|
on Tourism Economics |
| By: | S. Capacci; A. E. Scorcu; L. Vici |
| Abstract: | The rise in destination accessibility and the emergence of new market segments have increased the competition among tourism destinations, both at national and international level. In order to gain a significant competitive advantage over competitors, destinations increasingly make use of signals that certify and communicate the level of quality provided. While existing research on tourism certifications mostly pertains to quality evaluation, this study exploits quantitative methods to assess the economic impact of destinations’ labels. The analysis considers one of the most popular certification of environmental quality attributed to beaches, the Blue Flag award. It explores the relationship between the certification achievement and inbound tourist flows, focusing on the Italian case study. In fact, given their aim of providing synthetized information on destinations, certification programs particularly affect foreign tourists who suffer more from asymmetric information. Panel data techniques and highly disaggregated data are employed to compare the attractiveness of certified and non-certified provinces, by controlling for several factors potentially confounding the effect of the certification. |
| JEL: | C23 L83 Z12 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:bol:bodewp:wp917&r=tur |
| By: | Duha T. Altindag |
| Abstract: | Using a panel data set of European countries, this paper investigates the impact of crime on international tourism. Violent crimes are negatively associated with incoming international tourists and international tourism revenue indicating that international tourists consider the risk of victimization when choosing a location to visit. This impact is smaller in magnitude in Southern European countries with a coastline which are generally more attractive tourist destinations in terms of sea tourism, suggesting that victimization risk and attractiveness of the destination may be substitutable traits. |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:abn:wpaper:auwp2014-01&r=tur |
| By: | Chang, C-L.; Hsu, H-K.; McAleer, M.J. |
| 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: | asymmetry, conditional volatility models, firm size, stock returns, tourism, tourism policy reforms, volatility size effects |
| JEL: | C22 G18 G22 G32 L83 |
| Date: | 2013–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:ems:eureir:41465&r=tur |
| By: | Chia-Lin Chang (National Chung Hsing University, Taiwan); Hui-Kuang Hsu (National Pingtung Institute of Commerce, Taiwan); Michael McAleer (National Tsing Hua University, Taiwan, Erasmus University Rotterdam, Tinbergen Institute, The Netherlands, and Complutense University of Madrid, Spain) |
| Abstract: | This paper uses monthly data from April 2005 to August 2013 for Taiwan to propose a novel tourism indicator, namely the Tourism Conditions Index (TCI). TCI accounts for the spillover weights based on the Granger causality test and estimates of the multivariate BEKK model for four TCI indicators to predict specific tourism and economic environmental indicators for Taiwan. The foundation of the TCI is the Financial Conditions Index (FCI), which is derived from the Monetary Conditions Index (MCI). The empirical findings show that TCI weighted by spillovers reveal greater significance in forecasting the Composite Index (CI), an economic environmental indicator, than the Tourism Industry Index (TII), which is an existing indicator for the tourism industry that is listed on the Taiwan Stock Exchange (TWSE). Moreover, previous values of the alternative TCI and TII are shown to contain useful information in predicting both tourism and economic environmental factors. Overall, the new Tourism Conditions Index is straightforward to use and also provides useful insights in predicting tourism arrivals and the current economic environment. |
| Keywords: | Monetary Conditions Index (MCI); Financial Conditions Index (FCI); Tourism Conditions Index (TCI); BEKK; Spillovers; Granger causality |
| JEL: | B41 E44 E47 G32 |
| Date: | 2014–01–07 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:20140007&r=tur |