à trois des principaux objectifs de la politique économique poursuivie aux Pays‐Bas, à savoir une balance des paiements avantageuse, une expansion économique équilibrée et aussi forte que possible, et un niveau de l'emploi aussi élevé que possible. Il convient de considérer l'élément du développement de la prospérité régionale (où le tourisme peut entrer en jeu) par rapport aux objectifs de la croissance économique équilibrée et du niveau de l'emploi le plus élevé possible.
S'il est vrai, comme le constatent W. Hunziker et K. Krapf dans leur œuvre «Allgemeine Freindenverkehrslehre», que le tourisme moderne doit sa naissance à la liberté individuelle…
Abstract
S'il est vrai, comme le constatent W. Hunziker et K. Krapf dans leur œuvre «Allgemeine Freindenverkehrslehre», que le tourisme moderne doit sa naissance à la liberté individuelle illimitée qui régnait au 19e siècle, l'essor qu'il a pris pendant ces dernières décennies n'aurait pas été possible sans une action bien orientée et organisée d'individus associés, c'est‐à‐dire sans une politique visant à favoriser le tourisme.
Rapport de synthèse présenté par A. J. Guignand, directeur général de Villages Vacances Familles, Paris J'ai été chargé par le Comité de rédaction du Congrès de résumer et de…
Abstract
Rapport de synthèse présenté par A. J. Guignand, directeur général de Villages Vacances Familles, Paris J'ai été chargé par le Comité de rédaction du Congrès de résumer et de rassembler les principales idées émises au cours de ce Congrès, tant dans les rapports que dans les discussions qui ont suivi.
Thème du Congrès Le 20° Congrès de l'AIEST sera consacré au sujet
Focuses on the year 2000, reviewing the periodical literature of information and library services management, and of the relevant literature from the field of management in…
Abstract
Focuses on the year 2000, reviewing the periodical literature of information and library services management, and of the relevant literature from the field of management in general. Notes the themes of major conferences in the field of information and library services management, and of reference tools for library managers.
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Erin Jade Twyford, Farzana Aman Tanima and Sendirella George
In this paper, the authors explore racialisation through human-centric counter-accounts (counter-stories) to bring together critical race theory (CRT) and counter-accounting.
Abstract
Purpose
In this paper, the authors explore racialisation through human-centric counter-accounts (counter-stories) to bring together critical race theory (CRT) and counter-accounting.
Design/methodology/approach
The authors utilise CRT to demonstrate the emancipatory role of counter-stories in (re)telling racialized narratives, specifically the narrative of asylum seekers who arrive by sea and are subjected to the inhumane and oppressive nature of the Australian government's policy of offshore immigration detention.
Findings
Counter-stories, as tools of accountability, can make visible oppressive forces and the hidden practices of racialized social practices and norms.
Research limitations/implications
This paper emphasises that we are not in a post-racial world, and racialisation remains a fundamental challenge. We must continue to refute race as an ontological truth and strive to provide a platform for counter-stories that can spark or drive social change. This requires allies, including academics, to give that platform, support their plight, and offer avenues for change.
Originality/value
The authors introduce CRT as a theoretical tool for examining racialisation, opening space for a more critical confluence of accounting and race with potentially wide-reaching implications for our discipline. The paper also contributes to the limited accounting literature concerning asylum seekers, particularly in the use of counter-stories that offer a way of refuting, or challenging, the majoritarian/dominant narratives around asylum-seeking.
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Yuan Cao, Desheng Wu and Lei Li
Non-financial corporate debt is one of the important sources of systematic risk in the real economy. Assessing a measure of systematic risk in corporation debt is currently a key…
Abstract
Purpose
Non-financial corporate debt is one of the important sources of systematic risk in the real economy. Assessing a measure of systematic risk in corporation debt is currently a key challenge. In this regard, we propose a two-tier risk contagion networks model.
Design/methodology/approach
Assessing a measure of systematic risk in corporation debt is currently a key challenge. In this regard, we propose a two-tier risk contagion networks model based on four dimensions: concept definition, data structure, risk contagion network construction, and risk measurement indicators construction. We take the Jiangsu bond issuer guarantee network as a sample area.
