Global liquidity risk in the foreign exchange market

Using a broad data set of 20 US dollar exchange rates and order flow of institutional investors over 14 years, we construct a measure of global liquidity risk in the foreign exchange (FX) market. Our FX liquidity measure may be seen as the analog of the well-known Pastor–Stambaugh liquidity measure for the US stock market. We show that this measure has reasonable properties, and that there is a strong common component in liquidity across currencies. Finally, we provide evidence that liquidity risk is priced in the cross-section of currency returns, and estimate the liquidity risk premium in the FX market around 4.7 percent per annum.     

Wildlife tourism as a common pool resource issue: enabling conditions for sustainability governance

Wildlife tourism is potentially a common pool resource (CPR) issue when the following are applicable: it is difficult to exclude tourists; their experiences are affected by others’ activities; and adverse impacts on the wildlife occur. CPRs are typified by non-excludability and subtractability. Relatively few efforts have been made to consider tourism in this way or to use the concept of CPR in tourism management schemes. This paper (1) explores the possibility of wildlife tourism being a CPR issue, (2) derives a list of enabling conditions required for the sustainability of such resources and (3) determines the applicability of the conditions through a case study. Having described the potential for wildlife tourism to be a CPR issue, the enabling conditions explored in the rest of the paper follow: the characteristics of the tourism resource system and its user groups, the associated institutional arrangements and the external environment. The application of CPR thinking to the case study, whale shark tourism in Ningaloo Marine Park, Western Australia, revealed the contribution of institutional arrangements, particularly those associated with the State Government, to sustainable management. The use of the enabling conditions as a tool for managing wildlife tourism is discussed.     

Sustainable Mi'kmaw cultural tourism development in Nova Scotia,Canada: examining cultural tourist and Mi'kmaw perspectives

This study assessed tourists' motivations and satisfaction in participating in authentic Mi'kmaw tourism activities in Nova Scotia, Canada, as well as the ideas, perceptions and components of sustainable cultural tourism development from the Mi'kmaw perspective. To solicit the tourists' perspective, surveys were administered to tourists visiting the existing Mi'kmaw cultural tourism sites in Nova Scotia, while the Mi'kmaw perspective was obtained through key informant interviews. The results of the survey suggest that tourists visiting the Mi'kmaw cultural tourism sites were highly educated and deeply interested in learning about culture and participating in authentic cultural experiences. Tourists were also highly satisfied with their experience and were interested in participating in aboriginal tourism again. Findings regarding the Mi'kmaw perspective indicate a focus on cultural tourism's ability to educate both tourists and the Mi'kmaw people on the Mi'kmaw culture as well as provide economic opportunities for Mi'kmaw communities. Of greater importance to the Mi'kmaw people is the preservation and protection of the Mi'kmaw culture. Conclusions drawn from the research include recommendations for the future success and sustainability of the Mi'kmaw cultural tourism sector. This study's findings may also inform other Canadian aboriginal communities seeking to develop robust and sustainable cultural tourism in their own settings.     

The impact of supervisor–subordinate relationships on morale: implications for public and private sector nurses' commitment

This paper used leader–member exchange theory as a lens for comparing the impact of the supervisor–subordinate relationship on public and private nurses' perceptions of morale and affective commitment. Many countries that are part of the Organisation for Economic Co-operation and Development are experiencing nurse shortages, and this theoretical framework proved insightful into factors contributing to turnover. The findings suggested that private sector nurses are significantly more satisfied with their supervision, enjoy greater morale and are more committed to their organisations. However, both groups were only slightly satisfied with their supervisor–subordinate relationships, implying that present management practices are not ideal for promoting effective workplace relationships. Implications for health-care management are discussed.     

Small tourism business networks and destination development

This paper is based on ongoing research into networking between small tourism businesses and its contribution to destination development. The fieldwork is being carried out in a peripheral rural location. A detailed conceptual framework comprising of a literature review, background to an ongoing study and the methodology being implemented is discussed. The review finds an increased awareness of the importance of networks in mainstream business research, however, research within small tourism businesses is still underdeveloped. Furthermore, there is little or no direct research in terms of collective tourism business networks within a destination. Destination development research is also reviewed and particular consideration given to the rural context. Destination models are discussed with the recent chaos-based theories providing new understandings. Networks are established within the destination concept. Finally, the location for the data collection is discussed with a justification of the qualitative, in-depth interview approach.     

Aligning Manufacturing Strategy and Business-Level Competitive Strategy in New Competitive Environments: The Case for Strategic Resonance

abstract    In this paper we make the case for strategic resonance in the strategy making process within dynamic and highly volatile market conditions. We discuss how managers are faced with competing paradigms of resource-driven versus market-led approaches to strategy but we suggest that both paradigms have flaws and may cause strategic dissonance to occur. Moreover, we offer additional insights into why strategic dissonance can occur within the strategy process of the firm. We suggest that a key omission often lies in the neglect of operations managers' potentially important contributions to the strategy mainstream process.     

Are households ready to engage with smart home technology?

ABSTRACT

This paper contributes new knowledge regarding consumers’ preparedness for smart home technology adoption. This research bridges together three important frameworks – the technology readiness index (TRI) 2.0, consumer engagement, and perceived risk and trust – to understand consumers’ intentions to adopt smart home technology. We examine both direct and indirect effects, with results demonstrating the model explains 77% variance of consumers’ imagined engagement with smart home technology and 74% variance of intentions to adopt; hence, our model has greater predictive power than others proposed in the literature. Theoretically and managerially, we demonstrate a new pathway to consumers’ adoption of smart home technology in two ways. First, we depict the impact of consumers’ general perceptions of technology (TRI) on opinions and imagined engagement experiences with smart home technology. Second, we show how opinions and imagined experiences with smart home technology impact their intentions to adopt.