A lottery-preference-based explanation of realized kurtosis puzzle in Chinese stock market

High kurtosis corresponds to fat tails on both sides and under risk-aversion assumption investors’ dislike of left-tail loss outweighs their preference for right-tail gain. Therefore, high kurtosis characteristic of stock should predict high expected returns. However, the high-frequency-data-based empirical results on Chinese stock market are just the opposite, which we refer to as the ‘realized kurtosis puzzle’. Using the double sorts and firm-level cross-sectional regression methods, we further demonstrate investors’ preference for lottery-like stocks or lottery preference is key to solve the puzzle. Our further empirical research verifies stocks with higher retail investors’ shareholding proportion and unavailable for short show stronger ‘realized kurtosis puzzle’. In addition, the puzzle is particularly significant in high lottery preference periods while less apparent in low lottery preference times.     

Self-identification of ecotourists

Although ecotourism has frequently been examined in the literature, a consensus has not yet been reached globally as to what constitutes ecotourism. This paper suggests an alternative to the continuing debates among tourism researchers regarding their own views on what ecotourism should be and on who ecotourists are. Instead, this paper contends that tourists’ own self-interpretations of ecotourism and self-identification of ecotourists may be a more meaningful and practical way forward. This study examines the ecotourism market for West Virginia by applying this self-identification approach. The results indicate that 39.4% of respondents knew about the term “ecotourism”, and that 22.2% or 12.0 million of the state's visitors in 2008 were ecotourists. By comparison to non-ecotourists, these self-identified ecotourists were found to be more environmentally concerned and responsible, more dedicated to nature, more supportive of tourism accreditation programs, and more likely to patronize businesses with good environmental practices, even at a higher cost. This has significant implications for sustainable tourism development in the state as these findings can help to convince tourism operators who may see the potential benefits through being involved in a certification program proposed by West Virginia Department of Protection. Research limitations and future research needs are discussed.     

Tourism Market Recovery in the Maldives After the 2004 Indian Ocean Tsunami

SUMMARY

This paper will use a range of tourism data and a case study to examine the rates of recovery of ten source markets for the Maldives in the wake of the 2004 Indian Ocean tsunami. The market response and recovery rates for these ten markets varied significantly and the reasons for this will be explored. It is evident that a 'one size fits all' marketing strategy will not in itself be sufficient to achieve acceptable rates of recovery following a disaster. The strategies, opportunities and rates of market recovery experienced in the Maldives will provide useful insights for the marketing and monitoring of other destinations that have experienced a crisis or disaster.     

有效进行招投标报价分析

随着我国经济建设的发展,建筑市场的规范、有序化管理已经逐步形成,其中招投标制度在工程承发包交易行为公开、公平、提高工程质量、发挥投资效益、防止腐败和不正当竞争等方面均起到了很好的促进作用。本文根据现行的主要招投标评标方法,分析基于博弈论建立与之相适应的投标博弈模型的方法,为施工企业投标的科学决策提供借鉴。     

Foreign bank entry,bank efficiency and market power in Central and Eastern European Countries1

This article analyses the implications of the recently observed sharp expansion of foreign banks in the Central and Eastern European Countries (CEECs) as measured by equity ownership. We show that the mode of foreign entry has a pivotal impact on the post‐entry performance of banks in CEECs. Foreign greenfield banks are characterized by superior cost efficiency, compared with domestic and foreign‐acquired banks. The efficiency of foreign‐acquired banks deteriorates in the initial year of acquisition, but improves thereafter. Banks acquired by foreigners have less market power relative to domestic and foreign greenfield banks. Overall, the CEEC banking sectors have benefited from the increased foreign bank participation, both in terms of higher efficiency and more competition.     

The effect of the establishment of an organized exchange on weak form efficiency: the case of Istanbul Gold Exchange

Evidence is presented from IGE (the Istanbul Gold Exchange) that an institutional regulation such as the establishment of an organized exchange is an important component of informational efficiency that should not be disregarded in the process of financial liberlization.     

北京市国内客源市场空间结构研究及其开发对策

本文从空间结构的角度对北京市国内客源市场进行了定性描述和定量分析,通过探索北京市国内客源市场所特有的内在规律,提出了一系列行之有效的措施,旨在使北京的旅游业能够得以持续兴旺的发展,为首都经济和社会发展做出更大贡献。     

International Market Segmentation and Cross-Export Strategies Development Case Study: Iranian Furniture Industry

ABSTRACT

By developing an international market and significant differences between countries in this regard, segmentation becomes an increasingly important concept in marketing. In this article, the international market of Iranian furniture industry is segmented and cross-exporting strategies are developed to increase the market share of Iranian furniture in each segment. To achieve this, two distance functions are introduced based on correlation between export groups to cluster countries with k-means algorithm. After market segmentation for increasing sales in each segment, cross-exporting strategies are predicted by extracting association rules in each segment based on Apriori algorithm to set export baskets.     

我国农民旅游市场问题分析及开发策略

开发农民旅游市场不仅是旅游企业谋求发展的机遇,也是拉动我国旅游经济发展的重要举措。目前我国农民旅游还处于旅游的初级阶段,本文针对我国农民旅游市场存在的问题做深入研究,从政府和旅游企业两方面着手,提出了一些开发策略。     

Sustainable Transport,Market Segmentation and Tourism: The Looe Valley Branch Line Railway,Cornwall, UK

This paper uses cluster analysis, a form of a posteriori market segmentation, to understand the attitudes of tourists and the local community towards using the Looe Valley Branch Railway Line. The research revealed five segments of users distinguished by their attitudes towards using the train. Following this, the paper discusses the implications of the survey findings for attracting more people to use the Looe Valley Line. It sets its findings in the context of the sustainable tourism aims of reducing transport congestion and emissions, as well as recent work on assessing the scope for sustainable transport development in the leisure and tourism markets.