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The purpose of this paper is to establish whether this type of approach is suitable for maintenance schemes from the perspective of both the public agent and the service provider. Until recently, non‐privately funded public‐private partnerships have been adopted for the maintenance of infrastructure facilities.

In this study, stakeholders involved in a trial of a non‐privately funded public‐private partnerships project were invited to express their opinions on the success and pitfalls of this type of scheme. Semi‐structured interviews were carried out with 12 management and front‐line staff of the public and private partners to capture their opinions on the project. A questionnaire survey was also conducted to uncover the views and standpoints of other stakeholders on PPP. A total of 33 respondents completed the questionnaire.

The results indicate that the non‐privately funded PPP approach is more cost‐effective and efficient in the delivery of maintenance services when compared with the traditional term contract. The performance‐based payment mechanism adopted could help improve the quality of maintenance services performed by the contractor. The inspection and programming tasks are transferred to the service provider relieving the workload of the public agency. Most stakeholders who participated in this study agreed that the non‐privately funded PPP approach can allow higher flexibility, encourage innovation, enhance cost‐effectiveness and improve the efficiency of work when compared with the traditional term contract in the delivery of maintenance services.

This paper provides a general introduction to the method adopted in the non‐privately funded public‐private partnerships approach with particular reference to the maintenance of infrastructure schemes. More important, the potentials and pitfalls of using this type of mechanism with maintenance projects are examined, which helps enhance understanding of this rather unexplored topic.

This study aims to provide a systematic review of the literature on destination competitiveness. It explores research themes and approaches, and outlines an agenda for future research.

One hundred and eighty-three journal articles on destination competitiveness published in English since 2010 were collected. Content analysis was performed.

The authors found that sustainable development and smart tourism were popular themes related to destination competitiveness. Recent studies still relied heavily on Ritchie and Crouch’s (2000) model or Dwyer and Kim’s (2003) model. The authors also offer constructive insights for future research, proposing that research seek more input from residents, take an advanced integrated approach between supply and demand, adopt more core theories, focus on less researched types of destinations, explore the further contribution of smart tourism and adopt a negative lens to study the antecedents and consequences of destination competitiveness. The adoption of a longitudinal study approach is also suggested.

This paper contributes to the literature because of the scope of its review and perspective of discussion. Previous review papers have only focused on the factors and indicators of tourism destination competitiveness in different settings. We extend our literature review to research themes and approaches, and make suggestions for future research directions.

本研究对目的地竞争力相关的文献进行了系统性回顾, 以探讨研究主题、方法和未来议程。

本研究收集了自2010年以来以英文发表的183 篇关于目的地竞争力的期刊文章, 并进行了内容分析。

我们发现可持续发展和智慧旅游是与目的地竞争力相关的热门主题。近期的研究仍然主要依赖Ritchie 和Crouch（2000）的模型或Dwyer和Kim（2003）的模型。我们为未来的研究提供了建设性的意见, 建议研究寻求更多居民的意见, 采取进阶的供给与需求的综合方法, 采用更多的核心理论, 关注较少研究过的目的地类型, 探索智慧旅游的进一步贡献, 并采用反向的视角来研究目的地竞争力的前因和后果。我们还建议采用纵向研究的方法。

本研究在评论的范围和讨论的角度对文献作出了贡献。以往的文献综述性文章只关注不同环境下的旅游目的地竞争力的因素和指标。我们在回顾研究主题、方法和对未来研究的建议等方面进行了扩展。

Se recopilaron ciento ochenta y tres artículos de revistas sobre la competitividad de los destinos publicados en inglés desde 2010. Se realizó un análisis de contenido.

Este estudio presenta una revisión sistemática de la bibliografía sobre la competitividad de los destinos. Se analizan temas y enfoques de investigación y se presenta una agenda para futuras investigaciones.

Se constató que el desarrollo sostenible y el turismo inteligente eran temas populares relacionados con la competitividad de los destinos. Los estudios recientes siguen basándose en gran medida en el modelo de Ritchie y Crouch (2000) o en el de Dwyer y Kim (2003). Se presentan ideas constructivas para futuras investigaciones, proponiendo que las investigaciones se centren en más aportaciones de los residentes, adopten un enfoque integrado avanzado entre la oferta y la demanda, se basen en mayor medida en las teorías fundamentales, se centren en tipos de destinos menos investigados, exploren la contribución adicional del turismo inteligente y adopten una óptica negativa para estudiar los antecedentes y las consecuencias de la competitividad de los destinos. También se sugiere la adopción de un enfoque de estudio longitudinal.

