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Je crois devoir vous donner connaissance dès l'abord, de la façon dont un groupe d'experts fran‐çais a voulu traiter le rapport de base que je leur avais fait réserver.

Historical stock prices have long been used to evaluate a stock’s future returns as well as the risks associated with those returns. Similarly, historical dividends have been used to evaluate the intrinsic value of a stock using, among other methods, a dividend discount model. In this chapter, we propose an alternate use of the dividend discount model to enable an investor to assess the risks associated with a particular stock based on its dividend history. In traditional applications of the dividend discount model for stock valuation, the value of a stock is the net present value of its future cash dividends. We propose an alternative approach in which we calculate the internal rate of return for a stream of future cash dividends assuming the current stock price. We use a bootstrapping approach to generate a stream of future cash dividends, and use a Monte Carlo simulation approach to run multiple trials of the model. The probability distribution of the internal rates of return obtained from the simulation model provides an investor with an expected percentage return and the standard deviation of the return for the stock. This allows an investor to not only compare the expected internal rates of return for a group of stocks but to also evaluate the associated risks. We illustrate this internal rate of return approach using stocks that make up the Dow Jones Industrial Average.

The economic value of tourism in developing countries — an issue? Kenya, as other developing countries, develops its tourism, principally to take advantage of its economic benefits. So far Kenya is convinced about these benefits. More doubts, however, have been raised elsewhere, including certain industrialized donor countries. One objection bases on the opinion that developing countries would obtain only minor returns from tourism. This pre‐occupancy confuses the whole travel package (which includes air‐fare, services rendered in the countries of origin and the margin for foreign tour operators) and services rendered in Kenya. As has been shown in this Ministry even for travel packages Kenya receives some 57 % of net returns (value added) in foreign exchange (F.E.). Hotel services in Kenya alone account for some 85 % of net receipts in F.E. In the particular case of imported wines and liquors it could be proved that one Shilling spent for imports yields eight Shillings in F.E.

It has become accepted, almost as an article of faith in the tourism industry, that a major option, open to both large cities and traditional resorts which wish to maintain or increase their tourism earnings, is the generation of large scale conference tourism through the construction of large convention or congress centres. Implicit in this assumption is a belief that large scale conventions will continue to occupy an important place in the tourism industry.

Nombre de mots français évoquant l'accueil touristique tirent leurs racines du latin et sont, par là même, porteurs de symboles qui perdurent audelà des évolutions étymologiques.

This paper deals with the existence of a curve of minimal length, expressed in parametric coordinates, which densifies the square J²=≤ft [ −1,1\right ] × ≤ft [ −1,1\right ] \ with a given degree of density α. Nevertheless, the same problem has no solution if we consider the family of curves defined by means of the graphics of continuous and rectifiable functions f: J→ J. Their consequences on the approximation method to the global optimization are also derived.

Hotelry and Tourism can be considered as synonymous especially when looked at in small‐state, developing‐country terms, in that, in these small economies, without tourism, there can be no hotels and without hotels, nos tourism. Of course this is evident in both developing and developed countries that are dependent on tourism for their economic wellbeing, but it is certainly more marked in the former, especially the island state, where, as it were, hotels were and are still constructed dependent on the fact that tourism already exists in the country and the country has the potential for tourism growth. In other words the rationale for hotel development is based on the state of the tourism product in the developing territory, and this is usually dependent on outside marketing forces from the developed nations, as there is little or no domestic tourism in these small countries to merit the growth of the hotel plant. Therefore, the growth and potential of the industry is dictated usually by countries to the north and their influence on the culture and the habits of the developing host nation (usually to their south) is oftentimes enormous.