Search results

1 – 10 of 591
Open Access
Article
Publication date: 25 September 2020

Parul Bhatia

The stock market anomalies have been studied across the globe with intermingled results for individual markets. The present study has investigated the financial year effect for…

1329

Abstract

Purpose

The stock market anomalies have been studied across the globe with intermingled results for individual markets. The present study has investigated the financial year effect for Indian stock markets by testing month-of-the-year-effect anomalies.

Design/methodology/approach

The oldest stock exchange's index returns (Bombay Stock Exchange [BSE]) have been tested using ordinary least squares (OLS) and autoregressive conditional heteroskedasticity in mean (ARCH-M) models with Student's t and Student's t-fixed distributions for the period between 1991 and 2019. The Glosten, Jagannathan and Runkle-generalised autoregressive conditional heteroskedasticity (GJR-GARCH) model has been further used to find out existence of the leverage effect in returns.

Findings

The findings indicated no evidence for anomalies in the Indian stock market which may be used by investors for making unusual returns. However, the volatility in returns has shown weak but significant results due to the financial year impact. The leverage effect has not been found in the financial year cycle change over. The Indian market may be said to be moving towards a state of efficiency, leaving no scope for investors to gauge bizarre profits.

Research limitations/implications

The study has incorporated the Indian context for testing anomalies during the start and end of the financial year cycle. The model may be extended further to developed and developing nations’ markets for testing efficiency in their stock markets during the same cycle.

Originality/value

The paper may be the first of its kind to test for the financial year effect on standalone basis for Indian markets. The paper also adds to the existing literature on testing events’ effect.

Details

Asian Journal of Accounting Research, vol. 6 no. 1
Type: Research Article
ISSN: 2443-4175

Keywords

Open Access
Article
Publication date: 10 July 2018

Malene Gram, Anette Therkelsen and Jacob Roesgaard Kirkegaard Larsen

This paper aims to explore mixed emotions experienced by parents and children on holiday, how they are dealt with and how they influence the way “family” is “staged” and “done”.

1942

Abstract

Purpose

This paper aims to explore mixed emotions experienced by parents and children on holiday, how they are dealt with and how they influence the way “family” is “staged” and “done”.

Design/methodology/approach

This paper draws on 24 qualitative interviews with Danish parents and a questionnaire study reporting answers from 66 Danish children (11-15-year-old).

Findings

Problems external and internal to the family are identified and the latter are associated with more unease particularly among parents. This paper shows that parents invest significant narrative efforts in transcending gaps between ideals and practices. Also children are aware of the gaps between ideals and practices; they seem more matter-of-fact, however, regarding critical aspects of holidays.

Research limitations/implications

The informants of the study solely represent two-parent hetero-sexual families of Danish origin, and so inclusion of a wider range of families would have added interesting perspectives. Furthermore, children’s perspectives on critical holiday incidents need further research.

Practical implications

Creators of family holiday products and marketing should present a more nuanced imagery taking a more diverse approach to what “family” on holiday looks like. They could take up the challenge of depicting a broader range of family situations, also showing less harmonious moments, using humour, and showing opportunities for some “alone time” for both parents and children should relational overload happen. Also occasional “wifi-free” moments seem to be much appreciated by all family members, and development of offline family experiences would seem to strike a chord.

Social implications

The contemporary paradigm of intensive parenting along with strong ideals for family holidays make it essential for parents to narratively deal with and legitimize and transform less happy moments. To take pressure off contemporary families, it is important to bring to the fore the less glossy aspects of family holidays.

Originality/value

The originality of this paper is to illustrate the strong efforts applied by families to keep up a certain front to be the family that “ought to be” by nurturing and narrating positive emotions in relation to family holidays. The inclusion of children’s voices gives insights into children’s annoyance with parents’ rowing, relational overload and parents’ occasional lack of attention to children, for example through parental use of mobile phones during holiday togetherness.

