Search results

This paper aims to study characteristics of specified purpose acquisition companies (SPACs) and examine the performance of their securities over time.

Previous findings in literature on SPACs' performance around the announcement of merger date are scarce, not uniform, and mostly address the performance of SPACs' common shares. The authors believe that more insights on merger announcements can be obtained if the perf]ormance of all three types of securities that SPACs issue during the IPO, namely units, common stocks, and warrants are analyzed simultaneously. In order to examine the behavior of these securities we form three samples with daily returns for three distinguished SPAC securities. Results are obtained for abnormal returns based on the market model from Brown and Warner.

It is found that SPACs represent a fairly unique way to raise capital. The incentives of their founders, underwriters, and investors are interdependent and successful business combinations generally result in significant returns to founders. The analysis shows that SPACs have a complex corporate structure in which the incentives of the founders, underwriters, and investors are interdependent and where successful mergers result in significant returns to the founders. It also shows that different SPAC securities do not exhibit similar reactions in response to announcements regarding their corporate status. While holders of all three securities realize positive abnormal returns on the merger announcement day, the strongest reaction is observed among the investors holding warrants, while common stock holders react very mildly.

SPACs are recent phenomena in capital markets and very few papers in finance literature describe them. None of the existing papers evaluated performance of all three types of SPAC securities: units, common shares and warrants before this paper.

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.