The Dynamic Relations between Market Returns and Two Types of Risk with Business Cycles

We examine the dynamic relations among market returns, market (MV), and idiosyncratic (IV) around business cycles. Compared to the conventional view, which treats MV and IV separately, we first find that excess return on the market anticipates negative MV and IV, suggesting market return's role as an economic indicator, with the relation stronger in recessions. Second, IV helps predict positive MV, mainly in early part of recessions, suggesting a dynamic evolution from IV to MV. Third, MV helps predict negative IV, suggesting MV may substitute IV to some extent.     

Antecedents of Green Brand Equity: An Integrated Approach

A steady demand for green products from concerned consumers has led companies to introduce new product lines that match or exceed consumer environmental concerns. Nonetheless, not all the organizations were able to achieve significant returns on their investments in green products. These failures are generally attributed towards companies’ inability to overcome consumer scepticism towards the performance of functional and green attributes of their brands to generate a positive green image and green value in consumers mind. Therefore, the question arises that does the success in promoting green brand image and value depend on consumer existing perceptions about the brand quality and credibility? This study analyzes the influence of brand perceive quality and credibility on consumer perceptions towards a brand green image, green value and green equity. A theoretical model with hypothesized relationships is developed and tested to answer these research questions. Data have been collected from the consumers of electrical and electronic goods. The hypothesized relationships were tested with the help of structural equation modeling procedure. The results suggest that brand perceived quality and its overall credibility does have a significant influence on generating a greener image, green perceive value and green brand equity.     

Enhancing destination image through travel website information

Effects of a travel website on tourists' destination images were examined. The relationship between information search using websites and destination image was studied. In addition, the validity of experimental design as a method for examining destination image was explored. A static‐group comparison design was conducted using two sets of students as experimental and control groups. A travel website search was the stimuli for the experimental group. Results revealed that exposure to a travel website significantly affected the majority of cognitive and overall destination images. Additionally, experimental design was shown to be an effective method in measuring changes in destination image. Copyright © 2010 John Wiley & Sons, Ltd.     

Visitors' Motivation for Attending the South Beach Wine and Food Festival,Miami Beach,Florida

The objective of this study was to identify the major factors that motivated visitors to attend the South Beach Wine and Food Festival in Miami Beach, Florida, and determine whether these factors varied among the visitors from the United States, Canada, South America, Europe, and Asia. A survey of 475 visitors to South Florida was conducted in February 2006. Forty‐four motivational items were factor analyzed. The seven factors that motivated first‐time visitors to the festival were the desire to taste new wine and food, enjoy the event, enhance social status, escape from routine life, meet new people, spend time with family, and get to know the celebrity chefs and wine experts. A significant difference in motivation among the five national groups of visitors was found in the area of family influence. Implications of the study results are discussed.     

An information theoretic analysis of stock returns,volatility and trading volumes

Information theory is used to examine the dynamic relationships between stock returns, volatility and trading volumes for S&P500 stocks. This provides an alternative approach to traditional Granger causality tests when dealing with nonlinear relationships. The article highlights the dominant role played by trading volumes in all of these relationships – even in the return–volatility relation – and finds evidence of a market level feedback effect from index returns to the return–volatility relation at the stock level. The article also produces a number of stylized facts from an information theoretic perspective.     

Hotel management contract: impact on performance in the Korean hotel sector

This study investigates the influence of hotel management contract on the performance of super-deluxe hotels in Korea and identifies how the 1996–1997 tourism recessions affected the relationship between management contract and the performance of the hotels. The Mann–Whitney U test, stepwise logistic regression, and multivariate analysis of variance statistical analyses indicate that management contract is positively related to the performance of the hotels, and the 1996–1997 tourism recessions caused the management contract–performance link to vary. From the industry application perspective, this study provides hotel owners with empirical information relating to: (1) a means to assess the performance of hotels under management contract and (2) a decision rule to apply an appropriately matched operating arrangement to an environmental state for maximum performance. The results obtained present an invaluable analysis tool for all owners involved in charting a hotel's future.