Social Capital and the Linkages of High-Tech Companies to the Military Defense System: Is there a Signaling Mechanism?

This study investigates linkages of new Israeli high-tech companies to the military and defense system. We examine the impact of social capital, signaling, and learning spillovers on resource acquisition in terms of investments and the financial performance of companies with and without linkages. Social capital, signaling, and learning spillovers are examined as they impact individual and organizational resource acquisition and performance of 200 new Israeli high-tech companies. The study contributes to the existing literature of entrepreneurship by suggesting the relevance of knowledge spillovers, signaling theory and social capital to the context of the interface between defense and civilian spheres.     

Factors Inducing National Media Coverage for Tourism in Rural versus Urban Areas: The Role of Public Relations

This study examines the relationship between media coverage patterns of rural and urban tourist spaces in Israel, the characteristics of these spaces, and the way in which public relations (PR) are conducted to promote rural tourism in those areas. Using geographical distance, population size and type of tourist products for the spatial variables, PR financial budgets and PR practice types for the PR variables, the study examines their relative importance for rural versus urban tourism promotion. Results show that ongoing professional PR is crucial for the success of rural destinations in receiving large and positive national media coverage.     

The Role of the Tourism Industry in Transforming a Rentier to a Long-Term Viable Economy: The Case of Bahrain

During the past four decades, the tourism industry has emerged as one of the leading industries worldwide. In the Arab countries, however, despite its huge potential, the tourism industry is still in its infancy phase. With the exception of only a few countries, until recently most of the Arab countries almost ignored the economic potential of tourism. Since the 1990s, their traditional attitude of neglect toward the tourism industry has undergone a transformation, a fact that was not lost by the Gulf Cooperation Council (GCC) countries. Thus, since the mid-1990s, all of the GCC countries, without exception, have been trying to promote their tourism sector, which soon became a prominent economic sector. The paper concentrates on one tourism development case – that of Bahrain – the least ‘rentier’ within the GCC oil-economies. The main research question addressed by this paper is to what extent Bahrain has introduced a cohesive and economically viable tourism industry that contributes to a more sustainable economy of this country. This exploratory paper examines Bahrain's motivation to promote tourism; its tourism comparative advantage; the major difficulties facing Bahrain's further tourism expansion; and the overall role of the tourism industry in the Bahraini economy.     

What jackpot? The optimal lottery tax

The payout rate on lotto is normally fixed. We show that such a policy is generally suboptimal from the lotto authorities' point of view. The payout rate should be allowed to vary according to the number of rollovers that have occurred. To illustrate our argument, we simulate and optimize an econometric model of the lotto market in Israel. We also consider whether it is profitable to increase the frequency of lotto from once to twice a week.     

A shift in perspective? The role of emotional branding in shaping born globals’ performance

Branding strategies have been at the core of marketing and strategy literatures for decades. Global brands are known for their positive influence in increasing customer trust and confidence, thus reducing the risks associated with foreign operations from the firms’ standpoint. These positive effects of global brands have led to research exploring brand image while emphasizing its relevance in positioning, gaining competitive advantage, and facilitating firms’ international business. Born-global firms (BGs) can mostly benefit from harnessing brand image, mainly by reducing market-related uncertainties while establishing a brand-based reputation and thus enhance their international expansion. However, very few attempts have been made to investigate the role of branding in advancing BG performance. Through a survey-based study including 147 Israeli BGs, complemented by 11 in-depth interviews with BG managers, we investigated the distinct role of functional and emotional brand-image aspects. The findings demonstrate that emotional branding bears a significant impact on BG performance. This impact reaches beyond the influence of innovativeness and marketing intelligence on BG performance. Surprisingly, while functional branding was enhanced by firms’ innovativeness, it showed no significant impact on international performance.     

Travel guidebooks and the construction of tourist identity

Tourist identity is an important component of the postmodern identity. This review paper unveils the role of travel guidebooks as identity construction agents at a time when tourism has become an important postmodern phenomenon. The review offers a processual look at roles played by guidebooks in tourist information gathering and formation of cultural tastes and preferences, and portrays the influence of guidebooks on social change. The review points especially to the lack of a broad theoretical perspective in the research of the role of guidebooks in tourist identity formation as well as tourist motivation and consumer behaviour formation. Consequently, the paper suggests that future studies of tourist identity should adopt a socio-historical and cultural interdisciplinary approach focusing on travel guidebooks, using both quantitative and qualitative methodologies. Based on this proposed framework, the article suggests several further research directions for the study of social construction of tourist identity within a spatio-temporal context.     

The effect of holdings data frequency on conclusions about mutual fund behavior

A number of articles in financial economics have used quarterly or semi-annual mutual fund holdings data to test hypotheses about investment manager behavior. This article reexamines four well-known hypotheses in finance to determine whether the results of prior tests of these hypotheses remain valid when higher frequency (monthly) holdings data are employed. The areas examined are: momentum trading, tax-motivated trading, window dressing, and tournament behavior. We find that the use of monthly holdings data rather than quarterly holdings data or, in the case of tournament behavior, holdings data rather than monthly return data, change, and in some cases reverse, previous results. This occurs because monthly holdings data capture a large number of trades missed by quarterly data (18.5% of the trades) and permit a more precise estimation of the timing of trades.