An Exploratory Study of the Managerial Implications of Valuing Brands

This paper reports the results of interdisciplinary research extending the work of Mather and Peasnell (1991) reported in an earlier issue of this journal. Mather and Peasnell conducted an empirical analysis of the economic circumstances surrounding decisions to capitalize brands. This study investigates the managerial implications of periodically assessing and capitalizing the value of brands. Exploratory interviews were conducted with the key players in brand valuation activity, namely marketing and finance officials in brand-valuing companies and two senior personnel in the leading international brand-valuing agency. The recent inception of brand valuation in the accounts of several strong branded British companies provides an excellent research opportunity to explore a relatively novel managerial activity and its internal implications. These implications are reviewed under the headings: planning and control, the accounting/marketing interface, authorization of brand-related expenditure and brand-related decision making. An important finding of the study is that, while the original impetus for brand valuation came from balance sheet considerations, other unforseen managerial advantages are now widely perceived to accrue from brand valuation. The majority of current brand valuation activity appears to be driven more by management information needs, which are served by the evaluation phase of the exercise, than by a desire to capitalize brands in the published statements.     

Valuation of childhood risk reduction: the importance of age, risk preferences, and perspective.

This article explores two problems analysts face in determining how to estimate values for children's health and safety risk reductions. The first addresses the question: Do willingness‐to‐pay estimates for health risk changes differ across children and adults and, if so, how? To answer this question, the article first examines the potential effects of age and risk preferences on willingness to pay. A summary of the literature reporting empirical evidence of differences between willingness to pay for adult health and safety risk reductions and willingness to pay for health and safety risk reductions in children is also provided. The second dimension of the problem is a more fundamental issue: Whose perspective is relevant when valuing children's health effects—society's, children's, adults‐as‐children, or parents'? Each perspective is considered, followed ultimately by the conclusion that adopting a parental perspective through an intrahousehold allocation model seems closest to meeting the needs of the estimation problem at hand. A policy example in which the choice of perspective affects the outcome of a regulatory benefit‐cost analysis rounds out the article and emphasizes the importance of perspective.     

The dilemma of recognition: Administrative categories and cultural diversity

Governments around the world combat inequality by means of group-specific redistribution. Some pursue redistribution that benefits groups, but also wish to avoid accentuating or even recognizing group distinctions. This poses a dilemma that they try to resolve by adjusting the category system used to target redistribution. There are three types of adjustment: accommodation (the multicultural approach), denial (the ideal-typical liberal solution), and replacement (a compromise). In replacement the targets of redistributive policies are constructed to avoid accentuation or recognition of inconvenient group distinctions, but still allow redistribution that benefits these groups. Replacement is increasingly in demand around the world because the disadvantages of multiculturalism are becoming apparent while denial is hard to sustain in the face of group inequality. The actual effect of replacement is little researched and less understood, however. Does it resolve the dilemma of recognition? Two examples–India and Nigeria–where replacement has been tried ever since the 1950s cast doubt on its viability.     

Semi-parametric estimation of ROC curves based on binomial regression modelling

This paper presents a method of estimating a receiver operating characteristic (ROC) curve when the underlying diagnostic variable X is continuous and fully observed. The new method is based on modelling the probability of response given X , rather than the distribution of X given response. The method offers advantages in modelling flexibility and computational simplicity. The resulting ROC curve estimates are semi-parametric and can, in principle, take an infinite variety of shapes. Moreover, model selection can be based on standard methods within the binomial regression framework. Statistical accuracy of the curve estimate is provided by a simply implemented bootstrap approach.     

Natural and social order at Walt Disney World; the functions and contradictions of civilising nature

Elias’ theory of the civilising process is used to show how the Walt Disney World Theme Parks construct social control over visitors without calling into question the official presentation of these visitors as free, choice‐making, experience seeking individuals. Particular attention is drawn to the manipulation of images of nature as either ‘wild’ or ‘civilised’ to code, respectively, forbidden and legitimate places for visitors. In doing so, WDW is able to maintain civilised, non‐coercive, discourse with its ‘guests’ who are, thus presented to themselves as responsible and self‐regulating persons. Attention is drawn to the contradiction that this strategy creates between ‘authentic’ and ‘civilised’ spectacle particularly in the presentation of animals. It is noted how this creates an imperative to show only civilised animal behaviour but which, in turn, limits the means that the Disney Corporation can adopt in order to create a space that is free from the intrusion of uncivilised nature.