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Book part
Publication date: 12 September 2017

Margaret Arblaster

The concept of light-handed regulation, including light-handed approaches to the regulation of airport services, is discussed. The rationale for the economic regulation of…

Abstract

The concept of light-handed regulation, including light-handed approaches to the regulation of airport services, is discussed. The rationale for the economic regulation of airport services and the traditional approaches used for economic regulation of airport charges are summarized. The evolution of international practice of light-handed regulation is outlined, including the experience with minimal regulation across monopoly industries in New Zealand and the acceptance of “negotiated settlements” in utility industries in North America. General reasons for moving to light-handed regulation of airports include the disadvantages of the price cap approach in practice and the benefits of facilitating greater negotiation between airports and users. Comparisons are made between alternative approaches to light-handed regulation of airport services, including price and quality of service monitoring, information disclosure regulation and negotiate-arbitrate regulation, approaches that have been applied to airport services in Australia and New Zealand. The role and nature of the incentives under each approach are discussed. The chapter concludes that whether light-handed regulation provides a suitable alternative approach to direct regulation depends on the market circumstances and the design characteristics of the light-handed approach.

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The Economics of Airport Operations
Type: Book
ISBN: 978-1-78714-497-2

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Book part
Publication date: 12 September 2017

Abstract

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The Economics of Airport Operations
Type: Book
ISBN: 978-1-78714-497-2

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Book part
Publication date: 12 September 2017

John D. Bitzan and James H. Peoples

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The Economics of Airport Operations
Type: Book
ISBN: 978-1-78714-497-2

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Book part
Publication date: 12 September 2017

Xiaowen Fu and Hangjun Yang

With significant changes in the aviation industry, various airport–airline arrangements have been formed to achieve alternative objectives. However, no consensus has been…

Abstract

With significant changes in the aviation industry, various airport–airline arrangements have been formed to achieve alternative objectives. However, no consensus has been reached on such arrangements’ economic effects and the associated optimal public policy. This chapter aims to provide an interpretive review of the common types of airport–airline arrangements, the different modeling approaches used and key conclusions reached by recent studies. Our review suggests that airport–airline arrangements can take diverse forms and have been widely used in the industry. They may allow the airport and its airlines to internalize demand externality, increase traffic volume, reduce airport investment risks and costs, promote capacity investment, enhance service quality, or simply are a response to the competition from other airport–airline chains. On the other hand, such vertical arrangements, especially for those exclusively between airports and selected airlines, could lead to collusive outcomes at the expenses of non-participating organizations. The effects of such arrangements are also significantly influenced by the contract type, market structure and bargaining power between the airport and airline sectors. While case by case investigations are often needed for important economic decisions, we recommend policy-makers to promote competition in the airline and airport segments whenever possible, and demand more transparency or regulatory reporting of such arrangements. Policy debates and economic studies should be carried out first, before intrusive regulations are introduced.

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The Economics of Airport Operations
Type: Book
ISBN: 978-1-78714-497-2

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Article
Publication date: 1 December 2003

Daniel Roseman

Against the background of international telecommunications liberalization and declining settlement payments for many developing countries, charging arrangements for…

Abstract

Against the background of international telecommunications liberalization and declining settlement payments for many developing countries, charging arrangements for Internet interconnection services (IIS) have become a controversial issue. Following on from the author’s article in the previous issue of info, which reviewed the complaints and counter‐arguments regarding whether current charging arrangements for Internet interconnection are inequitable and subject to anti‐competitive behaviour on the part of Internet backbone providers, this paper reviews proposals for action and makes a number of recommendations as to how to move the debate usefully forward, including a number of positive measures that developing countries can take themselves, as well as measures requiring cooperation among complainant and “complacent” countries.

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info, vol. 5 no. 6
Type: Research Article
ISSN: 1463-6697

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Article
Publication date: 4 January 2011

Roman Tomasic

The financial crisis has been something of a turning point in the regulatory response to financial crime around the world. The failure of light‐handed regulation and risk…

Abstract

Purpose

The financial crisis has been something of a turning point in the regulatory response to financial crime around the world. The failure of light‐handed regulation and risk assessment by both industry and regulators made the operation of financial regulatory agencies almost untenable, often leading to calls for their replacement by more effective agencies. The purpose of this paper is to assess the nature of this regulatory challenge.

Design/methodology/approach

The paper discusses some of the case studies that have emerged from the dark side of regulatory and enforcement policies in recent times.

Findings

A culture of minimal regulation of financial markets meant that many undesirable practices (such as insider trading, foreign corrupt practices, tax avoidance, money laundering and other frauds) were able to avoid detection until public outrage led to regulatory and prosecutorial agencies being prompted into action following the collapse of financial markets.

Research limitations/implications

More detailed studies of particular institutions will be necessary; this will become possible as the current financial crisis subsides.

