Risk management of climate impact for tourism operators: An empirical analysis on ski resorts

The aim of this paper is to analyze the performance of hedging strategies based on snow and temperature options developed by ski operators to protect their profitability under adverse changes in climatic conditions. The setup is based on a joint non-parametric model for snow and temperature aimed at providing a modelling support for the assessment of the impact of these weather variables on the number of visitors at the ski resort. The analysis is carried out considering the case of Austrian Alps, and examines: i) the ability of the proposed approach to provide a realistic representation of the true data-generating process; ii) the variability reduction in the Profit and Loss of the ski operator offered by the suggested strategies; and iii) the tradeoff between the budget earmarked for hedging and profitability protection.     

基于扎根理论的滑雪旅游度假区经营要素与理念识别

随着国民消费的升级,滑雪度假已然成为冬季旅游的消费新热点。经营要素与经营理念是旅游目的地成功发展的必备基础。为更好地提升我国滑雪旅游度假区的竞争力,本文通过对来自6个世界冰雪强国的11名旅游部门及滑雪企业负责人的访谈,运用扎根理论与内容分析法,从供给侧的角度识别出滑雪旅游度假区成功经营的基础要素与核心竞争力要素,以及人才专业性、体验性、异质化开发、持续创新、绿色发展五大经营理念。据此建议我国滑雪旅游度假区高质量发展需从地方感营造、游客体验、市场培育、生态保护等方面入手,来完善经营要素体系,提升市场竞争力。     

Extent of hedging in the US lodging industry

This study investigates the extent of hedging in a sample of lodging firms over a five-year period from 2000–2004. The findings document that lodging firms predominantly use interest rate swaps and options to manage interest rate risk exposure. Lodging firms primarily use these instruments as cash flow hedges of their long-term debt liability. The findings indicate that the hedging decision should be modeled separately using a two-step model. The results are robust to alternative specifications and provide evidence to show financial leverage, floating rate debt, information asymmetry, firm size, cash flow volatility and diversification, to be significantly related to the amount of hedging.     

全球滑雪产业发展时空演化特征

全球滑雪产业呈现快速发展和空间格局不均衡的总体特征。本文综合运用空间分析和统计方法,基于滑雪总人次、滑雪场数量、滑雪场提升设备、冬奥会举办地4个表征性指标,进行全球滑雪产业时空演化分析。结果表明：欧洲阿尔卑斯地区仍为全球滑雪产业的主要集聚区,其次美洲和东亚发展迅速;全球滑雪场提升设备水平整体呈现不断优化趋势;冬奥会对全球滑雪产业发展的影响明显,冬奥会举办地由核心区域西欧向东亚移动;新冠疫情对全球滑雪产业产生了一定冲击,2020年全球滑雪总人次较2019年下降17.1%。以北京2022年冬奥会为契机,中国实现“三亿人参与冰雪运动”、建设国家级滑雪旅游度假地、积极筹备冬奥会迎接各国参赛等举措,将有效缓解新冠疫情对全球滑雪产业的负面影响,促进全球滑雪产业的可持续高质量发展,加速东亚地区成为全球滑雪产业的增长极。     

西北五省滑雪场空间分异特征及其影响因素研究

西北五省区冰雪资源丰富、冰雪运动历史悠久、冰雪文化厚重,具备优越的冰雪旅游资源条件和发展基础。本文以2019年西北五省区125个滑雪场为研究对象,运用最邻近指数、核密度、空间自相关、热点分析和不均衡指数等方法,分析滑雪场空间布局分异及其影响因素。研究表明：（1）西北五省区滑雪场呈“双核心、集聚化”的空间格局特性,2个高密度区域分别为陕西中部和新疆北部地区;空间自相关性较明显,冷热点分布呈现“西北和东南热,中部区域较冷”的非随机性分布特点。（2）西北五省区滑雪场分布受多种因素影响,供给维度的核心影响因素是冰雪资源禀赋条件、交通可达性基础,消费维度的核心影响因素是社会经济发展水平、城市辐射与消费市场。据此建议西北五省区应以中国冰雪旅游新发展极为战略目标,构建“多点连片”空间发展结构,放大核心资源综合利用效率,建造多要素融合发展新模式,强化区域协作与联动发展,塑造国际化冰雪旅游品牌。     

