Adverse selection in cryptocurrency markets

In this article we investigate the influence that information asymmetry may have on future volatility, liquidity, market toxicity, and returns within cryptocurrency markets. We use the adverse-selection component of the effective spread as a proxy for overall information asymmetry. Using order and trade data from the Bitfinex exchange, we first document statistically significant adverse-selection costs for major cryptocurrencies. Also, our results suggest that adverse-selection costs, on average, correspond to 10% of the estimated effective spread, indicating an economically significant impact of adverse-selection risk on transaction costs in cryptocurrency markets. Finally, we document that adverse-selection costs are important predictors of intraday volatility, liquidity, market toxicity, and returns.     

The Development of Female Global Managers: The Role of Mentoring and Networking

This paper explores the role of mentoring and networking in the career development of global female managers. The paper is based on data collected from interviews with 50 senior female managers. The voices of the female managers illustrate some of the difficulties associated with informal organisational processes, in particular mentoring and networking, which hinder their career development. The findings confirm that female managers can miss out on global appointments because they lack mentors, role models, sponsorship, or access to appropriate networks – all of which are commonly available to their male counterparts. The interviewees suggest that men, as the dominant group, may want to maintain their dominance by excluding women from the informal interactions of mentoring and networking. The findings further suggest that if females had more access to networks and mentors they could be socialised in both the formal and informal norms of the organisation and gain career advantages from these. The managers reveal that they encounter additional barriers in ‹a man’s world’ and remind us that there is still much to be changed.     

Inhibitors to host community participation in sustainable tourism development in developing countries

The involvement of host communities (or destination residents), particularly in developing countries, is critical to the success of tourism development and to the creation of a “Just Destination”. This paper investigates host community perceptions about obstacles to their participation in tourism development in Lombok, Indonesia, providing new insights into institutional influences on tourism opportunities and issues. Purposive and snowball sampling techniques targeted separate groups of destination residents who live in a developed tourism destination, a less developed tourism destination, a remote rural village far away from tourism destinations, as well as a group of university students. Data were collected through in-depth interviews, qualitative questionnaires and observation, and were analysed using content analysis. Results show three main institutional factors inhibit host community participation in tourism: tourism agencies, private sector providers and tourism infrastructure, and perceptions of the negative impacts of tourism. The underperformance of state tourism agencies and private sector providers resulted in a lack of tourism infrastructure and limitations on host community opportunities to participate in tourism development and businesses. The findings suggest the need for improvement in the training of state tourism agency employees, better coordination among government agencies, and improved education and training for tourism operators.