Tourism managers' view of the economic impact of cruise traffic: the case of southern Spain

This article focuses on analysing the perception that the tourism sector itself has of its impact in cities at which cruises call. We use a sample of 371 managers of tourism establishments in the hinterlands of two Spanish cruise ports. The conclusions confirm the good public image that cruise traffic has traditionally enjoyed. However, the vision that the managers have is not uniform but depends on the characteristics of the tourist establishment and its own experience. Managers also advocate the direct intervention of the public administrations, even with economic aid, to favour the implementation of cruise tourism in their cities.     

Catalan firms and the distribution of products in Europe

The food industry sector has seen major changes in the ways it needs to compete. Spain became linked to the European Community in the early 1970s by an adherence treaty which regulated food exports to the member countries. Subsequently, when Spain became a full European Community member in January 1986, both exports and imports to and from countries (Mediterranean or otherwise) became regulated. There had not previously been a tradition of trade links with most of these countries. After 10 years of full coexistence with the other European members, it is possible to test the effect of free circulation of goods, the major presence of community multinationals in the markets, the restructuring of the food industry sector, and the penetration of Spanish products in European markets. At present, the objectives of economic convergence contemplated in the Maastricht Treaty call for the control of macroeconomic variables (particularly inflation) which affect the food industry (by virtue of its special characteristics) far more than the remaining sectors because of its peculiarities. This paper is a summary and extension of a broader study conducted by Lourdes Viladomiu (Universitat Autònoma de Barcelona), María de los Angeles Gil Estallo (Universitat Pompeu Fabra), Jordi Melé (Universitat de Barcelona), and Manuel Cantos (Universitat Pompeu Fabra) financed by the Fundació Empresa i Ciència of the Universitat Autònoma de Barcelona.     

Bootstrap Methodology in Claim Reserving

In this article, we use the bootstrap technique to obtain prediction errors for different claim‐reserving methods, namely, the chain ladder technique and methods based on generalized linear models. We discuss several forms of performing the bootstrap and illustrate the different solutions using the data set from Taylor and Ashe (1983) , which has already been used by several authors.     

Executive compensation and dividend policy

This study examines the use of dividend provisions in executive compensation contracts to influence dividend policy. A sample is constructed with the largest companies in the oil and gas, defense/aerospace and food processing industries, where dividend-related agency costs are expected to be high. The results indicate that the existence of a dividend incentive in the compensation plan is positively associated with higher dividend payouts and yields, and higher annual changes in dividend levels. Evidence is also provided on firm characteristics associated with the use of a compensation contract with a dividend provision. The results are consistent with the theory that firms link compensation incentives to dividend payments to reduce conflicts between shareholders and management over dividend decisions.     

The effects of the LCC boom on the urban tourism fabric: The viewpoint of tourism managers

This paper analyzes the vision that the urban tourism fabric in the hinterland of five Spanish regional airports has of the low cost carrier (LCC) phenomenon and the impact that LCCs have on the various niche tourism markets. Data are used from a survey of almost 500 tourist establishment managers. One of the conclusions that should be highlighted is that most of the tourism sector considers LCCs to be perfect substitutes for network carriers and even improvements on these in many cases. The exceptions are travel agencies, especially with regard to the role LCCs play in promoting conference tourism. The factors that determine how the role of LCCs is rated are also examined using generalized ordered logit estimations.