The Development and Management of Beach Resorts: Boracay Island,The Philippines

This paper deals with questions of beach resort development processes and their management. Issues are discussed within the context of Boracay Island in the Philippines, which is a popular destination, but one that is at risk from uncontrolled growth. The framework for the analysis is an existing model, and comparisons between it and the case reveal similarities and divergences. Findings suggest the unique qualities of individual resorts arising from local and national circumstances, but indicate more general patterns and attendant challenges that have a wider applicability. Development models are also seen to be useful, despite their limitations.     

Life Insurer Cost of Equity with Asymmetric Risk Factors

This study presents an improved model for estimating life insurer cost of capital with the inclusion of upside and downside risk factors and controlling for life insurer characteristics. Although various asymmetric measures of market risk have been shown to be priced factors for the broader equity market, life insurer realized equity returns include a much larger premium for bearing downside risk, even after controlling for firm characteristics and other measures of risk. Cross‐sectional regression analysis finds a positive (negative) premium for downside (upside) betas, conditional on down and up markets, respectively. Coskewness and cokurtosis are also priced factors.     

Tour guides under zero-fare mode: evidence from China

The zero-fare tour is a common phenomenon in China that receives a great deal of attention from the popular press but little attention in the tourism literature. This qualitative study illuminates the previously unheard voice of the zero-fare group tour guides, examining their work attitudes and relationships with tourists, tour operators, and tourism administrators. A two-phase pre- and post-interview approach is used to examine the impacts of the 2013 tourism law on the tour guides. Findings indicate that tour guides struggle with conflicting feelings towards the zero-fare tour and their place within it. For instance, the informants describe themselves as scapegoats of the zero-fare tour mode, yet they also enjoy the freedom and opportunity it presents. The study concludes with a call for more thoughtful consideration of the policy and governance of the zero-fare tour.     

Can the interests of shareholders explain industry attitudes toward banking-insurance mergers?

The banking industry generally supports and the insurance industry generally opposes the removal of regulatory boundaries between the two industries. In an effort to explain these industry attitudes, this article examines the effect, in the absence of synergies, of hypothetical mergers of banks and insurance companies on shareholders' risk and return. The results suggest that, if cash flows are not impacted by the mergers, the attitudes of industry management toward inter-industry mergers cannot be motivated by concerns for shareholder risk and return since, during the data period considered, insurer shareholders would have gained more by acquiring banks than bank shareholders would have gained from acquiring insurers.     

Doing sustainability: an application of an inter-disciplinary and mixed-method approach to a regional sustainable tourism project

This paper describes and explains an interdisciplinary and mixed-method approach to a large-scale sustainable tourism development project. The research took place in a two-county area straddling the Blue Ridge Parkway in the Appalachian mountains of Virginia, USA. It was commissioned in order to develop a sustainable tourism centerpiece to enhance the region and encourage visitor expenditures while maintaining the environment and quality of life of the community. In response to Hollinshead and Jamal's 2007 call for a more bricoleur and third ear approach to tourism research, a gap analysis of the region's tourism offerings was performed using six interdisciplinary, mixed-method research phases seeking to identify discrepancies between the current region's tourism offerings, visitor preferences and community stakeholders. Phases included a Community Resource Assessment (GIS-based Inventory), Stakeholder Interviews, a Visitor Survey and GPS visitor tracking, the development of seven Potential Scenarios, a Potential Visitor Survey and an Economic Analysis. Subsequently, two potential tourism centerpieces were developed with the goal of showcasing the region's unique mountain and agricultural heritage. In addition to providing a detailed overview of the research project, the paper concludes with discussion of the practical and political challenges, time constraints and rewards that accompany this type of research.     

The Reasonable Person Negligence Standard and Liability Insurance

We show that, under the reasonable person negligence rule, heterogeneity of potential injurers can be sufficient to create a demand for liability insurance. Potential injurers with a low probability of accidents or a high cost of exercising care have optimal levels of care that are below the negligence standard. For these groups, it may be less costly to be negligent and purchase insurance than to comply with the negligence standard. We show that the availability of insurance is socially desirable.     

Shopping behavior of Chinese tourists visiting the United States: Letting the shoppers do the talking

Chinese tourists visiting the U.S. were interviewed to explore their shopping behaviours and to understand their shopping experiences. This study revealed that the Chinese tourists were interested in a very large variety of U.S. merchandise, ranging from antique watches and jewellery to health products and running shoes. They perceived the quality of American products to be consistent with prices lower than similar products at home. Male tourists in the study tended to be more satisfied with their shopping experiences than females, but all informants expressed a desire for more Chinese-speaking sales assistants as well as Chinese shopping guides and signage. Informants asked that Chinese credit cards be accepted in the U.S. stores, and would encourage banks of both countries to find ways to cooperate with payment methods to make tourists’ shopping experience more enjoyable and free from inconveniences. Informants had a positive image of shopping in the U.S., especially when compared to some European and Asian destinations. Implications of both the methods and the findings for destination marketing strategies are also discussed in the paper.