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La presente investigación examina la existencia de memoria de largo plazo por medio del cálculo del coeficiente de Hurst y Hurst ajustado, y del análisis de características de estructuras caóticas en la serie del mercado bursátil de Chile, específicamente a través del Índice de Precios Selectivo de Acciones.

Se desarrolló un breve análisis del mercado, según la metodología de Box y Jenkings. La validez de los resultados se realizó por medio de la prueba propuesta por Brock, Dechert y Scheinkman. En segundo lugar, se procedió a analizar la dinámica y patrones del índice y de su rendimiento, para observar si existía evidencia de memoria de largo plazo.

Los resultados demuestran la presencia de esta memoria en el mercado bursátil chileno, determinado a través del índice accionario en dos escalas, diaria y trimestral, lo que además corrobora resultados obtenidos por otros autores, confirmando el uso de la metodología de Rango Re-escaldo para la identificación y determinación de memoria de largo plazo en una serie temporal.

Este estudio permitirá a futuros investigadores realizar análisis similares en otros mercados, aportando un nuevo enfoque al analizar la memoria de la largo plazo y los factores que inciden en ella.

Exponente de Hurst, Índice bursátil, Mercados eficientes, Mercados fractales

Artículo de investigación

This research examined the existence of long-term memory by calculating the coefficient of Hurst and Hurst set, and the analysis of characteristics of chaotic structures in the series of stock market of Chile, specifically through the Selective Price Index Shares.

A brief analysis of the market was developed, according to Box and Jenkins methodology. The validity of the results was performed by means of the test proposed by Brock, Dechert and Scheinkman. Secondly, we proceeded to analyze the dynamics and patterns of the index and its performance, to see if there was evidence of long-term memory.

The results demonstrate the presence of long-term memory in the Chilean stock market, determined by stock index in two scales, daily and quarterly, which also corroborates results obtained by other authors, confirming the use of the methodology Range Re-scalded for the identification and determination of long-term memory in a time series.

This study will allow future researchers to perform similar analyzes in other markets, providing a new approach when analyzing the long-term memory and the factors that affect it.

Arrangements for regional economic integration, under the WTO system, have unexpectedly dominated globalization. In fact, countries that have realized economic arrangements, such as the EU 's monetary union, are further expanding their efforts to achieve political integration. Regional economic integration is now considered an exigency of national affairs. North East Asian countries are also affected by this global predicament, but the issue involves greater structural complexities in this region. The emergence of China has forced Japan and Korea to contemplate difficult structural adjustments. For example, while the Korean government recognizes the importance of stronger intra-regional economic cooperation, by pursuing these arrangements it simultaneously faces the dilemma of maintaining traditional partnerships, such as those with the USA and Japan. If Korea actively supports regional economic arrangements, this action would be perceived as a bias toward China, consequently damaging ties with the US. Thus, rather than depending on public initiatives to establish economic ties in North East Asia, China, Japan and Korea should rely on market friendly projects initiated by the private sector that endorse gradual integration through non-political activities and exchanges among the citizens of the respective countries. This paper first proposes the founding of a North East Asian United University Community composed of students, professors and campuses of the three countries in the initial stages. Secondly, it proposes the development of unique Asian commodities, a concept similar to that of 'Airbus. ' Finally, it proposes utilization of retired Japanese, Korean and Chinese engineers and technicians to speed up the overall level of technology, which is critical to overcoming backwardness in this region.

Adventure activities have become the core products of many tourism destinations. Hiking, which is known to be a soft adventure activity, represents an especially important product for many tourism destinations around the globe and in the European Alps. However, little research has explored hikers’ underlying motivation and experiences, which are expected to differ from the hard adventure context, as mountain hiking provides a low risk, but high immersion. This paper aims to determine and explore the underlying dimensions and dynamics of mountain hikers’ soft adventure motivation (SAM).

A concurrent mixed-method design that builds on a quantitative survey (N = 379) and qualitative interviews (N = 14) was used to explore SAM factors. This study combined exploratory factor analysis and regression analysis with semi-structured interviews and template analysis.

