Applying free random variables to random matrix analysis of financial data. Part I: The Gaussian case

We apply the concept of free random variables to doubly correlated (Gaussian) Wishart random matrix models, appearing, for example, in a multivariate analysis of financial time series, and displaying both inter-asset cross-covariances and temporal auto-covariances. We give a comprehensive introduction to the rich financial reality behind such models. We explain in an elementary way the main techniques of free random variables calculus, with a view to promoting them in the quantitative finance community. We apply our findings to tackle several financially relevant problems, such as a universe of assets displaying exponentially decaying temporal covariances, or the exponentially weighted moving average, both with an arbitrary structure of cross-covariances.     

How smartphones enhance local tourism experiences?

This study investigates the application of smartphones in providing local tourism experiences in Isfahan, Iran. A self-administrated questionnaire, employing the theory of planned behavior was developed, and distributed among international tourists visiting Isfahan. The results showed that tourists’ attitude towards smartphones positively influences the intention to participate in local tourism experiences. Findings confirmed that tourists’ perceived behavioral control has a positive and direct influence on their travel intention, while surprisingly no association was found between tourists’ beliefs, subjective norms, and travel intention. Findings also revealed that tourists’ beliefs and subjective norms have a positive and direct influence on participation in local tourism experiences.     

Service quality aspects and sports scientific conventions: An experience from Iran

This study investigates the role of service quality aspects in a Sport Scientific Convention held in Mashhad, Iran in 2015. A sample of 175 conference attendees were targeted to investigate the quality of services offered, their satisfaction, and intention to return. However, the findings show that the quality of access to destination and venue affect service accessibility quality. The hotel value and hotel staff interaction affect accommodation quality, but the atmosphere of the hotel does not. The internal environment of the venue and its staff interaction affect venue quality in a direct and meaningful way, but venue value does not. In addition, convention process and product affect convention quality in a direct and meaningful way. There is also a direct and meaningful relationship between accommodation quality, venue, and convention quality, and service quality in the sports scientific convention. Access quality, however, is not a part of this relationship. On the other hand, there is a relationship between access quality and satisfaction, and satisfaction affects participants' intent to return to the convention.     

Measurement of Satisfaction with ICT Services Implementation and Innovation in Restaurants (Case Study: Isfahan,Iran)

Nowadays, Restaurant is one of the most important factors in the choice of holiday destinations for tourists and contributes to the development of the local economy. This research is an initial attempt to investigate consumer behavior (tourist behavior) and the attitude of restaurant managers to the application of innovation and information and communication technology (ICT) in hotel restaurants. On the basis of the results of this study it can be concluded that tourists and restaurant managers in the city of Isfahan are interested in exploiting the application of innovation and ICT in hotel restaurants.     

Marginal Intra-Industry Trade and Employment Reallocation: The Case Study of Iran’s Manufacturing Industries

The purpose of this paper is to test the smooth adjustment hypothesis by using panel technique for Iran’s manufacturing industries at the 4-digit aggregation level of ISIC classification, during time period 2001–2006. According to the smooth adjustment hypothesis, intra-industry trade expansion entails lower adjustment costs than inter-industry one. In this paper, by distinguishing marginal intra industry trade to its horizontal and vertical types and employing the total reallocation effect as a proxy of the adjustment cost of reallocation between sectors and occupations, we’ve tested smooth adjustment hypothesis for both marginal intra industry trade and its types. So, comparing with other empirical studies, this paper has used marginal vertical and horizontal intra industry trade as well as marginal intra industry trade to test the hypothesis. The obtained results do not support the hypothesis for marginal intra industry trade. On the other hand, by distinguishing marginal intra industry trade to marginal horizontal and vertical intra-industry trade, this hypothesis is expectedly confirmed. This result is justifiable since marginal horizontal intra industry trade is a change of intra industry trade with the similar factor intensity while marginal vertical intra industry trade is mainly based on the differences in factor endowment.     

Destination selection by smart tourists: the case of Isfahan,Iran

The paper is concerned with tourist behavior when selecting a tourist destination to visit in the age of smart tourism associated with modern information communication technologies. The theory of planned behavior is applied in a study of the issues with particular reference to Isfahan which is a very popular tourist center in Iran and one where technological innovations are being introduced to facilitate tourism. Results reveal that tourist attitude significantly and directly affects intention to travel to a smart destination while behavioral control does not have such an effect. Tourist beliefs and subjective norms are additionally found to positively influence visit intention and destination selection. Smartness emerges as an important force in shaping demand, to which the tourism industry must be responsive and attempt to ensure suitable provision. The research enhances knowledge and understanding of these aspects of the smart tourism phenomenon, the literature about which is still relatively limited, and further work is recommended.     

A resource orchestration view of supply chain traceability and transparency bundles for competitive advantage

The literature has mostly examined supply chain (SC) traceability and SC transparency separately, ignoring the mutually constitutive relationship of these two related constructs. We draw on the resource orchestration theory and the causal complexity perspective to conceptualize and validate SC traceability and SC transparency as interrelated organizational capabilities that may mutually enhance or compensate each other for competitive advantage. We constructed an original sample from two sources to empirically test this conceptualization using fuzzy set qualitative comparative analysis (fsQCA). Our empirical results reveal that the ability of firms to leverage SC traceability for a high financial performance is contingent upon creating a transparency perception of SC with a wide range of stakeholders. Our results also identified the firm size and its international presence, as having a significant bearing on the ability of firms to leverage SC traceability and SC transparency capabilities for a competitive advantage.     

Persian literary heritage tourism: travel agents’ perspectives in Shiraz,Iran

Literature is a cultural component and literary niche tourism is a novel strategy for preserving and transferring literature heritage. This research has four major purposes: (1) to discover why Shiraz can be a destination for promoting literary tourism in Iran; (2) to identify strategies for stimulating this niche tourism; (3) to measure travel agents’ awareness of literary tourism; and (4) to investigate the attitude of travel agent managers towards this niche market. The results illustrated that travel agents are interested in the literary tourism development and they have a high interest in offering and organizing literary tours for tourists, but they are not familiar with this concept.     

Community capacity building for tourism in a heritage village: the case of Hawraman Takht in Iran

This paper is concerned with the concept and practice of community capacity building (CCB) within the context of rural tourism. Issues are discussed with specific reference to an Iranian village which is a popular visitor destination. The results of interviews conducted with 34 stakeholders reveal a strong interest in tourism, yet an absence of CCB initiatives due to a variety of factors which include a lack of official support. It appears that CCB is not a prerequisite for tourism at a local level, but respondents felt that it could assist in maximising opportunities for communities to benefit from such development. The study enhances knowledge and understanding of the meaning and implementation of CCB in a part of the world which has been relatively neglected in the literature. Results also have implications for authorities and the tourism industry at work in rural areas as well as residents.     

Does security matter in tourism demand?

This paper aims to investigate the relationship between security and international tourist arrivals. The system Generalized Method of Moments technique is applied in two panels of 29 developed and 45 developing countries over the period 2006–2012. Employing social, economic and political security indexes beside other control variables, the results show that the relationship among all the three sub-indexes of security and tourism is positive and significant in developed nations while it is negative and significant in developing countries.