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A major source of external funding for US airports comes from issuing municipal bonds. Credit rating agencies evaluate the bonds using multiple factors, but the judgments behind the ratings are not well understood. This paper examines if airport rate-setting methods affect the bond ratings of US airports.

Using a set of unbalanced panel data for 58 hub airports from 2010 to 2019, we examine the effect of the rate-setting methods and other airport characteristics on Fitch’s airport bond rating.

We find that compensatory airports consistently receive a very high bond rating from Fitch. The probability of getting a very high Fitch rating increases by ∼28 percentage points for a compensatory airport. Additionally, the probability of getting a very high rating is about 33 percentage points higher for a legacy hub.

The study uses Fitch bond ratings. Future studies could examine if S&P’s and Moody’s ratings are also influenced by airport rate-setting methods and legacy hub status.

The results uncover the linkage between bond ratings and their determinants for US airports. This information is important for investors when assessing airport creditworthiness and for airport operators as they manage capital project financing.

This is the first study to evaluate the effects of rate-setting methods on airport bond rating and also the first to document a statistically significant relationship between airports’ legacy hub status and bond ratings.

The data for this case were obtained primarily through a series of in-person interviews in Penang between the authors and Pete Browning (a pseudonym) from 2017 to early 2019. The authors also consulted secondary data sources, including publicly available material on BMax and “Company B”.

This case examines a key decision, or set of decisions, in the life of a small- to medium-sized management consultancy group, namely, whether they might expand their operations in Southeast Asia, and if so, where. These key decisions came in the wake of their having already established a very modest scale presence there, with an operating base on the island of Penang just off the north western coast of Peninsular Malaysia. The initial establishment of a Southeast Asian branch had been somewhat spontaneous in nature – a former colleague of one of the two managing partners in the USA was on the ground in Malaysia and available: he became the local partner in the firm. But the firm had now been eyeing expansion within the region, with three markets under particular consideration (Singapore, Indonesia and Thailand) and a further two (Vietnam and China) also seen as possible targets, though at a more peripheral level. The questions facing the decision makers were “was it time they expand beyond Malaysia?” and “if so, where?”

This case could be used effectively in undergraduate courses in international business. The key concepts on which the case focuses are the factors affecting market entry, particularly the choice of market and the assessment of potential attractiveness such markets offer.

The purpose of this research is to analyse the accessibility of Spanish beaches for blind people and their guide dogs as an inclusive tourist destination for national and international tourists.

This empirical research used a quantitative and qualitative methodology from public and private organizations, which intends to give voice to blind people to improve their quality of life.

This study presents a new and surprising contribution to the issue of accessibility of beaches for blind people and future studies related to this topic. Findings revealed that Spain has only nine adapted beaches for blind people, and most Spanish tourist destinations exclude blind people and its guide dogs from enjoying the beach and the sun and their facilities. In Spain there are in total 3,547 beaches; 10.3% of these are adapted beaches for people with reduced mobility, whereas only 0.25% are adapted beaches for blind people. Indeed, results also suggest that more efforts are required in response to the needs of blind people in tourism and transport activities by researchers, academics and government bodies.

The contribution of this paper is especially important for the management of the accessibility of Spanish beaches for blind people and their guide dogs by public and private organizations.

这项实证研究采用了来自公共和私人组织的定量和定性方法, 旨在让盲人发声以改善他们的生活质量。

本研究的目的是分析作为国内和国际游客包容性旅游目的地的西班牙海滩对盲人及其导盲犬的可达性。

这项研究对盲人的海滩可达性和与该主题相关的未来研究提出了新的和令人惊讶的贡献。 调查结果显示, 西班牙只有9个适合盲人的海滩, 大多数西班牙旅游目的地都将盲人及其导盲犬排除在享受海滩和阳光及其设施外。 西班牙共有 3,547 个海滩, 其中 10.3% 是适合行动不便人士使用的海滩, 而只有 0.25% 是适合盲人使用的海滩。 事实上, 结果还表明, 研究人员、学术界、政府机构、私营企业以及一个更加公平、团结和慷慨的社会需要做出更多努力来满足盲人在旅游和交通活动中的需求。

本文的贡献对于公共和私人组织管理盲人及其导盲犬在西班牙海滩的可达性尤为重要。

El objetivo de esta investigación es analizar la accesibilidad de las playas españolas para personas ciegas y sus perros guía como destino turístico inclusivo para turistas nacionales e internacionales.

