Decomposing seasonality in an urban destination: the case of Milan

ABSTRACT

This paper analyses demand fluctuations in the field of urban destinations, decomposing Milan’s hotel seasonality. Four different seasonal periods are identified and two research questions are explored. The first aims to verify how seasonality evolved over the period 2004–2015 and the effectiveness of analysing tourism flow in an urban destination using daily data. The second aim explores the effects generated by the Milan Expo 2015 on seasonality. Using Smith Travel Research data, a longitudinal analysis (2004–2015) is carried out, decomposing the annual Theil index. Evidence is reported and discussed.     

Financial innovation: theoretical issues and empirical evidence in Italy and in the UK

In the first part of the paper, we try to clearly identify financial innovations and draw a general framework. Despite the relevance of financial innovations, a unique definition is difficult to find. We then provide empirical evidence of such innovations on a sample of Italian and UK listed banks over the period 2005–2007 using financial account data. First, the absence of any mention of a specific organizational unit in charge of research and development (R&D) is highlighted. However, the existence of a research and developmental function involving different organizational units cannot be excluded. Second, innovation seems to be mainly concentrated in the product area, both in Italy and in the UK. This could be accounted for by the difference in the “life cycles” of innovations and by the different operational conditions of banks in both systems. Third, larger banks seem more innovative, both in Italy and in the UK. No clear relation between innovation and cost reduction/revenue increase seems to exist, at least in Italy. In the light of the above considerations, policy implication comes to light on whether the choice of not establishing a specific organizational unit dedicated to R&D could turn out effective in the medium-long term.

Vertical Integration and Costly Demand Information in Regulated Network Industries

We study how vertical integration affects the acquisition and transmission of demand information in regulated network industries. Demand information helps to set the access price, incentivize infrastructure investment, and foster competition in the unregulated downstream market. We show that when demand information is costly and private, the optimal access prices are independent of demand levels. Vertical integration then secures greater welfare in new markets where little demand information is available or where infrastructure cost is low, or when investing is highly risky. In the remaining cases, vertical separation is preferable.     

Investigating the consequences of word of mouth from a WOM sender’s perspective in the services context

Abstract

Employing scenario-based experiments, this paper examines the effect of word of mouth (WOM) on the sender’s intention to give future WOM about the focal service provider and the self-enhancement derived from articulating WOM. Extant WOM literature considers self-enhancement as a key driver of positive WOM. This paper provides empirical evidence that a reverse effect exists and that self-enhancement is also an outcome of WOM behaviour. Results indicate that the impact of WOM on self-enhancement has substantive significance and holds for both positive and negative WOM. The effect of WOM on intentions is only partially supported. Finally, tie strength between the WOM participants partially moderates the relationship between the variables. Importantly, the impact of negative WOM is stronger than that of positive WOM.     

Sri Lankans’ residential segregation and spatial inequalities in Southern Italy: an empirical analysis using fine-scale data on regular lattice geographies

Quality & Quantity - Sri Lankans constitute one of Italy's oldest foreign communities. A comparative geographic study of Sri Lankans’ settlement patterns in three main municipalities...     

The probability of multidimensional poverty: A new approach and an empirical application to EU-SILC data

This paper proposes a novel method to analyze multidimensional poverty by using a large set of feasible weights to summarize the information about the poor, which enables remaining agnostic about the relative importance given to different poverty dimensions. This method allows for the calculation of the individual probability of being poor in a multidimensional perspective. The distribution of individual probabilities can then be combined with Generalized Lorenz dominance techniques to derive unanimous consent for a wide class of social welfare functions with a minimum load of value judgments. The innovations proposed here allow to move from a dual definition of poverty, where poor and non-poor individuals are classified in a mutually exclusive context, to a continuous measure of deprivation capturing both the extensive and intensive margin of multidimensional poverty. The empirical application of the method consists of measuring multidimensional poverty in ten selected countries using four waves of EU-SILC data (2008–2014).     

Balanced sampling of boxes from batches for assessing quality of fruits and vegetables in EU countries

Quality & Quantity - The best evaluation for the proportion of defective units in a batch of fruits and vegetables can be achieved by an exhaustive checking of all the boxes in the batch, that...     

Open design: an actual topic in architectural education

International Journal of Technology and Design Education - Architecture is never fixed: buildings and (urban) spaces change as their use(r)s and contexts change over time. Even when architectural...     

Savings and investments in the OECD: a panel cointegration study with a new bootstrap test

In this paper we test for the existence of a stable long-run savings–investments relationship in 18 OECD economies over the period 1970–2007. Although individual modelling provides only very weak support to the hypothesis of a link between savings and investments, this cannot be ruled out as individual time series tests may have low power. We thus construct a new bootstrap test for panel cointegration robust to short- and long-run dependence across units. This test provides evidence of a long-run savings–investments relationship in most of the countries, with USA the most notable exception. However, the elasticities generally smaller than 1 suggest that market imperfections mostly cause only partial home biases.     

Bookbuilding and Strategic Allocation

In the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to pricing an equity issue. The banker then prices the issue and allocates shares at his discretion to the investors. We examine the books for 39 international equity issues. We find that the investment banker awards more shares to bidders who provide information in their bids. Regular investors receive favorable allocations, especially when the issue is heavily oversubscribed. The investment banker also favors revised bids and domestic investors.