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Article
Publication date: 4 June 2018

Monika Bandi Tanner, Adrian Künzi, Therese Lehmann Friedli and Hansruedi Müller

The subsidization of events by public authorities at different administrative levels has become increasingly important in recent years. Event portfolios are an important…

Abstract

Purpose

The subsidization of events by public authorities at different administrative levels has become increasingly important in recent years. Event portfolios are an important supply component of tourism destinations. The development of a valuation tool with an event performance index (EPI) as the key output should enable public authorities to develop transparent, systematic and fair subsidization practices in the future. The paper aims discuss these issues.

Design/methodology/approach

Using a theoretical impact model and event evaluation practices, this work develops a new holistic valuation tool for events with key indicators along the dimensions of sustainable development. Basic cost-benefit analysis ideas enrich the approach conceptually. Indicator development was based on a process of elaboration that considered the scientific literature, event stakeholders and municipal representatives.

Findings

The EPI consists of seven core indicators: size, economic value, touristic value and image, innovative strength, value of networking, value of participation and social exchange and relative ecological burden. The application of this tool to a case study revealed that it generates comprehensive and robust indicators of multifaceted and destination-unspecific event values and supports the process of allocating event subsidies using different remuneration schemes. Straightforward and destination-unspecific indicators assure the transferability and adaptability of the valuation tool to different complex and multifaceted contexts of event subsidization.

Originality/value

The EPI seeks to reduce complexity and incentivize event organizers to meet future sustainable development goals. Additionally, this work contributes to future discussions of both the form and process of event subsidization.

Details

International Journal of Event and Festival Management, vol. 9 no. 2
Type: Research Article
ISSN: 1758-2954

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Article
Publication date: 7 August 2017

Dongfeng Liu

The purpose of this paper is to develop a scale to measure the legacy of psychic income associated with the Olympic Games.

Abstract

Purpose

The purpose of this paper is to develop a scale to measure the legacy of psychic income associated with the Olympic Games.

Design/methodology/approach

Using the 2008 Beijing Games as an example, data were collected from Beijing residents through structured questionnaires. A scale of measuring psychic income (SPI) was developed through conducting a confirmatory factor analysis (CFA) based on a sample of 375.

Findings

In the CFA estimation, a seven-factor SPI was identified with 24 pertinent items retained. This seven-factor model displays good fit to the data, construct validity, and reliability.

Originality/value

Despite the importance of psychic income widely recognized in the existing literature, there has been a lack of valid scales to measure major sports events psychic income in general and Olympic psychic income in particular. This paper develops a multidimensional scale from the host community perspective, which can provide academics and local organizers with a reliable and valid tool to assess Olympic psychic income.

Details

International Journal of Sports Marketing and Sponsorship, vol. 18 no. 3
Type: Research Article
ISSN: 1464-6668

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Article
Publication date: 1 March 2000

Karlheinz Kautz and Even Åby Larsen

This article analyzes a European‐wide dissemination project which aimed at spreading quality management and software process improvement approaches among organizations in…

Abstract

This article analyzes a European‐wide dissemination project which aimed at spreading quality management and software process improvement approaches among organizations in the IT sector and beyond to organizations which produce software as part of their primary product. The research presented investigates to what extent that mission has been accomplished and what lessons can be learned for similar actions in the future. For the analysis Rogers’ well‐known model of the diffusion of innovations is used. A secondary outcome of the study therefore is an appraisal of the suitability of the model to plan and perform large‐scale diffusion actions.

Details

Information Technology & People, vol. 13 no. 1
Type: Research Article
ISSN: 0959-3845

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Article
Publication date: 14 September 2020

Michael T. Friedman and Adam S. Beissel

The purpose of this paper is to reframe analyses of stadium and arena subsidization policies from perspectives centered upon economic and financial issues toward a…

Abstract

Purpose

The purpose of this paper is to reframe analyses of stadium and arena subsidization policies from perspectives centered upon economic and financial issues toward a perspective focused on broader issues of urban governance and the public purposes of sports facilities. Such assessments would provide a better understanding of whether such use of public resources represents good public policy.

Design/methodology/approach

To demonstrate this, the paper uses an integrated literature review to offer a historical analysis of sport facility development within the context of the broader assumptions that shape public policy and how sports have been used toward achieving particular public goals. This history provides a foundation for an analysis of sports facility development within the current moment as cities require team owners to invest in redevelopment activities in the neighborhoods surrounding sports facilities.

Findings

This paper asserts that focusing on the economic and financial aspects of sports facility development is a perspective that is too narrow. Instead, this paper shows that a more holistic approach, beginning with the dominant mode of urban governance and how its assumptions underlie the public purposes for which stadiums and arenas are used, provides a better explanatory framework and a deeper understanding of the issue in the contemporary moment.

Originality/value

Moving beyond the question of economic efficacy, the public purpose-centered approach of this paper seeks to place subsidization policies into a broader dialog with other priorities toward maximizing the public good among the broadest population.