Generating socially responsible events at ski resorts

This study examines how ski resorts can manage events that are sustainable, while also balancing the needs of consumers and local workers. Using a mixed-method approach, quantitative results (from 710 ski tourists) highlight the influence of community-centric Corporate Social Responsibility (CSR) and Orientation towards Sporting Events (OSE) on the involvement and satisfaction of visitors in sponsorship-linked events within Iranian ski resorts. Qualitative results (from 38 local resort workers) suggest local resort workers desire community engagement, personal well-being, and rejuvenation. The implications this has for hospitality development are discussed alongside the theoretical implications for future research exploring community-based CSR and Event Social Responsibility (ESR).     

Changes in demand for tourism with climate change: a case study of visitation patterns to six ski resorts in Australia

Tourism in ski resorts depends on snow cover which is expected to decline with climate change. This paper explores hypotheses about demand side responses to climatic change by analyzing patterns of visitation in recent years with differing snow cover. Snow cover and visitation patterns to six resorts which differ in altitude and size in Victoria, Australia, were compared between a slightly warm and much drier year (2006, +0.6°C and ?50% precipitation to longer-term averages) to a more typical year (2007) and to nine earlier years. Snowmaking partly offset declines in natural snow cover in 2006, although there were still fewer days with snow on the ground. The number of visitor days was much lower in 2006 than the previous nine years for the three lowest-altitude resorts (?69%), while it actually increased (+10%) in the highest altitude resort where there were fewer visitors (?17%), but they stayed longer. Snowmaking is already critical for ski resorts in low snow years. With warmer conditions, lower-altitude resorts may not receive enough income due to reduced visitation to offset snowmaking costs, while higher-altitude resorts may have a short-term gain, but become uneconomical in the longer term.     

Measuring tourist judgment on service quality

This study measures tourist judgments on service quality in alpine ski resorts. An attribute based method was employed in order to estimate weighting schemes both for quality judgments across different tourism activity domains and different quality dimensions within winter resorts and to quantify an overall quality measure. A linear regression and Sirgy's congruity model of customer satisfaction/dissatisfaction were adopted. The results indicate that there exists a linear relationship between the overall quality measure and the partial judgments of each domain/dimension. This allows deciphering the relevance of different domains of tourism activity and quality dimensions within the process of making quality judgments.     

A dynamic panel data analysis of snow depth and winter tourism

This paper analyses the relationship between the number of overnight stays and different measures of snow depth based on panel data covering 28 Austrian ski resorts for the period 1986/87–2005/06. Using the dynamic heterogeneous panel data technique of Pesaran, Shin, and Smith (1999), we found a long-run relationship between the number of overnight stays, amount of snow depth, weighted real GDP per capita of the major countries of visitor origin, and price index of accommodation services. The long-run elasticity of overnight stays with respect to snow depth was 0.10. However, for high-elevation resorts the evolution of the number of overnight stays was independent of variations in snow depth. Furthermore, the long-run elasticity of the number of overnight stays with respect to weighted real GDP per capita of the country's visitors was much greater for high-elevation resorts than for low-elevation resorts. Finally, early Easter holidays were significantly and positively related to winter tourism demand.     

Causes and consequences of underutilised capacity in a tourist resort development

There is a widespread presumption that the development of tourism resorts brings direct and indirect benefits to the area where they are located. There has been extensive critical discussion about the magnitude and distribution of these benefits. This paper adds to knowledge of these benefits by investigating the causes of under-utilisation of tourist resort capacity, typified by the problem of “empty beds”. Many owners of holiday homes in tourist resorts choose not to rent out their property when they are not making personal use of it, thereby reducing income earning potential of businesses in the area. This paper reports on a qualitative and quantitative study of holiday home owners at a ski resort in France. While personal use of properties was low, 40% of owners had never rented out their property. Analysis of the data converged on four emergent themes to explain this apparent reluctance to rent out: fears about the social habits of renters; issues of freedom and flexibility in use of their property; life course changes which forced renting/non-renting decisions; and financial issues. Financial issues were not a driver of investment/rental decisions, but derived from other social and lifestyle factors. The paper makes suggestions about how resort management can help to reduce owners' reluctance to rent, and thereby alleviate problems associated with empty beds.     