Open Access
Article
Publication date: 14 September 2015

James Bowtell

The purpose of this paper is to examine the accessible tourism market potential, alongside the implications of operating in the accessible tourism market and an assessment of…

19240

Abstract

Purpose

The purpose of this paper is to examine the accessible tourism market potential, alongside the implications of operating in the accessible tourism market and an assessment of major travel and leisure company involvement. The research focused on providing a market value forecast using historic data from 2005 and extrapolating this to 2025. An examination of the reasons for and against major travel and leisure company involvement in the accessible tourism market was accompanied by an analysis of managerial perceptions.

Design/methodology/approach

The exploration of travel patterns of disabled tourists, in particular spend per head per holiday, was used to measure the value of the demand side of accessible tourism. Semi-structured interviews were carried out with employees of major travel and leisure companies in managerial positions.

Findings

The study indicates that the accessible tourism market is a distinct sector, possessing the capacity for extensive future growth, and thus presents major travel providers with a potentially substantial and lucrative market, generating potential revenues of €88.6 billion by 2025.

Research limitations/implications

Due to a lack of existing data an assumption had to be made on the evolution of travel spend per head per holiday. However, the formula used, using GDP/Capita growth, is a recognised way of forecasting this kind of data in the travel and leisure industry.

Originality/value

This is the first paper to provide an examination of the reasons for and against major travel and leisure company involvement in the accessible tourism market, as well providing a forecast of the market value up to 2025.

Details

Journal of Tourism Futures, vol. 1 no. 3
Type: Research Article
ISSN: 2055-5911

Keywords

Open Access
Article
Publication date: 14 March 2016

Jeroen Oskam and Albert Boswijk

Although networked hospitality businesses as Airbnb are a recent phenomenon, a rapid growth has made them a serious competitor for the hospitality industry with important…

128244

Abstract

Purpose

Although networked hospitality businesses as Airbnb are a recent phenomenon, a rapid growth has made them a serious competitor for the hospitality industry with important consequences for tourism and for tourist destinations. The purpose of this paper is to analyse the nature of the phenomenon, its potential further development in the next five years and the impact this developments will have on tourism, on hotels and on city destinations.

Design/methodology/approach

A literature study, combined with scenario workshops and a Delphi panel, were used to map current trends and uncertainties. With this input, future scenarios were elaborated using the Global Business Network (“scenario cross”) method.

Findings

Network platforms as Airbnb are often classified under something called the “Sharing Economy”, a denomination that obscures their true nature. Airbnb is a challenging innovation to which traditional hospitality will have to respond. Its impact has at the same time led to a call for regulatory policies. The definition of these policies and the evolution of tourism are variables that determine future scenarios. Attempts to ban the phenomenon mean a disincentive to innovation and protect oligopolistic markets; more receptive policies may have the desired results if tourism grows moderately but in booming destinations they may lead to a harmful commercialization.

Originality/value

Until now, Airbnb has been described in conceptual studies about the so-called “Sharing economy”, or more recently in empirical studies about isolated effects of holiday rentals. This paper contextualizes the evolution of networked hospitality and seeks to synthesize the sum of its impacts, thus enabling businesses and local governments to define positions and strategies.

Details

Journal of Tourism Futures, vol. 2 no. 1
Type: Research Article
ISSN: 2055-5911

Keywords

Open Access
Article
Publication date: 16 March 2015

Albert Postma

1692

Abstract

Details

Journal of Tourism Futures, vol. 1 no. 2
Type: Research Article
ISSN: 2055-5911

Open Access
Article
Publication date: 22 April 2022

Ian Seymour Yeoman, Heike A. Schänzel and Elisa Zentveld

The COVID-19 pandemic is considered a “once in a century” public health shock that, at the time of writing, continues to have a profound impact on global tourism and New Zealand…

5468

Abstract

Purpose

The COVID-19 pandemic is considered a “once in a century” public health shock that, at the time of writing, continues to have a profound impact on global tourism and New Zealand. The paper aims to assess how consumer behaviour trends changed using a trends analysis framework.

