Is there stability underneath health risk resilience in Hong Kong inbound tourism?

The impacts of health crises on tourism demand vary according to the crises’ magnitude, causes, and recoverability. In some cases, the effects of these unexpected incidents have been severe. This study investigates the underlying stability of Hong Kong’s inbound tourism during three phases of health events. Data on 14 market sources for Hong Kong tourism are compared and the results discussed. Specific examinations suggest that travel from India, the U.S., the U.K., Indonesia, and the Philippines are, somewhat, less influenced by health crises in Hong Kong. Men, unmarried travelers, non-working vacationers, and repeat visitors display resilient tendencies. Expenditure tends to decrease during crises, although lengths of stay tend to increase. The inclusion of three types and phases of health crisis events and their effects on inbound travel markets suggest that the impacts of health crisis events differ according to the profile of health crisis. Implications and suggestions for future studies are discussed.     

Unlocking the rural tourism potential of the Limpopo province of South Africa: Some strategic guidelines

Inadequate economic restructuring and a decline in agricultural production in South Africa have reduced the economic opportunities of rural communities. They have limited the economic development options of rural areas, rendering older development strategies less viable and forcing many to look for alternative methods to help them survive and prosper. Rural tourism and its associated businesses have emerged among the most popular non-traditional options for rural development, because of their ability to generate income and jobs. This study examines national and international strategies for developing tourism, and investigates the opinions of participants in the tourism industry of the Limpopo province, with a view to identifying the key strategic issues that can ensure the success of rural tourism. The research consisted of a literature study, field surveys, and interviews with policy-makers and administrators, tourism operators, academics and tourists. The results identify rural tourism as a viable development tool for Limpopo province. Six strategic issues were identified as fundamental for its success. It is believed that these guidelines could also be applied to other rural provinces, thus creating a generic strategy for developing rural tourism.     

The impact of electronic trading on bid‐ask spreads: Evidence from futures markets in Hong Kong,London, and Sydney

During 1999 and 2000, three major futures exchanges transferred trading in stock index futures from open outcry to electronic markets: the London International Financial Futures and Options Exchange (LIFFE); the Sydney Futures Exchange (SFE); and the Hong Kong Futures Exchange (HKFE). These changes provide unique natural experiments to compare relative bid‐ask spreads of open outcry vs. electronically traded markets. This paper provides evidence of a decrease in bid‐ask spreads following the introduction of electronic trading, after controlling for changes in price volatility and trading volume. This provides support for the proposition that electronic trading can facilitate higher levels of liquidity and lower transaction costs relative to floor traded markets. However, bid‐ask spreads are more sensitive to price volatility in electronically traded markets, suggesting that the performance of electronic trading systems deteriorates during periods of information arrival. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:675–696, 2004