Revealed and stated preference analysis of ski resort attractiveness

The paper compares a revealed and stated preference approach for estimating the site attractiveness of Vermont ski resorts to weekend skiers. Unexpected bias in attractiveness estimates, seemingly caused by the geometry of origins and destinations, is discovered when the revealed preference approach is used. The attractiveness scales of resorts, which were estimated using separate metric (Thurstone) and nonmetric (nonmetric scaling) models of preference, are shown to be very similar despite the different assumptions of the two models. Eighty‐six percent of variance in the attractiveness estimates of resorts is explained by only two variables, mean perceived length of slopes and mean perceived level of crowding. A multidimensional scaling analysis of a matrix showing the mean cognitive similarity of each pair of 23 resorts reveals that the resultant two‐dimensional cognitive map of the resorts can be largely characterized by the same two attributes, slope length and crowding, that explain the preference‐based attractiveness estimates.     

Determinants of weather derivatives usage in the Austrian winter tourism industry

This study investigates the motivations, concerns and obstacles regarding the use of weather derivatives in the winter tourism industry. The findings from the interviews with 61 ski lift operators in Austria indicate that while the majority of operators are aware of weather risks and report substantial weather exposure, using weather derivatives as a means of offsetting potential loss is rarely considered. This is primarily due to a lack of awareness and knowledge, but on becoming aware of the availability of such instruments ski lift operators express interest in their possible use. The task is thus to increase awareness, knowledge and support for the ski lift operators with reference to the use of weather derivatives.     

Impacts of Climate Change on Winter Tourism in the Swiss Alps

This paper examines the impacts of three consecutive snow-deficient winters at the end of the 1980s on the winter tourism industry in Switzerland. It is shown that ski areas in lower areas suffered severe consequences. Ski areas at higher altitudes (in particular glacier ski resorts) on the other hand increased their transport figures and therefore profited from the lack of snow in lower areas. The snow-reliability of all Swiss ski fields under current climate conditions and under a 2"C warming are investigated. Under current climate conditions 85% of all Swiss ski areas are snow-reliable. This number would drop to 63% if temperatures were to rise by 2"C. This is likely to threaten the regionally balanced economic growth which winter tourism has provided. Possible strategies for the winter tourism industry to adopt if climate change occurs are presented.     

An analysis of snow options for ski resort establishments

This study proposes a pricing method for put options on snow level for tourism establishments operating in Palandoken ski resort in the east of Turkey. In the calculation of put prices historical densities and Edgeworth adjusted densities methods together with Alaton, Djehiche, and Stillberger (2002) method have been applied. The findings show that there may be significant differences in the prices calculated by the three different methods, hence enabling both parties, i.e. buyers and sellers, with bases in the negotiation process. As the study is primarily aimed at providing a framework for pricing put options on snow levels in general, it is expected that it would be of use not only for this particular ski resort but also for various ski resorts in the world.     

A survival analysis of ski lift companies

This article investigates the factors influencing the survival of 244 ski lift operators in Austria over the period 1995–2011. Both Cox proportional hazard and competing risk models with time-varying covariates are utilized to distinguish between ski lift operators that temporarily suspended operations (e.g. due to insolvency) and those that permanently stopped their service. The results show that early adoption of snowmaking facilities led to a significantly lower risk of failure. Introducing snowmaking at later periods (i.e. from 2000 onwards) did not have a significant impact. Size, elevation of the ski areas, local competition, and regional effects also play a significant role in the survival of ski areas, but these factors cannot explain temporary failures. Surprisingly, the probability of permanent exits and temporary failures is independent of variations in snow depth at the nearest weather station. A lack of accommodation capacity and economic recessions lead to a higher risk of both types of failures.     

