The Architecture of Post-Independence Tourism: Early “villages de vacances” on the Tetouan Coast (1965-1970)

Central to this research lays the concept of private sector-led urban development projects (Heurkens, 2010). Such projects involve project developers taking a leading role and local authorities adopting a facilitating role, in managing the development of an urban area, based on a clear public-private role division. Such a development strategy is quite common in Anglo-Saxon urban development practices, but is less known in Continental European practices. Nonetheless, since the beginning of the millennium such a development strategy also occurred in the Netherlands in the form of ‘concessions’. However, remarkably little empirical knowledge is available about how public and private actors collaborate on and manage private sector-led urban development projects. Moreover, it remains unclear what the effects of such projects are. This dissertation provides an understanding of the various characteristics of private sector-led urban development projects by conducting empirical case study research in the institutional contexts of the Netherlands and the UK. The research provides an answer to the following research question: What can we learn from private sector-led urban development projects in the Netherlands and UK in terms of the collaborative and managerial roles of public and private actors, and the effects of their (inter)actions? Indications for a market-oriented Dutch urban development practice Urban development practice in the Netherlands has been subject to changes pointing towards more private sector involvement in the built environment in the past decades. Although the current economic recession might indicate otherwise, there are several motives that indicate a continuation of private sector involvement and a private leadership role in Dutch urban development projects in the future. First, a shift towards more market-oriented development practice is the result of an evolutionary process of increased ‘neoliberalization’ and the adoption of Anglo-Saxon principles in Dutch society. Despite its Rhineland roots with a focus on welfare provision, in the Netherlands several neoliberal principles (privatization, decentralization, deregulation) have been adopted by government and incorporated in the management of organizations (Bakker et al., 2005). Hence, market institutionalization on the one hand, and rising civic emancipation on the other, in current Western societies prevents a return towards hierarchical governance. Second, the result of such changes is the emergence of a market-oriented type of planning practice based on the concept of ‘development planning’. Public-Private Partnerships and the ‘forward integration’ of market parties (De Zeeuw, 2007) enforce the role of market actors. In historical perspective, Boelens et al. (2006) argue that Dutch spatial planning always has been characterized by public-private collaborations in which governments facilitated private and civic entrepreneurship. Therefore, post-war public-led spatial planning with necessary government intervention was a ‘temporary hiccup’, an exception to the rule. Third, the European Commission expresses concerns about the hybrid role of public actors in Dutch institutionalized PPP joint ventures. EU legislation opts for formal public-private role divisions in realizing urban projects based on Anglo-Saxon law that comply with the legislative tendering principles of competition, transparency, equality, and public legitimacy. Fourth, experiences with joint ventures in the Netherlands are less positive as often is advocated. Such institutionalized public-private entities have seldom generated the assumed added value, caused by misconceptions about the objectives of both partners grounded in incompatible value systems. This results in contra-productive levels of distrust, time-consuming partnership formations, lack of transparency, and compromising decision-making processes (Teisman & Klijn, 2002), providing a need for other forms of collaboration. Finally, current financial retrenchments in the public sector and debates about the possible abundance of Dutch active land development policies point towards a lean and mean government that moves away from risk-bearing participation and investment in urban projects and leaves this to the market. Importantly, Van der Krabben (2011b) argues that the Dutch active public land development policies can be considered as an international exception, and advocates for facilitating land development policies. In this light, it becomes highly relevant to study private sector-led urban development as a future Dutch urban development strategy. Integrative urban management approach This research is rooted in the research school of Urban Area Development within the Department of Real Estate and Housing at the Faculty of Architecture (Delft University of Technology). It is a relatively young academic domain which views urban development most profoundly as a complex management assignment (Bruil et al., 2004; Franzen et al., 2011). This academic school uses an integrative perspective with a strong practice-orientation and carries out solution-oriented design research. Here, the integration involves bridging various actor interests, spatial functions, spatial scales, academic domains, knowledge and skills, development goals, and links process with content aspects. Such a perspective does justice to complex societal processes. Therefore it provides a fruitful ground for studying urban development aimed at developing conceptual knowledge and product for science and practice. Such integrative perspective and practice-orientation forms the basis of this research and has been applied in the following manner. In order to create an understanding of the roles of public and private actors in private sector-led urban development, this research takes a management perspective based on an integrative management approach. This involves viewing management more broadly as ‘any type of direct influencing’ urban development projects, and therefore aims at bridging often separated management theories (Osborne, 2000a). Hence, an integrative management approach assists in both understanding urban development practices and projects and constructing useful conceptual tools for practitioners and academics. Integrative approaches attempt to combine a number of different elements into a more holistic management approach (Black & Porter, 2000). Importantly, it does not view the management of projects in isolation but in its entire complexity and dynamics. Therefore, our management approach combines two integrative management theories; the open systems theory (De Leeuw, 2002) and contingency theory. The former provides opportunities to study the management of a project in a structured manner. The latter emphasizes that there is no universally effective way of managing and recognizes the importance of contextual circumstances. Hence, an integrative management approach favors incorporating theories from multiple academic domains such as political science, economics, law, business administration, and organizational and management concepts. Hence, it moves away from the classical academic division between planning theory and property theory, and organization and management theories. It positions itself in between such academic domains, and aims at bridging theoretical viewpoints by following the concept of planning ánd markets (Alexander, 2001) rather than concepts such as ‘planning versus markets’, public versus private sector, and organization versus management. Also, such an integrative view values the complexity and dynamics of empirical urban development practices. More specifically, this research studies urban development projects as object, as urban areas are the focus point of spatial intervention and public-private interaction (Daamen, 2010), and thus collaboration and management. Here, public planning processes and private development processes merge with each other. Thus, our research continues to build upon the importance of studying and reflecting on empirical practices and projects (e.g. Healey, 2006). In addition to these authors, this research does so by using meaningful integrative concepts that reflect empirical realities of urban projects. Thereby, this research serves to bridge management sciences with management practices (Van Aken, 2004; Mintzberg, 2010) through iterative processes of reflecting on science and practice. Moreover, the integrative management approach applied in this research assists in filling an academic gap, namely the lack of management knowledge about public-private interaction in urban development projects. Despite the vast amount of literature on the governance of planning practices (e.g. DiGaetano & Strom, 2003), and Public-Private Partnerships (e.g. Osborne, 2000b), remarkable little knowledge exists about what shifting public-private relationships mean for day-to-day management by public and private actors in development projects. Hence, here we follow the main argument made by public administration scholar Klijn (2008) who claims that it is such direct actor influence that brings about the most significant change to the built environment. An integrative urban management model (see Figure 2.3) based on the open systems approach has been constructed which forms a conceptual representation of empirical private sectorled urban development projects. This model serves as an analytical tool to comprehend the complexity of managing such projects. In this research, several theoretical insights about publicprivate relations and roles are used to understand different contextual and organizational factors that affect the management of private sector-led urban development projects. Hence, a project context exists

