nep-tur New Economics Papers
on Tourism Economics
Issue of 2017‒07‒02
two papers chosen by
Laura Vici
Università di Bologna

  1. Destination attributes and tourist’s satisfaction in a cultural destination By Laurentina Vareiro; J. Cadima Ribeiro; Paula Remoaldo
  2. Tourism Stocks in Times of Crises: An Econometric Investigation of Unexpected Non-macroeconomic Factors By Zopiatis, A.; Savva, C.S.; Lambertides, N.; McAleer, M.J.

  1. 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
  2. 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

This nep-tur issue is ©2017 by Laura Vici. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.