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on Tourism Economics |
| By: | Chia-Lin Chang; Hui-Kuang Hsu; Michael McAleer (University of Canterbury) |
| Abstract: | This paper investigates the stock returns and volatility size effects for firm performance in the Taiwan tourism industry, especially the impacts arising from the tourism policy reform that allowed mainland Chinese tourists to travel to Taiwan. Four conditional univariate GARCH models are used to estimate the volatility in the stock indexes for large and small firms in Taiwan. Daily data from 30 November 2001 to 27 February 2013 are used, which covers the period of Cross-Straits tension between China and Taiwan. The full sample period is divided into two subsamples, namely prior to and after the policy reform that encouraged Chinese tourists to Taiwan. The empirical findings confirm that there have been important changes in the volatility size effects for firm performance, regardless of firm size and estimation period. Furthermore, the risk premium reveals insignificant estimates in both time periods, while asymmetric effects are found to exist only for large firms after the policy reform. The empirical findings should be useful for financial managers and policy analysts as it provides insight into the magnitude of the volatility size effects for firm performance, how it can vary with firm size, the impacts arising from the industry policy reform, and how firm size is related to financial risk management strategy. |
| Keywords: | Tourism, firm size, stock returns, conditional volatility models, volatility size effects, asymmetry, tourism policy reform |
| JEL: | C22 G18 G28 G32 L83 |
| Date: | 2013–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:cbt:econwp:13/27&r=tur |
| By: | Tiziana Cuccia (Dipartimento di Economia e Impresa, Università degli Studi di Catania, Italy); Calogero Guccio (Dipartimento di Economia e Impresa, Università degli Studi di Catania, Italy); Ilde Rizzo (Dipartimento di Economia e Impresa, Università degli Studi di Catania, Italy) |
| Abstract: | This paper analyses the role of tourism in the enhancement of local development focusing on the role of UNESCO World Heritage List (WHL) as attractor of tourism demand. It aims at evaluating the performance of the Italian regions as tourism destinations in the period 1995-2010, using the Data Envelopment Analysis (DEA) two-stage approach. In the first stage the efficiency scores are calculated using a smoothed DEA bootstrap procedure to generate unbiased technical efficiency estimates. In the second stage a robust semi-parametric regression is employed to assess the impact of the WHL inscription on the efficiency of tourism destinations in the short and in the long term. The empirical results show that, controlling for several environmental factors, the presence of UNESCO sites is negatively correlated to the technical efficiency of tourist destinations. Our explanation for such a result is that WHL inscription raises expectations which are not met by an equivalent increase of tourism flows: this has to be taken in account by policy-makers in the design of the local strategies to promote tourist destinations and therefore to foster local development. |
| Keywords: | Cultural Heritage, Tourism, Non-parametric methods |
| JEL: | Z10 L83 O18 D24 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:cue:wpaper:awp-04-2013&r=tur |
| By: | Beatriz Plaza (University of the Basque Country UPV/EHU, Spain); Pilar Gonzalez-Casimiro (University of the Basque Country UPV/EHU, Spain); Paz Moral-Zuazo (University of the Basque Country UPV/EHU, Spain); Courtney Waldron |
| Abstract: | Cultural re-imaging through iconic art museums aims to create symbolic capital for a place in the form of creative images, reputation, and associations with innovation. While literature has long identified architectural uniqueness as a potential driver of brand competitiveness, we argue diffusion of that image is equally important. This work draws upon economic concepts from other cultural industries (such as film, music, and art) to develop a framework for understanding how cultural brands are built: how reproducible images of singular architecture accumulate in the media to strengthen a brand. We then test an art brand´s impact on visitors. This work aims to offer evidence that the Guggenheim Museum Bilbao brand generates tourism to the city of Bilbao. By understanding how iconic cultural structures create symbolic capital, policy makers may better tailor similar culture-led branding strategies to other places. |
| Keywords: | Iconic Art Museums, Image Markets, Urban Economics, Branding Effectiveness |
| JEL: | Z1 R1 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:cue:wpaper:awp-05-2013&r=tur |