Details

International Journal of Sports Marketing and Sponsorship, vol. 22 no. 1
Type: Research Article
ISSN: 1464-6668

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Article
Publication date: 2 August 2011

Adelle Thomas and Robin Leichenko

Insurance is widely regarded as a key adaptation option for climate change. Yet, the experience of the insurance sector in dealing with climatic hazards, particularly…

Abstract

Purpose

Insurance is widely regarded as a key adaptation option for climate change. Yet, the experience of the insurance sector in dealing with climatic hazards, particularly flooding, has been highly varied. Drawing from the experience of the US National Flood Insurance Program (NFIP), the purpose of this paper is to identify opportunities and challenges associated with using insurance as an adaptation strategy for climate change.

Design/methodology/approach

This article critically reviews the history and recent performance of the NFIP and considers lessons for climate change adaptation through insurance.

Findings

The US NFIP offers government‐subsidized flood insurance for firms and residences. Over its 40‐year history, the NFIP has struggled with financial instability and low levels of public participation in the program. The experience of the NFIP offers several lessons regarding the viability of insurance as an adaptation strategy: increasing insurance premiums to account for new climatic risks may mean that a growing segment of the population is unable or unwilling to purchase insurance, absent some other form of subsidization; educating the public on levels of risk and promoting appropriate risk mitigation are highly effective means for reducing damages from current and emerging weather‐related risks; and close public‐private cooperation is likely to be needed to prevent withdrawal of private insurers from high‐risk areas and to ensure that insurance coverage continues to be widely available.

Originality/value

Examination of past experience with insurance as a mechanism for climate adaptation offers lessons and insights that can inform development of effective strategies to address climate change.

Details

International Journal of Climate Change Strategies and Management, vol. 3 no. 3
Type: Research Article
ISSN: 1756-8692

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Article
Publication date: 20 September 2019

Mitchell Roznik, Milton Boyd, Lysa Porth and C. Brock Porth

The purpose of this paper is to examine factors affecting the use of forage index insurance. Forage is a difficult crop to insure, and index insurance may be well suited…

Abstract

Purpose

The purpose of this paper is to examine factors affecting the use of forage index insurance. Forage is a difficult crop to insure, and index insurance may be well suited for forage insurance and has been implemented in several countries, including Canada, the USA and France. Despite being a promising risk management tool, forage index insurance participation rates in Canada, and other countries are low relative to crop insurance participation rates for grain and oilseed producers.

Design/methodology/approach

A survey was conducted with 87 beef and cattle producers from Alberta and Saskatchewan, Canada. A probit regression model was used, and a number of variables were included to examine the use of forage index insurance.

Findings

In total, 6 of 11 variables in the model are found to be statistically significant in explaining forage producers’ use of forage index insurance. Results suggest that producers who maintain lower feed reserves are more likely to purchase forage index insurance. Also, producers with higher levels of knowledge of crop insurance and a more positive attitude toward forage insurance are more likely to use forage index insurance. Furthermore, producers are more likely to use forage index insurance if they perceive drought and weather risk as being of greater importance, and if they are younger. The importance of the variable forage index insurance premium price was statistically insignificant. This could be due to the effect of subsidization, reducing the importance of price for the decision to purchase. Similarly, the use of other subsidized risk management policies, including a whole-farm margin policy (e.g. the government program and AgriStability), did not reduce forage index insurance use. A possible explanation for this is that the subsidization of the policies may make it profitable to purchase both, despite the overlapping coverage.

Practical implications

These results may be useful for policy makers interested in increasing forage index insurance participation rates, as forage index insurance participation rates have historically been low relative to grain and oilseed producers.

Originality/value

This study is believed to be one of the first studies regarding the use of forage index insurance by forage producers. Producers can be exposed to catastrophic risks such as drought or other extreme weather events, and forage index insurance may be an effective means to manage these risks. Index insurance determines payments using an index that is correlated to producers’ actual yields. A downside of this method is basis risk, which is the mismatch between the insured index and the producer’s actual yield. Research has focused on basis risk and developing improved methods to reduce basis risk. However, less research has investigated the other important factors that may contribute to forage index insurance use. Producers may have a different risk management environment regarding forage production compared to other farm activities, and these differences have largely not been examined.

Details

Agricultural Finance Review, vol. 79 no. 5
Type: Research Article
ISSN: 0002-1466

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Article
Publication date: 1 June 1994

Chinmoy Ghosh, S. Guttery and C.F. Sirmans

Olympia and York (O&Y), the world′s largest privately held real estatedeveloper, filed for bankruptcy in Canada, the US and the UK in May1992. The study of O&Y′s impact on…

Abstract

Olympia and York (O&Y), the world′s largest privately held real estate developer, filed for bankruptcy in Canada, the US and the UK in May 1992. The study of O&Y′s impact on banks′ financial performance is important because its financial difficulties affected the banking industry significantly. Unlike studies testing how major lenders′ problems affect other US banks′ stock prices, the study is novel in that it tests how a major borrower′s problems affect both US and foreign banks′ stock prices. Analyses the reactions of US and foreign bank stocks and of O&Y′s bonds to its crisis; the capital market′s response is strongly negative. O&Y′s distress was a major event that signalled the real estate recession and investors′ concerns over the banking sector′s substantial exposure to non‐performing real estate loans. Its creditors applied increasing pressure on its management to disclose more financial information, to renegotiate loans, and eventually, to file for bankruptcy.

