Effects of explicit FOMC policy-rate guidance on equities and risk measures

We quantify the impact of explicit Federal Open Market Committee (FOMC) policy-rate guidance used as an unconventional monetary-policy tool at the zero lower bound of the policy rate on US equity prices, as well as on the risk indicators of credit and CDS spreads, implied volatilities and US equity index risk reversals. We find that explicit FOMC policy-rate guidance announcements at the zero lower bound led to a significant increase in US equity prices, for an aggregate equity index as well as for US commercial bank and US nonfinancial equities. Moreover, we find that they led to a significant reduction in some credit spreads. They also led to a significant reduction in an implied volatility index for US government bonds, as well as in the absolute value of US equity risk reversals, implying a lower perceived risk attached to a large fall in the equity index.     

Destination Online Communication: Why Less is Sometimes More. A Study of Online Communications of English Destinations

This research investigates the relationship between Web site design and the Web site end-user experience of a vast number of English tourism destinations, both local and regional ones. Following recent research in the field, this paper evaluates destinations’ online communication based on the implemented Web site features and on the effectiveness of the communication itself, borrowing its research methodology from different domains. After content and functionality analysis, a user-experience, scenario-based investigation has been carried out, which demonstrated that complex Web sites do not always serve end-users’ needs properly; in other words, Web site complexity is not directly related with good user experience. This research may help destination managers to foster their online communication if they have fewer content and functionalities but are better focused and clearly user-oriented.     

Measurement of Satisfaction with ICT Services Implementation and Innovation in Restaurants (Case Study: Isfahan,Iran)

Nowadays, Restaurant is one of the most important factors in the choice of holiday destinations for tourists and contributes to the development of the local economy. This research is an initial attempt to investigate consumer behavior (tourist behavior) and the attitude of restaurant managers to the application of innovation and information and communication technology (ICT) in hotel restaurants. On the basis of the results of this study it can be concluded that tourists and restaurant managers in the city of Isfahan are interested in exploiting the application of innovation and ICT in hotel restaurants.     

Communicating across tourism silos for inclusive sustainable partnerships

Abstract

Overcoming traditional tourism silos to develop long-term relationships with stakeholders is essential for transformational change. Adopting broader networks connects researchers to pertinent issues facing society, develops reciprocal capacities for learning, and creates inclusive sustainable partnerships. As critical tourism scholars and not-for-profit employees, we illustrate the journey of how we engaged collaboratively with diverse stakeholders, from businesses, not-for-profits and the university, to tackle issues of economic disadvantage and social exclusion. Critical hospitality and dialogue theory were adopted to provide a framework for the processes of collaboration, research, networking, and advocacy work for inclusive sustainable spaces. Drawing on our involvement with co-founding a collaborative research network, the Network for Community Hospitality, and analysis of data from two Ketso workshops and interviews with 41 network members, we present reflections on setting up and facilitating the network. In addition, two examples of collaborative Network activities are presented to illustrate the techniques and dialogic communication processes for doing critical hospitality. The article thereby contributes by providing empirically informed and reflexive understandings into the experiences of working and communicating within long-term inclusive partnerships with diverse stakeholders to create traction for positive social sustainable change.     

解析跨文化商务交往中的时间观

由于中西方文化在哲学观、历史背景、社会模式等诸多方面千差万别,其对时间的观念和态度也存在着很大差异,从而产生了不同的时间取向模式。如何对待时间以及如何使用时间,在很大程度上影响了中西方文化之间进行的跨文化交际效果。通过对比分析导致中西方时间观念差异的文化因素和具体的交际实例,进而更深层次地理解和把握中西文化各自的时间取向,提高跨文化交际的有效性。特别是在商务交往中,达到双方的理解和共赢。     

What No Pasties!? Reading the Cornish Tourism Brochure

This article introduces a conceptual model for the analysis of tourism marketing texts, and provides a social semiotic reading of the Visit Cornwall brochure to demonstrate how the model may be applied. The conceptual model provides an insight into how the cultural meaning of tourism moves from culturally constituted world of tourism marketing, to that of the individual consumer. By understanding how individuals interpret marketing texts, and how they relate to the signs and images used within tourism marketing, it is possible to develop coherent strategies that are tailored to market segments or groups, while identifying the significance, ethics, and validity of the discourses utilized within contemporary tourism marketing practices.     

Franchise partner selection decision making

This paper aims to investigate international franchise partner selection from the perspective of different decision making models and analyse the influence of organisational factors on the franchise selection decision making. Empirical data were collected from a leading international hotel group through multiple data collection methods. The research findings indicate that the participant organisation mainly exploits a processual approach to decision making. Power over the decision making shifts to different levels where the necessary information can best be accumulated and interpreted in different stages of the process. Different organisational parameters interact and exert influence upon each other while a franchise organisation decides to choose the most appropriate franchise partner.     

Brand Personality and Emotional Attitudes: The Case of Mobile Telephone Operators

ABSTRACT

As part of a brand image, brand personality has aroused for years the interest of scholars and marketers. This article examines this concept in the case of two mobile telephone operators in Tunisia (North Africa). An empirical investigation, based on a sample of 272 students, has shown that brand personality influences and above all is influenced by emotional attitudes within consumers. At a managerial level, this study sheds light on the main brand personality traits (agreeableness, conscientiousness, sophistication, and youth) that make successful product differentiation and communication strategies. An emotion-oriented approach is also indicated as a salient branding management key of success.     

An Identification-Based Model of Supplier-Retailer Communication

ABSTRACT

The theoretical basis of the current thinking on supplier-retailer communication is refined and an alternative model is offered and empirically tested. It is argued and empirically demonstrated that identification is an important mediator in bringing about relational outcomes in a supplier-retailer relationship. Specifically, collaborative communication (higher rather than lower frequency, informality, bidirectionality, and indirectness of communication) from the suppliers is found to be positively related to their coordination with the retailers directly and indirectly through identification, trust, and commitment.     

Dissecting Word-of-Mouth's Effectiveness and How to Use It as a Proconsumer Tool

Companies are increasingly relying on alternative promotional activities, such as word-of-mouth communication (WOM), to reach their target markets. From a consumer protection perspective this may be troubling, as consumers may not always be aware of what is commercially motivated WOM and what is not. Based on a synthesis of the literature, this article develops the first practitioner-friendly model, which explains WOM's effectiveness as an information source for consumers and why it is a powerful tool for nonprofit organizations and government agencies. Then nine recommendations are developed to help nonprofit organizations and government agencies use WOM more effectively as a proconsumer tool. This is the first article to conceptualize proconsumer WOM rather than naturally occurring WOM or commercial WOM and to specifically focus on WOM to protect and educate consumers. The study paves the way to an untapped research area; that of proconsumer WOM by nonprofit organizations and government agencies.