Analysis of tourism information sources using a Mokken Scale perspective

This study contributes to the analysis of information sources as a determinant of the travel decision-making process. It focuses on the use of Mokken Scale Analysis (MSA) as a new methodological approach to detect unidimensional hierarchical scale in the analysis of information sources. The paper shows how MSA can be applied in the tourism field. Findings reveal two different scales (active and passive information search scales) for classifying information sources in tourism. Variations in the scales are revealed, taking socio-demographic and travel behavioural variables into consideration. The conclusions clearly explain the implications for tourism marketers and make recommendations for future research.     

中西部欠发达城市土地利用结构地域差异研究——以河池市为例

以河池市2014年土地利用变更数据为基础,运用计量地理模型与GIS软件等方法,分析其土地利用结构的地域差异情况。河池市各县市均具有较大区位意义的土地利用类型,其土地利用多样性与信息熵较高,但土地利用集中度都处于低水平,市内县市具有多种不同最优土地利用类型组合。河池市未有效利用优越的地理优势发展其特色优势产业,这将成为河池市今后土地利用规划研究的重中之重。     

Too Good to be True? An Analysis of the Options Market's Reactions to Earnings Releases

Using option implied risk neutral return distributions before and after earnings announcements, we study the option market's reaction to extreme events over earnings announcements. While earnings announcements generally reduce short‐term uncertainty about the stock price, very good news does not reduce uncertainty and slightly bad news actually increases uncertainty. We also find that left tail probabilities decrease over earnings releases while right tail probabilities increase. We interpret these findings as evidence of maintained investor expectations that very good news is generally not released during earnings announcements, combined with skepticism in the form of lingering uncertainty at the release of such very good news.     

Evaluating information diffusion speed and its determinants in social media networks during humanitarian crises

The rapid diffusion of information is critical to combat the extreme levels of uncertainty and complexity that surround disaster relief operations. As a means of gathering and sharing information, humanitarian organizations are becoming increasingly reliant on social media platforms based on the Internet. In this paper, we present a field study that examines how effectively information diffuses through social media networks embedded in these platforms. Using a large dataset from Twitter during Hurricane Sandy, we first applied Information Diffusion Theory to characterize diffusion rates. Then, we empirically examined the impact of key elements on information propagation rates on social media. Our results revealed that internal diffusion through social media networks advances at a significantly higher speed than information in these networks coming from external sources. This finding is important because it suggests that social media networks are effective at passing information along during humanitarian crises that require urgent information diffusion. Our results also indicate that dissemination rates depend on the influence of those who originate the information. Moreover, they suggest that information posted earlier during a disaster exhibits a significantly higher speed of diffusion than information that is introduced later during more eventful stages in the disaster. This is because, over time, participation in the diffusion of information declines as more and more communications compete for attention among users.     

The role of ICT in reducing information asymmetry for financial access

This study assesses the role of ICT in complementing private credit bureaus (PCB) and public credit registries (PCR) in reducing information asymmetry for financial access. The empirical evidence is based on Generalised Method of Moments with 53 African countries for the period 2004–2011. The following findings are established. First on financial access: (i) the marginal effects from interactions between ICT and PCR (PCB) are consistently positive (negative); (ii) net effects from interactions are negative with the higher magnitude from PCR and (iii) only thresholds corresponding to interactions between PCR and internet penetration are within range. Second, findings on financial allocation efficiency reveal positive marginal and net effects exclusively for mobile phones and PCR. Third, allocation efficiency may be constrained by increasing financial deposits. Overall, the complementarity between information offices and ICT in boosting financial access is still very limited. Policy implications are discussed with emphasis on improving the engaged complementarity and fighting surplus liquidity.     

Government as borrower of first resort

Optimal government bond supply is examined under asymmetric information and safe asset scarcity. Corporations issue junk debt when demand for safe debt is high since uninformed investors then migrate to risky overheated debt markets. Uninformed demand stimulates informed speculation, driving debt prices toward fundamentals, encouraging pooling at high leverage. As borrower of first resort, government can issue bonds, siphoning off uninformed demand for risky corporate debt, reducing wasteful informed speculation. Government bonds eliminate pooling at high leverage or improve risk sharing in such equilibria. Optimal government bond supply is increasing in demand for safe assets and non-monotonic in marginal Q.     

Promoting cost efficiency and uniformity in parcel delivery centre locations and service areas: a GIS-based analysis

This paper provides a systematic framework to determine local delivery centre (LDC) locations and service areas to reduce delivery costs and balance the allocation of parcel delivery loads to promote sustainable LDC development. Based on a case study of a parcel distribution company in Korea, this study proposes two strategies for LDC service area delineation within each terminal service boundary that either minimises the total delivery time or balances the allocation of delivery loads. This research contributes to improving cost efficiency and balancing delivery load allocations in planning LDC locations and service areas that can potentially promote the long-term mutual sustainable development of parcel distribution companies and their local delivery counterparts.     

Compulsory versus voluntary voting: An experimental study

We report on an experiment comparing compulsory and voluntary voting institutions in a voting game with common preferences. Rational choice theory predicts sharp differences in voter behavior between these two institutions. If voting is compulsory, then voters may find it rational to vote insincerely, i.e., against their private information. If voting is voluntary so that abstention is allowed, then sincere voting in accordance with a voter's private information is always rational while participation may become strategic. We find strong support for these theoretical predictions in our experimental data. Moreover, voters adapt their decisions to the voting institution in place in such a way as to make the group decision accuracy differences between the two voting institutions negligible. The latter finding may serve to rationalize the co-existence of compulsory and voluntary voting institutions in nature.     

Information and its impact on consumers׳ reactions to restrictive return policies

Designing an effective return policy is a difficult task for retailers. A very restrictive return policy can keep logistic costs down and prevent fraudulent returns but it can also have a negative effect on consumer behavior. Two experiments explore the role of assortment-related information in moderating consumers׳ negative reactions to more restrictive product return policies. The results demonstrate that consumers will view an assortment characterized by a more restrictive return policy as attractive to the extent that the assortment supports the information processing strategy triggered by the return policy.