Technology transfer for African tourism

The World Tourism Organization (WTO), in cooperation with the Côte d'Ivoire Ministry of Tourism and Handicraft, organized a seminar on ‘Tourism and new information technologies: Global Distribution Systems’ at the political capital, Yamoussoukro. The aim of the seminar was to transfer knowledge on the subject to the public and private sectors of African tourism and it was attended by tourism ministers and executives from 27 African states as well as by entrepreneurs, academics and students.     

Human capital accumulation and output growth in a stochastic environment

We study the relationship between growth and volatility in a simple analytical model, where human capital accumulation depends on both deliberate and non-deliberate learning, and where stochastic fluctuations arise from both preference and technology shocks. We derive a number of new results which challenge some of the results in the existing literature. First, we show that the optimal allocations of time to working and learning are both pro-cyclical. Second, we identify a preference parameter (other than the coefficient of relative risk aversion) that is potentially crucial for governing the effect of volatility on growth. Third, we demonstrate how this effect can be either positive or negative under each type of learning, the relative importance of which is irrelevant to the outcome. Fourth, we reveal how the effect may also be different for the two types of shock. Our results may be seen as providing further explanation for the lack of robust evidence on the issue.      

Endogenous cycles and human capital

Existing evidence shows that human capital investment is countercyclical. In a dynamic model, I show that countercyclical investment in human capital arises as a result of a parametric combination relating to preferences and technologies. This countercyclical reaction is responsible for complex dynamics in the evolution of human capital, thus initiating a self-sustained sequence of events that generate endogenous cycles.     

Macroeconomic and credit forecasts during the Greek crisis using Bayesian VARs

We investigate the ability of small- and medium-scale Bayesian VARs (BVARs) to produce accurate macroeconomic (output and inflation) and credit (loans and lending rate) out-of-sample forecasts during the latest Greek crisis. We implement recently proposed Bayesian shrinkage techniques based on Bayesian hierarchical modeling, and we evaluate the information content of forty-two (42) monthly macroeconomic and financial variables in terms of point and density forecasting. Alternative competing models employed in the study include Bayesian autoregressions (BARs) and time-varying parameter VARs with stochastic volatility, among others. The empirical results reveal that, overall, medium-scale BVARs enriched with economy-wide variables can considerably and consistently improve short-term inflation forecasts. The information content of financial variables, on the other hand, proves to be beneficial for the lending rate density forecasts across forecasting horizons. Both of the above-mentioned results are robust to alternative specification choices, while for the rest of the variables smaller-scale BVARs, or even univariate BARs, produce superior forecasts. Finally, we find that the popular, data-driven, shrinkage methods produce, on average, inferior forecasts compared to the theoretically grounded method considered here.     

Capital structure,asset utilization,profitability and growth in the Greek manufacturing sector

Greece's accession to the European Union (EU) has affected its economy and its manufacturing sector. Large-size enterprises (LSEs) form a small but vital part of Greek manufacturing and constitute a major component of the country's stock market. According to finance theory, the capital structure of a firm affects its capital cost and market value. This paper, by using dynamic panel data techniques, investigates the determinants of capital structure of LSEs in the Greek manufacturing sector. The findings suggest that asset utilization, gross and net profitability and total assets growth have a significant effect on the capital structure of LSEs. This has straightforward policy implications. Following recent economic developments, Greek firms are exposed to a stronger competition in the EU and global markets, but also to new opportunities. In order to improve their capital structure, Greek manufacturing LSEs need to achieve higher asset utilization and profit margins through economies of scale attained mainly by higher exports. Moreover, governmental measures aiming to support LSEs' efforts should focus their impact on alleviating taxation, reducing bureaucratic burdens, minimizing market imperfections and subsidizing applications of new technology.     

In search of winning mutual funds in the Chinese stock market

Review of Quantitative Finance and Accounting - This paper provides a methodological approach, based on the false discovery rate (FDR) of Barras et al. (J Finance 65(1):179–216, 2010....     

The dark side of the sharing economy: Balancing value co-creation and value co-destruction

The sharing economy disrupts the marketplace and brings both benefits and disadvantages into service ecosystems. We discuss principles of the S-D logic and transformative service research and explore the processes of value co-creation and co-destruction of well-being within the ecosystem of the accommodation sharing economy. Following a brief period of euphoria, the dark side of the sharing economy emerges, defined as the socially, environmentally, or economically undesirable effects introduced by the sharing economy. Airbnb introduced new realities for visitors, neighborhoods, the accommodation industry, and city councils, whereby some stakeholders are frequently found to maximize their own value at the expense of others. Value co-destruction prevails often due to uncontrolled and rapid expansion. We seek to promote a more balanced process, and the optimization of value co-creation, while seeking to prevent value co-destruction. Using a literature review, netnography, and a case study, we investigate co-creation and co-destruction, as expressed by different stakeholders, and focus on the socio-psychological implications in the use of sharing platforms that affect the well-being of individuals and community. A conceptual framework is proposed to manage future research addressing well-being, value co-creation and co-destruction in complex ecosystem service networks.     

Hospitality entrepreneurs managing quality of life and business growth

The hospitality industry is dominated by small- and medium-sized enterprises (SMEs).They are often led by entrepreneurs who face the challenge of simultaneously managing business decisions and their own wellbeing. The competitiveness of tourism destinations often depends on these entrepreneurs and therefore understanding their motivations and work patterns is critical. Research on individual wellbeing increasingly builds on the concept of quality of life (QoL). Hospitality and tourism literature so far predominantly focused on investigating QoL for tourists and residents, rather than for entrepreneurs’ QoL, even though being key stakeholders in the hospitality industry. Therefore, this study explores the factors influencing hospitality entrepreneurs’ quality of life (“HE-QoL”) and how these relate to business growth. Results of a 380 hospitality entrepreneurs’ survey identify six distinct factors of HE-QoL. Two groups of HE-QoL are identified with significant differences in fitness level activity, entrepreneurial competencies and business growth. Findings lead to recommendations to reduce stress to improve HE-QoL, and to develop entrepreneurial competencies, which help to cope with entrepreneurial challenges. Tourism destinations and politics can support hospitality entrepreneurs in these actions by creating conditions that foster social exchange in regional communities and trust in political and economic stability.