Bank loan announcements and borrower stock returns before and during the recent financial crisis

The impact of U.S. bank loan announcements on the stock prices of the corporate borrowers has been decreasing during the two last decades with estimated two-day cumulative abnormal returns slipping from almost 200 basis points in the beginning of the 1980s to close to zero by the turn of the Century. We estimate excess returns before and after the onset of the most recent financial crisis. We find that while prior to August 2007 returns were indeed close to zero, afterwards returns jump back up to around 200 basis points. We surmise that in a booming credit market the certification of corporate borrowers by banks started to play a lesser role, while during the crisis the banks’ role was revitalized. Consistent with this interpretation we find that after August 2007 excess returns increase especially for loans with a longer maturity, and for smaller, levered, less profitable or lowly rated firms.     

国外中国旅游研究进展：学术贡献视角的述评

文章分析了国外中国旅游研究的总体情况,对其主要进展进行了基于学术贡献视角的阐述和评价。研究指出,国外中国旅游研究主要的学术贡献集中在引介、应用和理论检验方面,而扎根于中国旅游发展实践的理论建构尚不多见。研究认为,国内外旅游学界存在的信息不对称,国外学界和业界了解中国旅游发展迫切的刚性需求,以及研究可进入性和调研深度的缺失,是导致目前国外中国旅游研究领域理论贡献成果较为欠缺的主要原因。深入中国旅游发展实践进行理论提升,并实现同西方现有理论的对话乃至超越,将是中国本土的旅游研究走向世界的关键。     

基于TANG模型的西安国际旅游成长实证分析

文章运用旅游地非线性成长模型（TANG模型）对50年来西安国际旅游成长进行实证分析。分析指出，西安国际旅游第一周期为新中国成立至改革开放前阶段，规模极小，受政府制度、资源与产品创新、大规模突发事件影响极大；从客流量与旅游收入两个指标体系入手，讨论1978年以来的第二、第三周期，通过模拟方程、成长曲线及相关特征值实现了不同周期、不同指标的横向与纵向比较，同时在与统计值进行对比的过程中，清晰地反映出异常波动情况，判断波动原因，对旅游地成长过程有了更为清晰的认识。     

关于加强开发桂林市区历史文化景点的构想

桂林市区当前亟待完善，开发和恢复重建几个著名历代历史文化景点，意在提升和营造桂林市区的历史文化氛围，使之不愧为中国首秕历史文化名城称号，同时也使广大市民和游客能深切感受到桂林不仅山水甲天下，其深厚的历史文化积淀也诚堪与中原媲美。     

Values as determinants of motivation: Tourism and other career choices

Neuman, Yoram, Abraham Pizam and Arie Reichel, Values as Determinants of Motivation: Tourism and Other Career Choices. Annals of Tourism Research 1980, VII (3): 428–442. This study examined the predictive validity of work values in explaining motivational patterns of three groups of career preparation differing in their occupational specificity: Tourism/Hospitality, Management, and Liberal Arts. It was found that the higher the occupational specificity of a career preparation the higher is the predictive validity of work values in explaining work motivations. As predicted, the best relationships between values and motivation was found in the maximally specified occupation, namely: tourism/hospitality students, followed by management students with the liberal arts students — the most flexible occupational group — having the lowest relationship between values and motivation. The implications of the findings for employee selection and motivation prediction in the tourism/hospitality industry are discussed.     

Tourists’ virtual reality adoption: an exploratory study from Lake District National Park

Virtual reality (VR) transforms the way destinations market their tourism offerings. To fully understand the opportunities of a technology, initial research is required assessing user adoption. However, empirical research and particularly exploratory qualitative research on VR adoption in tourism context is limited. Therefore, this study uses an exploratory interview approach with 35 participants near Lake District National Park, UK. Using thematic analysis, this study explores factors that influence VR adoption as well as the influencing factors on tourists’ behavioural intentions. This study adds to academia by qualitatively exploring the adoption of a scarcely researched technology within the tourism context.     

旅游资源创新问题的初步研究

依据一般的创新理论，研究了旅游资源创新的必要性，对旅游资源创新的理论基础进行了剖析，提出了旅游资源创新的内涵及其组织支持系统。     

旅游管理高等教育改革的经济学思考

统计资料显示，近年中国旅游业总收入以超过10％的速度增长。旅游业的可持续发展需要旅游管理高等教育提供人才保障。但是目前中国旅游管理高等教育供需错位现象明显，比如必修课、选修课设置比例需要调整，教学内容需要优化，生源不足且毕业后流失严重的现状需要改观，适合本专业的人才培养模式有待继续探索。以经济学理论、模型为工具，运用到西方经济学中经济人假设和定义，理性预期理论，效用最大化理论，以及外在性与公共物品理论，探索中国未来旅游管理高等教育改革思路。     

Goal programming: Planning process of tourism organizations

The complex rapidly changing environment faced by tourism organization officials makes tourism planning extremely difficult. Goal programming can aid the tourism planner in appraising the goal attainment potential associated with proposed tourism marketing program alternatives. By changing priorities of goals, budgetary limitations, and organizational constraints, the policy maker can test the effect of changes before they are implemented. By utilizing goal programming, a tourism organization can more systematically evaluate the nature and relative importance of organizational goals, critical constraints affecting the organization and marketing program alternatives.     

论文物保护与文物旅游的平衡发展

文物保护以社会效益为主，文物旅游以经济利益为先，要处理好文物保护与文物旅游的关系．就要正确认识两者的一致性和矛盾性，寻求两者平衡发展的途径，使文物工作与发展旅游经济相互支持，协调发展。