Este trabajo contribuye a la literatura por el alcance de su revisión y la perspectiva de la discusión. Los trabajos de revisión anteriores sólo se han centrado en los factores e indicadores de la competitividad de los destinos turísticos en diferentes entornos. Se amplía la revisión de la literatura a temas y enfoques de investigación, y se plantean sugerencias para futuras direcciones de investigación.

This paper aims to analyse the volatility of the fixed income market from 11 countries (Brazil, Russia, India, China, South Africa, Argentina, Chile, Mexico, USA, Germany and Japan) from January 2000 to December 2011 by examining the interbank interest rates from each market.

To the volatility of interest rates returns, the study used models of auto-regressive conditional heteroscedasticity, autoregressive conditional heteroscedasticity (ARCH), generalized autoregressive conditional heteroscedasticity (GARCH), exponential generalized autoregressive conditional heteroscedasticity (EGARCH), threshold generalized autoregressive conditional heteroscedasticity (TGARCH) and periodic generalized autoregressive conditional heteroscedasticity (PGARCH), and a combination of these with autoregressive integrated moving average (ARIMA) models, checking which of these processes were more efficient in capturing volatility of interest rates of each of the sample countries.

The results suggest that for most markets, studied volatility is best modelled by asymmetric GARCH processes – in this case the EGARCH – demonstrating that bad news leads to a higher increase in the volatility of these markets than good news. In addition, the causes of increased volatility seem to be more associated with events occurring internally in each country, as changes in macroeconomic policies, than the overall external events.

It is expected that this study has contributed to a better understanding of the volatility of interest rates and the main factors affecting this market.

Este estudio analiza la volatilidad del mercado de renta fija de once países (Brasil, Rusia, India, China, Sudáfrica, Argentina, Chile, México, Estados Unidos, Alemania y Japón) de enero de 2000 a diciembre de 2011, mediante el examen de las tasas de interés interbancarias de cada mercado.

Para la volatilidad de los retornos de las tasas de interés, se utilizaron modelos de heteroscedasticidad condicional autorregresiva: ARCH, GARCH, EGARCH, TGARCH y PGARCH, y una combinación de estos con modelos ARIMA, comprobando cuáles de los procesos eran más eficientes para capturar la volatilidad de interés de cada uno de los países de la muestra.

Los resultados sugieren que para la mayoría de los mercados estudiados la volatilidad es mejor modelada por procesos GARCH asimétricos —en este caso el EGARCH— demostrando que las malas noticias conducen a un mayor incremento en la volatilidad de estos mercados que las buenas noticias. Además, las causas de una mayor volatilidad parecen estar más asociadas a eventos que ocurren internamente en cada país, como cambios en las políticas macroeconómicas, que los eventos externos generales.

Se espera que este estudio contribuya a un mejor entendimiento de la volatilidad de las tasas de interés y de los principales factores que afectan a este mercado.

Ingreso fijo, Volatilidad, Países emergentes, Modelos ARCH-GARCH

Artículo de investigación

This study aims to use a bottom-up, inductive approach to derive destination image attributes from large quantities of online consumer narratives and establish a destination classification system based on relationships among attributes and places.

Content and social network analyses were used to explore the consumer image structure for destinations based on online narratives. Cluster analysis was then used to group destinations by attributes, and ANOVA provided comparisons.

Twenty-two attributes were identified and combined into three groups (core, expected, latent). Destinations were classified into three clusters (comprehensive urban, scenic and lifestyle) based on their network centralities. Using data on Chinese tourism, the most mentioned (core) attributes were determined to be landscape, traffic within the destination, food and beverages and resource-based attractions. Social life was meaningful in consumer narratives but often overlooked by researchers.

Destinations should determine into which category they belong and then appeal to the real needs of tourists. Destination management organizations should provide the essential attributes while paying greater attention to highlighting the destinations’ social life atmosphere.

This research produced empirical work on Chinese tourism by combining a bottom-up, inductive research design with big data. It divided the 49 destinations into three categories and established a new system based on rich data to classify travel destinations.

