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This study explores the association between market efficiency and speculation. The government of India temporarily banned the futures trading of various commodities several times citing the presence of speculation. Many controversies exist about this topic; thus, this study clarifies the association between market efficiency and speculation and investigates whether market reforms altered this association.

The data for nine commodities is collected from the National Commodity and Derivative Exchange (NCDEX) for 2005–2022. Regression analysis and Automatic Variance Ratio (AVR) were adopted to inspect the informational efficiency and influence of speculation in the commodity market. Furthermore, this study uses different sub-samples to understand the changes in the market microstructure and its effects on market quality.

The results confirm an inverse and significant relationship between information efficiency and speculation and a deviation from the random walk process observed. Therefore, return predictability exists in the market. This study confirms that market reforms do not reduce the influence of speculation on market efficiency. The study concludes that the market is not weak-form efficient.

This study has certain limitations, since this study is empirical in nature, it may possess the limitations of empirical research.

This paper has dual novelty. First, this study investigates the effects of market reforms. Second, this study captures the influence of speculation in the Indian agricultural commodity market by considering the market microstructure aspects.

Our analysis is targeted at researchers in the fields of economics and finance, and we place emphasis on the incremental contributions of each paper, key research questions, study methodology, main conclusions and data and identification tactics. By focusing on these critical areas, our review seeks to provide valuable insights and guidance for future research in this rapidly evolving and complex field.

This paper conducts a structured literature review (SLR) of Bitcoin-related articles published in the leading finance, economics and accounting journals between 2018 and 2023. Following Massaro et al. (2016), SLR is a method for examining a corpus of scholarly work to generate new ideas, critical reflections and future research agendas. The goals of SLR are congruent with the three outcomes of critical management research identified by Alvesson and Deetz (2000): insight, critique and transformative redefinition.

The present state of research on Bitcoin lacks coherence and interconnectedness, leading to a limited understanding of the underlying mechanisms. However, certain areas of research have emerged as significant topics for further exploration. These include the decentralized payment system, equilibrium price, market microstructure, trading patterns and regulation of Bitcoin. In this context, this review serves as a valuable starting point for researchers who are unacquainted with the interdisciplinary field of bitcoin and blockchain research. It is essential to recognize the potential value of research in Bitcoin-related fields in advancing knowledge of the interaction between finance, economics, law and technology. Therefore, future research in this area should focus on adopting innovative and interdisciplinary methods to enhance our comprehension of these intricate and evolving technologies.

Our review encompasses the latest research on Bitcoin, including its market microstructure, trading behavior, price patterns and portfolio analysis. It explores Bitcoin's market microstructure, liquidity, derivative markets, price discovery and market efficiency. Studies have also focused on trading behavior, investors' characteristics, market sentiment and price volatility. Furthermore, empirical studies demonstrate the advantages of including Bitcoin in a portfolio. These findings enhance our understanding of Bitcoin's potential impact on the financial industry.

This study investigates the mispricing dynamics of NIFTY 50 Index futures, drawing upon daily data spanning from January 2008 to July 2023.

The study employs both a single regime analysis and a tri-regime model to understand the fluctuations in NIFTY 50 Index futures mispricing.

The study reveals a complex interplay between various market factors and mispricing, including forward-looking volatility (measured by the NIFVIX index), changes in open interest, underlying index return, futures volume, index volume and time to maturity. Additionally, the relationships are regime-dependent, specifically identifying the regime-dependent nature of the relationship between forward-looking volatility and mispricing, the impact of futures volume on mispricing, the effect of open interest on mispricing, the varying influence of index volume and the influence of time to maturity across the three distinct regimes.

These findings offer valuable insights for policymakers and investors by providing a detailed understanding of futures market efficiency and potential arbitrage opportunities. The study emphasizes the importance of understanding market dynamics, transaction costs and timing, offering guidance to enhance market efficiency and capitalize on trading opportunities in the evolving Indian derivatives market.

The Vector Autoregression (VAR) and Threshold Vector Autoregression Regression (TVAR) models are deployed to disentangle the interrelationships between NIFTY 50 Index futures mispricing and related endogenous determinants.

This study investigates the Nifty 50 Index futures mispricing across three distinct market regimes.

