Have Supermarket Mergers Raised Prices? An Event Study Analysis

Antitrust enforcement of supermarket merger activity during the late 1980s and early 1990s was less stringent than it had been before or has been since. For six announcements of supermarket acquisitions during this period, this study examines the abnormal stock returns of rival firms to determine if investors believed these acquisitions would lead to higher retail prices.These abnormal returns imply that investors expected that the average retail price change associated with these types of acquisitions ranges from a 0.12% decrease to a 0.05% increase. Thus, our results suggest that investors generally did not view these acquisitions as anticompetitive.     

A Close Connection between the Disciplines of Industrial Organization and Finance: A Worthy Objective or a Bridge Too Far?

Periodically, the question of whether there ought to be a substantially closer connection between the disciplines of industrial organization (IO) and finance has been a topic of conversation within the IO discipline. After documenting three such initiatives that ultimately failed to have lasting effects, this article argues that a goal of a close interweaving of IO and finance is a chimera – but that more modest interactions have been and continue to be possible.     

Exploring event bundling: The strategy and its impacts

The objectives of this article are to explore the strategy of event bundling from the perspectives of varied event stakeholders including event organizers, event attendees, and destination marketing organizations (DMOs); and to examine the strategy's impacts on the relationships between perceived event value and visitors' trip outcome (perceived trip value and destination loyalty intention). Based on a mixed-method approach, the research first investigates stakeholders' perceptions and perceived value of event bundling from a qualitative approach in Study 1. It further tests a proposed framework through a quantitative approach in Study 2, in which two well-known events in Macau, China were chosen as an event bundle and a large sample of over 800 respondents were surveyed. Findings from the research advance the literature on event tourism and tourism product bundling practices. They further provide insights for DMOs and event planners in event policymaking and destination marketing.     

An examination of a city greening mega-event

Green mega-events have become popular, but few critical examinations of these events have been conducted. This study aimed to fill this gap by identifying present and absent factors in the greening framework of a mega-event hosted by a city in China. Using the 2011 International Horticultural Exposition in Xi’an as a case study, green practices from bidding to preparing to hosting were identified and analyzed. The results showed that (1) pollution control, improvements in the ecosystem services supply, greening of industry, and a sustainable transport strategy were utilized to enable a greener urban eco-environment, greener industries, and a more efficient transport system. (2) Hospitality management ignored solid waste minimization, eco-procurement, and the greening of visitors. And (3) a typical hierarchical model of greening governance was utilized, and an environmental certification and a participatory mechanism for various stakeholders were lacking. These findings contribute to the event management field by modeling greening principles and highlighting the similarities and differences in mega-event greening.     

Segmentation by motivation for rural tourism activities in The Gambia

In The Gambia, as in many other African countries, rural areas rarely profit from the turnover earned in the country's tourism sector. In academic and political literature, however, rural tourism is frequently identified as a diversification strategy that may trigger local economic development in remote communities. To promote rural tourism development, further knowledge is required to understand why tourists are motivated to engage in distinct tourism market segments. In this study, survey data was collected from 450 tourists in The Gambia using a self-administered questionnaire. The questionnaire was constructed to identify the key characteristics and motivations of tourists so that the significant market segments could be categorized and the (latent) tourist demand for rural tourism activities could be gauged. This study identified four distinct segments of tourists in The Gambia: heritage & nature seekers, multi-experiences seekers, multi-experiences & beach seekers, and sun & beach seekers. Drawing on our key findings, we conclude by identifying a development path that could diversify Gambia's tourism sector. The development path would also include event-based rural tourism initiatives that align with the motivations of the identified market segments and may additionally benefit rural communities by reducing economic leakage rates.     

“Bring the numbers and stories together”: Valuing events

This article introduces a Valuation Studies approach, in which valuation is seen as a social practice, to studying the outcomes of events. Drawing on material gathered around the Arctic Winter Games organized in Nuuk, Greenland in 2016, we exemplify how researchers working together across disciplinary and methodological boundaries can engage together with events stakeholders in making event values knowable beyond the confines of traditional evaluation. Analytically, we use Callons’ concepts on framing and overflows to exemplify alternative outcomes of events. We argue that a valuation approach offers an iterative understanding of event outcomes which encourages economics and constructivist research to collaborate on exploring event worth and making event overflows knowable and valuable.     

Factors affecting international event visitors’ behavioral intentions: the moderating role of attachment avoidance

ABSTRACT

This study developed and tested a theoretical framework of event quality, motivation, value, and destination image in order to investigate visitors’ behavioral intentions to revisit an international event, along with the moderating role of attachment avoidance. Results revealed that the relationships among event quality, motivation, value, image, and behavioral intentions were highly significant. Attachment avoidance was additionally found to moderate the relationships between quality and value, motivation and value, value and destination image, and value and behavioral intentions. Findings further provide specific implications for both theoretical insight and marketing practice in the context of annual and international events.     

Role of trust,emotions and event attachment on residents' attitudes toward tourism

This study examines the effects of residents' trust in government and their emotions toward an event on their perceptions of potential impacts and their support. This study also examines the moderating role of event attachment on the strength of relationships between residents' trust in government and their impacts perceptions, emotional responses, and as well as their support based on social exchange theory and cognitive appraisal theory. Findings clearly indicate that residents' support is a function of both cognitive and affective assessment of perceived impacts. Trust in government influences directly residents' support and indirectly through perceived impacts and experienced emotions toward an event. Findings further suggest that level of event attachment moderates the effects of trust on residents’ perceptions of impacts, their emotions, as well as on their support.     

Optimal portfolio composition and the CAPM

It is commonly assumed that the CAPM implies that all investors hold a balanced portfolio, “the market portfolio,” and investors just determine the proportion of their wealth held in the market portfolio and the risk-free asset. That this is patently at odds with observed investor behavior is sometimes used to justify rejecting the CAPM. However, by assuming that substitute securities exist, in this paper we still obtain the CAPM, although investors neither hold all of the assets in the market nor a balanced shareholding in the assets they do hold.     

Management Education Reforms in the Baltic States

No abstract available for this article.