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Outlines the findings of a study into the secondary destination choices of tourists visiting the Philippines. Defines the tourist mega‐system. Looks at the framework and methodology used and attempts to link these with the holistic approach of Jafari regarding tourism structure and stages which the tourists go through.

For the people of Bangladesh, mostly in rural areas, a new disaster is emerging. Two‐thirds of the deep tube wells installed over the last three decades – roughly 3 million in total – contain arsenic concentrations above the permissible levels set by the WHO. These wells were installed to contribute to a secure and reliable drinking water supply, and put an end to various contagious diseases from the use of surface water. In itself that goal has been reached. It is therefore a bitter observation that it is this very approach that has led to the widespread arsenic poisoning of drinking water. Most rural development programs cannot meet the demand of the community because of the absence of appropriate institutional mechanisms, and most programs simply cannot reach the large low‐income groups. It is time to rethink the existing institutional set‐up and redefine the roles of communities, the private sector, NGOs, local government institutions and the central government. An initiative from several Bangladeshi organisations has resulted in international co‐operation – the Arsenic Mitigation and Research Foundation (AMRF). Participation of the local community is one of the guiding principles of AMRF. Local priorities will be a significant component in the decisions made regarding mitigation activities. Given the institutional weakness of governmental bodies in solving problems within a reasonable time, it is natural to look for local solutions based on local experience, knowledge and capacity. Focuses on institutional development and community participation related to arsenic contamination in drinking water and broadly in sustainable development policy and practice in Bangladesh. Looks into possible comprehensive frameworks for the implementation of sustainable drinking water systems, facilitating a basic development strategy for people's participation. Discusses ways to ensure a greater role for the community in achieving a sustainable rural water management system, involving formal institutions as well as informal networks at village community level.

Urban development and tourism 1.1 Does tourism matter? When we look at the way in which the agglomeration of Venice developed, the high speed of deconcentration of both population and economic activities — from the historical center to parts of the commune on the mainland and the last decade even to communes in the province, a process also known as suburbanisation — is at least noticeable (see for an English survey of existing literature Van der Borg, 1987).

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.

The importance of sanitary conditions in the production, manufacture, and distribution of foods was never greater than to‐day, for less of the food consumed by the individual is produced and prepared at home than ever before; and likewise, the necessity for sanitary laws in regard to foods was never more keenly realised. The disclosures of the insanitary conditions in our packing houses, exaggerated in many instances, has aroused public indignation. The newspapers added fuel to the flame by rehashing every case in recent history containing anything gruesome or revolting in connection with the preparation of food products. These reports, appearing day after day in the newspapers, gave the public the false impression that the manufacture of human bodies into food products was a matter of not uncommon occurrence, and that insanitary conditions prevailed in the manufacture of most foods. The discussion was continued until not only this country, but Europe, looked with suspicion on the food products of the United States.

Total quality management (TQM) has been a popular managerial topic since the 1980s. However, not too many organizations have successfully implemented it. This paper studies a successful TQM project implemented in a manufacturing company in the People's Republic of China. It reports the TQM implementation process, the benefits generated from the TQM project, the problems that arose from the adoption of TQM for the company, and the main factors for the eventual success of the project. This case study is a reference for managers and researchers who are interested in TQM or interested in the Chinese managerial environment in general.

The Presidential Address to the Liverpool Engineering Society by Mr. Farthing (the salient points of which are reproduced in this issue) has particular bearing upon lubrication and especially on young lubrication engineers. Mr. Farthing stressed the very wide field open to young engineers and the difficulties associated with training in order to cover as wide a field as may be necessary. It is usually so important to gain a wide knowledge before one can specialise and this is certainly the case with lubrication engineers. One cannot begin to fully appreciate the intricacies of a lubrication system with all its accessory components lubricating and guarding, for example, a large motive power plant or rolling mill, until one has more than a mere working knowledge of the plant itself, the duties it must perform, how it performs them and the snags that arise which might be overcome by correct lubrication. In view of the fact that lubrication systems are just as important in a textile mill as in a power station or a large brick works, the almost impossible‐to‐achieve‐range of knowledge that would simplify the work of a lubrication engineer is very obvious. Fortunately, lubricating principles apply to most cases and knowing how to apply one's knowledge from basic principles is the key to success in this difficult profession.

The purpose of this paper is to examine the use of financial information and valuation methods among private equity funds in Europe and India. The authors analyze differences in the choice of valuation methods and how the use of financial information differs among funds in the UK, Pan Europe and India.

A survey approach was utilized in collecting proprietary data from European and Indian private equity funds. The data were classified according to fund type, country grouping, size, risk profile, labor cost and industry structure and analyzed using MANOVA and ANOVA.

The results show that the use of valuation models is relatively homogeneous across countries and that the use of financial information appears to be driven to a large extent by fund type and fund focus. The use of audited financial statements appears to increase as firms mature. Significant differences were found in standard financial adjustments between the two fund types and between the country groupings. Results based on labor cost are weakly significant whereas industry structure does not appear to have an impact on how fund managers evaluate investments.

The results indicate that fund managers adapt their decision‐making behavior according to investment type and risk. The authors argue that understanding asymmetrical and structural issues may potentially improve investment decision‐making processes. The main conclusion for researchers is that buy‐out and venture capital funds should not be combined as one asset class. Since a survey approach was used, the study is subject to the belief that fund managers do not internalize decisions well, which could reduce the effectiveness of the research design.

There are few studies in the areas covered by this paper due to the proprietary nature of the private equity industry. The results are important because they help in understanding how fund managers use decision aids such as financial statements and valuation techniques. A better understanding of current practices will help fund managers and fund sponsors in devising improved decision aids and processes, which ultimately may lead to fewer non‐performing investments. This is especially important in private equity since investment decisions are often irreversible and binary.

We hypothesize that a CEO’s responsiveness to security analysts’ demands for information about the firm is influenced by the structure of the CEO’s compensation package. Our analysis is based on a sample of 469 CEO presentations to security analyst societies by 149 firms during the period 1984‐1988. Consistent with the argu ments of Nagar (1999; 1998) that CEO shareholdings and golden parachutes reduce the cost to the CEO of disclosing proprietary information, we find that CEO share holdings and the presence of golden parachutes are positively associated with the total amount of information that a CEO discloses at an analyst society presentation. Consistent with the argument that CEOs whose cash compensation is sensitive to firm performance have incentives to release bad news so as to lower expectations about future performance and, hence, bonus targets, CEO cash compensation performance sensitivities are positively associated with the CEO’s willingness to disclose bad news.