Deconstructing the internal structure of perceived authenticity for heritage tourism

Abstract

Although modern society is more inclined to view authenticity from a postmodernist perspective, few quantitative studies on heritage tourism explored existential authenticity in detail. This study deconstructs authenticity into three components – object-related, intra-personal, and inter-personal – and then constructs a complete model by exploring each component’s internal structures, asking to what extent travel motivation is an antecedent and loyalty, a consequence. Data were obtained from 1,088 valid survey questionnaires distributed in Pingxi, Taiwan. Study findings confirmed the reliability and validity of the items used to measure the construct of authenticity. Regarding the internal structure of authenticity, intra-personal authenticity plays a mediating role between object-related authenticity and inter-personal authenticity, and this inter-personal authenticity may be the final value that tourists perceive. Compared with recent related studies, this model more comprehensively explains the degree of variation in loyalty, reflecting its importance for heritage tourism management and marketing. If a destination remains authentic, tourists are willing make a return visit. Authenticity may enable tourism managers to strike a balance between preservation and development when achieving the long-term goal of sustainable development.     

Overreaction effects independent of risk and characteristics: evidence from the Japanese stock market

This paper shows that the firm size (SZ) and the book-to-market ratio (BM) cannot fully explain stock returns on prior-return-based portfolios in Japan. The overreaction effect after controlling for SZ and BM effects is significant and plays an important role in explaining the zero-investment returns on the loser-to-winner strategy. Motivated by this observation, we construct a portfolio whose return serves as a new factor that mimics overreaction. This new factor improves the performances of the three-factor model [Fama, E.F., French, K.R., 1993. Common Risk Factors in The Returns on Stocks and Bonds. Journal of Financial Economics. 33, 3–56] in several prior-return-based and characteristics-based portfolios.     

Priced on the note: the case of Japanese IPOs

ABSTRACT

This article examines the pricing of Japanese IPOs: 54.26% are priced in 1,000 Japanese yen increments (The Japanese yen (JPY) has denominations of banknotes and coins. Banknotes are in 1,000, 2,000, 5,000, and 10,000-yen. Coins are in 1, 5, 10, 50, 100, and 500-yen. One thousand banknotes are similar to US $10 dollars. Coins are considered as changes in Japan.) (note-ending IPOs), an economically large increment on a per-share basis that is equivalent to 10 US dollar increments assuming an exchange rate of 1 US dollar to 100 Japanese yen. The number of note-ending IPOs increases with price levels and pricing uncertainty, supporting the negotiation hypothesis. Note-ending IPOs are associated with higher volatility, higher underwriters’ fees, wider filing price range, smaller deal size, shorter firm age, and lower underwriter reputation. Price clustering contributes to IPO underpricing. The initial returns are 60.44% higher for note-ending relative to coin-ending IPOs. These results shed light on the pricing of Japanese IPOs due to negotiations and on investment opportunities with note-ending IPOs.     

Does the length of a customer–provider relationship really matter?

This study examines both a moderator and a mediator of perceived service quality and payment equity as they relate to customer loyalty in the banking industry. Through the moderating factor, the length of the customer–bank relationship, this study builds a conceptual framework for distinguishing between transactional- and relationship-oriented customers and provides an empirical analysis by using structural equation modelling. The empirical findings of this study, the result of the examination of 610 banking customers, showed that different lengths of the customer–bank relationship form loyalty from different variables and from a different path. For transactional-oriented customers, loyalty was built through the achievement of overall customer satisfaction; whereas for relationship-oriented customers, loyalty was built through the establishment of trust. Suggestions and limitations based on the finding are also discussed.     

