Consequences of Customer Dissatisfaction in Upscale and Budget Hotels: Focusing on Dissatisfied Customers’ Attitude Toward a Hotel

It is important to understand customer dissatisfaction in order to maintain a sustainable business, given that the negative effects of customer dissatisfaction in service businesses may be even greater than the positive effects of satisfaction. This study investigates customer dissatisfaction and its consequences by focusing on the mediating role of attitude toward a hotel according to different hotel classes related to customer expectation level. The results show a mediating role for attitude in the relationship between customer dissatisfaction and specific negative behavioral intentions. This study broadens our knowledge of customer dissatisfaction and the role of attitude toward a hotel in the relevant literature. The empirical findings demonstrate that regardless of hotel type, customer dissatisfaction significantly affects their attitude and their consequent negative behavioral intention.     

Influence of perceived service fairness on relationship quality and switching intention: an empirical study of restaurant experiences

Restaurants and dining out are an important part of the tourism industry and are a major business in their own right. The purpose of this study was to examine the relationship between perceived service fairness, relationship quality, and switching intention in fine dining restaurants. Data were collected through a convenience sampling method from 164 customers from only fine dining restaurants in the northern region of West Malaysia (Kedah, Perak, Penang, and Perlis States). Unlike all previous studies which have focused exclusively on the role of justice in service failure and recovery, this study considers all-inclusive service delivery contexts. The results of this study showed that all the dimensions of perceived service fairness have a significant relationship with switching intention. In addition, perceived service fairness has a positive relationship with trust in all dimensions except for outcome fairness. Moreover, the results found that among the perceived service fairness dimensions, only procedural fairness and interactional fairness had a positive relationship with commitment and price fairness; outcome fairness was not related to commitment. Finally, the results confirmed the negative and significant relationship between relationship quality (trust and commitment) on switching intention. Managerial implications of these findings are briefly discussed.     

消费者品牌转换驱动因素研究:基于绿色营销视角

消费者在品牌偏好上由普通产品转向绿色产品的品牌转换行为日趋明显和频繁.在消费者品牌选择中影响较大的驱动因素有基本因素、强化因素和深化因素三种类型.绿色营销的影响表现为:修正品牌转换驱动因素的强度;优化品牌转换驱动因素的内容;强化品牌转换驱动因素的影响力度.绿色营销的作用过程为:可利用驱动因素,建立和完善绿色消费意识,修正消费者品牌决策标准,培养消费者品牌忠诚度.     

Volatility forecasting: long memory,regime switching and heteroscedasticity

In this article, we account for the first time for long memory, regime switching and the conditional time-varying volatility of volatility (heteroscedasticity) to model and forecast market volatility using the heterogeneous autoregressive model of realized volatility (HAR-RV) and its extensions. We present several interesting and notable findings. First, existing models exhibit significant nonlinearity and clustering, which provide empirical evidence on the benefit of introducing regime switching and heteroscedasticity. Second, out-of-sample results indicate that combining regime switching and heteroscedasticity can substantially improve predictive power from a statistical viewpoint. More specifically, our proposed models generally exhibit higher forecasting accuracy. Third, these results are widely consistent across a variety of robustness tests such as different forecasting windows, forecasting models, realized measures, and stock markets. Consequently, this study sheds new light on forecasting future volatility.     

中国真实利率的平稳性和区制性:基于马尔科夫区制转换模型

通过引入三种均值方差都可能不同的区制,并基于改进的马尔科夫区制转换模型对1989年2月至2010年4月中国真实利率演变的考察,结果表明不同阶段的真实利率的确存在不同的均值和方差;考虑到区制转换特征之后,真实利率大体平稳,有均值回复趋势。而以往的应用中,忽略了这种区制转换特征可能导致对真实利率预测值的系统性偏差。     

Regime shifts in the Danish term structure of interest rates

Within a bivariate VAR model allowing for two-state Markov regime switching we test and evaluate the Expectations Theory (ET) of the term structure using Danish 1- and 3-months interest rates covering the period 1976–1997. A regime-shift approach is used in order to account for the change in monetary policy and the 1992–93 exchange rate crises that occured during this period. The basic findings are that these episodes did change the term structure, and, although we do find departures from the ET, several of the implications of the theory are consistent with the data, especially in the later part of the sample. First version received: June 1997/Final version received: March 1998