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Financial firms announcing large operational losses have empirically been shown to cause significant negative spillover effects in other non-announcing firms in case of the banking and insurance industry. The purpose of this paper is 1) to model such spillover effects in a network from a portfolio perspective and 2) to holistically assess operational risk, reputational risk and the risk of spillover effects, taking into account the dependencies between these risk types.

The authors propose different approaches to model spillover effects with different complexity, including stochasticity and influencing factors within the industry network. They then calibrate the model based on information from previous empirical literature.

The results emphasize that spillover effects can represent a considerable (non-diversifiable) risk, especially in portfolios, and that neglecting them may lead to a severe underestimation of the actual impact of single operational loss events.

This study is relevant not only for a firm’s risk management strategy but also for investors holding a portfolio of firms potentially subject to spillover effects.

Due to both the new quality and intensity overtourism discussions have received, it is time to examine the question concerning the consequences this development has on destination level and how destinations can adjust their strategies for future development. This is especially important to consider, since overtourism can be seen as a fundamental issue for tourism development. First measures taken within destinations show that reactions are taking place, e.g. through access restrictions of frequently visited places. The purpose of this paper is to identify future-oriented strategies and to derive concrete measures in order to deal with overtourism on a destination level.

In total, 19 qualitative interviews with European destination managers were conducted and evaluated via the qualitative analysis method GABEK® with WinRelan® software.

The results show that various stakeholders are involved in overtourism, with the destination management organization being the central actor to deal with issues. It is challenging to choose between different strategies and measures, which always have to be considered in relation to the specific conditions of a destination and the perception level of overtourism. In order to face current developments, the initiation of a stakeholder dialog can be seen as a promising factor, but also as a challenging task.

Currently, a “wait-and-see-attitude” exists, where well-known destinations are cited as negative examples, but a serious examination related to one’s own destination has not yet been developed. This consideration should be seen as a prerequisite for future-oriented destination development, which takes the local population into account.

The purpose of this paper is to discuss responsibility in tourism destinations. On the basis of a resilience approach, central aspects of leadership and of responsibility in destination networks are introduced and, a contribution to a conceptual analysis of the future viability of tourism destinations is made. This contributes to a better understanding of resilience from a destination management organization (DMO) perspective in the context of shared responsibility.

To achieve this goal, a qualitative interview series was conducted with destination managers in urban and rural areas. The interviews were evaluated using the method of GABEK®, in order to reveal and visualize semantic relationships between the specific statements. This method allows the representation of linkages and relationships of keywords from interview transcripts in the form of network graphs.

A major result is the existence of a network of leaders who take responsibility for tourism development within a tourism destination. Within this network, the destination manager once again plays a key role by developing and formulating visions, goals and strategies. In this context, the relevant employees of the DMO have an important role to play, since they are an important resource of tourism development due to their experience and competences.

The paper contributes to a practical view on the development of visions and strategies. It analyzes challenges and possible ways to communicate with the required political and public actors of the destination as well as with the service providers to regard destination development as a collaborative task.

The corporate reputation of a firm and reputation risk is becoming increasingly important because of the rise of social media and the ongoing globalization. While defining and measuring corporate reputation and reputation risk represent the first steps in corporate reputation (risk) management, there is no general agreement in defining and measuring these two terms. Hence, this paper aims to give an overview of the existing literature in this regard, discuss it with respect to the operability in corporate reputation (risk) management and, based on this, present a holistic and consistent approach to define and measure corporate reputation and reputation risk.

The paper gives an overview of the literature regarding definitions and measurement methods of corporate reputation and reputation risk. Moreover, it discusses such definitions and measurement methods with respect to the operability in corporate reputation (risk) management.

Based on an overview of the literature regarding definitions and measurement methods of corporate reputation and reputation risk, the authors present a holistic and consistent approach to define and measure corporate reputation and reputation risk.

The authors present an holistic and consistent approach to define and measure corporate reputation and reputation risk with focus on (risk) management purposes.

Previous research observed that large internal fraud events in the general financial services industry imply negative spillover effects, whereas internal fraud in investment banks can imply significantly positive effects for other banks. This paper aims to shed further light on this contradictory result.

For this purpose, the authors compare the spillover effects of the three largest cases of rogue trader events in investment banks (Company 1, 1995; Company 2, 2008; Company 3, 2011) on the largest competing non-announcing banks and insurance companies in Europe based on an event study.

The results show that while the respective announcing firm suffered significant market value losses that even led to bankruptcy in case of Company 1, spillover effects on other banks and insurers were twofold. In particular, in case of Company 2 and Company 3, spillover effects on other financial firms were significantly positive depending on the event window, indicating a dominating competitive effect, whereas the Company 1 event with its resulting bankruptcy led to significantly negative spillover effects and thus contagion.

The results offer a first indication that the severity of the event in terms of its consequences for the announcing firm is crucial, as internal fraud events have the potential to significantly worsen the market values of other financial services firms, which is in contrast to the typically observed positive effects.

The development of tourism can be considered from a tourist and a local perspective. The tourism space functions both as a tourism destination and a living space for local residents. Methods of atmospheric design can contribute to consider the guest’s view which can bring dynamism into the development of places and locations. This is seen as an interesting option for the Bavarian small town of Eichstaett in Germany, whose challenges and opportunities in tourism development are the focus of this contribution. Small towns have the potential to achieve tourism visibility and to increase the quality of life of the local population through a stronger engagement with the atmospheric design of their space.

This introduction to the volume Atmospheric Turn in Culture and Tourism: Place, Design and Process Impacts on Customer Behaviour, Marketing and Branding (Emerald) positions the atmospheric turn in the context of recent paradigmatic turns such as the linguistic turn, iconic turn, cultural turn, spatial turn, mobility turn and design turn. The specific contribution of the atmospheric turn is its profoundly holistic interest in overarching connections which are perceived with all senses and include both matter and idea. With its 22 chapters, this volume sets out to sharpen the atmospheric gaze and perception in research and beyond.

Overtourism is an emerging concept and a perennial process every destination is going through. It is a cyclic phenomenon derived from the destination, retained in the destination and at last demised by the destination. It's a kind of ‘tourism illness’ spreading rapidly in every destination in the present scenario. The status of overtourism in every destination has been caused by the tourist, of the tourist and for the tourist. In the context of religious places in Odisha, overtourism is a ‘disorder’ that cannot be mitigated, as religiosity, faith and spiritualism have propelled and governed people's sentiment and emotion. Hence ambiguity arises out of making an intrigue situation between a myth or a spiritual sojourn bounded by faith and belief. This chapter significantly contributes by unfolding the existing literature by providing the origin and evolution of overtourism, various stated definitions by the different authors, causes and consequences, and overtourism in religious destinations by adopting an exploratory study, particularly in case of the Golden triangle of Odisha.

The purpose of this paper is to compare and examine the quality of the results of tagging, and intellectual and automated indexing processes.

The approach takes the form of analysis and graphical representation of annotation sets using the software “Semtinel”.

A combination of tagging, intellectual and automatic indexing is probably best suited to shape the annotation of literature more efficiently without compromising quality.

The paper presents the open source software Semtinel, offering a highly optimized toolbox for analysing thesauri and classifications.