How Markets Process Information: News Releases and Volatility

We examine the impact of scheduled macroeconomic news announcements on interest rate and foreign exchange futures markets. We find these announcements are responsible for most of the observed time-of-day and day-of-the-week volatility patterns in these markets. While the bulk of the price adjustment to a major announcement occurs within the first minute, volatility remains substantially higher than normal for roughly fifteen minutes and slightly elevated for several hours. Nonetheless, these subsequent price adjustments are basically independent of the first minute's return. We identify those announcements with the greatest impact on these markets.     

Volatility in Wheat Spot and Futures Markets, 1950–1993: Government Farm Programs,Seasonality, and Causality

We explore how wheat spot and futures market volatility has been impacted by government farm programs during the 1950–1993 period. We find that changing volatility in both markets is highly associated with changing farm programs. The mandatory allotment programs of the 1950s and early 1960s (1/3/50–4/10/64) were associated with low volatility, while the voluntary programs initiated in the mid 1960s seem to have induced high volatility (4/11/64–12/22/85). Both market-driven loan rates and conservation reserve programs appear to have helped volatility revert to lower levels since the mid 1980s (12/23/85–12/30/93). We also examine seasonality and causality in conjunction with the farm programs.     

Consumers’ perception of food packaging in Trinidad,West Indies and its related impact on food choices

The purpose of the study was to investigate consumers’ perception of food packaging and its impact on food choices. The study population comprised 82 people who were ultimately consumers of packaged food products. The sample was drawn from six major supermarkets located in different geographical areas in Trinidad, West Indies. Data collection was carried out by using a questionnaire based on five topics: visual impact or attractiveness of the packaging; type of packaging material; labelling and nutritional information; new products; and fruit preserves. The packaging feature that influenced most of the respondents’ choice of products was information on the label (41.5%); it was followed by quality and type of packaging (24.4%), brand name/popularity (22.0%) and visual impact (12.2%). When asked if they would purchase a product that was most attractively packaged, 85.4% responded in the affirmative. Most respondents (92.7%) believed that packaging material could adversely affect the quality of performance of a food product. Also, 92.7% of respondents agreed that nutrition information should be shown on all food products, although 36.6% admitted that they do not read the label because of its complexity. Influence of gender was not significant (P < 0.05) on consumer perception of food packaging and on food choices. Although the sample was small, the data highlighted the need to educate consumers of packaged foods, so that informed decisions could be taken in respect to food quality, safety and nutrition.     

The pre-marital investment game

Two sides of a finite marriage market engage in costly investment and are then matched assortatively. The purpose of the investment is solely to improve the quality of the match that the trader can attain in the second stage. The paper studies the limits of equilibrium of these finite matching games as the number of traders gets large. It is shown that mixed Nash equilibria in the finite games converge to degenerate pure strategy equilibria in the limit in which both sides of the market invest too much.     

Planning Host and Guest Interactions: Moving Beyond the Empty Meeting Ground in African Encounters

In many senses viewing the ‘other’ has always been a part of the tourist activity of dominant cultures. The ‘other’ has been seen as a source of difference and excitement with possibilities for exotic pleasure while at the same time dominant cultures have reinforced their own sense of superiority through viewing the ‘other’. The view from the ‘other’ is now becoming a part of tourism research and enabling mechanisms for this view are being developed in tourism planning. This paper seeks to examine how we can move beyond MacCannell’s view of the contact between tourists and hosts as an ‘empty meeting ground’. Just as postcolonial theorists have been critical of the exclusion of the ‘other’ in tourism theory, we argue for the voice of the ‘other’ to be heard in tourism planning practices. In this paper we examine the extent this is able to bring benefits to the process of community-based tourist development in developing countries such as Tanzania and Kenya. The paper theoretically scrutinises the relation between and the fluidity of the concepts of tourism, communities and power and the actuality of approaches to tourism planning that do not involve a submissive, subservient, exoticised and inferiorised view of the ‘other’. The particulars of inclusion of the voice of the ‘other’ bring some fresh insights to Western notions of community-based tourism planning.     

The resource-based and the market-based approaches to cultural tourism in alpine destinations

This study focuses on the relevance of cultural resources in tourism, including cultural heritage sites, cultural landscapes, events or festivals. It seeks to reveal the differences between two management strategy perspectives, the market-based view or approach (MBV) and the resource-based view or approach (RBV), of involved destination stakeholders and the impacts of those differing approaches on their perception of cultural tourism development. The literature on the strategy orientation of organizations/destinations is reviewed and serves as the theoretical background. Data were gathered from 38 semi-structured interviews with experts and key stakeholders in alpine destinations of cultural tourism in Northern Italy, using GABEK, a tool for analyzing complex qualitative data. The results indicate differences between destinations with diverse strategy-perspectives in terms of authenticity perception, standardization, leadership and sustainability orientation. The MBV requires larger financial resources to create an effective brand image. Authenticity was found to be very important and the VRIO framework (valuable, rare, inimitable and organized) a valuable tool. The RBV is best related to niche market products. The RBV also leads to more sustainable strategies for resource use but requires strong vision and network management skills.