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This chapter uses stated tourist preferences as a proxy of visitor yield measures, in order to analyse and understand the yield potential of different markets’ preferences. A literature review revealed that there is much progress to be made in terms of discussion, consensus and stability of methodology for the measurement of visitor yield. The aim of the visitor yield analysis, in the current chapter, is also to bring another dimension into yield analysis and discussion, contributing with a new form of measuring yield potential. Since the objective is to identify yield patterns based on tourist preferences over a period of time, dynamics may be captured from the fluctuation patterns, or expressed as volatility of visitor yield and length of stay throughout the years. Destination management organisations and tourist companies may potentially adopt this visitor yield matrix in order to support future strategic decisions.

Yield should be equally considered alongside usage rate and monetary value when managing materials. The precise impact that good yield management (or the lack of it) has on a company will vary from business to business depending on the sensitivity to variations in yield achievement. In order to be effectively managed, production yield performance must be planned and controlled, and this can only be achieved if accurate yield information is available to management. Yield performance data should be collected from each and every stage of the manufacturing process for which it is determined to be measurable, then analysed and comparisons made with established yield standards. The information should be presented to management as “exception reports”, thus emphasising priorities.

It is well recognised that the UK commercial property market has traditionally used nominal market benchmarks such as the all‐risk yield based on the assumption that rents are received annually in arrears. Obviously, the reality of the market is that rents are invariably received quarterly in advance and it has been suggested that valuers should move towards valuation techniques that reflect the actual timing of the cash flow. The Investment Property Forum issued a paper in September 1999 promulgating the use of quarterly in advance valuations. Parry’s Tables provides quarterly in advance formulae that reflect the reality of rental income and indicates that an annual effective yield should be used instead of a nominal yield to compensate for the subsequent compounding resulting from an income received quarterly. However, as will be shown, the effective yield formula provided by Parry’s does not reflect quarterly payments that are received in advance so compromising the accurate transition from annually in arrears to quarterly in advance formulae based valuations. Tables produced by the IPF have rectified this problem in part as they correctly work on the premise that capital values will not change as the profession changes to a quarterly approach. It is the yield which will be expressed differently. The use of an all risk yield technique for valuation is actually a comparative method. The way in which the yield is expressed is not the critical issue, it is the multiplier against the rent which will determine value. This paper provides the formula required to accurately transfer annually in arrears data into quarterly in advance data together with the formulae required for contemporary growth explicit discounted cash flows (DCF).

In this paper, quasi‐Tresca yield surfaces are reviewed. In order to do elasto‐plastic analysis, a new yield criterion is presented. The proposed yield surface can be used in nonlinear three‐dimensional analysis of structures. Function of the yield surface is presented in principal stress space and also Cartesian one. A computer program has been developed for nonlinear analysis in C++. Numerical examples have been solved by the proposed yield surface and good results have been obtained.

A method is presented by which elastoplastic constitutive relations for the solid material equivalent to a perforated plate can be obtained, by performing numerical experiments employing the finite element method. The method is applied to a plate of elastic‐perfectly plastic material, perforated in an equilateral triangular penetration pattern of circular holes. The following situations are considered: plane stress, as existing in thin plates under in‐plane loading, generalized plane strain, which approximates the behaviour of thick plates subjected to in‐plane loading and the plate bending condition. First results have been obtained for the plane stress situation. These results show that, for the case of monotonic loading, the elastoplastic behaviour is nearly isotropic in the plane of the plate, whereas under cyclic loading below the limit load, the equivalent solid material exhibits distortional hardening.

The purpose of this paper is to assess the production risk for winter wheat producers in Beijing, China, particularly in its 13 districts.

A parametric approach is used to model wheat‐yield distribution for samples and the Kolmogorov‐Smirnov test is used to choose the most appropriate yield distribution. Parameters of the special yield distribution are estimated through the maximum likelihood estimation approach.

The Burr distribution is found to be the most appropriate parametric distribution to model winter wheat‐production risks for the districts of Beijing, except in the districts of Fengtai and Shunyi. Findings also show that the Johnson family distribution is the most appropriate model for these two districts (SB for the Fengtai District and SU for the Shunyi District). The wheat‐production loss ratios of the Beijing districts are between 6 and 15 percent, which is considered medium range in most regions. The highest production risks are located in the Western regions of Beijing (Mentougou and Fengtai) while the lowest production risk is located in the Southeastern region of Beijing (Daxing District).

To generate an objective yield trend and an accurate production risk assessment, linear moving average, instead of linear (or quadratic) regression, is used in this paper.

In Part One of this paper, the logical basis of the conventional approach was examined and found to be wanting. The contemporary approaches have a more logical basis but the application of technique has a serious flaw in the analysis stage. While the conventional techniques require no subjectivity at the analysis stage of the valuation process, the contemporary models require a subjective choice of an equated yield, prior to calculation of implied growth rate and capitalisation rate. This choice of equated yield must be made regardless of whether the comparable is rack rented or reversionary. In the use of comparables, both conventional and contemporary techniques do not have any serious flaws when the comparison is perfect. To be perfect the comparison must not only be similar in locational and physical characteristics, but it must also be identical in lease structure, that is to say it must have the same unexpired term and rent received to CRV ratio. Where the perfect comparison exists, investment valuation techniques are irrelevant: direct capital comparison can take over. The debate regarding the use of techniques for market valuation must therefore revolve around the use and manipulation of non perfect comparables and the second part of this paper investigates the objectivity and logic of the application of technique to the valuation of reversionary freehold investments.

We analyze cumulative abnormal returns (CARs) around key events leading up to the passage of JGTRRA to determine whether a reduction in the individual tax rate on dividend income affects stock prices, and if so, whether that effect differs for different groups of firms. In general, we find that dividend yield is positive and significantly related to CARs around both the December and January announcements that legislation might be enacted to reduce or eliminate the dividend tax. Consistent with this observation, when Congress subsequently passed the final Senate vote to reduce but not eliminate dividend taxes, we observe positive and statistically significant returns for high-yield dividend firms, but not for other firms. Additionally, we analyze the role of institutional ownership in the relation between firm yield and price reaction. The incentive to buy dividend-paying stocks should not be influenced by the degree to which a firm's stock is held by institutional investors but rather by the firm's dividend yield. Our results suggest that this distinction is important – institutional ownership appears to be significant for tax changes that induce seller-initiated market reactions, but not for changes that increase buyer-initiated reactions.

We examine the relationship that exists among bond ratings, bond yields, and various estimates of a firm's contingent environmental remediation liability using a sample of new bond issues. Our results indicate that the largest external EPA-based estimates of the firm's environmental obligations are significantly associated with a firm's bond rating, providing relevant incremental information beyond that supplied by the environmental accruals presented in the financial statements. Furthermore, while the accrued environmental liability is shown to have a direct association with the bond yield, the external EPA-based estimates provide an indirect relationship with the bond yield through their influence on the bond rating. These results contribute to the extant literature by empirically clarifying the role of various environmental liability estimates in establishing a firm's bond rating and further indicating their connection with the pricing of corporate debt.

Recent U.S. Treasury yields have been constrained to some extent by the zero lower bound (ZLB) on nominal interest rates. Therefore, we compare the performance of a standard affine Gaussian dynamic term structure model (DTSM), which ignores the ZLB, to a shadow-rate DTSM, which respects the ZLB. Near the ZLB, we find notable declines in the forecast accuracy of the standard model, while the shadow-rate model forecasts well. However, 10-year yield term premiums are broadly similar across the two models. Finally, in applying the shadow-rate model, we find no gain from estimating a slightly positive lower bound on U.S. yields.