We highlight how factors like volatility, futures volume, and open interest vary in their impact.

The study employs vector auto-regressive and threshold vector auto-regressive models to explore the complex relationships influencing mispricing.

We provide valuable insights for investors and policymakers on improving market efficiency and identifying potential arbitrage opportunities.

Land is the basis for economic development as well as tourism development. There is a close relationship between tourism development and the land market. However, research on the effect of tourism development on land prices is insufficient. This paper aims to investigate the effect and mechanism of tourism development on land prices.

The econometric paradigm is the main research method. Fixed effect models, instrumental variable models and mediating effect models are introduced to examine the impact of tourism development on land prices. The data include three types: land transaction data, city-level data and scenic spot data. More than 360,000 samples of land transactions for 284 prefecture-level cities in China from 2007 to 2021 are applied.

Tourism development can significantly increase land prices. This conclusion holds after using instrumental variables to address endogeneity and testing for robustness. Meanwhile, tourism development’s effect on land price is influenced by land type, city type, city tier and city location. The land price increase effect of tourism is more significant for tourism land, tourist cities, central cities and Western cities. The paper also reveals the mechanisms of the public service enhancement effect, infrastructure upgrading effect and environmental optimization effect in tourism development’s effect on land price.

The study contributes to the literature on the relationship between tourism development and land market. The generality and specificity of tourism development’s effect on land price are revealed from the micro and macrolevel research level. The findings enrich the literature on tourism price effects, point to rational ways to optimize and regulate land prices and provide new ideas for land-market development.

This paper aims to present spot pattern welding (SPW) as a scanning strategy for laser-foil-printing (LFP) additive manufacturing (AM) in place of the previously used continuous pattern welding (CPW) (line-raster scanning). The SPW strategy involves generating a sequence of overlapping spot welds on the metal foil, allowing the laser to form dense and uniform weld beads. This in turn reduces thermal gradients, promotes material consolidation and helps mitigate process-related risks such as thermal cracking, porosity, keyholing and Marangoni effects.

304L stainless steel (SS) feedstock is used to fabricate test specimens using the LFP system. Imaging techniques are used to examine the melt pool dimensions and layer bonding. In addition, the parts are evaluated for residual stresses, mechanical strength and grain size.

Compared to CPW, SPW provides a more reliable heating/cooling relationship that is less dependent on part geometry. The overlapping spot welds distribute heat more evenly, minimizing the risk of elevated temperatures during the AM process. In addition, the resulting dense and uniform weld beads contribute to lower residual stresses in the printed part.

To the best of the authors’ knowledge, this is the first study to thoroughly investigate SPW as a scanning strategy using the LFP process. In general, SPW presents a promising strategy for securing embedded sensors into LFP parts while minimizing residual stresses.

This study explores how the effects of youth-oriented values influence the behavioural attitudes towards online conspicuous activities during travel, leading to their further conspicuous consumption travel behaviour.

This study applied a mixed-methods approach. Semi-structured interviews were conducted with 20 young tourists to extract the youth-oriented value measurement scale. A systematic survey was conducted in a renovated heritage site in China. PLS-SEM analysis was performed on 322 responses to test the proposed hypotheses.

The results of semi-structured interviews supplement seven new items and form a measurement scale of youth-oriented values with 16 items in three dimensions (self-identification, peer-identification and eagerness to change). The results of PLS-SEM analysis reveal that all three youth-oriented values significantly influence attitudes towards information searching and content generation, and these two behavioural attitudes are positively related to continuous conspicuous consumption travel. The openness trait moderates the relationship between self-identification and content generation.

The study contributes to youth tourism research in conspicuous consumption travel behaviour. It provides insights to tourism operators to formulate strategies to develop the young tourist market in a cultural heritage tourism context.

