No description available.

No description available.

No description available.

No description available.

Environmental remediation liabilities are generated primarily as a result of past actions by a firm. The most important of these liabilities for domestic U.S. firms are related to Superfund sites as designated by the Environmental Protection Agency (EPA). These liabilities are important for domestic firms because of their size, which is estimated to be approximately $300 billion (Congressional Budget Office 1994) and because of public concern for the environment. This study examines the relation among bond ratings, bond yields, and EPA-based estimates of contingent environmental remediation liabilities to test if the relationships hold as theory implies it would. Extant theory suggests that financial variables, such as environmental remediation liabilities, have incremental explanatory power beyond the information included in bond ratings for bond yield. The purpose of this study is to determine the importance of external estimates of a firm's contingent environmental liabilities for a firm's cost of debt. In addition, the manner in which a firm's contingent environmental liabilities are included in the costs of debt is examined in this study. The results of this study indicate that external estimates for environmental liabilities are associated with the bond ratings and bond yield for a data set of new bond issues collected from the period 1995 to 1997. Despite that firms are increasing their recognition of environmental liabilities, either due to regulatory pressure or other factors, the measures based on EPA data still have significant explanatory power. The results imply that firms are either still lagging in appropriate recognition or that the external measures proxy for amounts imputed by the capital markets for some probable unspecified future costs. The latter explanation is supported by additional evidence in this study that the largest monetary measure of the liability is the most significantly associated with bond ratings and bond yields. Further, the results indicate that the external estimates are incorporated in bond ratings as part of the firm's default risk and have no direct influence over bond yield beyond that included in the bond ratings. This implies that bond ratings are particularly important for any evaluation of investment in debt securities from firms that have contingent environmental liabilities. / Ph. D.

The use of contingent valuation (CV) methods to estimate benefits has become increasingly common in project analysis. Ever since the NOAA Blue Ribbon Panel Report in 1993 (NOAA, 1993) recommended the use of the referendum form of CV, it seems to have become the method of choice in practical settings. Referendum-type questions are thought to be easier to answer than the open-ended variety. But there is a downside: econometric techniques must be applied to the referendum data in order to infer the mean or median willingness to pay (WTP) of the sample and, thus, of the population of potential beneficiaries. This is not, however, just a technical point. Its implications are demonstrated with data obtained from a referendum CV study done for a proposed sewer and wastewater treatment project designed to improve water quality in the Tietê River flowing through the city of São Paulo, Brazil. The results show that: A factor of 4 separates lowest from highest central tendency estimates of WTP, ignoring one implausible outlier that is 14 times larger than the largest of the other figures. This variation is ample enough to make a difference in the cost-benefit analysis results for the project under conservative assumptions. Analysts that use referendum CV data must be sensitive to the problems they buy into, and decide how to deal with the resulting benefits uncertainty in their project analysis. If the principal use of CV survey data is to produce a mean or median estimate of WTP for Cost-Benefit analysis rather than to test for the factors influencing referendum choice responses and, by implication, WTP, nonparametric approaches have the advantage of simplicity over parametric approaches. / Master of Arts

Yes / This paper considers recent field evidence to analyse what online public services citizens need, explores potential citizen subsidy of these specific services and investigates where resources should be invested in terms of media accessibility. We explore these from a citizen-centric affordability perspective within three ‘exemplar’ developing countries in sub-Saharan Africa. The World Bank and United Nations in particular promote initiatives under the ‘Information and Communication Technologies for Development’ (ICT4D) to stress the relevance of e-Government as a way to ensure development and reduce poverty. We adopt a ‘Contingency Value’ method to conceptually outline reported citizens willingness to pay for digital public services. Hence, our focus is mainly upon an empirical investigation through extensive fieldwork in the context of sub-Sahara Africa. A substantive survey was conducted in the respective cities of Addis Ababa (Ethiopia), Lagos (Nigeria) and Johannesburg (South Africa). The sample of citizens was drawn from each respective Chamber of Commerce database for Ethiopia and South Africa, and for Nigeria a purchased database of businesses, based on stratified random sampling. These were randomly identified from both sectors ensuring all locations were covered with a total sample size of 1,297 respondents. It was found, in particular, that citizens were willing to pay to be able to access digital public services and that amounts of fees they were willing to pay varied depending on what services they wish to access and what devices they use (PCs or mobile phones). / European Investment Bank under the EIB-Universities Research Action Programme