Esta investigación utilizó una metodología cuantitativa y cualitativa apoyada con datos de organizaciones públicas y privadas, con la finalidad de dar voz a las personas ciegas para mejorar su calidad de vida.

Este estudio presenta una nueva y sorprendente contribución sobre la accesibilidad de las playas para personas ciegas y futuros estudios relacionados con este tema. Los resultados revelaron que España tiene solo 9 playas adaptadas para invidentes, la mayoría de los destinos turísticos españoles están excluyendo a las personas invidentes y sus perros guía para disfrutar de la playa y el sol, y de sus instalaciones. En España hay un total de 3.547 playas, el 10,3% son playas adaptadas para personas con movilidad reducida, mientras que solo el 0,25% son playas adaptadas para invidentes. De hecho, los resultados también sugieren que se requieren más esfuerzos en respuesta a las necesidades de las personas ciegas en las actividades de turismo y transporte por parte de investigadores, académicos, organismos gubernamentales, empresas privadas y una sociedad más justa, solidaria y generosa.

La contribución de este trabajo es especialmente importante para la gestión de la accesibilidad de las playas españolas para personas ciegas y sus perros guía por parte de organismos públicos y privados.

This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and the spatial heterogeneity in the dynamics.

The author explores spatial heterogeneity in house price dynamics, using data for 35 Indian cities with a million-plus population. The research methodology uses panel econometrics allowing for spatial heterogeneity, cross-sectional dependence and non-stationary data. The author tests for spatial differences and analyses the income elasticity of prices, the role of construction costs and lending to the real estate industry by commercial banks.

Long-term fundamentals drive the Indian housing markets, where wealth parameters are stronger than supply-side parameters such as construction costs or availability of financing for housing projects. The long-term elasticity of house prices to aggregate household deposits (wealth proxy) varies considerably across cities. However, the elasticity estimated at 0.39 is low. The highest coefficient is for Ludhiana (1.14), followed by Bhubaneswar (0.78). The short-term dynamics are robust and show spatial heterogeneity. Short-term momentum (lagged housing price changes) has a parameter value of 0.307. The momentum factor is the crucial dynamic in the short term. The second driver, the reversion rate to long-term equilibrium (estimated at −0.18), is higher than rates reported from developed markets.

This research applies to markets that require some home equity contributions from buyers of housing services.

Stakeholders can characterise stable housing markets based on long-term fundamental value and short-run house price dynamics. Because stable housing markets benefit all stakeholders, weak or non-existent mean reversion dynamics may prompt the intervention of policymakers. The role of urban planners, and local and regional governance, is essential to remove the bottlenecks from the demand side or supply side factors that can lead to runaway prices.

Existing literature is concerned about the risk of a housing bubble due to relaxed credit norms. To prevent housing market bubbles, some regulators require higher contributions from home buyers in the form of equity. The dynamics of house prices in markets with higher owner equity requirements vary from high-leverage markets. The influence of wealth effects is examined using novel data sets. This research, documents in an emerging market context, the observations cited in low-leverage developed markets such as Germany and Japan.

The proposed model aims to consider the flying hours as a criterion to initiate maintenance operation. Based on this condition, aircraft must be checked before flying hours threshold is met. After receiving maintenance service, the model ignores previous flying hours and the aircraft can keep on flying until the threshold value is reached again. Moreover, the model considers aircraft age and efficiency to assign them to flights.

The aircraft maintenance routing problem (AMRP), as one of the most important problems in the aviation industry, determines the optimal route for each aircraft along with meeting maintenance requirements. This paper presents a bi-objective mixed-integer programming model for AMRP in which several criteria such as aircraft efficiency and ferrying flights are considered.

As the solution approaches, epsilon-constraint method and a non-dominated sorting genetic algorithm (NSGA-II), including a new initializing algorithm, are used. To verify the efficiency of NSGA-II, 31 test problems in different scales are solved using NSGA-II and GAMS. The results show that the optimality gap in NSGA-II is less than 0.06%. Finally, the model was solved based on real data of American Eagle Airlines extracted from Kaggle datasets.