The quantitative results provide six SAM factors and emphasize that “relaxation,” “socializing” and “discovery” contribute to hiking satisfaction, while “recognition” has adverse effects. By triangulating these findings with hikers’ experiences, this study underlines the associated recreational meaning of hiking and provides an in-depth qualitative discussion of SAM factors and the subordinate role of “recognition.”

The contribution of this paper is a refined understanding of SAM in the hiking context by emphasizing the recreational meaning of mountain hiking. As a result, this study adds an important missing link to previous outdoor tourism and leisure studies by showing the special composition and dynamics of SAM. The findings also support the creation of tailor-made touristic products.

探险活动已经成为许多旅游目的地的核心产品。其中徒步旅行被认作为一种“轻松”探险活动并且代表着全球众多旅游目的地及欧洲阿尔卑斯山的重要产品。然而, 很少有研究探索远足者的潜在动机和经验, 由于徒步远足的风险较低, 但参与感高, 因此预计于艰苦的冒险环境有所不同。因此, 本文确定并探索了山地徒步者“轻松”冒险动机的潜在维度和动力。

采用基于定量调查(N = 379)和定性访谈(N = 14)的并行混合方法设计来探索SAM因素。因此, 我们将探索性因子分析和回归分析与半结构化访谈和模板分析相结合。

定量结果提供了6个SAM因素, 并强调“放松”、“社交”和“发现”有助于提升满意度, 而“认知”则有负面影响。通过将这些发现与徒步旅行者的经历进行三角分析, 我们强调了徒步旅行的相关娱乐意义, 并对SAM因素和“识别”的从属作用进行了深入的定性讨论。

本文的贡献在于通过强调登山的休闲意义, 对徒步情景下的SAM进行了精细化的理解。因此, 我们通过展示SAM的特殊组成和动态, 为之前的户外旅游和休闲研究添加了一个重要的缺失环节。最后, 研究结果支持了定制旅游产品的创造。

探险旅游, 动机, 软探险, 徒步

研究论文

Las actividades de aventura se han convertido en uno de los productos principales de muchos destinos turísticos, especialmente el senderismo, una actividad de aventura de baja dificultad que representa un producto importante para muchos destinos turísticos alrededor del mundo y en los Alpes europeos. Sin embargo, pocas investigaciones han estudiado la motivación y las experiencias subyacentes de los excursionistas, las cuales se espera que difieran del contexto de aventura de alta dificultad, ya que el senderismo de montaña proporciona un bajo riesgo pero una alta inmersión. Por lo tanto, este documento determina y examina las dimensiones y dinámicas subyacentes de la motivación de aventura de baja dificultad (SAM, por sus siglas en inglés) de los excursionistas de montaña.

Se utilizó un diseño de método mixto concurrente que se basa en una encuesta cuantitativa (N = 379) y entrevistas cualitativas (N = 14) para explorar los factores de SAM. De este modo, se combinó análisis factorial exploratorio y análisis de regresión con entrevistas semiestructuradas y análisis de plantillas.

Los resultados cuantitativos aportan seis factores de SAM y enfatizan que la “relajación”, la “socialización” y el “descubrimiento” contribuyen a la satisfacción del senderismo, mientras que el “reconocimiento” tiene efectos adversos. Al relacionar estos hallazgos con las experiencias de los excursionistas se destaca el significado recreativo asociado al senderismo y se brinda una discusión cualitativa profunda de los factores de SAM y el papel subordinado del “reconocimiento”.

La contribución de este artículo es una comprensión refinada de la SAM en el contexto de senderismo al enfatizar el significado recreativo del senderismo de montaña. De este modo, se suma un importante eslabón perdido a los estudios anteriores de turismo al aire libre y de ocio al mostrar la composición y dinámica especial de la SAM. Por último, los resultados respaldan la creación de productos turísticos hechos a la medida de las preferencias de los turistas.

