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To date, the validity of the empirical tests that employ the mean‐variance approach for testing the risk‐return relationship in the research stream named Bowman’s paradox is inherently unverifiable, and the results cannot be generalized. However, this problem can be solved by developing an econometric model with two fundamental characteristics: first, the use of a time‐series model for each firm, avoiding the traditional cross‐sectional analysis; and, second, the estimation of a model with a single variable (firm’s rate of return), whose expectation and variance are mathematically related according to behavioral theories, forming a heteroskedastic model similar to GARCH (generalized autoregressive conditional heteroskedasticity). The application of this methodology for Bowman’s paradox is new, and its main advantage is that it solves the previous criticism of the lack of identification. With this model, we achieve results that agree with behavioral theories and show that these theories can also be carried out with market measures.

Presents a special issue, enlisting the help of the author’s students and colleagues, focusing on age, sex, colour and disability discrimination in America. Breaks the evidence down into manageable chunks, covering: age discrimination in the workplace; discrimination against African‐Americans; sex discrimination in the workplace; same sex sexual harassment; how to investigate and prove disability discrimination; sexual harassment in the military; when the main US job‐discrimination law applies to small companies; how to investigate and prove racial discrimination; developments concerning race discrimination in the workplace; developments concerning the Equal Pay Act; developments concerning discrimination against workers with HIV or AIDS; developments concerning discrimination based on refusal of family care leave; developments concerning discrimination against gay or lesbian employees; developments concerning discrimination based on colour; how to investigate and prove discrimination concerning based on colour; developments concerning the Equal Pay Act; using statistics in employment discrimination cases; race discrimination in the workplace; developments concerning gender discrimination in the workplace; discrimination in Japanese organizations in America; discrimination in the entertainment industry; discrimination in the utility industry; understanding and effectively managing national origin discrimination; how to investigate and prove hiring discrimination based on colour; and, finally, how to investigate sexual harassment in the workplace.

This study aims to examining how tourists’ activities condition the relationship between destination image, satisfaction and loyalty.

This study used a constructive replication design (CRD) to investigate the alleged critical role of tourism activities in impacting the tourism experience dimensions of image, satisfaction and loyalty. The CRD approach does not include new concepts or original relationships. However, what is new in the established relationship between image, satisfaction and loyalty is discerning the role of tourism activities as a moderator conditioning the relationship between the three dimensions. The purpose is to establish the external validity of previous studies’ findings through a more stringent test of the findings’ replicability. The analysis used partial least square modeling to examine the relationship between activities, dimensions and multigroup analysis to estimate potential significant differences in group-specific parameters, which are not often used in destination analysis, ensuring rigor in the data analysis and model. The number and type of activities practiced moderate the relationships between these constructs.

The results indicate that tourists’ type and several destination activities moderate the relationship between tourists’ satisfaction, perceived image and loyalty. The results also suggest that the more destination activities tourists practice, the greater is their satisfaction. These two theoretical propositions put activities at the center of destination management and marketing and identify potential experiential consumption spheres. The analysis of activities’ central role is a productive research field.

This study made several recommendations to destination managers to increase activities participation such as strategic marketing opportunities, expansion of the activities portfolio with sports, wellness, nature based and life observation wildlife, voluntary and educational activities, revamping of the UNESCO heritage site and festivals. This study also recommended a strategic use of technology for information dissemination, the design of a daily activity agenda based on the identified segments’ activity patterns and a destination one-stop online travel shopping.

To the best of the authors’ knowledge, this study is the first to apply the tourism activity-based approach to examine actual tourist behavior regarding their engaged activities instead of their experience or perceptions with those activities in a small island destination. Another contribution lies in examining if tourists’ type and activity engagement moderate the relationship between tourists’ satisfaction, perceived image and loyalty. This paper requires researchers to consider tourism activities’ impact on tourists’ image, satisfaction and loyalty.