Private Sector-led Urban Development Projects. Management, Partnerships and Effects in the Netherlands and the UK

Private Sector-led Urban Development Projects. Management, Partnerships and Effects in the Netherlands and the UK

We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment. More transparent groups (where greater transparency is proxied for by a lower incidence of intra-group financial transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign institutional investors serve a valuable monitoring function as emerging markets integrate with the global economy.

Background and Purpose: India opened its doors to globalization in 1991, and the reference point of this change through globalization has been the United States of America (USA), which champions the cause of a free economy. The current study attempted to explore the relevance and importance that globalization has brought to India through mapping the shifting pattern of mass media coverage of India by the foreign media and parallelly marking the shifting patterns in investments made by foreign financial institutions in India over the last decade and a half. Design/Methodology/Approach: Top 25 news articles about India reported by The New York Times (NYT), every year, over a span two decades (1991-2010) were taken from the NYT website. The 500 news reports were filtered and news falling in the category of Business and Personal Finance (BPF) were used for content analysis and categorized into three broad types - good, bad, or neutral. Similarly, the investments made by foreign institutions (FII) in India were noted over the same period to explore a correlation between the BPF media reports and the investments made by FIIs in India. Since media reports do not often have an immediate impact, a lag effect of 1 year was checked. The data was statistically validated. Findings: The findings indicate an exponential rise in the number of news items which NYT carried about India over a period of two decades. There was a change in the category of news coverage from 'Arts and Culture' to 'Politics and Business'. The type of news reports changed from neutral to positive and the news reporting was more visually aided with photographs and pictures. A similar pattern was noticed in the foreign investments by institutions, which grew over a period of time. This clearly indicated the existence of a relationship between positive news coverage by independent media and a rise in the amount of investments made by foreign institutions. Research Limitations/Implications: The study was limited to establishing a relationship between media representation and investments by foreign institutions, but the direction and the intensity of the relationship was not established. A lag effect of 1 year was considered. Originality/Value: Observations and comments about India's changing position as a potential economic power and the positive prospect for investments were made, which were empirically validated by the study. The study also brought out one of the factors which positively impacted investments in a developing nation like India.

