Evaluating travel website motivational communication using a structural equation modelling approach

This study examines online information value structure and its motivational communication competence using the motivational language theory (MLT). MLT explains how communication acts directed by managers to employees generate a greater motivation for work. Five information value dimensions — functional, hedonic, innovation, aesthetic and sign — were identified through literature on the subject of MLT and applied to online information. This study confirmed the multidimensionality of online information and proposed four online information dimensions: experiential (hedonic–innovation), sign, functional and aesthetic. The findings also suggested that experiential (hedonic–innovation) and functional information values have significant effects for travel motivation, including exploration, family togetherness, novelty, escape and socialisation. Copyright © 2010 John Wiley & Sons, Ltd.     

Assessing visitors' experiences at hot spring recreation areas in Taiwan

This study assessed the recreational experiences of tourists and aims to discuss the sustainable development of hot spring recreation areas in Taiwan. The study employed questionnaires that included variables measuring importance, satisfaction, sustainable development, and demographic and recreational characteristics. The rate of repeat visits was extremely high. Moreover, tourists strongly agreed that hot spring recreation areas should develop ecotourism programmes. This study concludes that hot spring recreation areas could utilise their natural landscapes, hot spring quality, hotel service quality and proximity to neighbouring destinations to develop themselves. Copyright © 2009 John Wiley & Sons, Ltd.     

Stock prices and the efficient market hypothesis: Evidence from a panel stationary test with structural breaks

This paper investigates whether the efficient market hypothesis holds in stock markets under different economic development levels over the period January 1999 to May 2007. We employ a state-of-the-art panel data stationarity test which incorporates multiple structural breaks. Evidence indicates that when accommodating general forms of cross-sectional dependence as well as controlling for finite-sample bias, the real stock price series appear to be stationary in 32 developed and 26 developing countries, respectively, which is in sharp contrast to the findings in the existing literature. Thus, real stock price indices are stationary processes that are inconsistent with the efficient market hypothesis. This shows the presence of profitable arbitrage opportunities among stock markets. According to these estimated structural breakpoints, we are also able to discover the reason for why there has been a huge impact from past stock prices.     

TESTING FOR STATIONARITY OF INFLATION RATES WITH COVARIATES

This paper distinguishes between the stationarity and nonstationarity of inflation in 18 OECD countries through several unit root tests with covariates. These covariate tests are more powerful than the conventional ones through correlated covariates. Both unit root and stationarity null hypotheses are tested in this study. Our empirical results indicate that the efficient univariate unit root tests fail to reject the unit‐root hypothesis for 15 countries, whereas the covariate tests provide strong evidence in support of mean reversion in inflation for almost all countries. Overall, the findings unveil new evidence in favor of stationarity in international inflation. Policy implications on the empirical results are provided as well.