小型海岛旅游目的地的旅游活动, 形象, 和旅客的满意度和忠诚度

本案例研究考察了旅游活动如何影响目的地形象、游客满意度和忠诚度之间的关系。

本研究采用建设性复制设计 (CRD) 来分析旅游活动在影响目的地形象、游客满意度和忠诚度等三个旅游体验维度起到的关键作用。 CRD 方法并没有引进新概念或关系。然而, 本研究新颖的地方在于认证旅游活动在目的地形象、游客满意度和忠诚度三个维度之间建立的调节关系。该研究通过严格测试研究结果的可复制来建立先前研究的外部有效性。该分析使用 PLS建模 和多组分析（MGA）来检验旅游活动和旅游体验的多维度之间的关系和估计特定组参数的潜在显著差异。 这些参数在目的地研究中不常使用, 从而确保我们数据分析和模型的严谨性。该研究结果表明旅游活动的数量和类型调节了这些旅游体验维度的关系。

研究结果表明游客的类型和某些旅游活动调节了游客满意度、目的地形象和忠诚度之间的关系。结果还表明, 游客参与的活动越多, 他们的满意度就越高。这两个研究结果确定了旅游活动在目的地管理和营销的中心地位, 同时也指出了潜在体验消费的范围。研究目的地活动的核心作用将会是一个富有成效的领域。

本研究首次应用基于旅游活动的理论方法 (TAB) 来检查旅客在小型海岛旅游目的地的实际行为, 而不是他们的体验或看法。本研究的另一个贡献在于检验游客的类型和活动参与是否会调节他们满意度、感知目的地形象和忠诚度之间的关系。该论文结果表明未来的研究需要考虑旅游活动对目的地形象、游客满意度和忠诚度的影响。

本研究向目的地管理人员提出了几项建议以提高旅游活动的参与度, 例如战略营销机会、扩大运动、康养、大自然和野生动物观摩的活动组合、志愿和教育活动、和改善联合国教科文组织遗产地和节日。该研究还建议战略性地使用技术进行信息传播, 根据确定的细分市场活动模式设计游客日常活动议程, 以及目的地一站式在线旅游购物。

Este caso de estudio examina cómo las actividades de los turistas condicionan la relación existente entre la imagen del destino, la satisfacción y la fidelidad.

El estudio empleó una replicación constructiva para investigar el supuesto papel crítico de las actividades turísticas en el efecto de la imagen, satisfacción y lealtad de los turistas en su experiencia turística. El enfoque usado no incluye nuevos conceptos ni relaciones originales. Sin embargo, lo novedoso de la relación establecida entre imagen, satisfacción y fidelidad es discernir el papel de las actividades turísticas como moderadoras condicionando la relación entre las tres dimensiones. El propósito es establecer la validez externa de los resultados de estudios previos a través de una prueba más estricta sobre la replicabilidad de dichos resultados. El análisis utilizó un modelo PLS para examinar la relación entre las actividades, las dimensiones mencionadas y el análisis multigrupo con el objetivo de estimar las posibles diferencias significativas entre los parámetros de cada grupo, método no se utiliza con frecuencia en el análisis de destinos turísticos, lo que garantiza el rigor de nuestro análisis y del modelo. El número y tipo de actividades practicadas moderan las relaciones entre los constructos.

Los resultados indican que el tipo de turistas y las diversas actividades del destino moderan la relación entre la satisfacción, la imagen percibida y la lealtad de los turistas. Los resultados también sugieren que cuantas más actividades del destino sean practicadas por los turistas, mayor es su satisfacción. Estas dos propuestas teóricas sitúan las actividades en el centro de la gestión y el marketing de destinos e identifican esferas potenciales de consumo experiencial. El análisis del papel central de las actividades es un campo de investigación en auge.