This study investigates the trading dynamics between institutional, foreign and retail investors during QE and post-QE exit in the Japanese stock market. A theoretical framework is developed to classify all transactions into trading, short-selling or information flow. Using weekly data from 2014 to 2015, our results show: Firstly, during QE tapering, there is short-selling by foreign retail investors. There is also information flow from Foreign Retail Sales to Local Institutional Sales as well as Foreign Retail Purchases to Local Retail Purchases. Net buyers are local and foreign institutional investors; Secondly, in post-QE exit, there is short-selling by foreign institutional investors. Moreover, Foreign Institutional Purchases is found to precede Local Retail Purchases. Net sellers are local and foreign retail investors. Hence, it can be concluded that foreign investors are dominant player during QE tapering and post-QE period. As a policy suggestion, both local and foreign investors should be provided with more incentive to trade in the local bourse. The regulator should also ensure timely disclosure of material public information by listed firms to ensure a level playing field for all market participants.

We investigate the association between domestic versus foreign institutional investors’ ownership and companies’ decision to enhance the reliability of their sustainability report through external assurance and their choice of assurance provider. Using an international sample of 1,927 firms, we find evidence of the importance of distinguishing between foreign and domestic investors during the 2010–2017 period. Results indicate that foreign investors’ ownership levels are associated with the choice of internationally recognized assurance providers (i.e., Big 4 firms), whereas domestic investors’ holdings are negatively associated with the assurance decision overall and positively associated with other types of assurers. Additionally, we study foreign investors from stakeholder-oriented countries and find that their holdings are positively associated with the decision to assure sustainability reports and choose a Big 4. Finally, results reveal that holdings from responsible foreign investors are positively associated with the assurance decision and the choice of a Big 4. Data Availability: The data that support the findings of this study are available from Thomson Reuters Asset4, Thomson Reuters DataStream, and Thomson Reuters Eikon Ownership & Profiles module. Restrictions apply to the availability of these data, which were used under license for this study. JEL Classifications: G23; M14; Q56; M42.

This study examines the interdependent trading behaviour of investors in foreign and local contexts with a particular reference to the Colombo Stock Exchange (CSE) of Sri Lanka to fill up the gap in the local literature regarding behavioural aspects and independence among foreign and local investors within their investment policies, procedures, and actions. Based on secondary data collected from a statistical sample drawn from daily trading statistics of CSE, covering both buying and selling actions of local and foreign investors for the period from 2007 to 2019, this study has examined the nature of four main investor groups namely foreign institutions, foreign individuals, domestic institutions, and domestic individuals in terms of daily purchases turnover, sales turnover, share volume traded purchases, and share volume traded sales data. The results showed that the local investors are quite irrational concerning the foreign investors. Hence, foreign investors' interdependence on local investors' behavioural information is weak. Local investors also highly rely on their trading behavior instead of being vigilant about the trading behaviour of foreign investors.

Inland territories hold a great diversity of ecocultural resources, increasingly constituted in tourist products for local development. Their role in improving the socioeconomic conditions and wellness of local communities, as well as in promoting tourism and sustainability, depends on the involvement of public and private actors. The relationships and the collaboration of local actors are essential in that regard. The study of aforementioned processes takes place in the inland territory of Galicia (NW Spain). The methodology of research relied on in-depth interviews. Due to the key role of the local actors, the interviews focused on their professional and life experiences. The analysis of the answers establishes the definition and the appraisal of the main resources, attached to territorial identity, and highlights the engagement and involvement of the actors in the territorial dynamics that foster the promotion of the ecocultural resources for tourism.