本研究旨在使用自下而上的归纳方法从大量的在线消费者的叙述中总结出目的地形象的属性, 并根据目的地形象的属性和地点之间的关系建立一个目的地分类系统。

首先通过内容分析方法和社会网络分析方法分析在线消费者的叙述数据得出目的地的消费者形象结构, 然后采用聚类分析方法按照属性对目的地形象进行分组, 并通过方差分析进行比较。

结果显示总结出22种属性, 并将其组合为三组(核心、预期和潜在)。目的地根据其网络中心度被分为三个集群(综合城市、风景和生活方式)。最常被提及的(核心)属性是景观、目的地的交通、食品和饮料以及资源型景点。在消费者的叙述数据中表明社会生活是有意义的, 但常常被研究人员忽视。

首先本研究通过将自下而上的归纳研究设计与大数据相结合对中国旅游业进行了实证研究。其次通过将49个旅游目的地分为三类以及基于大数据建立了一个新的旅游目的地分类系统。

旅游目的地应该明确自己属于哪一类目的地类型然后迎合游客的真正需求。DMOs应该提供旅游目的地的基本属性, 注重提升旅游目的地的社会生活氛围。

Se realizó un análisis de contenido en redes sociales para explorar la estructura de la imagen de los destinos por parte de los consumidores basándose en las descripciones en línea. A continuación, se empleó el análisis de clusters para agrupar los destinos por atributos, estableciendo comparaciones mediante el análisis ANOVA.

Los propósitos de esta investigación eran utilizar un enfoque ascendente e inductivo para obtener atributos de imagen de los destinos a partir de grandes cantidades de descripciones de consumidores en línea, y establecer un sistema de clasificación de destinos basado en las relaciones entre atributos y lugares.

Se identificaron 22 atributos que luego se agruparon en tres grupos (principales, esperados, latentes). Los destinos se clasificaron en tres grupos (urbano integral, paisajístico y de estilo de vida) en función de sus centralidades de red. Utilizando datos sobre el turismo chino, se determinó que los atributos (centrales) más mencionados eran el paisaje, el tráfico dentro del destino, la comida y las bebidas, y las atracciones basadas en los recursos. La vida social era importante en los comentarios de los consumidores, pero a menudo los investigadores la pasaban por alto.

Los destinos deberían determinar a qué categoría pertenecen y luego apelar a las necesidades reales de los turistas. Los DMO deberían proporcionar los atributos esenciales prestando mayor atención a resaltar el entorno de vida social de los destinos.

Esta investigación elaboró un trabajo empírico sobre el turismo chino combinando un diseño de investigación inductiva ascendente con big data. Dividió los 49 destinos en tres categorías y estableció un nuevo sistema basado en los grandes datos para clasificar los destinos turísticos.

Reports on a follow‐up study of the relationship between managerial quality, administrative performance and citizens’ trust in government and in public administration systems. The study was based on a survey of 502 Israeli citizens conducted during 2002 and was compared with a similar study that was conducted during 2001 among 345 Israeli citizens. The research tried to validate and replicate previous findings on the question of causality between performance and trust. As in the 2001 survey the technique of structural equation modeling with LISREL 8.3 was applied to test three competing models that were similar to those tested in the past. The present findings were very consistent with the previous ones found by the authors showing that the second model was the best fit with the data. According to this model managerial quality leads to administrative performance and ultimately to trust in governance. The findings support previous assumptions that administrative performance may be treated as a precondition to trust in governance rather than trust serving as the precondition to performance.

Using hedging theories, we analyse the variables that determine the decision to hedge with foreign currency debt.

Using a sample of 100 Spanish companies with a significant social and economic role in Latin American during 2004‐2007, we estimated probit models for panel data.

Our results showed that the main determinants are scale economies and the use of derivatives. On the one hand, we found that this hedging is positively related to tax loss carry‐forwards and long‐term economic sectors, and on the other, that it is related negatively to information asymmetries and growth opportunities. Results were mixed for foreign currency exposure.

The limitations of this paper are associated to the availability of information from annual reports and the SABI database, especially the variables in relation to operational hedging. Therefore, as a future line of research, we propose gathering of data on these internal hedging practices in order to obtain more accurate evidence about its use in companies and their relationship with financial hedging.