The authors confirm that it is an original paper, has not been published elsewhere and is not currently under consideration of any other journal.

Corporate Social Responsibility (CSR) reporting has been widely accepted as a vital tool for communicating with stakeholders on a range of social, environmental, and governance issues, but how companies define, interpret, apply, integrate, and communicate their CSR efforts and impacts in corporate reporting is anything but a straightforward task. The purpose of this chapter is to explore the concept of materiality in CSR reporting and demonstrate practical examples of good CSR and Sustainable Development Goals (SDGs) reporting practices. We chose the aviation industry because of its economic relevance, constant growth, and future expected changes in the aftermath of COVID-19. In addition, airlines affect many of the SDGs directly and indirectly with contending results. This chapter is timely because of the growing willingness by companies to integrate CSR and environmental, social, and governance (ESG) thinking into the corporate strategy and business operations using materiality assessment and enhancing their competitive advantage and ability to maintain long-term value and because ESG and ethical investing have become part of the mainstream investing. Thus, this chapter contributes to an understanding of the wide range of existing and new reporting frameworks and regulations and reinforces the importance of discussing how this diversity of approaches can affect the work toward worldwide comparability of CSR and sustainability reporting.

Implementing the 17 Sustainable Development Goals (SDGs) unarguably demands huge financial investments. However, the United Nations has acknowledged the huge financial gap militating against the implementation of the SDGs worldwide, leading experts to question the possibility of complete implementation of the goals by their terminal dateline of 2030. While the bulk of the finance currently outlaid on the SDGs comes from traditional sources including foreign direct investments (FDIs), there is the need to focus more attention on developing and exploiting impact investments that are more suitable for financing development programmes and projects. In this chapter, the SDG implementation profiles of the 12 Arab West Asia countries concerning the five most targeted SDGs were evaluated and sustainable finance issues were discussed. Secondary data were retrieved from World Bank's DataBank. The data were descriptively analyzed. Based on the profiles generated, debt relief is put forward as a possible impact investment mechanism suitable for funding the SDGs. Specifically, this chapter recommends that outright cancellation of debts based on the debt-for-SGD swap could serve as some of the impact investments needed to boost the global drive for a developed, peaceful, and just world.

The total defence (TD) concept constitutes a joint endeavour between the military forces and civil defence structures within a TD state. Logistics is essential for such joint collaboration to work; however, the mismatch between military and civil defence logistics structures poses challenges for such joint collaboration. The purpose of this paper is to identify logistics concept areas within the TD framework that allow for military and civil defence collaborations from a logistics operations perspective.

Pattern-matching analysis is used to compare patterns found in the investigated case with those prescribed from the literature and predicted to occur. The study seeks to identify logistics concepts within TD from the literature and from the events describing the Swedish response to the Covid-19 pandemic. Pattern matching thus allows for the reconciliation of logistics concepts from the literature to descriptions of how the response was handled, albeit under a TD framework.

Findings show quite distinct foci between the theoretical and observational realms in terms of logistics applications. While the theoretical realm identifies four main logistics concepts, the observational realm identifies five logistics conceptual themes. This goes on to show an incongruence between the military and civil parts of the TD.

This study provides basis for further research into the applications and management of logistics activity within TD and emergency response.

Logistics applications within TD have not, until now, received much attention in the literature. Given this knowledge gap, this study is of original value.

What kinds of support do interstate rivals provide to domestic actors in ongoing civil wars? And how do domestic actors utilize the support they receive? This chapter answers these questions by comparing Iranian and Saudi military and non-military (mediation, foreign aid and religious soft-power promotion) support to the Houthis and to the Government of Yemen (GoY) during the Saada wars (2004–2010) and the internationalized civil war (2015–2018). It also focuses on the processes through which the GoY and the Houthis have utilized this support for their own strategic purposes. This chapter applies a structured, focused comparison methodology and relies on data from a review of both primary and secondary sources complemented by 14 interviews. This chapter finds that there were less external interventions in the conflict in Saada than in the internationalized civil war. During the latter, a broader set of intervention strategies enabled further instrumentalization by domestic actors, which in turn contributed to the protracted nature of the conflict. This chapter contributes to the literature on interstate rivalry and third-party intervention. The framework of analysis is applicable to civil wars that experience intervention by rivals, such as Syria or Libya.