Monetary policy,endogenous transactions,and financial market segmentation

An endogenous financial market segmentation model is constructed to explore the role of costly credit as a medium of exchange in the monetary policy elasticity of financial market activity. Against inflation risk, credit is an alternative insurance device to a cash transfer from the financial market. In equilibrium, credit reduces the financial market activity rate. Monetary policy has redistributive effects across economic individuals. Inflation may not tax financial market non-participants. However, it may tax financial market participants by increasing the financial market activity rate. Welfare may increase and the optimal money growth rate can be positive.     

发包方与供应商间关系对供应商创新能力的影响

采用多元层级回归方法,对影响供应商创新能力的驱动因素以及供应商在供应链网络中的等级位置对各驱动因素与供应商创新能力间关系的调节作用进行了理论探讨和实证分析。结果显示:在跨国外包情景下,发包方支持、共享活动和联结强度对供应商的创新能力具有显著的积极影响;供应商在供应链网络中的等级位置对联结强度与供应商创新能力间关系具有显著的正向调节作用,对共享活动与供应商创新能力间关系的正向调节作用不稳定。     

Information asymmetry in the innovation adoption decision of tourism and hospitality SMEs in emerging markets: A mixed-method analysis

Investment decisions, particularly innovation adoption decisions, can sustain long-term viability of small and medium enterprises (SMEs). However, information asymmetry could limit the ability of SME management to make informed innovation adoption decisions. Even though information asymmetry is a multidimensional construct, prior literature has only focused on financial information asymmetry in such decisions. Therefore, the current study fills the research gap by conducting two separate studies: one analyzes World Bank Group data from 1250 observations in 11 emerging markets, and the other interviews eight SME owners and managers. The findings of the mixed-method studies suggest that financial, business regulation, and court information asymmetry decrease the likelihood of SMEs' product innovation adoption. The study contributes to a more comprehensive understanding of information asymmetry in SMEs’ decision-making rooted in agency theory. Moreover, its methodological contribution lies in measuring information asymmetry with micro-level data.     

Air route suspension: The role of stakeholder engagement and aviation and non-aviation factors

This study provides insight into how aviation and non-aviation factors affect the decision to suspend air routes. Using examples from Australian domestic routes, the paper analyses the business relationships and negotiation processes followed by airports, airlines, and destination management organizations (DMOs) to avoid air route suspensions. Data were collected through semi-structured interviews with key aviation and tourism stakeholders directly impacted by suspended routes. The outcomes of this paper demonstrate that while most of the major reasons for air route suspension in Australia are mentioned in existing literature and are linked to demand, other factors have not previously been deeply investigated, including how stakeholders can be involved to avoid air route suspension. The paper also explores and identifies strengths and weaknesses in the relationship among airlines, DMOs and airports.     

Efficiency and productivity changes in Greek airports during the crisis years 2010–2014

The aim of this study is to evaluate the operating efficiency and productivity changes of the Greek airports, during the first years of the severe economic crisis in Greece (2010–2014), by using two methods: Data Envelopment Analysis (DEA) and Malmquist Productivity index (MPI). Findings have shown that, despite the dramatic effects of the economic crisis on the socio-economic life of the country, overall airport efficiency and productivity improved, mainly due to exogenous factors such as international tourism growth. The MPI reveals that over the period of the study, airports have experienced an annual average increase in total factor productivity (TFP) of 0.9% (an increase of 3.6% over the examined period). On examining the components of this productivity change, it becomes evident that this is due to the combination of both positive (a slight progress) annual average technology change (0.5%) and technical efficiency change (0.4%). The results also indicate that 65.8% of airports have an increase in average TFP during the period 2010–2014, ranging between 0.4% and 20%. However, as Greek airports operate at poor levels of efficiency, there is still considerable space for improvements in most of the airports.     

