Changes in tourists’ perception of well-being based on their use of emotion regulation strategies during vacation

ABSTRACT

Based on the theoretical foundation of emotion regulation, this exploratory study aimed to examine changes in tourists’ perceived well-being and to determine whether these changes were due to use of emotion regulation strategies (ERSs) during their vacation. This study used travel diaries to record tourists’ use of ERSs on a daily basis, and also measured tourists’ perceived well-being one day before and after their vacation. Results indicated that tourists had significantly higher perceptions of well-being after vacation, and those who used ERSs were more likely to indicate a higher sense of well-being after vacation. The results provide new insight into which aspects of tourists’ subjective and psychological well-being can be boosted by taking vacations and how these aspects may be enhanced by using different ERSs.     

The performance of insolvency prediction and credit risk models in the UK: A comparative study

Theoretically-driven, market-based contingent claims models have recently been applied to the field of corporate insolvency prediction in an attempt to provide the art with a theoretical methodology that has been lacking in the past. Limited studies have been carried out in order directly to compare the performance of these models with that of their accounting number-based counterparts. We use receiver operating characteristic curves to assess the efficacy of thirteen selected models using, for the first time, post-IFRS UK data; and investigate the distributional properties of model efficacy. We find that the efficacy of the models is generally less than that reported in the prior literature; but that the contingent claims models outperform models which use accounting numbers. We also obtain the counter-intuitive finding that predictions based on a single variable can be as efficient as those which are based on models which are far more complicated – in terms of variable variety and mathematical construction. Finally, we develop and test a naïve version of the down-and-out-call barrier option model for insolvency prediction and find that, despite its simple formulation, it performs favourably compared alongside other contingent claims models.     

Democratization and Real Exchange Rates,

In this article, we combine two so far separate strands of the economic literature and argue that democratization leads to a real exchange rate appreciation. We test this hypothesis empirically for a sample of countries observed from 1980 to 2007 by combining a difference‐in‐difference approach with propensity score matching estimators. Our empirical results reveal a strong and significant finding: democratization causes real exchange rates to appreciate. Consequently, the ongoing process of democratization observed in many parts of the world is likely to reduce exchange rate distortions.     

The Persistence of Dominant‐Firm Market Share: Raising Rivals' Cost on the New York Stock Exchange

To explain the persistence of dominant New York Stock Exchange (NYSE) market share in stock trading of listed securities from 1992 to 2002, we develop a dominant‐firm price leadership model and hypothesize that NYSE specialists raised the costs of rival market makers. The model predicts that natural and induced cost advantages will determine the NYSE's market share vis‐à‐vis the regional exchanges, electronic trading systems, and NASDAQ dealers. Empirically, NYSE market share increases with economies of scale and scope, abnormal price volatility, high asymmetric information, and with trading practices that raise rivals' costs, such as failure to display limit orders that bettered the existing quotes.     

Stuck in the middle: Impacts of grade configuration in public schools

We examine the implications of separating students of different grade levels across schools for the purposes of educational production. Specifically, we find that moving students from elementary to middle school in 6th or 7th grade causes significant drops in academic achievement. These effects are large (about 0.15 standard deviations), present for both math and English, and persist through grade 8, the last year for which we have achievement data. The effects are similar for boys and girls, but stronger for students with low levels of initial achievement. We instrument for middle school attendance using the grade range of the school students attended in grade 3, and employ specifications that control for student fixed effects. This leaves only one potential source of bias–correlation between grade range of a student's grade 3 school and unobservable characteristics that cause decreases in achievement precisely when students are due to switch schools–which we view as highly unlikely. We find little evidence that placing public school students into middle schools during adolescence is cost-effective.     

Royal finance under King Henry III, 1216–72: the wardrobe evidence1

Existing studies have shown how the royal wardrobe, the king's personal administrative office, regularly handled between a quarter and a half of the Crown's annual cash income. Despite this, the financial contribution of the wardrobe to royal finance under Henry III is not fully understood. For a reign in which debates about royal fiscal strategies are so notable a feature, this represents a significant gap. This article will supplement existing studies of wardrobe finance under Henry III by collectively analysing all 15 of the king's wardrobe accounts that are enrolled on the exchequer pipe rolls. The article makes two important findings. Firstly, the wardrobe was financially strong when the period of baronial reform began in 1258. Secondly, the wardrobe's financial strength was the result of a new, and deliberate, approach to acquiring revenue beyond the treasury that targeted sources of income that could generate cash quickly. During Henry's final years, this included greater reliance on credit. These findings suggest Henry III was not incapable of making adroit financial decisions. They also reveal that the foundations for the financial system developed by the three Edwards, which was more reliant on credit and sources of ready cash, were laid under Henry III.     

South Asia's Export Structure in a Comparative Perspective

World-wide cross-country regressions are used to examine South Asia's export structure through the lens of Heckscher‐Ohlin trade theory. By comparison with other regions, South Asia's exports are unusually concentrated on labour-intensive manufactures. This distinctive export structure is shown to be the result mainly of South Asia's distinctive combination of resources: by comparison with other regions, it has a low level of education and few natural resources, relative to its supply of labour. This basic economic fact must be recognized in the design of trade and development strategy for South Asia over the next few decades.     

Leisure Research and Leisure Practice: Three Perspectives on Constructing the Research?Practice Relation

The leisure research?leisure practice relation remains uncertain. Assuming leisure provides a preexisting link is not supported by research. Leisure research and leisure practice are independent professional paradigms between which a relation must be constructed. Three perspectives on constructing the research?practice relation are examined in this article: the traditional, the personal, and the critical. The benefits approach to leisure is a test case in each perspective. The traditional and personal perspectives subordinate one professional paradigm to the other or intensify their separation. The benefits approach fails to resolve these difficulties. The critical perspective emphasizes developmental activity and emancipation, facilitates research?practice interaction, and maintains the professional paradigms' integrity, and it reveals shortcomings in the benefits approach. The critical perspective enables the most dynamic research?practice relation.     

Frequency of observation and the estimation of integrated volatility in deep and liquid financial markets

Using two newly available ultrahigh-frequency datasets, we investigate empirically how frequently one can sample certain foreign exchange and U.S. Treasury security returns without contaminating estimates of their integrated volatility with market microstructure noise. Using the standard realized volatility estimator, we find that one can sample dollar/euro returns as frequently as once every 15 to 20 s without contaminating estimates of integrated volatility; 10-year Treasury note returns may be sampled as frequently as once every 2 to 3 min on days without U.S. macroeconomic announcements, and as frequently as once every 40 s on announcement days. Using a simple realized kernel estimator, this sampling frequency can be increased to once every 2 to 5 s for dollar/euro returns and to about once every 30 to 40 s for T-note returns. These sampling frequencies, especially in the case of dollar/euro returns, are much higher than those that are generally recommended in the empirical literature on realized volatility in equity markets. The higher sampling frequencies for dollar/euro and T-note returns likely reflect the superior depth and liquidity of these markets.