Details

Journal of Property Finance, vol. 5 no. 2
Type: Research Article
ISSN: 0958-868X

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Article
Publication date: 8 May 2009

Matthew Ginder, Aslihan D. Spaulding, Kerry W. Tudor and J. Randy Winter

The purpose of this paper is to determine which factors are most influential to farmers' crop insurance purchasing decisions in northern Illinois.

Abstract

Purpose

The purpose of this paper is to determine which factors are most influential to farmers' crop insurance purchasing decisions in northern Illinois.

Design/methodology/approach

A mail survey method was used to collect information from farmers in a 42 county region of Illinois.

Findings

Of the factors analyzed, price had the most significant effect on crop insurance purchase decisions. While acres farmed had statistically significant impact on most of the crop insurance purchase decisions, different factors played a role in purchase decisions based on types of insurance and types of crops covered.

Research limitations/implications

The results of this study warrant additional research relative to crop insurance purchase decisions. Analyzing the affect of varying degrees of government subsidization across crop insurance plans and coverage levels on purchase decisions is recommended. Questions regarding the relationship between crop insurance subsidization, farm program payments, and ad hoc disaster payments would be relevant in light of World Trade Organization and federal budget discussions. Also, asking participants to indicate if they have a written grain marketing plan and if that plan leverages crop insurance coverage to support forward contracting or pre‐harvest pricing would provide additional insights in determining how crop insurance purchase decisions are made. Questions regarding the claims process should be incorporated into future studies on this topic. The timeliness of claims payments, as well as the farmer's level of satisfaction with the claims adjustor and claims process may factor into the decision‐making process.

Practical implications

Illinois farmers and crop insurance agencies could benefit from this study. Findings could improve the crop insurance products and services available to Illinois farmers and make the federal crop insurance program more effective in enhancing farmers' ability to manage crop production risk.

Originality/value

This paper identified the factors that are most influential to farmers' crop insurance purchasing decisions in northern Illinois.

Details

Agricultural Finance Review, vol. 69 no. 1
Type: Research Article
ISSN: 0002-1466

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Article
Publication date: 28 November 2017

Oliver Mußhoff, Norbert Hirschauer, Sven Grüner and Stefan Pielsticker

The purpose of this paper is to check which role-bounded rationality might play as an explanation for farmers’ missing willingness to adopt weather index insurance (WII)…

Abstract

Purpose

The purpose of this paper is to check which role-bounded rationality might play as an explanation for farmers’ missing willingness to adopt weather index insurance (WII). WII is an innovative risk management instrument that causes low administration and regulation costs. Moreover, index insurance is plagued neither by moral hazard nor by adverse selection. Nonetheless, WII has been little used to date in agriculture.

Design/methodology/approach

An extra-laboratory experiment in the form of a multi-period, single-person business simulation game is conducted with farmers as experimental subjects to investigate the reasons for the low willingness to adopt WII.

Findings

First, the demand for WII decreases as the premium loading increases. Second, a transparent communication of the loading reduces demand, indicating that farmers refrain from transactions if they feel that the other party earns (too) much money. Third, communicating to farmers that the index insurance has been subsidized raises demand even though insurance costs in terms of loading are kept constant. This can be taken as an indication that farmers interpret subsidies as a signal for profitable action.

Originality/value

Using an experimental approach and going beyond observational research, this study investigates the prominent question of farmers’ risk management and innovation adoption behavior, and, in particular, the behavioral effect of subsidies. Using a randomized controlled trial, the real behavior of real subjects with real incentives is studied under controlled experimental conditions. Compared to prior studies, the external validity of the experiment is improved by recruiting farmers instead of a convenience group of students.

Details

Agricultural Finance Review, vol. 78 no. 1
Type: Research Article
ISSN: 0002-1466

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Article
Publication date: 14 November 2016

Dongnyoung Kim and Tih Koon Tan

This paper aims to investigate the correlation between stock returns of the parent and newly created entity and the degree of return skewness in parents in the three…

Abstract

Purpose

This paper aims to investigate the correlation between stock returns of the parent and newly created entity and the degree of return skewness in parents in the three different corporate restructurings.

Design/methodology/approach

Using a sample of spin-offs, equity carve-outs and tracking stocks, ordinary least squares regression is used to test the relationship between stock return correlation as well as stock return skewness and the type of corporate restructurings.

Findings

Tracking stock offering has the largest correlation in stock returns, whereas spin-off has the least correlation in stock returns. Also, the result from the skewness test is not consistent with the hypothesis that the stock returns skewness is positively related to the degree of ownership and control.

Originality/value

This is one of the few papers looking at the three corporate restructurings and their return skewness.

Details

Review of Accounting and Finance, vol. 15 no. 4
Type: Research Article
ISSN: 1475-7702

Keywords

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