Managing solid waste in small hotels

Collectively, small hotels constitute a significant solid waste management (SWM) problem. Little research has focused on the SWM practices of small hotels. In the United Kingdom, much of the solid waste generated by small hotels goes to landfill. This study uses a constructionist approach to investigate SWM issues in small hotels in a local authority in Wales and examines the role of the public sector in helping small hotels manage their solid waste effectively. The results revealed that only a minority of small hotels were considering the adoption of sustainable SWM practices, either because hoteliers felt negatively about sustainable SWM alternatives or perceived challenges – an issue which necessitates government intervention. At the time of this study, the public sector provided only very modest services to enhance SWM practices. This study proposes a best practice model for the public sector to encourage small hotels to manage their solid waste effectively, in order to reduce or even eliminate waste for landfill. Local authorities' support is required to make waste management hierarchy options more accessible to small hotels and should incentivise better waste management through increasing the gap between the costs of landfill and recycling waste.     

Factors affecting E-Marketing adoption and implementation in tourism firms: An empirical investigation of Egyptian small tourism organisations

This study aims to analyze the different factors affecting the adoption of Electronic Marketing (E-Marketing) by Egyptian small tourism organizations. The study validates a conceptual framework extending TAM and IDT models to explain E-marketing adoption utilising a quantitative approach, in which data is collected based on survey strategy through questionnaires to address different levels of the study. Advanced statistical tools and SEM were used to analyze the collected data. The findings indicated that Egyptian tourism organizations internal and external factors have a great impact on the adoption of E-Marketing by such organizations. The findings also confirmed that IT theories (namely TAM and IDT) are valid in illustrating E-Marketing adoption by Egyptian tourism organizations. The results reinforce the importance of environmental factors on E-Marketing adoption and add to the extremely limited number of empirical studies that has been conducted to investigate E-Marketing adoption in developing countries.     

Pricing the Chicago Board of Trade T-Bond futures

The aim of this paper is to investigate the pricing of the Chicago Board of Trade (CBOT) Treasury-Bond futures. The difficulty in pricing it arises from its multiple inter-dependent embedded delivery options, which can be exercised at various times and dates during the delivery month. We consider a general Markov diffusion process model for stochastic interest rates and propose a pricing algorithm that can handle all the delivery rules embedded in the CBOT T-Bond futures. Our procedure combines dynamic programming, finite-elements approximation, and fixed-point evaluation. Numerical illustrations are provided under the one-factor Vasicek and Cox–Ingesoll–Ross models, and under the time in-homogeneous Hull–White model.     

Conditional Dependence in Precious Metal Prices

This study investigates the time-series properties of gold and silver spot prices. Both precious metal price series are found to exhibit time dependence and pronounced generalized autoregressive conditional heteroscedastic (GARCH) effects. Splitting the data into similar economic subperiods provides superior explanation of these effects because of the observed long-run nonconstancy of the unconditional variance. Further, the power exponential distribution, as opposed to the Student-t, is found to portray accurately the thick-tailed conditional variance that remains after the GARCH effects are removed. These findings imply that constant variance pricing models are inappropriate for securities that are based on precious metal prices.     

American-style options in jump-diffusion models: estimation and evaluation

We propose dynamic programming coupled with finite elements for valuing American-style options under Gaussian and double exponential jumps à la Merton [J. Financ. Econ., 1976, 3, 125–144] and Kou [Manage. Sci., 2002, 48, 1086–1101], and we provide a proof of uniform convergence. Our numerical experiments confirm this convergence result and show the efficiency of the proposed methodology. We also address the estimation problem and report an empirical investigation based on Home Depot. Jump-diffusion models outperform their pure-diffusion counterparts.     

A note on the evaluation of long-run investment decisions using the sharpe ratio

This paper reexamines the use of the Sharpe ratio to measure the performance of large and small company stocks along with corporate bonds over different holding periods. It builds on previous research which cites the effects of serial correlation and non-normality in the creation of estimation error in the calculation of the Sharpe ratio. It finds that higher order moments such as skewness and kurtosis are a further source of error that must be accounted for when making inferences about asset performance.     

Dynamic programming for valuing American options under a variance-gamma process

Lévy processes provide a solution to overcome the shortcomings of the lognormal hypothesis. A growing literature proposes the use of pure-jump Lévy processes, such as the variance-gamma (VG) model. In this setting, explicit solutions for derivative prices are unavailable, for instance, for the valuation of American options. We propose a dynamic programming approach coupled with finite elements for valuing American-style options under an extended VG model. Our numerical experiments confirm the convergence and show the efficiency of the proposed methodology. We also conduct a numerical investigation that focuses on American options on S&P 500 futures contracts.     

Cultural Antecedents of Behavioural Differences Between American and Egyptian Managers

Numerous researchers have studied behavioural characteristics typically common to American managers. However, few studies have considered how cultural differences impact behavioural management practice in developing Middle-Eastern countries. This study reports the results of a top executive survey comparing and contrasting American and Egyptian management styles, providing strong support for the argument that management behaviour is deeply embedded in culture. Results also suggest that management behaviours seen positively in one culture are not always viewed as such in another.