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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.

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.

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.

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.

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

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.

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.

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.

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.

This study aims to take advantage of exporters’ product codes and examine the effects of government subsidization on corporate product strategies by focusing on the dimension of product differentiation.

This study uses harmonized system (HS) product codes to construct a novel measure of product differentiation among a sample of Chinese exporters during 2000–2012. It uses propensity score matching to construct a comparable sample of control firms for exporters receiving government subsidies, and then a difference-in-differences (DID) analysis is conducted.

This study finds that product differentiation decreases immediately upon receiving a government subsidy. This finding suggests that in an emerging market, firms use their subsidy to imitate competitors rather than increase innovation. Further analyses show that this effect is concentrated among wholly foreign-owned enterprises and firms that focus on general trade rather than processing trade. In addition, the authors find some evidence that government subsidization leads to an increase in the number of product lines and decreases in domestic value added and export product quality.

This study constructs a novel measure of product differentiation for a large sample of Chinese exporters and provides insights that government subsidization can affect corporate product strategies.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

This study aims to understand the characteristics and formation of artists’ production sensibilities and relations with other actors within an emerging hybrid art market structure.

To unravel senses and map out relationships and structures in the context of this study, qualitative methods, including in-depth interviews and analysis of secondary data sources, were applied.

The authors describe three art production sensibilities and market-based relationship logics rooted in the artist and the artwork’s diverse role in the market.

The findings suggest that artistic sensibilities motivate managers working in the hybrid art market to develop a more nuanced positioning of artists and their creative outputs to improve harmony and collaboration.

This study demonstrates that the hybrid structure of art markets allows for the harmonious separation and collaboration of non-market (artistic) and market logics. This study uncovers how artists combine their non-market creative position with market needs in the process of marketization and hybridization.

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.

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

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

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.

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.

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.

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