Design/methodology/approach

Positioning the paper in the prognosis–prediction paradigm from futures studies and using a trend analysis approach, the authors forecasted a series of tourist trends at the beginning of COVID-19 based upon a multitude of sources trends. Then, 12 months later, they reported on the accuracy of these forecasts.

Findings

The matrix identifies 15 trends based upon consumer behaviour changes, which are either dominant, slowed, advanced or arrested. The prognosis was largely correct, which was supported by evidence gathered 12 months later.

Research limitations/implications

The paper uses a series of different data sources to reflect on the initial forecasts. To some, this may be an issue of rigor, but the authors argue that through triangulation, credibility and validity are increased.

Originality/value

First, the evaluation matrix allows users to make sense of COVID-19 based upon the concepts of dominant, slowed, advanced or arrested trends. Second, the matrix allows users to evaluate changes and movement of trends. Third, the trends featured in this paper could be generalisable to several different circumstances associated with simple identity. Fourth, this paper has tested the ability to predict trends in an uncertain environment within the context of the ontological paradigm of prognosis and prediction of futures states.

Details

Journal of Tourism Futures, vol. 8 no. 2
Type: Research Article
ISSN: 2055-5911

Keywords

Open Access
Article
Publication date: 23 October 2017

Han Shen, Qiucheng Wang, Chuou Ye and Jessica Shihchi Liu

The purpose of this paper is to focus on the reforms in the public-holiday-policy system and their influence on the domestic tourism in China. The major reforms in the Chinese…

6474

Abstract

Purpose

The purpose of this paper is to focus on the reforms in the public-holiday-policy system and their influence on the domestic tourism in China. The major reforms in the Chinese holiday system in the last 20 years and the overall changes in the demand for domestic tourism are analyzed in this paper to provide a better understanding of China’s holiday-system reform for policy makers in the future.

Design/methodology/approach

This paper summarizes the development and reform of the holiday system in China. Policy review and domestic tourism statistics were applied to study the intrinsic relationship between the holiday system and the domestic tourism. The statistics of domestic tourism are cited, including the growth rates of both urban and rural tourists, the domestic tourism expenditure per capita, etc. Finally, this research explains the trends of these rates in a comprehensive background.

Findings

The increasing length of holidays positively affects the domestic tourism demand by increasing the leisure time. Yet, the holiday-tourism activities lead to a series of problems, such as a huge pressure on transportation, overloaded tourist attractions, and threats to safety precautions. Paid leave, price leverage, and more reasonable tourist-attraction arrangements will be effective in easing China’s holiday rush.

Originality/value

Through studying the intrinsic relationship between the holiday system and the domestic tourism, this paper points out the problems of excessive concentration of domestic tourism demand in a particular time, caused by the holiday system. Solutions and suggestions are provided on the basis of the analysis.

Details

Journal of Tourism Futures, vol. 4 no. 2
Type: Research Article
ISSN: 2055-5911

Keywords

Open Access
Article
Publication date: 24 January 2018

Josep Maria Espinet-Rius, Modest Fluvià-Font, Ricard Rigall-Torrent and Anna Oliveras-Corominas

The purpose of this paper is to examine the effect on price of different cruise industry characteristics from the point of view of actual prices. The analysis is carried out from…

4416

Abstract

Purpose

The purpose of this paper is to examine the effect on price of different cruise industry characteristics from the point of view of actual prices. The analysis is carried out from the supply side but taking into account the real prices paid by customers.

Design/methodology/approach

This paper uses the hedonic price methodology. To develop this research, a database of more than 36,000 prices paid by cruise passengers and different characteristics of ships in 2013 was built. To obtain the results, ten models have been developed with significant adjusted R2 of between 0.85 and 0.93 making the models and results robust.

Findings

The results show that the main attributes affecting prices are the number of nights of the itinerary, the departure date, the number of days before departure the booking is made, the accommodation type and some facilities, such as casinos, cinemas and swimming pools. The results also yield a ranking of ship companies based on price and quality dimensions. Finally, the authors suggest some implications for management and new research.