Este estudio es el primero en aplicar el enfoque basado en actividades turísticas para analizar el comportamiento del turista con respecto a las actividades realizadas en relación con su experiencia o percepciones con esas actividades en un destino insular pequeño. Otra contribución radica en estudiar si el tipo de turista y su compromiso con la actividad moderan la relación entre la satisfacción de los turistas, la imagen percibida y la fidelidad. El estudio sugiere que los investigadores deben considerar el impacto de las actividades turísticas en la imagen, satisfacción y fidelidad de los turistas.

El estudio realiza varias recomendaciones a los administradores de destinos para aumentar la participación en actividades, como oportunidades de marketing estratégico, expansión de la cartera de actividades con deportes, bienestar, observación de la vida y la naturaleza basada en la naturaleza, actividades voluntarias y educativas, renovación del sitio del patrimonio de la UNESCO y festivales. El estudio también recomendó un uso estratégico de la tecnología para la difusión de información, el diseño de una agenda de actividades diarias basada en los patrones de actividad de los segmentos identificados y una ventanilla única de viajes en línea.

Taking as reference a sample of around a hundred biographical materials on entrepreneurs in Mexico and Colombia, the purpose of this chapter is dual. Both to show the relevance and varied modalities that the biographical approach has enjoyed in business history research since the 1990s, and to display the intrinsic potential this modality of scholarship entails for entrepreneurship endeavors. In particular, it discusses the prospects to incorporate this body of empirical works into the large Latin American audience attending undergraduate, graduate and executive education programs in business, economic history and related fields. The chapter is organized into three sections. The first two are devoted to illustrate relevant patterns in the entrepreneurial trajectory of individuals and entrepreneurial families studied in each of the two countries under consideration. The last section identifies some conceptual issues that may impact current debates on Latin American business development as exemplified in recent business and economic history journal venues and scholarly conferences.

The Geography of Tourism in Spain is now at a par in terms of its scientific production with other European countries. Since the middle of the '80s the quality and volume of contributions is analogous to the rest of the European Union, although as a part of University Geography in Spain it has not achieved the level of dedication reached by other subjects considering the importance of tourist activities to the economy, the society and the territory of Spain. It could be said that the Geography of Tourism in Spain is in the international vanguard in dealing with Mediterranean coastal tourism, with the relationships between the residential real estate and tourism sectors and with aspects related to tourism and leisure in rural and protected areas.

Muda is a Japanese term literally meaning futility, uselessness, idleness, superfluity, waste, wastage or wastefulness. The term was introduced by the Japanese engineer Taiichi Ohno of Toyota Motor Corporation in the 1960s. Therefore, reducing and minimizing Muda is an effective way to increase the operational efficiency and productivity of an organization’s processes. In turn, the technique known as the affinity or TKJ diagram represents a practical way of sorting data or ideas into groups classified by common patterns; it can be regarded as one of the new seven tools of quality. The purpose of this paper is to discover Muda by applying the affinity or TKJ diagram in Mexican organizations.

An exploratory qualitative study was conducted. Using theoretical sampling, the authors identified and analyzed data from a kaizen training course. Each course workshop was organized by the Universidad de las Americas Puebla and consulting firm “Mi Empresa”, and given to employees of various organizations in various sectors over three years from January 2012 to January 2015.

The research provided the first evidence of Muda in Mexican organizations. The Muda of Ohno’s classification was confirmed, but new common patterns of Muda in twenty-first-century organizations also arose. Furthermore, the TKJ diagram proved to be an effective tool of quality to detect it.

This paper has the same limitations as all other qualitative research, including analysis subjectivity and questionable generalization of findings. It is also important to highlight the seven KJ diagrams, a seemingly abundant figure. However, it is a small sample for the number of companies and processes to be found in Mexico.

This paper may prove to be valuable for practitioners and managers involved in the operations and continuous improvement fields. Getting to know Muda in organizations is of great importance for continuously improving organizational processes. This classification will allow greater insight and easier detection.