Forecasting economic activity from yield curve factors

This paper provides clear-cut evidence that the slope and curvature factors of the term structure of interest rates (yield curve) contain more information about future changes in economic activity than the term spread itself, often used in the literature as a predictive regressor of economic activity. These two factors reflect different information about future economic activity, which is smoothed out by the term spread. The paper shows that the slope factor has predictive power on future economic activity over longer horizons ahead, and thus may be interpreted as reflecting future business cycle conditions. On the other hand, the curvature factor, which enters the term spread with opposite sign than the slope factor, has predictive power on shorter movements of future economic activity which may be associated with changes in the current stance of monetary policy. These results hold for a number of world developed economies.     

Bibliometric studies in tourism

This study evaluates bibliometric studies in tourism, depicts emerging themes, and offers critical discussions for theory development and future research. To achieve this aim, 190 papers with bibliometric analyses from leading hospitality and tourism journals were selected and critically analyzed. The research findings reveal that bibliometric articles published in these journals significantly increased after 2008. However, systematic review studies emerged as the major group, and relatively few studies utilized evaluative bibliometric and relational bibliometric studies. Study results suggest that paucity still exists, particularly in relational bibliometric studies in tourism. This is one of the first studies in this area that offers critical discussions and suggestions related to theory development and future research in this research vein.     

From ‘just a swimmer’ to a ‘swimming mother’: women’s embodied experiences of recreational aquatic activity with pre-school children

Increased academic attention on the gendering of leisure pastimes in recent years has highlighted the centrality of the gendered body in influencing how leisure is accessed, experienced and transformed. To date, however, little attention has been paid to how women experience aquatic leisure activity, the second most popular form of leisure activity in the UK, and where female participation predominates. This paper presents results from research investigating the aquatic leisure experiences of 22 women, with children aged under 3, in the North-East of England. A number of key themes emerged from the data, which highlighted the centrality of the gendered, lived body as a key social construct contouring participant perceptions in the swimming pool environment. Women reflected upon their self-perceived physical deficiencies when wearing revealing swimming costumes, particularly under the critical gaze of ‘other’ bodies, whether present or imagined. The co-presence of other bodies was also central in shaping lived experiences, and the presence of ‘dependent’ children’s bodies shifted bodily intentionality away from the self towards perceived maternal responsibilities and the management of perceived risks, including ‘dirt’ and ‘germs’ and the negotiation of the tacit rules of the swimming pool. Results also suggest that the emphasis on maternal responsibility in aquatic leisure activity and timing of parent-toddler sessions could lead to reproduction of gender inequalities and the exclusion of some fathers from participation.     

Understanding tourist space at a historic site through space syntax analysis: The case of Gulangyu,China

Although tourist development appears to be an effective approach for the further development of historic towns, researchers have often contended that a balance is difficult to maintain between protection and development. This article applies space syntax analysis to provide an understanding of tourist space at historic sites on Gulangyu Island. The relationship between street network integration and the urban fabric as well as tourist preferences collated from data mining are explored and verified. Then, results of the space syntax analysis along with the proposed historic site plan are compared to provide suggestions in plan evaluation. This research provides a visualized and quantitative approach to the field of tourist management via the application of Geographic Information System (GIS) to urban morphological features, tourist preferences and results gathered by way of planning practice. The effectiveness and limitations of this proposed new approach are also debated and substantiated.     

Visual attention toward tourism photographs with text: An eye-tracking study

This study examines consumers' visual attention toward tourism photographs with text naturally embedded in landscapes and their perceived advertising effectiveness. Eye-tracking is employed to record consumers' visual attention and a questionnaire is administered to acquire information about the perceived advertising effectiveness. The impacts of text elements are examined by two factors: viewers' understanding of the text language (understand vs. not understand), and the number of textual messages (single vs. multiple). Findings indicate that text within the landscapes of tourism photographs draws the majority of viewers' visual attention, irrespective of whether or not participants understand the text language. People spent more time viewing photographs with text in a known language compared to photographs with an unknown language, and more time viewing photographs with a single textual message than those with multiple textual messages. Viewers reported higher perceived advertising effectiveness toward tourism photographs that included text in the known language.