Originality/value

This paper offers a new approach in the academic literature of the cruise industry in two respects. First, in its use of a broad database of actual prices paid by passengers – more than 36,000 observations. Second, in the application of the hedonic pricing methodology, widely used in the tourism sector (see the Methodology and Database section) but until now not in the cruising segment.

Details

European Journal of Management and Business Economics, vol. 27 no. 1
Type: Research Article
ISSN: 2444-8451

Keywords

Open Access
Article
Publication date: 27 October 2023

Suha Fouad Salem and Alshaimaa Bahgat Alanadoly

This study, grounded in the SOR theory, aims to enrich the understanding of customer citizenship behaviour in omnichannel fashion retail by examining how different customer…

1912

Abstract

Purpose

This study, grounded in the SOR theory, aims to enrich the understanding of customer citizenship behaviour in omnichannel fashion retail by examining how different customer experiences enhance customer engagement and how that engagement leads to customer citizenship behaviour. The influence of return policies on the relationship between customer engagement and customer citizenship behaviour was also examined.

Design/methodology/approach

Partial least squares structural equation modelling (PLS-SEM) is used to examine the framework of the proposed study with data collected through a survey (n = 251) to examine the opinions of the respondents about the variables mentioned. The authors also assessed the proposed framework using predictive power assessment using PLS predict.

Findings

The study results reveal that customers’ experiences of integration and flexibility in omnichannel retail are positively associated with their engagement. However, customer experiences of connectivity, consistency and personalization do not appear to affect customer engagement significantly in omnichannel retail. The return policy positively moderates the relationship between customer engagement and customer citizenship behaviour in the omnichannel fashion retail context. Predictive power assessment shows that the proposed model has high prediction accuracy.

Originality/value

This study contributes to the marketing literature by investigating different dimensions of consumer experience collectively and its impact on customer engagement and citizenship behaviour. Furthermore, the study contributes to omnichannel retail in fashion industry by testing the return policy as a moderator variable on the relationship between customer engagement and citizenship behaviour.

Objetivo

Este estudio, basado en la teoría SOR, enriquece la comprensión del comportamiento cívico del cliente en el comercio minorista de moda omnicanal examinando cómo las diferentes experiencias del cliente mejoran el compromiso de éste y cómo dicho compromiso conduce al comportamiento cívico del cliente. También se examina la influencia de las políticas de devolución en la relación entre el compromiso del cliente y el comportamiento ciudadano del cliente.

Diseño/metodología/enfoque

Se utilizó la modelización PLS-SEM para examinar el marco del estudio propuesto con datos recogidos mediante una encuesta (n = 251) para examinar las opiniones de los encuestados sobre las variables mencionadas. Los autores también evaluaron el marco propuesto mediante una evaluación del poder predictivo utilizando la predicción PLS.

Conclusiones

Los resultados revelan que las experiencias de integración y flexibilidad de los clientes en el comercio minorista omnicanal se asocian positivamente con su compromiso. Sin embargo, las experiencias de los clientes de conectividad, coherencia y personalización no parecen afectar significativamente al compromiso del cliente en el comercio minorista omnicanal. La política de devoluciones modera positivamente la relación entre el compromiso del cliente y el comportamiento ciudadano en el contexto del comercio minorista de moda omnicanal. La evaluación del poder predictivo mostró que el modelo propuesto tenía una alta precisión de predicción.

Originalidad

El estudio contribuye a la literatura de marketing investigando colectivamente diferentes dimensiones de la experiencia del consumidor y su impacto en el compromiso del cliente y el comportamiento ciudadano. Además, este estudio contribuye a la venta minorista omnicanal en la industria de la moda al probar la política de devoluciones como variable moderadora de la relación entre el compromiso del cliente y el comportamiento ciudadano.

