Evaluating museum visitor experiences based on user-generated travel photos

ABSTRACT

This research introduces online travel photos published on social media platforms as a complementary data resource to examine the behavior and experience of museum visitors. The practical value of online travel photos is demonstrated through a case study of popular Hong Kong museums, particularly by using the photo content and metadata available from the Flickr platform. The proposed approach is a generic method for understanding museum visitor behavior and preferences, and supports museum practitioners in developing improved products for visitors. The case study findings are particularly beneficial for tourism managers, especially those in Hong Kong, in promoting and attracting tourists to visit local museums.     

Does bank competition promote financial inclusion? A cross-country evidence

The idea of financial inclusion has recently been discussed as one of the key strategies to enhance economic development (World Bank 2014). We move this discussion forward by examining if bank competition is a crucial component enforcing financial inclusion, which is arguably a finance supply-side driven process. In this study, we compute the financial inclusion index built on Sarma (2008) approach to better reflect banks’ willingness and capability to provide financial services. Applying System Generalized Method of Moments to the panel of 93 countries, we find that bank competition promotes financial inclusion.     

Climate,diseases, and the origins of corruption

It has been commonly observed that tropical countries tend to suffer from intense corruption and underdevelopment. This study provides an explanation for this long-standing disparity across the world based on variation in the intensity of ultraviolet radiation (UV-R). The central hypothesis is that UV-R is positively associated with the (historical) prevalence of eye diseases, which significantly shortens work-life expectancy as a skilled worker. This helps shape the worldwide distribution of corruption by affecting the incumbents' window of opportunity. Using data for up to 139 countries, I consistently find empirical support for the positive relationship between UV-R and corruption. The main findings withstand accounting for numerous alternative explanations for international differences in corruption levels. Employing individual-level data from the World Values Survey, I document suggestive evidence that exposure to UV-R is linked to surveyed respondents' tolerance towards corrupt activities. Furthermore, a subnational analysis for China lends credence to the cross-country evidence.     

Social media bots and stock markets

This study examines the link between information spread by social media bots and stock trading. Based on a large sample of tweets mentioning 55 companies in the FTSE 100 composites, we find significant relations between bot tweets and stock returns, volatility, and trading volume at both daily and intraday levels. These results are also confirmed by an event study of stock response following abnormal increases in the volume of tweets. The findings are robust to various specifications, including controlling for traditional news channel, alternative measures of volatility, information flows in pretrading hours, and different measures of sentiment.     

Market Discipline and Deposit Guarantee: Evidence from Australian Banks

This study examines depositor market discipline of Australian banks and its interaction with the 2008 deposit and wholesale funding guarantee. Prior to 2008 market discipline is found for Australian‐incorporated banks. Depositors did not distinguish between major and small banks, but some differences in the degree of market discipline were found for foreign bank subsidiaries. Following the introduction of the 2008 guarantees, market discipline was reduced except for nonhousehold depositors at banks that did not access the wholesale guarantee. Market discipline is also evidenced at foreign bank branches, but weaker for those accessing the wholesale guarantee.     

Information and Communication Technology (ICT) and Singapore’s economic growth

Singapore’s remarkable success in economic development has been strongly associated with the country’s vigorous efforts to embrace the Information and Communication Technology (ICT) revolution to promote economic growth. This study provides a comprehensive investigation of the contributions of ICT to Singapore’s economic growth during the 1990–2008 period. It documents three key findings. First, there is a strong positive association between the intensity of ICT use and value-added and labor productivity growth at the sector level. Second, ICT investment contributed approximately 1 percentage point to Singapore’s GDP during 1990–2008, and its role in driving economic growth has become increasingly important over time. Third, the contribution of the ICT manufacturing sector to Singapore’s growth was notable, but it was on the decline and faced difficult restructuring challenges. This paper also provides valuable policy lessons and strategic insights for governments in both developed and developing countries that aspire to embrace ICT to promote economic growth.     

AN EMPIRICAL ANALYSIS OF BEN GRAHAM'S NET CURRENT ASSET VALUE RULE

This paper presents evidence that the net current asset value rule developed by Ben Graham in 1930 is still profitable in the 1970s and early 1980s. The abnormal gain is not due to future mergers because both the merged and nonmerged subsamples have positive and statistically significant returns in the post-event period.     

The Effect of Junk Bond Defaults on Common Stock Returns

This paper examines the effect of junk bond defaults on common stock returns. The evidence indicates that stockholders uncover the signs of financial distress long before the default date. Stock prices fall sharply at the time of the default announcement. Although stocks of fallen angel sample recover slowly and steadily after the default announcement, stocks of the original-issue junk bond sample continue to decline. On average, bankrupt firms suffer larger negative stock returns than defaulted firms not only at the time of announcement, but also in both pre- and post-event periods.     

Physical capital accumulation in Asia 12: Past trends and future projections

The pace of capital accumulation in East Asia has simply been stunning. In this paper, we investigate sources of this fast accumulation and make projections for the future. We estimate a “convergence” equation for physical capital per capita, which is derived from an open economy growth model, using a pooled cross-country, across-decade sample of the entire world. We also conduct projections for the next two decades. We find that an economy with a low level of capital stock per capita tends to experience faster accumulation subsequently. Asian economies have certainly benefited from this “convergence effect”. But on the other hand, other factors such as a low rule of law score and high investment goods prices have worked against them. Our projection shows that, if those economies wish to maintain their current pace of fast capital accumulation, the keys would be to reduce distortions in the domestic market and to improve the quality of institutions.     

Hospital Numerical Flexibility and Nurse Economic Security in China and India

This article contrasts the flexibility of Chinese and Indian urban hospitals and the security of nurses. The study draws on a survey of 55 urban hospitals, and finds that national context generates different flexibility–security outcomes even when workers with similar skills are considered. Our findings support claims that China is constructing a flexibility–security regime that aims to promote both security and flexibility, and that India remains attached to employer‐based social protection, but challenges the claim that economic growth is higher in China because India's employers have relatively less capacity to utilize labour‐time as they wish.