Congestion affecting the dynamic of tourism demand: evidence from the most popular destinations in Spain

In this study, we propose a dynamic econometric model for tourism demand which takes into account the implications of the Tourism Area Life Cycle (TALC) theory on tourism demand. Unlike other dynamic models, in our specification the effect of the lagged demand on the current tourism demand is not constant, but dependent on congestion. We estimate the model using disaggregated data from the most visited Spanish municipalities for the period 2006–2015. Two panel data estimations are carried out: one with the coastal tourist resorts and the other one with the inland municipalities. The results show that tourism congestion reduces the positive previous tourist effect on current arrivals, suggesting that increasing congestion could worsen the attraction of a tourist destination. Congestion is more negatively perceived in inland destinations than coastal ones. Finally, a strong persistence in tourism demand for coastal destinations is shown.     

An empirical assessment of proposed solutions for resolving scale problems in value relevance accounting research

We implement the most common empirical specifications, with different approaches to control for scale problems, used in studies on the value relevance of accounting information. We study whether the results offered by these specifications are consistent with the residual income valuation model and with the Burgstahler and Dichev option-style valuation framework. Undeflated and per-share specifications offer results that are more in line with both benchmarks. Other deflated specifications and approaches deviate, to different extents, from the expectations of both frameworks. We interpret these deviations as signs of misspecification.     

Measuring Individual Preferences for Rural Multifunctionality: The Importance of Demographic and Residential Heterogeneity

We propose an approach to conceptualise ‘rural multifunctionality’ and further investigate peoples’ preferences for it. We use an opinion survey concerning individual preferences for several functions that rural spaces should provide. We use the analytical hierarchy process approach to assess the relative importance of each function. The results show how the social weightings of these functions are balanced, confirming that society demands truly multifunctional rural territories. Nonetheless, differences are found in individual preferences. We explore the demographic and socioeconomic determinants of these individual preferences, paying particular attention to the importance of heterogeneity using seemingly unrelated regressions. In short, results from this research could be employed as a useful informative element for the future development of public policies related to rural spaces.     

Can television bring down a dictator? Evidence from Chile’s “No” campaign

Can televised political advertising change voting behavior in elections held in authoritarian regimes? We study the case of Chile, where the opposition used television campaigns weeks before the election that ended the seventeen-year dictatorship known as the Pinochet regime. Using national surveys conducted before the election and administrative electoral data, we provide evidence of a positive effect of television exposure on opposition votes. When compared to similar estimates in democracies, the effect of campaigns in Chile appear large. These results suggest that televised political campaigns can help to defeat dictators at the polls.     

Unemployment,marriage and divorce

In this article, we examine whether the business cycle plays a role in marriage and divorce. We use data on Spain, since the differences between recession and expansion periods across regions are quite pronounced in that country. We find that the unemployment rate is negatively associated with the marriage rate, pointing to a pro-cyclical evolution of marriage; however, the response of the divorce rate to the business cycle is mixed. Results show the existence of different patterns, depending on geography: divorce rates in coastal regions are pro-cyclical, while in inland regions divorces react to unemployment in a counter-cyclical way.     

War contracting and artillery production in Spain

Abstract

This article is part of a special issue on the relation between war and military enterprises in the long eighteenth century. The focus is on artillery as a military enterprise providing for the needs of the army and the navy. The paper shows the difficulties faced by Spain in producing guns (cast iron and bronze). The structure of ownership of firms, the nature of production systems, and scarcity of funding and technological shortcomings are considered. The state turned to monopolistic practices from the 1760s onwards but this change did not produce significant technological change. Contrary to expectations, wars did not stimulate production in the long run. From the early years of nineteenth century, the sector found itself overwhelmed by military invasion, financial crisis, and the decline of naval demand. Together, these factors caused the collapse of gun production.     

Estimating the impact of incidents on urban controlled-access highways: an empirical analysis

An empirical analysis is developed that quantifies the impact of different types of traffic incidents on the speed and maximum flow averages of vehicles on a controlled-access highway. The incident types considered include damage to highway infrastructure, vehicle rollover, crashes (into stationary objects), collisions (with moving vehicles), rain, fog, vehicle breakdowns, pedestrians on roadway, etc. Using real-world data from Chile’s most heavily used urban motorway/freeway, estimates of incident impacts on speed are generated using a multiple linear regression model incorporating instrumental variables to correct for endogeneity. Flow results are then generated using the fundamental traffic equation relating speed, flow and density. A ranking of the impacts on highway traffic of the different incident types based on incident frequency as well as impact size demonstrates that for the real case studied, the incidents with the greatest cumulative effect are (in order of magnitude) vehicle breakdown, collisions and rain.     

Assessing the distributive effects of minimum wage

This paper analyzes the role of Uruguay's sharp minimum wage increases after 2004 amidst the country's slight wage inequality decrease. We found that the minimum wage increase has contributed to the reduction of wage inequality for formal workers mainly. However, we also found a negative impact on employment outside the capital city, Montevideo, and observed a reduction in working hours. These results raise doubts about the effectiveness of minimum wage as a redistribution instrument in developing countries.     

Planning a Master’s Level Curriculum According to Career Space Recommendations Using Concept Mapping Techniques

Nowadays the European Universities are worried about how to adapt higher education to the new European Higher Education Area, as proposed in the Bologna Magna Charta Universitatum of 1998, and signed by 32 European Education Ministers. One of the key points in this higher education reform was the introduction of new Master’s level curricula. These Masters will look for the professional specialization and they will have to be adapted to the specific skills demanded by the society. This paper presents the results from a cooperation project – funded by the AECI (International Cooperation Spanish Agency) and developed between the University of Seville (Spain) and the Catholic University of Asuncion (Paraguay) – by about the planning of a new master’s level curriculum in digital signal processing (DSP) area, taking into account the Bologna principles and the conclusions obtained by the Career Space Consortium. A scientific method from social science, known as concept mapping techniques, was used to perform this planning. Basically, the idea of concept mapping consists of compiling the opinion from actors belonging to different environments (lecturers, researchers, workers, businessmen, etc.) related to DSP applications. The compiled data were statistically computed to cluster the opinions of the different agents. The result will be a master’s level curricula adapted to the environment requirements and the social settings.     

Is value creation consistent with currency hedging?

This paper analyzes value creation through currency hedging in the Spanish market. The results show that the hedging with derivatives generated an average premium of 1.53% and that foreign currency debt generated 7.52%, with respect to company value approximated by Tobin's Q, while operational hedging does not affect company value. Moreover, in half of the observations corresponding to companies that hedged with derivatives, the value premium was between 0.08% and 0.99%. In the case of foreign currency debt, the range was between 1.79% and 10.37%. It demonstrates that the contribution of currency hedging to company value fluctuates considerable according to the volume of financial hedging. Thus, an empirical study of this aspect which only analyses the decision to hedge through dummy variables to define financial hedging, as empirical previous studies, can lead to biased results in terms of estimated premium amounts, because it assumes a homogenous treatment of companies regardless of hedging volumes.