The study contributes to the limited existing literature on total quality management, lean thinking and kaizen, and subsequently disseminates this information to provide impetus, guidance and support toward improving the quality of organizational processes.

This chapter analyzes the empirical performance of alternative option pricing models using Black and Scholes (1973) as a benchmark. Specifically, we consider the Heston (1993) and Corrado and Su (1996) models and price call options on the S&P 500 index over the period from November 2010 to April 2011, evaluating each model by computing in- and out-of-sample pricing errors. We find that the two proposed models reduce both types of errors and mitigate the smile effect with respect to the benchmark. Moreover, in most of the cases, the model in Corrado and Su (1996) beats that in Heston (1993). Then, we conclude that skewness and kurtosis matter for option pricing purposes.

The literature on the factors generating loyalty towards tourism destinations has seldom focussed its attention on relationship marketing, which has left a gap in the understanding of destination loyalty. This paper aims to examine the influence of relationship quality on rural destination loyalty, approaching this through the variables of trust, attachment and satisfaction.

This study used a quantitative methodology based on an on line survey conducted in Spain. The sample consisted of 464 tourists who participate in rural tourism. The analysis of the proposed model was carried out based on the partial least squares method.

The results confirm that the model has a substantial to moderate explanatory capacity for overall satisfaction and loyalty, in which overall satisfaction acts as a mediator between the variables that make up relationship quality in reference to loyalty.

The main limitations of this research arise from the scarcity of works which aim to understand relationship quality in tourism destinations. To broaden results, it should be applied in other tourism destinations, products, services and experiences.

Destination managers should give relationships a special role in their tourism development programmes in rural tourism contexts.

Rural tourism destinations and companies are generally small-sized organisations that need managerial tools. These can benefit from developing sustainable relationships.

The significant role played by relationship quality regarding destination loyalty is studied in detail in this model.

La literatura sobre los factores que generan lealtad a los destinos turísticos poco ha centrado su atención en el marketing relacional, lo que ha dejado un vacío en la comprensión de la lealtad al destino. Este artículo examina la influencia de la calidad relacional en la lealtad a los destinos rurales, a través de las variables confianza, apego y satisfacción.

Este estudio usa una metodología cuantitativa basada en una encuesta on line realizada en España. La muestra estaba formada por 464 turistas que practican turismo rural. El análisis del modelo propuesto fue llevado a cabo con el método partial least squares.

Los resultados confirman que el modelo tiene una capacidad explicativa sustancial-moderada para la satisfacción global y la lealtad, en la que la satisfacción global actúa como mediadora entre las variables que conforman la calidad relacional y la lealtad.

La principal limitación de esta investigación surge de la escasez de trabajos cuyo objetivo se centra en la comprensión de la calidad relacional en los destinos turísticos. Para ampliar los resultados, habría de aplicarse en otros destinos, productos, servicios y experiencias turísticas.

Los gestores de destinos deberían otorgar un papel especial a las relaciones en sus programas de desarrollo turístico en el medio rural.

Los destinos y empresas de turismo rural son por lo general organizaciones de pequeñas dimensiones que necesitan herramientas para la gestión. Ellas pueden beneficiarse del desarrollo de relaciones sostenibles.

El papel significativo que juega la calidad relacional con respecto a la lealtad al destino, estudiado en detalle en este modelo.

Marketing relacional, Calidad relacional, Lealtad, Destinos rurales, Partial least squares (PLS)

Artículo de investigación

This paper aims to present the novel stacked machine learning approach (SMLA) to estimate low-cycle fatigue (LCF) life of SAC305 solder across structural parts. Using the finite element simulation (FEM) and continuous damage mechanics (CDM) model, a fatigue life database is built. The stacked machine learning (ML) model's iterative optimization during training enables precise fatigue predictions (2.41% root mean square error [RMSE], R² = 0.975) for diverse structural components. Outliers are found in regression analysis, indicating potential overestimation for thickness transition specimens with extended lifetimes and underestimation for open-hole specimens. Correlations between fatigue life, stress factors, nominal stress and temperature are unveiled, enriching comprehension of LCF, thus enhancing solder behavior predictions.

