The University of Buckingham Press Journals
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A Review of Regulatory Theory and the U.S. Casino Industry
No full textThe casino industry is one of the most stringently regulated industries in the United States. State governments and their regulatory agencies control almost every aspect of the industry. However, U.S. casino regulation has not received much research attention. We examine the five most applicable economic theories of regulation. Since relevant empirical data of regulatory changes for casinos are sparse, we examine trends of the key variables to evaluate these theories. We categorize and examine trends in state and industry characteristics to determine if any one of these theories best explains the regulation of casinos. Based on our review of the state-level data, we conclude that the legalization and regulation of casinos best conform to a Leviathan theory of government in which the primary policy goal is to maximize government revenues
A Public Choice Perspective on the Legalization of Casino Gaming
No full textThe public choice theory is applied in this study to explore the effects of the expected economic benefits and cost of voters in the process of casino legalization. It is shown that in contrast to most voting processes, the emotional inclination of voters and the related changes have an explicit role in determining the decision made on a ballot for casino legalization. A model is therefore proposed based on the existing literature (for e.g., Morton, 1991; Olson, 1965; Riker and Ordeshook, 1968) to show the interactions and decision making process of related policy makers, and beneficiary and anti-gaming groups. The arguments are elaborated and verified by using evidence from New Jersey and Taiwan, where state-wide referendums were adopted as part of the legalization process of casino gaming
The Demand For Sports Lottery: Evidence from the City of Kumasi in Ghana
No full textFormalised sports lottery is fast becoming a craze in Ghana, especially amongst the male populace. There is however no documented research on the demand for this product as well as its effects on the population and economy of Ghana as a whole. This study sought to investigate the factors that influence the demand for sports lottery in Ghana. Based on the expected utility hypothesis, a model was constructed using a binary logistic regression to analyse the characteristics that influence the demand for sports lottery in Ghana. Four hundred respondents were employed in this study where it was realized that 92% out of the about 96% males engaged in sports lottery in Ghana were within the age bracket of 21-40 years. Furthermore, 53.6% of those engaged in sports lottery were reported to be unemployed. Price, gender, age, employment status, monthly income and whether a person has won a bet before were discovered to be significant factors of the demand for sports lottery in Ghana. The study also realized that online lotteries were such as MyBet and Supabet were the most preferred to the offline lottery offered by the National Lottery Authority. Therefore the NLA must redesign their product to meet the demand preferences of the patrons
An Empirical Analysis of Default Prediction Models: Evidence from lndian Listed Companies
No full textThis paper attempts to evaluate the predictive ability of three default prediction models: the market-based KMV model, the Z-score model using discriminant analysis (DA), and the logit model; and identifies the key default drivers. The research extends prior empirical work by modeling and testing the impact of financial ratios, macro-economic factors, corporate governance and firm-specific variables in predicting default. For the market-based model, the author has extended the works of KMV in developing a suitable algorithm for determining probability of default (PD). While for the KMV model, the continuous observations of PD are used as the dependent variable, for the accounting-based models, ratings assigned are the proxy for default (those rated ’D’ are defaulted and rated ‘AAA’ and ‘A’ are solvent). The research findings largely support the hypothesis that solvency, profitability and liquidity ratios do impact the default risk, but adding other covariates improves the predictive ability of the models. Through this study, the author recommends that accounting –based models and market based models are conceptually different. While market-based models are forward looking and inclusion of market data makes the default risk quantifiable; to make the PD more exhaustive, it is important to factor in the information provided in the financial statements. The conclusions drawn are that the disclosures in financial statements can help predict default risk as financial distress risk is likely to evolve over time and will be reflected in financial statements beyond accounting ratios. Moreover this will also help divulge “creative accounting” practices by corporates
EXAMINING THE IMPACT OF CASINOS ON ECONOMIC DEVELOPMENT: A SPATIAL ANALYSIS OF THE COUNTIES IN THE MID-ATLANTIC REGION