Findings
Taking the Jiangsu bond issuer guarantee network as a sample area, we find that there is a strong correlation between the debts of non-financial corporation in China, and it is easy to become a potential regional systematic risk source. In addition, our empirical research also reveals that external risk exposure and node degree of network are two key indicators when identifying key risk-contagion enterprises.
Originality/value
The main contributions of this study are two-fold. First, this article proposes a two-tier risk contagion networks model to measure systematic risk in non-financial corporation. Second, this article describes the structure of the corporate risk contagion network.
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Yan Li, Lian Luo, Chao Liang and Feng Ma
The purpose of this paper is to explore whether the out-of-sample model bias plays an important role in predicting volatility.
Abstract
Purpose
The purpose of this paper is to explore whether the out-of-sample model bias plays an important role in predicting volatility.
Design/methodology/approach
Under the heterogeneous autoregressive realized volatility (HAR-RV) framework, we analyze the predictive power of out-of-sample model bias for the realized volatility (RV) of the Dow Jones Industrial Average (DJI) and the S&P 500 (SPX) indices from in-sample and out-of-sample perspectives respectively.
Findings
The in-sample results reveal that the prediction model including the model bias can obtain bigger R2, and the out-of-sample empirical results based on several evaluation methods suggest that the prediction model incorporating model bias can improve forecast accuracy for the RV of the DJI and the SPX indices. That is, model bias can enhance the predictability of original HAR family models.
Originality/value
The author introduce out-of-sample model bias into HAR family models to enhance model capability in predicting realized volatility.
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Athanasios Fassas, Stephanos Papadamou and Dimitrios Kenourgios
This study examines the forecasting performance of the professional analysts participating in the Blue Chip Economic Indicators Survey using an alternative methodological research…
Abstract
Purpose
This study examines the forecasting performance of the professional analysts participating in the Blue Chip Economic Indicators Survey using an alternative methodological research design.
Design/methodology/approach
This work employs two methodologies, namely a panel specification, with the cross-section being the forecast horizon (from 1-month to 18-months ahead forecasts) and the time period being the time that the forecast was made and a quantile regression technique, which evaluates the hidden nonmonotonic relations between the forecasts and the target variables being forecasted.
Findings
The empirical findings of this study show that survey-based forecasts of certain key macroeconomic variables are generally biased but still efficient predictors of target variables. In particular, we find that survey participants are more efficient in predicting long-term interest rates in the long-run and short-term interest rates in the short run, while the predictability of medium-term interest rates is the least accurate. Finally, our empirical analysis suggests that currency fluctuations are very hard to predict in the short run, while we show that survey-based forecasts are among the most accurate predictors of GDP deflator and growth.
Practical implications
Evaluating the accuracy of economic forecasts is critical since market participants and policymakers utilize such data (as one of several inputs) for making investment, financial and policy decisions. Therefore, the quality of a decision depends, in part, on the quality of the forecast. Our empirical results should have immediate implications for asset pricing models that use interest rates and inflation forecasts as variables.
Originality/value
The present study marks a methodological departure from existing empirical attempts as it proposes a simpler yet powerful approach in order to investigate the efficiency of professional forecasts. The employed empirical specifications enable market participants to investigate the information content of forecasts over different forecast horizons and the temporal evolution of forecast quality.
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Suvra Roy, Ben R. Marshall, Hung T. Nguyen and Nuttawat Visaltanachoti
The purpose of this study is to investigate (1) how managers respond to stock price crashes, (2) why they respond and (3) how their responses affect shareholders.
Abstract
Purpose
The purpose of this study is to investigate (1) how managers respond to stock price crashes, (2) why they respond and (3) how their responses affect shareholders.
Design/methodology/approach
This study employs a panel regression with various firm-level controls and firm- and year-fixed effects. The sample is comprised of 101,532 firm-year observations with 11,727 unique firms from 1950 to 2019. Using mutual fund flow redemption pressure as an exogenous variable to stock price crashes, the paper provides further evidence of the causality of documented findings.
Findings
Management becomes more focused on improving transparency, raising investment efficiency, reducing agency conflicts and regaining the trust of shareholders by investing in social capital and employee welfare. These actions increase firm value. This study also suggests that management undertakes these actions out of concern for their tenure of employment.
Originality/value
The catalysts of stock price crashes are well documented, but much less is known about what happens following stock price crashes. This study provides more insights into the understanding of corporate crisis management practices following adverse events.
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