本研究探討台灣50指數、成分股月營收、外資持股金額與總體變數（蘭特原油價格、NASDAQ指數、新台幣匯率、M1b餘額）的關聯性。研究方法採用向量自我迴歸模型、Granger因果關係檢定、衝擊反應分析及共整合檢定，實證期間為2003年1月至2011年12月。歸納出下列結論： 1.台灣50指數單向領先成分股月營收，符合一般認為股價具有領先性。但Granger因果關係檢定顯示外資持股金額也單向領先月營收，此係外資根據預期公司未來營運調整持股。共整合檢定顯示台灣50指數與外資持股存在長期均衡關係。 2.前一期台灣50指數正向領先NASDAQ指數，係因台灣處科技產業上游供應鏈，為美國科技公司重要供應商，具有領先性。其次，短期內M1b餘額將影響台灣50指數；但長期而言，當指數漲升後，投資人擔心追高轉趨保守，將會降低持有活儲餘額，台灣50指數負向領先M1b。再者，台灣50指數與匯率具雙向回饋關係，景氣好轉促使終端需求拉動原材料需求，可以解釋台灣50指數領先原油價格。 3.短期內月營收與M1b餘額、布蘭特原油價格具雙向關係；但長期來看，M1b餘額與原油單向領先月營收。顯示長期來看，需求仍是穩定或小幅成長下，成本推動廠商營收成長是長期趨勢。另外，Granger檢定顯示指數成分股月營收單向領先匯率，與落後一期VAR檢定結果相反，推論長期而言一國企業擴張與壯大代表國家經濟發展較佳，並反應在匯率變化上。 4. VAR顯示前一期M1b影響外資持股金額，但Granger檢定中不存在因果關係，推論短期內，央行寬鬆貨幣有助於外資投資台股，但長期來看，外資並非以M1b作為主要考量。再者，匯率單向領先外資持股金額，顯示外資布局時會考量匯率因素；第三，原油價格與外資持股金額具雙向因果關係，原油波動部分反應實質景氣榮枯，也是外資持股的重要參考指標。 5.各經濟變數對台灣50指數的衝擊反應分析，多數變數在第一期或第二期衝擊達到最高，此後緩步降低。但指數對外資以及匯率的衝擊卻是持續增加，顯示指數影響外資持股。月營收對指數的衝擊也是持續增加。布蘭特原油對指數衝擊於第二期出現劇烈上升後，第6~7期時為最高峰，顯示油價對企業影響將長達半年。

markdownabstract__Abstract__ Public private partnerships (PPP) have become a popular policy instrument in many Western European countries. Governments assume that the involvement of private actors in the provision of services, or in the realization of policy goals will increase quality and provide better value for money. It is believed that more intense co-production between public and private actors will generate better results. In the literature on PPPs, these benefits are typically referred to as ‘added value’ (Osborne 2000; Ghobadian et al. 2004). According to the literature in this area, the main characteristics of PPP are: 1. Mutual coordination of activities and daily routines: co-ordination is essential for any partnership, including public-private ones. The activities of the public and private organizations have to be well coordinated (Mulford and Rogers 1982; Hodge and Greve, 2005) or the desired exchange of information cannot be realized (Savas 2000). 2. A level of shared risk and profit sharing is needed: the co-operation between public and private actors has to result in at least some risk sharing, and if possible, in some level of profit sharing (Huxham and Vangen 2005). Authors point out that profit sharing does not always have to take the form of financial profits. It may be that the private actors have financial profits and the public actors get recognizable societal benefits from the co-operation, for instance a higher quality of service (Audit Commission 2003; Hodge and Greve 2005). 3. A form of organizational arrangement between the partners to enhance the co-operation process (see, for example, Savas 2000; Hodge et al, 2010). Most partnerships are structured around organizational arrangements that are meant to simplify co-ordination and secure the shared risk and profits. These arrangements can take the form of an informal project group, newly established consortiums or other hybrid organizational forms (Waddock 1991; Savas, 2000).

