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on Tourism Economics |
| By: | Chia-Lin Chang (National Chung Hsing University, Taiwan); Hui-Kuang Hsu (National Pingtung Institute of Commerce, Taiwan); Michael McAleer (Erasmus University Rotterdam, Kyoto University, Japan, and Complutense University of Madrid, Spain) |
| Abstract: | This paper examines the size effects of volatility spillovers for firm performance and exchange rates with asymmetry in the Taiwan tourism industry. The analysis is based on two conditional multivariate models, BEKK-AGARCH and VARMA-AGARCH, in the volatility specification. Daily data from 1 July 2008 to 29 June 2012 for 999 firms are used, which covers the Global Financial Crisis. The empirical findings indicate that there are size effects on volatility spillovers from the exchange rate to firm performance. Specifically, the risk for firm size has different effects from the three leading tourism sources to Taiwan, namely USA, Japan, and China. Furthermore, all the return series reveal quite high volatility spillovers (at over sixty percent) with a one-period lag. The empirical results show a negative correlation between exchange rate returns and stock returns. However, the asymmetric effect of the shock is ambiguous, owing to conflicts in the significance and signs of the asymmetry effect in the two estimated multivariate GARCH models. The empirical findings provide financial managers with a better understanding of how firm size is related to financial performance, risk and portfolio management strategies that can be used in practice. |
| Keywords: | Tourism, Size effects, Small-firm effects, Financial performance, Spillover effects, MGARCH, VARMA, BEKK |
| JEL: | C22 G32 L83 |
| Date: | 2013–01–07 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:2013008&r=tur |
| By: | Metaxas, Theodore |
| Abstract: | European cities today need to confront the challenges of the current socio economic changes. In this framework the role of city marketing becomes essential especially during the socio economic crisis. City marketing is important because it is related to procedures connected with city global competition, tourist attraction, urban management, urban government and the special identity of cities (city branding). Many European cities take initiatives either creative or innovative to improve their competitiveness through cultural and tourism development/growth. Further, the majority of applied city marketing policies concern the culture and tourism. City marketing have encounter criticism like a)replace urban planning, b) emphasis on profit, c) emphasis on tourism attraction, d) regenerate socio geographical inequalities. In Greece only recently city marketing has been developed while even more new phenomenon is the process of field studies. The first case study is the Pilot Strategic Planning of City Marketing in Nea Ionia Magnisia which is part of the CultMark programme “Cultural heritage, local identity and place marketing for sustainable development” (contacted under INTERREG IIIc in five European locations during 2004-2006 (Nea Ionia, Magnisia (leader partner), UK, Kainou/Finland, Rostok-TLM/Germany and Pafos/Cyprus. Museums are one of the top/main categories of cultural locations which contribute to the cultural and tourism development of cities. Cities benefit from the existence of museums in specific ways but in order to work effectively it is necessary to be promoted in an organized way and with a strategic perspective which will be implemented by a Strategic Pilot Marketing Plan. A second case study is the unique Museum of Tobacco in Kavala, Greece. The scope of it is to show how the museum could contribute as a unique “tourism and cultural good/product to reinforce the city image and its development under a Strategic Marketing Plan for the city with main axe the Museum. This paper uses data from recent primary field studies contacted on enterprises, citizens of the city and visitors in order to form a strategic frame in which the (intrinsic) promotion of the Museum will work effectively on the general development of the Museum and the city of Kavala. |
| Keywords: | cultural planning, tourism development, Strategic Pilot Marketing Plan, Nea Ionia Magnisia, Tabacco Museum of Kavala |
| JEL: | O21 R58 R59 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:46968&r=tur |
| By: | Juan Gabriel Brida (Free University of Bozen); Marta Disegna (Free University of Bozen); Raffaele Scuderi (Raffaele.Scuderi@unibz.it) |
| Abstract: | This study presents a theoretical and operational framework for analysing repeat visit to museums. Starting from the literature on repeat visit in tourism, the specificities of these cultural attractions are made explicit through a review of theoretical and applied works. Consistently with previous contributors, the paper suggests that the analysis of actual past behaviours has to be preferred to the one of attitudes. The application of proper econometric models is also remarked in order to put into account individual profiles. Information coming from three techniques is then used in an integrated way in order to provide a more comprehensive view of the phenomenon. Evidence from an ad-hoc survey suggests the necessity to give a greater attention to perceived cultural value during the visit, promoting cultural events during the week and addressed to children, and taking care of those visitors that come from far places also through an integrated tourist supply. |
| Keywords: | Repeat visit; Museum; Behavioural Approach; Econometric modelling |
| JEL: | Z19 L83 C21 C24 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:bzn:wpaper:bemps03&r=tur |
| By: | Juan Gabriel Brida (Free University of Bozen); Marta Disegna (Free University of Bozen); Tsvetina Vachkova (Free University of Bozen) |
| Abstract: | Trying to understand what comprises and influences visitor satisfaction is one of the most relevant areas of research for the tourism sector. The aim of this study is to analyze which factors influence overall satisfaction with the visit at the museum, with particular interest in origin, feelings, and motivations. The research is based on 1038 questionnaires collected from June to December 2011 among the visitors of the South Tyrol Museum of Archaeology (ÖTZI) in Bolzano, Northern Italy. Logit models were used in order to estimate the set of independent variables that significantly influence both the overall satisfaction of the sample and the eventually differences between Italian and foreign visitors in the perception of satisfaction. The results suggested that the overall satisfaction was related to the origin of the respondent, their feelings, and motivations. Furthermore, opinion about showrooms and other services received during the visit appears to be positively and significantly related with overall satisfaction. From this knowledge, museum managers can profit in their willingness to offer the optimal museum experience, as well as museum marketers in their advertisement campaigns in Italy and abroad. |
| Keywords: | Overall satisfaction, feelings, museum, Logit model. |
| JEL: | C25 M0 Z11 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:bzn:wpaper:bemps02&r=tur |
| By: | Paul Koster (VU University Amsterdam); Eric Pels (VU University Amsterdam); Erik Verhoef (VU University Amsterdam) |
| Abstract: | We derive the expected user costs of US domestic air travel delay variability taking into account scheduling behavior of travelers. Travelers do not only consider mean arrival delays, but also face scheduling costs because they arrive too early or too late at their destination. The model allows travelers to anticipate arrival delay variability by choosing an earlier flight. We show that the expected user costs of US air traffic delays are underestimated by 16% if arrival delay variability is ignored. |
| Keywords: | air traffic delay, travel time variability, scheduling, value of reliability |
| JEL: | R4 |
| Date: | 2013–04–09 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:2013056&r=tur |
| By: | David, Leticia Scretas; Guilhoto, Joaquim José Martins |
| Abstract: | Since the nineties culture is seen also as a vector of development of an economy. "Cultural Economics", is a term that has been often used in the current economic debate, is a new and important source of development in modern economies because of its impact on other sectors and their great capacity for income generation and employment. With this in mind, this study has the objective to study the importance of the cultural sector in the Brazilian economy in 2006. For a better definition of the activities that make up this sector, the work takes into account the cultural indicators of the Brazilian Institute of Geography and Statistics (IBGE) and thus makes use of input-output methodology, which allows to understand the relationships of the sector with the rest of Brazil's economy. |
| Keywords: | Economia Cultural; Economia Criativa; Insumo-Produto |
| JEL: | O20 R15 Z10 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:46958&r=tur |