This paper introduces stacked ML as a novel approach for estimating LCF life of SAC305 solder in various structural parts. It builds a fatigue life database using FEM and CDM model. The stacked ML model iteratively optimizes its structure, yielding accurate fatigue predictions (2.41% RMSE, R² = 0.975). Outliers are observed: overestimation for thickness transition specimens and underestimation for open-hole ones. Correlations between fatigue life, stress factors, nominal stress and temperature enhance predictions, deepening understanding of solder behavior.

The findings of this paper highlight the successful application of the SMLA in accurately estimating the LCF life of SAC305 solder across diverse structural components. The stacked ML model, trained iteratively, demonstrates its effectiveness by producing precise fatigue lifetime predictions with a RMSE of 2.41% and an “R²” value of 0.975. The study also identifies distinct outlier behaviors associated with different structural parts: overestimations for thickness transition specimens with extended fatigue lifetimes and underestimations for open-hole specimens. The research further establishes correlations between fatigue life, stress concentration factors, nominal stress and temperature, enriching the understanding of solder behavior prediction.

The authors confirm the originality of this paper.

This paper aims to develop an original model in the context of food-based experiences considering new experiential variables, such as to experience quality, memorability and quality of life (QOL), and their impact on marketing outcomes, namely, satisfaction and loyalty, approached from an experience perspective.

An empirical approach has been adopted. Data have been collected through an online and a paper-and-pencil method, using an original questionnaire addressed to tourists who had a food-based experience during their recent holidays. Partial least squares-structural equation modelling is the technique used for data analysis.

The results confirm that local food, enjoyed through quality experiences, is a determining factor in designing memorable products, achieving tourist satisfaction, improving their QOL and encouraging loyalty to experiential food-based practices.

Results should be interpreted within the context of this research because of the use of a sample conveniently selected.

Gastronomic experiences represent a successful strategic resource for tourist destinations and professionals who want to adapt their business/destination to the new requirements of the experiential context.

To the best of authors’ knowledge, this study is first to relate the impact of memorable and quality culinary experiences on the QOL of tourists, chasing, as a final result, loyal intentions towards a specific kind of experience (culinary) rather than towards the destination.

Este trabajo propone un modelo original en el contexto de las experiencias gastronómica que relaciona nuevas variables experienciales – Calidad de la Experiencia (EXPQ), Memorabilidad (MEM) y Calidad de vida (QOL) – con variables de resultado tradicionales del marketing turístico: satisfacción y lealtad, consideradas desde un nuevo enfoque experiencial.

Se ha optado por un enfoque empírico. Los datos han sido obtenidos por medio de una encuesta online y en papel, con un cuestionario original dirigido a turistas que han vivido una experiencia gastronómica en sus recientes vacaciones. Los datos han sido tratados con PLS-SEM.

Los resultados alcanzados confirman que las experiencias gastronómicas de calidad son un factor determinante para diseñar productos turísticos memorables, lograr la satisfacción de los turistas, mejorar su calidad de vida e incentivar la lealtad hacía prácticas experienciales vinculadas a la gastronomía.

Debido al uso de una muestra no-probabilística de conveniencia los resultados de este estudio sufren limitaciones en cuanto a su generalización.

Las experiencias gastronómicas representan un recurso estratégico para los destinos turísticos y los profesionales del sector que quieran adaptar su negocio/destino a las nuevas exigencias del entorno experiencial.

Este trabajo relaciona por primera vez el impacto de las experiencias gastronómicas memorables y de calidad en la calidad de vida de los turistas, planteando como resultado final la lealtad al tipo de experiencia, más que la intención de volver a visitar el destino.