The Sicilian MUOS Ground Station Conflict: On US Geopolitics in the Mediterranean and Geographies of Resistance

This paper analyses the alternative territorialities that characterise the conflict on the installation of a US military MUOS ground station in Sicily (Italy). On the one hand, the proponents see territory from a techno-centric vision as a site of strategic importance for the global politics of securitisation since it serves the optimisation of the US military ‘system of systems’. On the other hand, the No-MUOS mobilisation resists this image of territory by claiming it as a place of everyday life, and opposes hegemonic territorialisation through the manipulation of an ensemble of discursive and practical mediators within different spheres of action. The local conflict around a radar infrastructure evolves into a clash between different logics of territorial organisation: a conflict mostly concerning the control over spatial borders, knowledge production, and imaginary circulation.     

Evaluating the accuracy of value-at-risk forecasts: New multilevel tests

We propose independence and conditional coverage tests which are aimed at evaluating the accuracy of Value-at-Risk (VaR) forecasts from the same model at different confidence levels. The proposed procedures are multilevel tests, i.e., joint tests of several quantiles corresponding to different confidence levels. In a comprehensive Monte Carlo exercise, we document the superiority of the proposed tests with respect to existing multilevel tests. In an empirical application, we illustrate the implementation of the tests using several VaR models and daily data for 15 MSCI world indices.     

Wine tourism research: a systematic review of 20 vintages from 1995 to 2014

This paper provides a review of 176 papers on wine tourism published between 1995–2014, highlighting research fields, wine regions studied, theory and methodologies used, journals and authors publishing wine tourism research. This paper aims to provide a reference guide for future researchers through a systematic review of wine tourism research over 20 years. The study contributes to the existing literature reviews of wine tourism and consequently, identifies key gaps for further study. Wine production and wine tourism have very different business foci within wineries. However, the findings reveal the importance of strengthening the synergies between wine production and tourism to be successful. In addition, findings revealed different research agendas between New World and Old World wine countries, where the former has a focus on wine tourism while the later on wine production. There has been an increase in theory building which highlights the complexity of the wine tourism experience. Based on this review, the wine tourism research framework developed by Carlsen (2004) has been extended to include two themes: regional development and the experiential wine tourist. The results reveal relevant findings for academics, winemakers and tourism managers regarding the background and future trends of wine tourism.     

What are the main factors attracting visitors to wineries? A PLS multi-group comparison

This article focuses on the study of the main factors attracting visitors, not only new ones, to wineries, and also on how to keep these customers loyal. This research fills a gap in wine tourism literature, taking into account the differences between brand image and destination image as antecedents of brand equity in wine tourism destinations. The empirical analysis has been carried out with two Spanish denominations of origin, Rioja and Navarra, selected by Nielsen’s market share. Particularly, this study draws from a survey of 232 visitors who visited the wineries during the autumn of 2010. The development of a model of wine tourism destination brand equity provides empirical support in order to evaluate the influence of destination image and brand image on brand equity. Before testing the hypotheses, the measuring instrument was evaluated by means of partial least squares regression. A multi-group analysis was carried out to determine the main differences between these two denominations of origin. The paper hereby recommends the creation of alliances among wine companies and tourism industry (hotels, restaurants, active tourism companies, spa resorts, and so on) to succeed in their own businesses. Finally, limitations are outlined to encourage further research.     

Efficiency of venture capital firms: evidence from Spain

In recent years the venture capital (VC) sector has played an increasingly important role in financial systems. In general, this type of specialised financial activity is conducted by two types of operators, VC firms and VC management companies, each with its specific characteristics. The main objective of this paper is to evaluate the operating efficiency of these financial intermediaries in Spain, using data envelopment analysis, and to carry out an exploratory study of the variables that affect their level of efficiency, using a truncated regression model, and taking into consideration the nature of the operator (an approach not previously undertaken). Our analysis reveals, first, differences in the levels of efficiency achieved by VC firms and VC management companies and, second, that the most efficient organisations are those with more diversified ownership structures and which have a portfolio of companies active in the most innovative sectors.     

Consumer service and loyalty in Spanish grocery store retailing: an empirical study

The purpose of this paper is to investigate the effects of consumer service on loyalty in retail establishments. Based on a theoretical discussion regarding the relationship between waiting time, product quality, store atmosphere and loyalty, an empirical research was conducted to test the proposed relationships. Multiple‐item indicators from previous studies were used to measure the constructs. Results from the study provide empirical support, suggesting that consumer service through three dimensions influences loyalty. Research results suggest that consumer service in retail establishments can be viewed as a threshold factor in order to maintain satisfied and loyal customers. Additionally, managers should consider that loyalty depends on waiting time, product quality and store atmosphere. The present study provides useful information on the relationship between consumer service and loyalty in retailing.     

PUBLIC SERVICES IN THE AREA OF THE SOCIAL ECONOMY IN ARGENTINA

ABSTRACT*: The author describes the development of the public sector of the social economy in the last few years. The state-owned companies with significant participation in the economic activity of the country were privatized within the so-called State Reform Scheme (Law 23696), beginning in 1990. Privatizations are still being carried out, but the main activities that were formerly in the hands of the state (electricity, transport, public service) are now in the hands of the lucrative private sector (corporations, mainly of foreign origin). The policy regarding the transfer of these companies has not favoured the social economy sector.     

A new method for generating approximation algorithms for financial mathematics applications

This paper describes a new technique that can be used in financial mathematics for a wide range of situations where the calculation of complicated integrals is required. The numerical schemes proposed here are deterministic in nature but their proof relies on known results from probability theory regarding the weak convergence of probability measures. We adapt those results to unbounded payoffs under certain mild assumptions that are satisfied in finance. Because our approximation schemes avoid repeated simulations and provide computational savings, they can potentially be used when calculating simultaneously the price of several derivatives contingent on the same underlying. We show how to apply the new methods to calculate the price of spread options and American call options on a stock paying a known dividend. The method proves useful for calculations related to the log-Weibull model proposed recently for empirical asset pricing.