Fostering visitors’ pro-environmental behaviour in an urban park

Recognizing the increasing importance of sustainable environment, this research explored visitors’ pro-environmental decision-making process in an urban park context. This study investigated the relationships among attitudes, subjective norms, perceived behaviour control, positive and negative anticipated emotions as well as behavioural intentions. The results suggest that positive anticipated affects positively influenced low-effort and high-effort pro-environmental behavioural intentions. In addition, positive anticipated affects mediated the relationship between cognitive factors and behavioural intentions. Interestingly negative anticipated affects did not influence behavioural intentions. Further analysis revealed subjective norm was the strongest predictor of intentions, especially the low-effort pro-environmental behavioural intentions. The research advances the conceptual understanding of the role of each construct in generating park visitors’ intentions to perform environmentally responsible behaviours while visiting an urban park.     

Improving carbon offsetting appeals in online airplane ticket purchasing: testing new messages,and using new test methods

ABSTRACT

Voluntary carbon offsetting by air passengers could help counteract environmental damage caused by air travel. But adoption rates among air travellers are low. This study (1) develops new communication messages which counteract barriers to carbon offsetting identified in prior studies, and (2) tests their effectiveness using psychophysiological and attitudinal measures, a technique new to sustainable tourism research methodologies. Results point to low levels of traveller awareness of carbon offsetting schemes, the primary need for any message to attract the air passengers’ attention, the superiority of pictorial and short textual information as well as the identification of particularly effective content. The study makes three key contributions: (1) it highlights the critical importance of awareness raising as a precursor of behavioural change, (2) it offers tangible recommendations for improving carbon offsetting messages, and (3) it demonstrates the usefulness of psychophysiological measures for pre-testing alternative social marketing messages aimed at increasing environmentally sustainable tourist behaviour across a range of applications. Findings of considerable practical importance include refinements of current messages to increase both attention levels and emotional arousal, and the positive impact of promoting additional social co-benefits alongside environmental benefits. Future valuable research themes using psychophysiological and attitudinal measures are suggested.     

A Note on Hybrid Mortgages

We extend previous research on traditional one-year adjustable-rate mortgages (ARMs) by analyzing the performance of 3/27 hybrid instruments. Under this contract innovation, which first appeared in the mid-1990s, note rates are fixed for three years after which they convert to a traditional one-year adjustment schedule with periodic and lifetime caps. We find high rates of prepayment, particularly at time of initial rate adjustment, and relatively high rates of default, as would be consistent with the payment shock that often affects adjustable-rate loans.     

Pricing effects in Fannie Mae agency bonds

As a government-sponsored enterprise, Fannie Mae enjoys certain advantages over other firms. The extent of these advantages, while widely discussed, have not yet been fully quantified. This paper empirically examines the returns to Fannie Mae general obligation bonds under the assumptions of the Arbitrage Pricing Theory. The model provides an explicit method for estimating the risk premium on Fannie Mae bonds. The results indicate that liquidity and tax effects are important in explaining the returns to Fannie Mae bonds. The results also indicate that the market does not incorporate changes in the riskiness of the mortgage market into the returns on Fannie Mae bonds. The results provide support for the contention that Fannie Mae, as a government sponsored enterprise, enjoys a significant advantage over other firms in the capital market.     

REIT Economies of Scale: Fact or Fiction?

The real estate industry has recently witnessed significant and pervasive consolidation with further growth and consolidation generally viewed as inevitable. For example, between 1990 and 1997, growth in average net real estate investments by large REITs outpaced growth in average net real estate investments by small REITs by 13 percent. However, no systematic study of the benefits of this consolidation exists. This research studies whether or not there are gains to consolidation due to economies of scale from size, brand imaging, and informational gains from geographic specialization. Our sample consists of 41 multifamily equity REITs, for whom financial and property level data are available in the SNL REIT Database. Using this data, we construct shadow portfolios that mimic each REITs exposure to changes in local market conditions. Our results show no size economies, that branding in real estate is allusive, and that geographic specialization, in agreement with Gyourko and Nelling (1996), has no significant benefit.     

Empty bowls: conceptualising the role of tourism in contributing to sustainable rural food security

Abstract

It has been suggested that the food insecurity situation prevalent in many parts of the developing world could be alleviated through the creation of tourism-based alternative livelihoods. However, while tourism has been framed as a tool for poverty reduction and livelihood improvement, less attention has been paid to the direct tourism food security link. It is the intention of this article to bring tourism and food security together thereby providing a conceptual discussion for addressing the tourism-food security nexus. A model is deductively developed through review of relevant previous studies linking tourism and its relationship with development, poverty, food security, livelihoods and sustainability. The discussion examines the drivers of these relationships through drawing together extant research relating to tourism, and other livelihood activities and sectors. By doing so, the discussion highlights the key concerns for tourism to work effectively in relation to food security. The importance of sectoral and policy integration in terms of ensuring beneficial relationships across sectors is emphasized. It is concluded that understanding the tourism-food security linkage is crucial for combating poverty in general, and food insecurity specifically.     

Can message framings influence air passengers’ perceived credibility of aviation voluntary carbon offsetting messages?

Abstract

Past literature has identified low purchase rates of aviation voluntary carbon offsetting (VCO) schemes. A lack of credibility of such schemes has been identified as a key obstacle, yet little attention has been given on how to enhance perceived credibility. Using communication theory, this study examines effects of message framing on consumers’ perceived credibility of aviation VCO messages. Data were drawn from a representative sample of 1680 Australians. The results revealed that spatial distance framing influences air passengers’ perceived credibility of aviation VCO messages. Messages focusing on the influence of VCO programs on the environment of a local community obtain higher perceived credibility than those located in other countries. The study also found the interaction of spatial and temporal distance framing effects were different based on consumers’ past purchase experience. The findings suggest how airlines should design messages and refine them based on consumers’ past experience of aviation VCOs.     

Segmenting Overseas Golf Tourists by the Concept of Specialization

A main goal of this study was to use the concept of specialization to segment and better understand Korean overseas golf holiday tourists' demographics, motivations, overseas golf tourism destination attributes, and preference for overseas golf tourism destination attributes. A total of 424 questionnaires were collected and 370 questionnaires were used for further statistical analysis. According to results of data analyses, the advanced segment was more likely to be motivated by the quality of overseas golf resorts and other benefits (such as business opportunities), compared to the beginner and intermediate segments. The beginner group was more likely to be a company employee or housewife who earn the least at between US$35,000–US$50,000 per annum, travel on full package tours, use information from family or relatives, and have a stronger preference for the Philippines or China as golf destinations. The study's results showed potential benefits using the concept of specialization in a sport tourism setting even though the concept has been popularly applied in the outdoor setting.     

Statement no.134 a proposal for privatization of the Federal Home Loan Bank system

Statement no.134 a proposal for privatization of the Federal Home Loan Bank systemMay 6, 1996