Tourism value chain (TVC) analysis has been widely used as an alternative approach for designing sustainable and inclusive programs for tourism development in Africa, Asia, and the Pacific. This chapter looks at the experiences of three sustainable tourism initiatives in the Philippines to assess the strengths and limitations of the value chain as a framework for destination development. Short case studies describe the experiences of stakeholders in two popular destinations in the Philippines: the surfing town of San Juan, La Union, and the resort-island of Panglao, Bohol. The third case study shares the perspective of the Transforming the Tourism Value Chain (TTVC) project, a national campaign for more sustainable hotels, resort as well as meetings, conventions, incentives, and event (MICE) facilities in various destinations around the country. Stakeholders deeply involved in implementing these projects share their insights on the successes, challenges, and limitations of TVC-based approaches to resilient and sustainable destination development. The destinations' experiences suggest that the advocacy for sustainable management and operations may be comparable to a process of technology adoption or acceptance along the TVC. Practical and theoretical recommendations for leveraging the TVC toward more holistic and sustainable visitor economies are given at the end of this chapter.

This research explores why tourists are dissatisfied in places considered “wonders of the world”. The authors ask if the place does not match visitors' expectations or if other factors spoil the experience.

The authors analysed the lowest-rated reviews of these wonders on TripAdvisor. The authors identified the main causes of complaints and the problems tourists faced. The authors grouped the complaints into categories and used CoDa.

The results indicate that dissatisfaction does not stem from unmet expectations regarding the monument itself, but rather from other factors related to the quality of the tourist service.

The findings of this research can be implemented in those tourist spots that, despite their global popularity, have considerable proportions of unhappy visitors, not due to the attraction itself, but to shortcomings in its administration.

This study provides a deeper insight into the causes of complaints about some of the most renowned monuments, regarded as extraordinary places, where high satisfaction levels would be anticipated. It also contributes theoretically to the literature on customer complaints in tourist places.

Managers must make numerous strategic decisions in order to initiate and implement a business model innovation (BMI). This paper examines how managers perceive the management team interacts when making BMI decisions. The paper also investigates how group biases and board members’ risk willingness affect this process.

Empirical data were collected through 26 in-depth interviews with German managing directors from 13 companies in four industries (mobility, manufacturing, healthcare and energy) to explore three research questions: (1) What group effects are prevalent in BMI group decision-making? (2) What are the key characteristics of BMI group decisions? And (3) what are the potential relationships between BMI group decision-making and managers' risk willingness? A thematic analysis based on Gioia's guidelines was conducted to identify themes in the comprehensive dataset.

First, the results show four typical group biases in BMI group decisions: Groupthink, social influence, hidden profile and group polarization. Findings show that the hidden profile paradigm and groupthink theory are essential in the context of BMI decisions. Second, we developed a BMI decision matrix, including the following key characteristics of BMI group decision-making managerial cohesion, conflict readiness and information- and emotion-based decision behavior. Third, in contrast to previous literature, we found that individual risk aversion can improve the quality of BMI decisions.

This paper provides managers with an opportunity to become aware of group biases that may impede their strategic BMI decisions. Specifically, it points out that managers should consider the key cognitive constraints due to their interactions when making BMI decisions. This work also highlights the importance of risk-averse decision-makers on boards.

This qualitative study contributes to the literature on decision-making by revealing key cognitive group biases in strategic decision-making. This study also enriches the behavioral science research stream of the BMI literature by attributing a critical influence on the quality of BMI decisions to managers' group interactions. In addition, this article provides new perspectives on managers' risk aversion in strategic decision-making.

Based on imprinting theory and episodic future thinking, this paper aims to study how CEOs’ attributes and experiences inform innovation in tourism and hospitality businesses. It also explores ways to quantify innovation in this sector.

The authors quantitatively analysed innovation in tourism and hospitality using extensive data from companies’ annual reports. They further adopted multivariate regression to test how CEOs’ experience affects enterprise innovation.

Results demonstrate that CEOs’ academic education and rich work experience can promote corporate innovation. The authors also identified a mediating role of the tone of narrative disclosure in annual reports between CEOs’ academic education and corporate innovation. The imprinting effects of career experience and educational experience appear both independent and interactive.

CEOs are more inclined to engage in corporate innovation when influenced by the combined imprinting effects of strategic management training and work experience. Additionally, leaders should consider how communication styles indirectly influence innovation activities.

This paper introduces an integrated perspective that blends imprinting theory and episodic future thinking to bridge knowledge gaps regarding the interaction of CEOs’ past experiences. This work enhances understanding of how CEOs’ imprinted experiences, together with their capacity for envisioning future scenarios, can drive corporate innovation.