Impacts of geographic diversification on restaurant firms’ risk: Domestic vs. international diversification

In the hospitality context, the diversification literature has evolved to mostly focus on the impact of diversification on firm performance. However, without accounting for risk, the effect of diversification on firm value likely provides an incomplete picture. Therefore, this study investigates the influence of domestic and international geographic diversification on restaurant firms’ risk. This study uses the Berry-Herfindahl Index to measure the degree of domestic and international geographic diversification. Findings show a non-linear relationship between geographic diversification and restaurant firms’ risk. However, different shapes of the non-linear relationship are revealed between domestic and international geographic diversification and between operational and market-based risk. The results of this study indicate that the risk-reduction effects argued from the modern portfolio theory may be partially applicable to the geographic diversification for restaurant firms, suggesting a different view toward financial diversification and corporate diversification.     

旅游业上市公司多元化经营能够降低公司风险吗？——基于2004—2012年A股上市公司数据的实证研究

我国的旅游业上市公司普遍存在进入房地产业、高新技术产业等行业的多元化经营现象。国内外学者对多元化经营与公司风险之间的关系展开了一系列的研究,但是没有得出一致的结论。截至目前,对旅游类企业多元化经营能否降低公司风险的研究仍较为欠缺。因此,文章以2004—2012年国内23家A股旅游业上市公司1的184个截面数据为样本,利用多元回归分析法检验了旅游业上市公司多元化经营对其公司风险的影响。旅游行业自身的行业特征及其多元化特点使得针对旅游业上市公司多元化经营行为的分行业研究产生了与以往整体层面的研究截然不同的结论：旅游业上市公司多元化经营能够降低公司的财务风险,但无法降低公司的经营风险。进一步对多元化类型进行区分后发现：旅游业上市公司相关多元化水平的提升可以显著地降低公司的财务风险,但无法显著地降低公司的经营风险;而非相关多元化水平的提升无法显著地降低公司的财务风险与经营风险。基于上述研究成果,文章从促进融资体系多元化、完善主业发挥自身优势、谨慎选择多元化行业3个角度对旅游业上市公司的多元化发展提出了建议。     

Using ski destination choice criteria to segment Finnish ski resort customers

The purpose of the paper is to segment Finnish ski resort visitors according to ski destination choice attributes using data-driven segmentation. In addition, segments are compared in order to ascertain possible differences in personal (gender and age) and situation-specific (type of visitor and traveling companion) characteristics between customer segments. The data were collected from visitors to five different ski resorts in Lapland Finland during the years 2006 and 2007 by self-administered questionnaire. Altogether 1827 responses were collected of which 1529 were acceptable for use in this study. Six different customer segments were identified using the factor-cluster method: passive tourists, cross-country skiers, want-it-all, all-but-downhill skiing, sports seekers, and relaxation seekers. At the end of the paper conclusions are drawn and managerial implications discussed.     

Modelling the relationship between attribute satisfaction,overall satisfaction,and behavioural intentions in Australian ski resorts

This study models the relationship between attribute satisfaction, overall satisfaction, and behavioural intentions within the context of ski resorts. Utilising a sample of 426 respondents, K-means cluster analysis is used to develop five motivational ski tourist segments, and the influence of attribute satisfaction on overall satisfaction is determined for each tourist segment. A structural equation model (SEM) is used to confirm the relationship between attribute satisfaction, overall satisfaction and behavioural intentions. The study found that different tourist segments were motivated by different attributes and it is not necessary for all attributes to be satisfied in order to achieve overall satisfaction and positive behavioural intentions. The results provide destination managers with insights to influence overall satisfaction, manage tourists’ behavioural intentions, and improve destination competitiveness.     

Form and function in French resorts

Pearce, Douglas G., “Form and Function in French Resorts,” Annals of Tourism Research, Vol. V, No. 1, January/March 1978, pp. 142–156. This paper discusses the structure of a number of new French resorts and shows how their form is becoming increasingly functional as they develop their own morphological identity in response to new recreational demands. The growth of sailing and boating is reflected in the orientation of the “cite lacustre” and the marina whose form find parallels in the new integrated ski resort. Similarly, new principles have been incorporated in the design of some of the large new beach resorts such as La Grande Motte in order to overcome problems inherent in the traditional water front. Development of new centres of activity can also aid the renewal and expansion of existing resorts. However these purely functional resorts often exclude local participation in the development process and their promotion is now being questioned.