No full textFew have formally evaluated the economic impact of casinos, and yet most agree that it is crucial in estimating the net benefit to society. A new casino investment should stimulate economic activity in the immediate region, but its operations could potentially reduce employment and incomes with in the industry. Grinols outlines the factors that could lead to positive or negative growth from the investment, but what is critical to the empirical validation of the investment is the definition of region. Since data is geographically limited to political boundaries, it is necessary to employ a spatial methodology that captures the impact beyond the political boundary. The Spatial Durbin Model (SDM) is outline. The SDM captures both the local impacts and spillovers in the region and it can also identify if the casino competes or complements within their sectors. Income per capita and employment measurements for the county and the retail sector were examined. The evidence indicates that casinos raises per capita income in urban areas, but lowers per capita income in rural areas, while employment has significant gains in private employment, total employment, and retail employment. The gains in both income and employment erode overtime
MOTIVATION, PERSONALITY TYPE AND THE CHOICE BETWEEN SKILL AND LUCK GAMBLING PRODUCTS
No full textWe analyze differences in gambling motivations for skill and luck gamblerson the basis of a questionnaire distributed to students from the University of Pisa (Italy). We find that the probability of playing skill rather than luck games is positively correlated to being a male, to the socialization motive and to having a planning attitude, that we use to define the kind of amusement experienced in gambling, while it is negatively correlated to the money motive, the perceived risk of losing social esteem, and age. Results are then applied to marketing strategies and public policies, with particular attention to the online environment
The Probability of Winning Warren Buffett’s Billion Dollars
No full textStated in the contest rules the probability of winning the NCAA College Basketball Tournament “Quicken Loans Billion Dollar Bracket Challenge” is one in 9.2 quintillion (9.2 x 1018). This is calculated based on each team having an even chance of 50% to win any given Tournament game. In this paper, I use two alternative methodologies to calculate the probability of teams to win individual games and use these probabilities to calculate the overall probability of achieving a perfect 2014 NCAA Tournament bracket. Based on Las Vegas closing point spreads, I find the probability of having a perfect 2014 NCAA Tournament bracket is approximately one in 1.31 quadrillion (1.31 x 1015). Alternatively, using Conlen and Silver (2014) estimated probabilities, I find the probability is approximately one in 1.57 quadrillion (1.57 x 1015). These alternative methodologies produce surprisingly similar probabilities and are lower (better) by a factor of approximately 6,000 to 8,000 times than the probability stated in contest rules
Diphthongs in Kanashi
Get PDFKanashi is identified as a Tibeto-Burman language of Sino-Tibetan language family. The language has been classified as a Kinauri language belonging to West-Himalayish group of Tibeto-Kanauri branch of Tibeto-Burman group. Kanashi has been referred by UNESCO as definitely endangered. Retrospective literature survey reveals that the language is yet to be documented properly. Therefore as a part of language documentation the phonological studies of Kanashi have been undertaken. The study of diphthongs of the language has been considered in the present paper. Diphthongs are the phonological segments where two vowels form clusters to form a single syllable. The data of the present paper has been collected from Kanashi native speakers during field investigation in Malana village of Himachal Pradesh. IPA has been used for data collection
THE LEGAL DUEL: THE TRIPS AGREEMENT AND DRUG ACCESS ISSUES
Get PDFThe problem of access to medicines became acute with the entry of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement in 1995 and caught a number of developing countries around the world, unawares. Brenda P Mey’s book on access to drugs issues is a study of this particular problem faced in two developing countries, namely India and Kenya in the aftermath of the implementation of the TRIPS compliant patent legislation. The two developing countries taken up for study are geographically located in two different continents, namely Asia and Africa with differing backgrounds and strikingly similar problems. Dr Mey’s book is a brainchild of her PhD thesis of the same title, and a library reference work in every sense. It showcases her talents as a researcher and analyst on the subject matter of lack of access to medicines (in this case India and Kenya) as a direct result from the implementation of TRIPS Agreement, which grants an extended patent protection to pharmaceutical and chemical products besides others
MAGNA CARTA 1215 TO NORTH KOREA 2015: ADVANCING THE IDEAL OF LEGAL RESTRAINTS ON GOVERNMENTAL POWER
Get PDFOn the 800th anniversary of the reluctant acceptance of a charter of rights and obligations by King John of England in 1215, many books have been written, essays published and lectures given, examining the relevance of this step in the long constitutional history of England (if any) and for the world of today.Some commentators, have doubted any relevance.Lord [Jonathan] Sumption, a judge of the Supreme Court of the United Kingdom, and an expert in mediaeval English history, has rejected any significance in what sounds to Australian ears as a somewhat condescending remark.‘High minded tosh’, he called it. Geoffrey Robertson QC, of Doughty Street Chambers, London, via Epping in Sydney, expressed somewhat similar views, but more politely. Michael Beloff QC, in this journal, has traced every case of the past century in which Magna Carta had been cited to reach a conclusion that its actual contemporary relevance was small.Other writers and lecturers were willing to find a greater materiality in the Charter for the world of today.