Yangtze finless porpoises (YFPs) are the only fresh-water adapted porpoises in the world and they are endemic to Yangtze River system, including Poyang Lake. They are threatened by many factors, such as illegal fishing and overfishing, sand dredging, intensive shipping traffic, and pollution from agriculture and industry. Consequently, their population is decreasing at a great rate and they are listed as an endangered rare species on the red list of the International Union for Conservation of Nature (IUCN) since 1996. Moreover, a hydroelectricity project in Poyang Lake is in planning by the state of Jiangxi province, which will generate further serious threats to YFPs by cutting off their migration route and fragmenting their habitat. Therefore, it is very urgent to take some protection measures for YFPs. A special nature reserve is one possibility to protect YFPs, such as a nature reserve area, which is located in Poyang Lake. In order to find out whether a nature reserve is worthwhile, an economic analysis valuing the benefit of YFPs has been conducted. An appropriate method, the contingent valuation approach, has been chosen. The overall aim of such a contingent valuation study is to estimate the total benefits of YFPs by asking individuals’ willingness to pay for the porpoise conservation project. Because many people are unfamiliar with YFPs and the species’ total values consist of mainly non-use values, preference construction and estimating a demand function is a complex task. Therefore, the valuation workshop method, a group-based approach, which can make respondents motivated and well-informed so that they thoroughly consider the questions, provides a realistic decision-making environment. This method was selected to help respondents construct their preference. Within this study, a series of such valuation workshops were successfully organized and data and information were collected. The findings of the study have both methodological and policy-related implications. From the perspective of methodology, the important findings include: 1) Valid response rates are high enough to support further analysis and large mean WTP for porpoise conservation are obtained. Therefore, it can be concluded that the valuation workshop method as has been chosen in this study, is suitable for valuing porpoise conservation. The valuation workshop method can make people well informed about environmental goods and services, such as rare species, so that they can build their preference about them, which is quite a complex task for many individuals. IV 2) Distance effects are verified to fail to work on willingness to pay (WTP) for porpoise conservation, which is mostly driven by non-use values. Therefore, distance need not be included in the aggregation analysis of total benefits of YFPs. Similarly, the market for conservation of YFPs can be defined as the nation of China. And the sampling frame of such an evaluation of a rare species can be all the Chinese population. 3) Income effects are confirmed to be significantly influential for both Chinese respondents and German respondents. Hence, the aggregation of total values of YFPs should consider about individuals’ income levels and their ability to pay (ATP). It is inferred from the fact of smaller mean WTP in China as compared with Germany that some low-income respondents’ WTP bids are possibly distorted by their ATP, which needs further confirmation in follow-up research. In addition, there are also some policy-related implications, which are closely related with the mentioned methodological aspect: The total economic values of porpoise conservation are predicted to be appreciably huge. Definitely, their total benefits should be taken into account by politicians and decision-makers. This study makes explicit people’s attitudes and preference on the trade-off between economic growth and ecological use. The establishment of a special nature reserve for YFPs is still an open question.

No description available.

Individuals diagnosed with Autism Spectrum Disorder (ASD) have difficulties in forming functional communication. The purpose of this study was to replicate Ishizuka and Yamamoto (2016) to determine which intervention, contingent vocal imitation or contingent vocal responses, produced the highest level of vocalizations of young children diagnosed with ASD in a play-based setting. For the contingent vocal response treatment phase, the experimenter vocally responded to each child vocalization with a response that was topographically different than the child’s response. For the contingent vocal imitation treatment phase, the experimenter vocally imitated the child’s vocalization with a topographically identical response. Two children diagnosed with ASD, ages 41 and 57 months, participated in this study. An alternating treatment design was used to compare the effects of each treatment on increasing child vocalizations. . Results indicated that contingent vocal imitation resulted in a higher number of child vocal imitations for both children. Results also indicated that contingent vocal responses and contingent vocal imitation produced comparable levels of overall vocalizations, which replicated the findings of Ishizuka and Yamamoto (2016). / Applied Behavioral Analysis