Originality/value

This paper explores some of the factors behind this state of affairs and makes policy recommendation in regard to the need for more effective internal controls and monitoring measures within the modern financial corporation.

Details

Journal of Financial Crime, vol. 18 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 28 August 2009

Mark D. Domney

This paper aims to examine whether the mode of privatisation and the subsequent ownership structure affects post‐privatisation performance.

Abstract

Purpose

This paper aims to examine whether the mode of privatisation and the subsequent ownership structure affects post‐privatisation performance.

Design/methodology/approach

Utilising a theoretically derived sample of two matched telecommunications firms in New Zealand and Australia, and non‐parametric analysis of financial data, the performance of two forms of privatisation are compared: full privatisation via direct sale to foreign anchor investors versus partial privatisation via a domestic share issue restricting foreign ownership.

Findings

Concentrated ownership through direct sales to foreign owned anchor investors is not more efficient or profitable, nor does it result in increased capital investment; it does, however, result in higher dividend payouts.

Research limitations/implications

These findings contradict the accepted wisdom and dominant theory in the field that full privatisation outperforms partial privatisation, and that FDI transfers firm‐specific ownership advantages enabling the recipient to outperform domestically owned firms. However, the findings are applicable to the two firms and countries studied and future studies need to extend these to the wider population of privatised firms.

Practical implications

While privatisation will improve organisational performance, the choice of whether to privatise by direct sale to anchor investors and foreign owners versus a partial share issue privatisation and keeping a domestic focus will have post‐privatisation performance implications.

Originality/value

A more nuanced understanding is provided of the performance implications of modes of divestiture and ownership structures in advanced economies.

Details

International Journal of Public Sector Management, vol. 22 no. 6
Type: Research Article
ISSN: 0951-3558

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Article
Publication date: 1 March 2006

Russel Poskitt and Peihong Yang

This study investigates the impact of the enhanced continuous disclosure regime introduced in December 2002 on several measures of information risk in NZX‐listed stocks…

Abstract

This study investigates the impact of the enhanced continuous disclosure regime introduced in December 2002 on several measures of information risk in NZX‐listed stocks. We employ two microstructure models and an intraday data set to measure information risk in a sample of 71 stocks. Our empirical results show that the reforms enacted in December 2002 had no significant effect on either the level of information‐based trading or the adverse selection component of market spreads in our sample of NZX‐listed stocks.

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Pacific Accounting Review, vol. 18 no. 1
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 5 September 2016

Axel Klein

The purpose of this paper is to throw a new light on the online adult entertainment industry and help remove the stigma associated with it.

Abstract

Purpose

The purpose of this paper is to throw a new light on the online adult entertainment industry and help remove the stigma associated with it.

Design/methodology/approach

An ethnographic approach was taken, with participant observation and in-depth interviews with a number of informants.

Findings

This is an environment where female performers can enjoy good income opportunities and work in a safe environment. It also provides a high level of job security for technical support staff.

Research limitations/implications

The study used a sample sample size with no access to clients.

Practical implications

It is important that UK regulation remains light handed to avoid pushing the industry off shore.

Originality/value

The paper provides new data on the working environment in camming studios and positive aspects of job security and the equitable distribution of profits.

Details

Drugs and Alcohol Today, vol. 16 no. 3
Type: Research Article
ISSN: 1745-9265

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Article
Publication date: 1 May 2005

Mark D. Domney, Heather I.M. Wilson and Er Chen

To compare the profitability and technical efficiency of firms in a monopoly industry, airports, operating with different degrees of market power and under differing…

Abstract

Purpose

To compare the profitability and technical efficiency of firms in a monopoly industry, airports, operating with different degrees of market power and under differing regulatory regimes, minimalist in New Zealand and interventionist in Australia.

Design/methodology/approach

Unlike previous privatisation studies, this study measures efficiency and profitability separately. Using data envelopment analysis (DEA), the technical efficiency of privatised airports is assessed, and this independent measure is used in regression analyses to determine whether efficiency, regulation or privatisation is related to airport profitability.

Findings

For firms with monopolistic characteristics operating under minimalist regulation, profitability is related to market power, not efficiency improvements. For firms operating in a regulated environment, profitability is related to regulation, which constrains market power but does not impede efficiency.

Research limitations/implications

This study is limited by its small sample size and its generalisability due to its single industry and regional focus. However, the findings support assertions that the impact of privatisation cannot be assessed independently of industry structure and regulation.

Practical implications

Policy makers considering SOE privatisation in non‐competitive markets should introduce either competition or regulation if firm efficiency is a desired outcome.

Originality/value

Academics and policy makers should be aware that privatisation and competition are not only complementary, as per the extant literature, but they are essential bedfellows. In the absence of competition, regulation is required to control for market power.

Details

International Journal of Public Sector Management, vol. 18 no. 3
Type: Research Article
ISSN: 0951-3558

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