Indonesia is one of the world's largest tuna producing countries, yet regulatory oversight remains weak and management is poor. Incentive-based approaches are a way to improve state-based resource management, but they often require strong government regulation. In this paper, we use principal–agent theory and the notion of the ‘incentive gap’ to explore how incentives could be brought to bear in Indonesia through a combination of private and public actors. With a shared fish stock like tuna, we argue that a double principal–agent problem emerges, where information, asymmetries between various players complicate management. We focus on the problems of adverse selection and moral hazard in three different tuna fisheries in Indonesia to identify the nature of the incentive gap, and comment on the mix of public and private actors currently engaged in tuna fishery governance towards reducing the gap. The double principal–agent problem is a useful yet underutilized framework to understand the dynamics of shared stocks management. In this first application to a developing country fishery, we conclude that information asymmetries cannot be overcome without the involvement of private actors, who are increasingly becoming important in aligning regional and global objectives with those of fishers themselves.

Drawing on the new DEMIG VISA database which covers global bilateral travel regulations from 1973 to 2013, this paper explores patterns and trends in international travel visa regimes. The analysis challenge the idea of a growing global mobility divide between ‘North’ and ‘South’, yielding a more complex image reflecting the multi-polar and multi-layered nature of international relations. While predominantly European and North American OECD countries have maintained relatively high levels of entry visa restrictiveness for Africa and Asia, the latter regions have the highest levels of entry restrictions themselves. While citizens of wealthy (mainly OECD) countries generally enjoy greatest visa-free travel opportunities, this primarily reflects their freedom to travel to other OECD countries. Visa-free travel is mostly realised between geographically proximate countries of integrated regional blocs such as ECOWAS, the EU, GCC and MERCOSUR. Analyses of global dynamics in visa reciprocity show that 21 per cent of the country dyads have asymmetrical visa rules, but also show that levels of reciprocity have increased since the mid-1990s. Our analysis shows that visas are not ‘just’ instruments regulating entry of visitors and exit of citizens, but are manifestations of broader political economic trends and inequalities in international power relations.

Since 2003, Taiwan has relaxed the restrictions for foreign investment and permitted foreign investors to freely invest in Taiwan stock markets. The purpose behind enacting this policy was the belief that foreign investors could promote Taiwan investors to come up with sound investment strategies through greater awareness of the fundamental information of public companies. However, previous studies did not meticulously investigate the incremental impact of foreign behavior on market returns nor did they look into the volatility many years after the deregulation. Hence, the purpose of this paper is to compare the effect of foreign buy-sell difference on the stock returns and the volatility prior and subsequent to Taiwan's deregulation of the foreign investment. The aims of the research are to examine whether structural change is present in both stock returns and volatility in the Taiwanese markets after the restriction relaxed. First, this paper explores whether foreign buy-sell difference is positively related to stock returns in the Taiwan Stock Exchange. Second, this article examines whether smaller correlation exists between foreign buy-sell difference and stock returns after the lifting of foreign portfolio investment. In addition, we analyze whether volatility significantly decreases after the foreign investment restriction has relaxed. The results show that foreign buy-sell difference is positively related to stock returns in the Taiwan Stock Exchange. This suggests that foreign institutions may lead Taiwanese investors to buy or sell Taiwanese stocks, which may in turn affect the demand for Taiwanese stocks. Such relations declined after the lifting of foreign investment limit, suggesting that the influence of foreign investment strategies on investment decisions of many Taiwanese investors mitigated after foreign investment restrictions were relaxed. Furthermore, the long-term volatility substantially decreased for firms with larger foreign ownership, which points out the stabilization of stock markets during post-deregulation periods.

The Qualified Foreign Institutional Investor (QFII) system is a quota monitoring system for foreign institutional investors to invest in a nation’s domestic stock exchange. It is often adopted by emerging economies to allow limited participation of foreign investors in domestic stock markets so as to gradually open up the capital market and protect domestic exchange from speculative investment risks in the meantime. The Chinese government initiated its QFII system in July 2003, when qualified foreign institutional investors were allowed to convert foreign currency into Chinese RMB to invest in China’s A share market. To obtain a QFII license from the China Securities Regulatory Commission (CSRC), foreign financial institutions must meet certain criteria such as minimum size and operating history. Each eligible QFII firm will then obtain an investment quota from the State Administration of Foreign Exchange (SAFE). By 2013 a total of 250 foreign institutions were granted the QFII status. The overall investment quota also rose dramatically over the years.The latest SAFE report indicates that the approved investment quota reached US$56.5 billion by June 30, 2014, which is 33 times of the amount approved in 2003.1