目的

本研究以 SOR 理论为基础, 通过研究不同的顾客体验如何提高顾客参与度, 以及顾客参与度如何推动顾客公民行为, 丰富了对全渠道时尚零售中顾客公民行为的理解。研究还探讨了退货政策对顾客参与和顾客公民行为之间关系的影响。

设计

本文采用 PLS-SEM 模型来检验拟议的研究框架, 并通过调查(n = 251)收集数据, 以检验受访者对上述变量的看法。作者还通过使用 PLS 预测评估预测能力, 对提出的框架进行了评估。

设计

通过调查(n = 251)收集的数据, 使用 PLS-SEM 模型来研究拟议的研究框架, 以考察受访者对上述变量的看法。作者还通过使用 PLS 预测评估预测能力, 对提出的框架进行了评估。

研究结论

研究结果表明, 顾客在全渠道零售中对整合性和灵活性的体验与他们的参与度呈正相关。然而, 顾客在连通性、一致性和个性化方面的体验似乎并未对顾客参与全渠道零售产生显著影响。退货政策对全渠道时尚零售中顾客参与和公民行为之间的关系起到了积极的调节作用。 预测能力评估表明, 所提出的模型具有较高的预测准确性。

独创性

本研究通过对消费者体验的不同维度及其对顾客参与和公民行为的影响进行综合研究, 为营销文献做出了贡献。此外, 本研究通过检验退货政策作为顾客参与和公民行为之间关系的调节变量, 为时尚行业的全渠道零售做出了贡献。

Open Access
Article
Publication date: 17 May 2022

Aswini Kumar Mishra, Saksham Agrawal and Jash Ashish Patwa

The study uses the multivariate GARCH-BEKK model (which was first proposed by Baba et al. (1990) and then further developed by Engle and Kroner (1995)) to examine the return and…

2116

Abstract

Purpose

The study uses the multivariate GARCH-BEKK model (which was first proposed by Baba et al. (1990) and then further developed by Engle and Kroner (1995)) to examine the return and volatility spillover between India and four leading Asian (namely, China, Japan, Singapore and Hong Kong) and two global (namely, the United Kingdom and the United States) equity markets.

Design/methodology/approach

The study employs a multivariate GARCH-BEKK model to quantify return correlation and volatility transmission across the pre- and post-2008 global financial crisis periods (apart from other conventional time series modelling like cointegration, Granger causality using vector error correction model (VECM)).

Findings

The results show a tendency of the Indian stock market index to move along with the US and Hong Kong market indices. The decrease in the value of the co-integration coefficient during the recession was explained by reduced investor confidence in developing countries. The result further shows a clear distinction in terms of volatility spillover between the Asian market vis-a-vis US and UK markets. Volatility transmission from India to Asian markets was found to be significantly higher as compared to the US and UK. So also, the study’s results show a puzzling result giving us comparable co-integration ranks for phase 2 (expansion) and phase 3 (slow-down) of the business cycle in most cases.

Research limitations/implications

In Granger causality testing, the results were unable to ascertain the difference between phase 2 (expansion) and phase 3 (slowdown). However, the multivariate GARCH (MGARCH)-BEKK model showed a clear reduction in volatility transmission to NIFTY50 (is the flagship index on the National Stock Exchange of India Ltd. (NSE)) as India entered slow-down. This shows that the Indian economy does go through different business cycles, and the changes in parameters hence prove hypothesis 3 to be true with respect to volatility transmission to India from International markets.

Originality/value

The results show that for all countries, the volatility transmitted to India increases significantly going from phase 1 (recession) to phase 2 (expansion) and reduces again once the countries enter slow-down in phase 3 (slowdown). This shows that during expansion shocks and impulses in international markets affect the Indian markets significantly, supporting the increase in co-integration in phase 2 (expansion). During expansion, developing markets like India become profitable for investors, due to the high growth rate when compared to developed countries. This implies that a significant amount of capital enters Indian markets, which is susceptible to the volatility of international markets. The volatility transmission from India to the US and UK was insignificant in phase 1 (recession and recovery) and phase 3 (slow-down) showing a weak linkage between the markets during volatile time periods.

Details

Journal of Economics, Finance and Administrative Science, vol. 27 no. 54
Type: Research Article
ISSN: 2218-0648

Keywords

1 – 10 of 591