Getting closer to whales—passenger expectations and experiences, and the management of swim with dwarf minke whale interactions in the Great Barrier Reef

Whale-watching tourism is a growth industry worldwide. In Australia, with whale-watchers approaching one million per annum there has been considerable effort to develop management regimes that protect the whales while enabling the development of a sustainable ecotourism industry. A mixture of National and State laws and regulations have governed the industry (Tourism based on free-ranging marine wildlife: opportunities and responsibilities, Wildlife Tourism Research Report No. 11, Status Assessment of Wildlife Tourism in Australia Series, CRC for Sustainable Tourism, Gold Coast, Queensland) but these have been mainly derived from experiences with humpback (Megaptera novaeangliae) whale watching from vessels at sea. In this article we describe the development and nature of new and rapidly growing swim-with-whales operations based on the dwarf minke whales (Balaenoptera acutorostrata) in the Great Barrier Reef of northern Queensland. The distinctly different quality of these operations raise interesting questions for long-term management (Towards sustainable management of the developing dwarf minke whale tourism industry in northern Queensland, CRC Reef Research Technical Report 27, James Cook University of North Queensland, 30pp (emended version of SC/50/WW1)).In the 1999–2000 seasons, 453 passengers (88.1% of respondents) swam with minke whales. Only 25% of visitors came specifically for the whale interactions and 43% learned of the whales on board the vessel. Passengers thus had low expectations about whales and encounters. A variety of factors, including the diving experience, particular dive sites, a range of wildlife species and socializing contributed to visitor satisfaction. Nonetheless, there was a significant correlation between visitor satisfaction and closeness of approaches by the whales, total number of whales seen and total time spent with whales. We discuss the key issues associated with swim-with-whales programs in the light of our findings. The cooperative engagement of tourism operators, researchers and government management agencies is a feature of this new industry.     

Efficiency in Pari-Mutuel Betting Markets across Wagering Pools in the Simulcast Era

Simulcast wagering, where bets from across the country are taken at tracks, off-track betting facilities, casinos, by phone or online and incorporated into the same mutuel pool, has contributed to a large increase in betting volume on American horse races since the mid-1990s. This article investigates betting-market efficiency in the simulcast era focusing on whether the interrelated betting markets comprised of win, place (finishing in the top two), and show (finishing in the top three) wagering are efficiently priced. We find that the increased accessibility and betting volume associated with simulcasting has reduced, but not eliminated, the inefficiencies seen in prior studies. Despite the inefficiencies in these markets, arbitrage is not profitable because market closing prices are unknown when bets are placed.     

A model of wine tourist behaviour: a festival approach

The study constructs a temporal model of wine tourist behaviour on the basis of the social psychologist' theory of consumer attitudes and related concepts with regard to past behaviour, satisfaction, perceived value and behavioural intentions. More importantly, this study added two dimensions to this model by proposing that satisfaction and perceived value had an impact on the attendees' intentions (i) to visit a local winery and (ii) to buy local wine products. Using a path analysis approach and data collected from the attendees at a regional wine festival, the study examined the above relationships. The results of this path analysis can be summarised as: (i) past behaviour influenced the intention to revisit and the level of perceived value, but had no effect on the level of satisfaction; (ii) perceived value strongly affected the level of satisfaction; (iii) satisfaction had a strong impact on future intentions to revisit and also an effect on intentions to visit local wineries and to buy local wine products; and (iv) perceived value affected the intentions to revisit the festival and to visit local wineries but did not influence the intentions to buy local wines. It is believed that the results of the present study will be useful to organisers of wine festivals and/or wine tourism developers. Copyright © 2008 John Wiley & Sons, Ltd.     

Resolving post-formation challenges in shared IJVs: The impact of shared IJV structure on inter-partner relationships

The “50/50”, or the shared management international joint venture (shared IJV) remains a popular and yet challenging control structure to govern IJVs. The purpose of this study is to understand the post-formation management of shared IJVs, specifically the relationship between shared structure, relational conditions and management of post-formation challenges. Our evidence is based on 26 in-depth interviews across four cases of shared IJVs between British multinationals and Asian companies. Our findings indicate that the highly integrative nature of shared IJVs, including high operational interdependence and shared decision-making, encourages partners to work closely together, communicate frequently and intensely and exchange personnel. Although share management can lead to inter-partner conflicts, the equal investment and mutual responsibility partly provides partners with motivation and opportunities to learn about each other, to better implement the control structure, to build trust, and to commit to the venture and partner. These relational conditions facilitated the successful management of post-formation challenges such as diversity related conflicts and macro volatility.     

External funding of major capital projects in the UK Higher Education sector: issues of demand,supply and market timing?

The aim of this paper is to consider the sources of finance used to support major capital expenditure in the UK Higher Education sector and to reflect on any differences between traditional corporate finance theory and practice in the UK university sector. Utilising both HESA data returns and published annual accounts, an in-depth analysis using a logit structure is carried out on data from the top 63 UK universities over the period 2014–2017, to establish the range of funding sources adopted for major capital projects, all set within the context of the UK macro environment and a period of low interest rates. The research also carries out a survey of funders to understand the decision criteria used by lenders active in the Higher Education sector and a survey of university finance directors to determine the use of the funds, the reasons behind past lending decisions and to ascertain likely future demand for finance to fund major capital projects.     

Consumer decision making,E-commerce and perceived risks

This article studies how adoption and usage behaviour of the Internet and online shopping, respectively influence the preference to use electronic commerce to purchase different types of products. We empirically model the preference for electronic commerce when consumers have to buy different types of products and thus face different types of risks (Cox and Rich, 1964 Cox, D and Rich, S. 1964. Perceived risk and consumer decision making-the case of telephone survey. Journal of Marketing Research, 1: 32–9. [Crossref], [Web of Science ®] , [Google Scholar]). Unlike previous research, we find that consumers who have previously shopped online, display stronger preferences to buy products on the Internet irrespective of the perceived level of product-specific risks of online shopping. This article provides an interesting and novel insight into how both adoption and usage of electronic commerce impact on the attitude and risk perception of buying less predictable (more risky) products on the Internet.