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on Tourism Economics |
| By: | Laurentina Vareiro (Polytechnic Institute of Cávado and Ave); J. Cadima Ribeiro (Economics and Management School and NIPE, University of Minho); Paula Remoaldo (Department of Geography – Lab2pt –Landscape, Heritage and Territory Laboratory, University of Minho) |
| Abstract: | Cultural tourism is one of the leading growing segments of the tourism industry. Many tourists who visit heritage sites seek a value-added and authentic experience, when compared with the traditional products or mass destinations. Considering the importance of tourist`s satisfaction in what regards the revisit intentions and word-of-mouth referrals, which in turn influence the economic development of the tourist destination, this study attempts to investigate the relationship between cultural/heritage destination attributes and tourist`s satisfaction. The study area for this paper is the city of Guimarães, in the northwest of Portugal. This city is a place of strong symbolic and cultural significance and was deemed a world heritage site (UNESCO) in the year 2001. In 2012, Guimarães was one of the cities that hosted the European Capital of Culture (ECOC). All this enhanced its tourism potential and increased the amounts of visitors. The methodology consists of quantitative research based on a self-administered survey applied to tourists who visited Guimarães in the first half of 2015. Based upon the empirical results of this study, several recommendations can be made to increase tourists’ satisfaction vis-à-vis to Guimarães, regarding tourists’ needs, attributes valorization and cultural/heritage sustainability. |
| Keywords: | Cultural tourism, destination attributes, Guimarães, tourists’ satisfaction |
| JEL: | L83 R58 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:nip:nipewp:10/2017&r=tur |
| By: | Zopiatis, A.; Savva, C.S.; Lambertides, N.; McAleer, M.J. |
| Abstract: | Following the recent terrorist attacks in Paris, the European media emphatically pronounced that billions of Euros were wiped from tourism related stocks. The theoretical relationship of the industry with such unexpected non-macro incidents received moderate academic coverage. Nevertheless, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and volatility, is still a barren landscape. Using econometric methodology, the paper investigates the reaction of five hospitality/tourism stock indices to 150 incidents depicting major Acts of Terrorism, ‘Acts of God’, and War conflicts in the 21st Century. Empirical findings underscore the effect of such incidents on hospitality/tourism stock indices, with distinctive differences among the different types, the specificities of each event, and the five regions under investigation. This paper contributes to the extant literature and enhances our conceptual capital pertaining to the industry’s current financial practices that are related to stock performance and behavior. |
| Keywords: | Unexpected Non-macroeconomic Factors, Stock Market, Event Study, Econometric Modeling |
| JEL: | C21 C58 G01 H12 Z32 |
| Date: | 2017–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:ems:eureir:100332&r=tur |