This paper makes three major contributions to the existing literature. First, it contributes by illustrating currency hedging practices used by Spanish firms – which are important in Latin markets – to manage exchange rate exposure in. Second, we used more variables for the empirical analyses to contrast the hedging theories than previous studies had. Finally, we used a data panel because it allows the control of unobservable heterogeneity and endogeneity problems. Previous studies only used cross‐section estimations.

Este trabajo analiza la cobertura cambiaria con deuda en divisa utilizando las teorías de cobertura.

Se estimaron modelos probit para datos de panel usando una muestra de 100 empresas españolas con un papel económico‐social relevante en Latinoamérica durante el período 2004‐2007.

Los resultados muestran que esta cobertura se relaciona principalmente con las economías de escala y el uso de derivados. Asimismo, existe una relación positiva con la convexidad impositiva y la localización empresarial en sectores orientados al largo plazo, y negativa con las asimetrías informativas y oportunidades de crecimiento. No existe evidencia concluyente para la exposición cambiaria.

La investigación tuvo como limitación la disponibilidad de algunos datos en los informes anuales de las empresas y la base de datos SABI, en especial, aquellos referidos a la cobertura operativa. En consecuencia, una línea de trabajo futura es la mejora de la información sobre esta cobertura, lo cual permitiría aportar mayor evidencia sobre su utilización y su relación con la cobertura financiera.

Esta investigación realiza tres contribuciones a la literatura existente: a) permite un mejor conocimiento de la cobertura cambiaria en empresas españolas internacionales que ejercen un papel relevante en los mercados latinoamericanos; b) utiliza un conjunto de variables más amplio para contrastar las teorías de cobertura que el aplicado en estudios precedentes; c) emplea la metodología de datos de panel y no estimaciones en sección cruzada como presentan los trabajos previos, lo cual permite controlar la heterogeneidad inobservable y posibles problemas de endogeneidad.

The Financial Action Task Force (the chief international agency against money laundering) blacklisted Israel (June 2000) as one of the 15 countries that fail to cooperate in the international efforts to combat money laundering. Soon after, the Israeli Parliament enacted the Prohibition on Money Laundering Law, 5760–2000 (the ‘Law’). The Law has far‐reaching legal, economic and policy implications. This paper attempts to sketch the global backdrop against which the Law was adopted, analyse its provisions, expose its implications and draw attention to its pros and cons. It is structured along the following lines: the first section sets out the international campaign against money laundering. The second section describes the pressures exerted by the international community to persuade Israel to join the club of countries that counteract money‐laundering operations. The third and fourth sections analyse the ratio legis of the Law and its provisions, respectively. In the fifth section an account is provided of the problematic aspects of the Law. The last section provides some conclusions that may be drawn at this early stage.

The authors are witnessing the increasing extent of corporate social responsibility (CSR) performance as strategic behaviour specifically in emerging markets. The purpose of this paper is to investigate how multinational companies (MNCs) manage CSR activities in emerging markets to aid their core business activities. In line with this question, the paper aims to develop a theoretical view for deeper understanding of the strategy in CSR practices aiding internationalization. The view is based on a business network perspective highlighting the four concepts of learning, commitment, legitimacy and trust.

The methodology employed is qualitative, based on interviews with involved parties. The case study is about the experiences of a Korean MNC’s CSR strategy when entering into the Chinese electronics industry.

The case illustrates how the Korean MNC committed resources to gain trust and legitimacy that improved their market position. It further manifests that the firm’s CSR strategy was proactive because of the large commitment in several long- and short-term projects towards the society. Investment in social issues like education, environmental problems and communities aided the firm’s entry.

The study has a qualitative and in-depth nature. Future research is needed in order to generalize the proposed theoretical frame.

The study manifests how a MNC employs CSR strategy for internationalization in a foreign market. It shows how managers can undertake different practical CSR measures to enter and expand in foreign markets.

While internationalization of firms is mainly based on their business commitment towards counterparts or business firms, the study shows how CSR strategy and activities towards the society support their businesses.

While internationalization of firms is mainly based on their business commitment towards counterparts or business firms, the study shows how CSR strategy and activities towards the society support their businesses. The study investigates CSR strategy and enlightens activities like education and environmental problems. The study further develops the business network view and includes social aspects. The theoretical view holding the four relationship elements of trust, knowledge, legitimacy and commitment permits deeper understanding of the MNC’s proactive CSR behaviour in new markets.