Preferences regarding external information sources: a conjoint analysis of visitors to Sardinia,Italy

Utilizing a conjoint analysis approach, this study aims to examine the relative importance of external information sources for female and male international and domestic travelers utilizing data collected from 719 tourists traveling to Sardinia (Italy). Overall, findings reveal that traditional word-of-mouth (i.e. family and friends), online review sites (e.g. TripAdvisor), and the online search engines are the most important external information sources for both domestic and international travelers. However, differences in importance tourists assign to each external source exist based on type of travel (domestic versus international) and gender (male versus female). For example, while traditional word-of-mouth, online review sites, and search engines are the three most important sources for domestic male travelers, the third most important information source for domestic female travelers is found to be printed tour guides. Contributions to the current body of knowledge and managerial implications are discussed, and suggestions for further research are provided.     

Risk return and cost of equity of small and large casual-dining restaurants

Although the financial performance of US casual-dining restaurants has been better than returns in other restaurant segments, it is not known how large and small casual-dining restaurant companies perform when their stock returns are adjusted for risk. The present study uses traditional and contemporary risk-adjusted performance and cost of equity models to fill the void in this area of research. The results indicate that large casual-dining restaurants outperformed their smaller counterparts on a risk-adjusted basis, and had a lower cost of equity for the 1998–2002 period. In addition, the findings demonstrate that the cost of equity estimates pose some serious challenges when sub-periods before and after September 11 events are included in the analysis.     

Does Exporter Turnover Contribute to Aggregate Productivity Growth? Evidence from Malaysian Manufacturing

Malaysia’s economic success is to a significant extent underpinned by its export‐oriented manufacturing sector. The sector has a large foreign presence, with MNCs attracted by the open trade and investment regime, and FDI‐friendly policies. Using unpublished manufacturing census data for 2000 and 2005, we apply the methodology by Foster et al. (1998) to decompose productivity growth. The analysis shows that exporters were more productive than domestic‐oriented establishments, and were distinctly more competitive. The empirical evidence also shows that establishment turnover is important in boosting productivity growth. In particular, we find that turnover of exporters made a larger contribution to aggregate productivity growth compared with domestic‐oriented establishments during the period from 2000 to 2005. Surviving establishments (those that operated in both years), on the other hand, made a negative contribution. It is noteworthy that entrants to export markets were more productive than surviving non‐exporters and even surviving exporters. Exiters from export markets or ‘export failures’, on the other hand, were less productive than continuing exporters. Given the importance of turnover to productivity growth, the government should ensure unrestricted entry to the export sectors for both foreign and domestic investors. Continuing with pro‐FDI policies is also important, given the keener global competition.     

International leisure tourists’ involvement profile

The involvement construct has received a great deal of attention in recent years. However, the majority of research on this topic has focused on internal tourists, recreational activities participants, or associated services and products. Using survey data collected from European leisure tourists at an international destination, this study examined the underlying dimensions of their involvement. Scale unidimensionality is first revealed by an exploratory factor analysis and validated by a confirmatory factor analysis. The data suggested that this is a three dimensional construct: pleasure/interest, risk probability, and risk importance. Construct validity, including discriminant, convergent and nomological validity, and reliability are also satisfactorily established.     

Marshall's Scissors: The Gains and Losses from Trade

In a Ricardian two‐factor endowment model with Cobb–Douglas tastes and many goods, this paper describesthe interaction of the demand and supply sides to determine the gains and losses from trade. If the abundant factor has a sufficiently rich profile of comparative advantages, trade causesthe proportionate gain to the abundant factor to be smaller than the proportionate loss to the scarce factor. However, if the abundant factor has sufficiently skewed comparative advantages toward the best goods, then the opposite will hold. Some examples suggest that these patterns may have something to do with the selection of trade regimes. In the usual one‐factor Ricardian model the gains from trade to a country are enhanced by higher demand shares for imports, but such gains from trade from imports to a country is not the case in a factor endowment model.     

Perspektiven zur aktuellen Kapazitätsmarktdiskussion in Deutschland

Over the last years, proposals for the implementation of capacity mechanisms in Germany have been published. However, some basic questions have not been answered yet: regarding the need for capacities, the functioning of the energy-only-market and the objective and type of a possible capacity mechanism. The actual need for capacities is an important input factor for capacity mechanisms and crucial to determine whether these are required. Currently, uncertainties prevail due to differing assumptions regarding the capacity credits of renewables and other capacities. Existing studies show highly diverse estimates for capacity needs after 2020. It is also unclear whether the energy-only-market can provide sufficient investment incentives. The current low prices cannot be interpreted as a sign for market failure. They represent overcapacities due to European integration and increasing renewable shares. The mid-term effects of increasing renewable shares on electricity prices still need to be analyzed in detail. At last, the objective of a capacity mechanism is not clear in the German context. This makes the selection of an adequate capacity mechanism and an effective market design more complicated. Furthermore, effects on the energy market need to be considered. Parameterization errors can be expensive. Also, capacity mechanisms do not necessarily guarantee higher investment security. As a consequence, the authors advise against the prompt introduction of a capacity mechanism, especially as the new EnWG guarantees the operation of system-relevant power plants until 2017. Instead, an incremental improvement of the energy-only market and in-depth analysis of the described questions seam necessary.     

An interest-rate-spread-based measure of Turkish monetary policy

A coherent method to measure the effectiveness of a monetary policy improves the monetary authority’s management capacity and renders the possibility of applying sound policies prior to and during a crisis. The trend in employing complicated and ambiguity-bearing unconventional monetary tools in the aftermath of the 2008 crisis has increased the value of such a method. The aim of this article is to introduce a coherent and consistent monetary policy evaluation method for Turkey. Accordingly, we suggest that innovations in the spread between overnight interest rates and Treasury auction interest rates are informative for exchange rate, output, and prices. Empirical evidence for this identification reveals that positive innovation in spread (implying a tight monetary policy measure) decreases output temporarily, permanently decreases prices, and appreciates local currency. This result is also robust to alternative specifications.     

Housing Price Volatility Changes and Their Effects

We examine significant volatility shifts in regional housing price changes, adapting a method of Haugen, Talmor and Torous (1991) independent of predefined sampling blocks. We identify 36 volatility events, most of which are purely regional, but three of which are national. We find significant associations of volatility events and economic conditions, especially national and regional income growth, inflation, and interest rates. During an initial adjustment period after a volatility shift, realized housing returns move opposite to volatility. We find evidence of significant interregional diffusion of volatility increases, but not of decreases. New insights on links between economic conditions and housing volatility and returns should be of value to household investors and mortgage investors.