The real costs of trade, the transport and other costs of doing business internationally, are very important determinants of a country's ability to participate fully in the world economy. Remoteness and poor transport and communications infrastructure isolate countries, inhibiting their participation in global production networks. This paper investigates the dependence of transport costs on geography and infrastructure It shows that infrastructure is quantitatively important in determining transport costs, and improvements in infrastructure can dramatically increase trade flows. It also finds that the low level of Northeast Asian countries' trade flows is largely due to poor infrastructure. Competition among countries in East Asia to maintain or become a logistic hub in the region is severe. This is reflected in the competition to build or expand airports and seaports in the region. Competing countries need to find ways of cooperating to achieve an efficient resource allocation in the region as a whole.

The national logistics policy report published by Ministry of Land, Infrastructure and Tourism in 2011 proposes to establish international logistics strategy teams in 10 different regions around Japan to satisfy the increasing demand for advance transportation infrastructure and stay competitive in Asia Pacific. The globalization of world economies creates many opportunities as well as challenges for international logistics companies to gain more business chances in this changing environment. The purpose of this paper is to improve service quality of international logistics companies and explores the quality function deployment in terms of quality evaluation method. The logistics service is particularly characterized by offering a series of transport solution and including other logistics activities. The major customers of the logistics services are the industrial clients. The customer satisfaction is key managerial mission since the competitiveness is a growing issue in this industry. The quality function deployment is one of the unique procedures to expose the requirements of customer and transform them into managerial tasks by cross correlation analysis between requirements and technical measures. The empirical study is performed to investigate service quality of the logistics industry by focusing on a group of leading logistics companies.

The purpose of this paper is the need to build a novel approach that would allow flexible modeling and solving of food supply chain management (FSCM) problems. The models developed would use the data (data-driven modeling) as early as possible at the modeling phase, which would lead to a better and more realistic representation of the problems being modeled.

An essential feature of the presented approach is its declarativeness. The use of a declarative approach that additionally includes constraint satisfaction problems and provides an opportunity of fast and easy modeling of constrains different in type and character. Implementation of the proposed approach was performed with the use of an original hybrid method in which constraint logic programming (CLP) and mathematical programming (MP) are integrated and transformation of a model is used as a presolving technique.

The proposed constraint-driven approach has proved to be extremely flexible and efficient. The findings obtained during part of experiments dedicated to efficiency were very interesting. The use of the constraint-driven approach has enabled finding a solution depending on the instance data up to 1,000 times faster than using the MP.

Due to the limited use of exact methods for NP-hard problems, the future study should be to integrate the CLP with environments other than the MP. It is also possible, e.g., with metaheuristics like genetic algorithms, ant colony optimization, etc.

There is a possibility of using the approach as a basis to build a decision support system for FSCM, simple integration with databases, enterprise resource planning systems, management information systems, etc.

The new constraint-driven approach to FSCM has been proposed. The proposed approach is an extension of the hybrid approach. Also, a new decision-making model of distribution and logistics for the food supply chain is built. A presolving technique for this model has been presented.

In the 1990s, following the challenges imposed by globalisation, the liner shipping industry experienced profound changes, leading major carriers to create ad-hoc logistics business-units. Nevertheless the vertical integration of shipping lines along the transport chain faced important entry barriers in various regions.This paper aims at analysing the impact of such barriers on carriers’ pathways of expansion in the logistics business. It mainly focuses on the East-Asian market, as a relevant empirical case in which important institutional and socio-political obstacles are still in force .Main results disclose sui-generis paths of expansion achieved by major carriers, in contrast with linear constructs of time and space proposed by classical TNC theories. In such respect, port operations reveal to be the most critical stage of the chain. The ‘sidestep’ of the port phase, leading to investments in other on-shore activities (warehousing, inland terminals, etc.) as well as the implementation of aggressive financial campaigns (acquisitions and takeovers), reveal the unfaltering will of top shipping lines: the quick achievement of a successful vertical and horizontal expansion despite environmental obstacles.