Control Charts for One-sided Capability Indices

There are many industrial product characteristics are desired to be the bigger the best and the smaller the best. The two well-know processes capability indices C _pl and C _pu, which measure larger-the-better and smaller-the-better process capabilities. Obviously, the formulae for the two indices C _pl and C _pu are easy to understand and straightforward to apply. Thus, indices C _pl and C _pu have been utilized by a number of Japanese companies and the U.S. automotive industry by Ford Motor Company. Boyles (1991, Journal of Quality Technology. 23: 17–26) and Spring (1995, Total Quality Management 6(3): 427–438.) point out that as soon as and S control charts are in statistical control, the control charts of process capability indices can be used to monitor the quality of process. In the previous, we know that if the process is not in control, the process capability index control chart can be used to monitor the differences of process capability, and as soon as the process is in control the stable process capability can be identified. Therefore, process capability index control chart not only can be used to monitor the stability of process’s quality but also can be used to monitor the quality of process. Since Boyles (1991, Journal of Quality Technology 23: 17–26.) and Spiring (1995, Total Quality Management 6(1): 21–33.) had had research about control chart of the bilateral specification index C _pm., but there are many kinds of products, which meet unilateral quality specification. Therefore, we will construct the control chart of unilateral specification index C _pl and C _pu to monitor and evaluate the stability of process and process capability.     

The rules of standard‐setting organizations: an empirical analysis

This article empirically explores standard‐setting organizations' policy choices. Consistent with our earlier theoretical work, we find (i) a negative relationship between the extent to which an SSO is oriented to technology sponsors and the concession level required of sponsors and (ii) a positive correlation between the sponsor friendliness of the selected SSO and the quality of the standard. We also develop and test two extensions of the earlier model: the presence of provisions mandating royalty‐free licensing is negatively associated with disclosure requirements, and the relationship between concessions and user friendliness is weaker when there is only a limited number of SSOs.     

INSTITUTIONAL TRADING AND OPENING PRICE BEHAVIOR: EVIDENCE FROM A FAST‐EMERGING MARKET

Using daily and intraday data, we investigate the cross‐sectional relation between stock prices and institutional trading in the Taiwan stock market. Consistent with the investigative herding hypothesis, we find that institutional herding exists because of institutional positive feedback trading behavior rather than following trades made by other institutions, as suggested by the information cascade hypothesis. Moreover, the positive correlation between institutional trade imbalance and stock returns mainly comes from institutional positive feedback trading. The institutional trading decisions rely on returns measured not only over the lagged trading day but also over the opening session during the same day.     

Order submission behaviors and opening price behaviors: evidence from an emerging market

Recent studies document that mutual funds demonstrate an overnight information advantage over foreign investors in Taiwan, a fast emerging market. However, this inequality contradicts the documented foreign investors’ growing market dominance and information advantage. Motivated by the inconsistency, we apply intraday data to examine the linkage between investors’ order submission behaviors and the opening price behaviors of the top net-trade stocks of professional institutional investors. We find that mutual funds exhibit a more persistent and aggressive trading pattern than foreign investors. The order submission behavior of aggressive individuals, following closely mutual funds’ trades, mainly drives the observed informational differences.     

A narrative review of Asian female travellers: looking into the future through the past

Following the rise of tourism in Asia, a growing female travel market has been observed in the region. Nevertheless, limited research has considered the travel experience of Asian women. In response to the dearth of research on Asian female travellers, this study employs a narrative synthesis approach through a postcolonial feminist lens to review the extant literature on Asian female travellers, with the aim to contribute to a cultural understanding of the historical and contemporary travel practices of Asian women. Based on this review, it is evident that Asian women’s travel behaviour is influenced by cultural identities and gender stereotypes. However, existing literature has also demonstrated the agency of Asian women in resisting discriminatory gender practices in tourism, which is represented in the transformation of the identity of Asian female travellers. Accordingly, an agenda for future research is proposed and some implications for the industry are discussed. This study addresses the western-centric and androcentric criticisms in tourism field and provides an alternative reading of women’s travel behaviour from an Asian perspective. This study has contributed to the critical tourism scholarship in Asia and has built an important foundation for future research on Asian female travellers, an area that is not well investigated.     

Order cancellations across investor groups: evidence from an emerging order-driven market

Employing comprehensive limit-order data that unambiguously identify investor groups, this paper examines the order-cancellation behavior across investor groups in the Taiwan Stock Exchange. First, facing trade-offs between the monitoring cost and limit-order risks, such as non-execution and free-trade-option risks, behavioral differences exist across investor groups. Foreign investors closely monitoring the market cancel their limit orders most actively, while individual investors with the highest monitoring cost do so least actively. Second, Tobit regressions show that the order cancellations by foreign investors are the most sensitive to the free-trade-option and non-execution risks, while those by individual investors are the least sensitive.