An examination is made of developments in port dynamics since 1965. Initially, this task is addressed by studying changes in past port patterns using a simple descriptive model to accommodate shifts induced by containerization. Over time these changes have led to the reversal of the concentration and centralization of port activities. Then consideration is given to the behavior of stakeholders active in the contemporary port scene by elaborating a bipolar global-local analytical framework through an invocation of the hybrid concepts of glocalization and loglobalization. This analysis leads to an examination of emerging economies to gauge future trends in port dynamics following the dramatic emergence of China. Finally, there is a discussion of the need to go beyond inter-port competition to comprehend global production-distribution networks by exploring synergies between the supply chain and the total transport network to bring out parallels in the hub-and-spoke structure not only underpinning maritime activities but also air transport and telecommunications.

This study aims to perform a benefit segmentation and then a classification of visitors that travel to the Rocha Department in Uruguay from the capital city of Montevideo during the summer months.

A convenience sample was obtained with an online survey. A total of 290 cases were usable for subsequent data analysis. The following statistical techniques were used: hierarchical cluster analysis, K-means cluster analysis, machine learning, support vector machines, random forest and logistic regression.

Visitors that travel to the Rocha Department from Montevideo can be classified into four distinct clusters. Clusters are labelled as “entertainment seekers”, “Rocha followers”, “relax and activities seekers” and “active tourists”. The support vector machine model achieved the best classification results.

Implications for destination marketers who cater to young visitors are discussed. Destination marketers should determine an optimal level of resource allocation and destination management activities that compare both present costs and discounted potential future income of the different target markets. Surveying non-residents was not possible. Future work should sample tourists from abroad.

The combination of market segmentation of Rocha Department’s visitors from the city of Montevideo and classification of sampled individuals training various machine learning classifiers would allow Rocha’s destination marketers determine the belonging of an unsampled individual into one of the already obtained four clusters, enhancing marketing promotion for targeted offers.

This paper aims to investigate advertising effectiveness in Instagram and Facebook, the two most important social media platforms. It helps to understand which should be chosen depending on the target audience of the campaign.

The study examines advertising effectiveness in these social media in terms of ad attitude, ad intrusiveness and loyalty intentions. An online survey was conducted with 303 social media users. Age and gender are proposed as moderators.

The results indicate that Instagram Stories not only enhances consumer attitude toward ads but also increases perceived intrusiveness, compared to Facebook Wall. Millennials are more disturbed by Facebook Wall ads than non-millennial users. A triple interaction effect reveals that non-millennial men are more loyal toward Facebook Wall ads, whereas millennials of both genders and non-millennial women are more loyal to ads on Instagram Stories.

Advertisers should be aware of the differential features and segmentation possibilities in social media to better address their target audiences. More precisely, the research findings suggest that professionals should focus on Instagram Stories when targeting millennials and non-millennial women, and on Facebook Wall when targeting non-millennial men.

This study is one of the first to contribute to the literature on Instagram Stories as an advertising platform and compare its differential features with those of more established social media, such as Facebook Wall.

Esta investigación compara la efectividad publicitaria en Instagram y Facebook en función del público objetivo.

La investigación analiza las diferencias entre cada formato de red social en términos de actitud hacia el anuncio, intrusividad percibida y lealtad hacia el producto o marca anunciado. Mediante una encuesta online a 303 consumidores, se proponen efectos directos y efectos moderación de la edad y el género.

Los resultados indican que Instagram Stories mejora la actitud hacía el anuncio, pero aumenta también la intrusividad en comparación con Facebook Wall. La publicidad en Facebook Wall es más intrusiva para los millennials que para los no-millennials. Instagram Stories incrementa la lealtad entre los usuarios millennial de ambos sexos y las mujeres no-millennial; en cambio, los hombres no-millennial son más leales a la publicidad en Facebook Wall.

Los anunciantes deben aprovechar los nuevos formatos y las posibilidades de segmentación que les brindan las redes sociales para llegar a su público objetivo de manera más efectiva. Concretamente, los hallazgos de la investigación sugieren que deberían centrarse en Instagram Stories para dirigirse a un público millennial y a mujeres no-millennial; y en Facebook Wall, cuando su público objetivo sean los hombres no-millennial.

Este estudio es uno de los primeros que aborda el uso de Instagram Stories como soporte publicitario y lo compara con formatos publicitarios consolidados como Facebook Wall.