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Article
Publication date: 22 February 2021

Da Liu, Wenbo Wang and Yinchuan Zhao

Weather affects consumer decision-making. However, academic research on how weather factors affect specific takeaway foods is limited. This paper aims to fill in the gap…

Abstract

Purpose

Weather affects consumer decision-making. However, academic research on how weather factors affect specific takeaway foods is limited. This paper aims to fill in the gap and therefore to contribute to online marketing and operation.

Design/methodology/approach

Web crawler techniques were first exploited to collect takeaway food ordering data from Meituan, the world’s largest GMV platform. Then statistics models and a time series regression model were selected to study the weather impact on online orders.

Findings

The findings highlight that certain weather factors, such as temperature, air quality and rainfall have clear effects on most category takeaway orders.

Originality/value

Quantitative analysis of weather impacts on the takeaway ordering business will help to guide the online service platforms for marketing promotion and the settled businesses to make reasonable arrangements for inventory and marketing tactics.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Content available
Article
Publication date: 31 May 2009

Kwang-Il Bae and Jin Hee Choung

The weather largely affects economic activity, and thus, companies vulnerable to weather risk need to plan ahead to cope with unexpected weather changes, just as they do…

Open Access

Abstract

The weather largely affects economic activity, and thus, companies vulnerable to weather risk need to plan ahead to cope with unexpected weather changes, just as they do for changes in interest rates, oil prices, or foreign exchange rates to stabilize their earning stream. Weather derivatives can be a useful tool for weather risk management.

This paper focuses on pricing one of the most popular weather derivatives -HDD/CDD options- and estimating the market price of weather risk (MPR). Historical data are used to construct the stochastic process of temperature, while the current market prices of Chicago and New York HDD futures options are used to extract the implied MPR. The Monte-Carlo Simulation Method is proposed to estimate the price of weather derivatives numerically. In addition, the approximate closed form formula for the options is provided modifying the Alaton, Djehiche, and Stillberg (2002) model. Finally, option price sensitivity to changes in MPR is analyzed to show the important role of the MPR in the weather option pricing model.

Details

Journal of Derivatives and Quantitative Studies, vol. 17 no. 2
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 1 February 1999

Martin Lohmann and Eike Kaim

Five factors are a prerequisite for tourism: Ability to travel and motivation to travel on the demand side, and attractiveness, amenities and accessibility on the side of…

Abstract

Five factors are a prerequisite for tourism: Ability to travel and motivation to travel on the demand side, and attractiveness, amenities and accessibility on the side of the destination. Concerning the attractiveness of a destination, the factor weather is of particular importance. Until now, there is a lack of empirical data, showing if and how weather affects holiday destination preferences.

Details

The Tourist Review, vol. 54 no. 2
Type: Research Article
ISSN: 0251-3102

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Article
Publication date: 20 March 2007

Karyl B. Leggio

The purpose of this study is to demonstrate the use of weather derivatives to hedge firm exposure to previously unmanageable risk events caused by natural phenomenon such…

Abstract

Purpose

The purpose of this study is to demonstrate the use of weather derivatives to hedge firm exposure to previously unmanageable risk events caused by natural phenomenon such as excessive rainfall.Design/methodology/approach – The paper adopts a case study approach to meet the objectives above, focusing on golf courses in the Midwest USA, which provide perfect examples of businesses with seasonal cash flows.Findings – It is shown that a firm can reduce its revenue volatility by up to 80 per cent. Weather derivatives are important additions to firm portfolios of risk management tools. Purchasing weather derivatives will improve the owner's ability to forecast revenues and assure expenditure coverage, both important goals for a small business owner.Practical implications – Many firms find the uneven revenue streams associated with their industry to be difficult to manage. One of the primary risks faced by firms is exposure to weather phenomena. With the introduction of weather derivatives, firms can now hedge their exposure to climatologic events. The application for weather derivatives is quite limitless. Weather derivatives are a relatively new product, and most firms are either unaware of their existence or believe them to be complicated. It is an industry that may experience explosive growth in the coming years.Originality/value – This paper demonstrates the use of derivatives to hedge exposure to climatic events.

Details

Managerial Finance, vol. 33 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 30 December 2020

Joseph Emmanuel Tetteh and Anthony Amoah

In the wake of climate change and its associated impact on firms' performance, this paper attempts to provide a piece of empirical evidence in support of the effect of…

Abstract

Purpose

In the wake of climate change and its associated impact on firms' performance, this paper attempts to provide a piece of empirical evidence in support of the effect of weather conditions on the stock market performance.

Design/methodology/approach

Monthly time-series dataset and the fully modified ordinary least square (FMOLS) semi-parametric econometric technique are used to establish the effect of weather variables on stock market return.

Findings

This study finds that temperature and wind speed have a negative and statistically significant relationship with stock market performance. Likewise, humidity exhibits a negative relationship with stock market performance, albeit insignificant. The relevant stock market and macroeconomic control variables are statistically significant in addition to exhibiting their expected signs. The findings lend support to advocates of behavioural factors inclusion in asset pricing and decision-making.

Practical implications

For policy purposes, the authors recommend that traders, investors and stock exchange managers must take into consideration different weather conditions as they influence investors' behaviour, investment decisions, and consequently, the stock market performance.

Originality/value

To the best of the authors’ knowledge, this study provides the first empirical evidence of the nexus between disaggregated weather measures and stock market performance in Ghana. This study uses monthly data (which are very rare in the literature, especially for developing country studies) to provide empirical evidence that weather influences stock market performance.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

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Article
Publication date: 19 October 2020

Dandan He, Zhong Yao, Futao Zhao and Jiao Feng

The purpose of this paper is to investigate the mediating effect of online reviewers' affect (ORA) on the relationship between weather and online review ratings (ORR).

Abstract

Purpose

The purpose of this paper is to investigate the mediating effect of online reviewers' affect (ORA) on the relationship between weather and online review ratings (ORR).

Design/methodology/approach

The consumers' online review data were collected from the third-party restaurant website, and the weather data were obtained from the weather part of Chinese e-government website. SnowNLP was utilized to analyze sentiment and further extract ORA. Furthermore, the mediating effects of ORA on temperature and ORR, rain and ORR were explored separately using PROCESS 3 Macro Model 4, and the interaction effect of temperature and rain was tested through PROCESS 3 Macro Model 7.

Findings

The findings of this work demonstrate that ORA mediates the relationship between temperature and ORR and the relationship between rain and ORR. Besides directly leading to higher ORR, a higher temperature can bring about higher ORR by elevating ORA. On the other hand, little rain and heavy rain have a direct negative influence on ORR, and they can also lead people into a bad mood state, thus leading to lower ORR. Furthermore, temperature moderates the effect of rain on ORA. When the temperature is higher, the differences of ORA are larger between different types of rain than that of lower temperature.

Originality/value

This study appears to be the first to investigate the relationship among weather, ORA and ORR using online data. The results could help managers understand when consumers are more likely to provide negative eWOM under corresponding weather conditions and adopt appropriate strategies to improve ORR.

Details

Industrial Management & Data Systems, vol. 120 no. 11
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 1 September 2020

Rodney J. Paul, Justin Andrew Ehrlich and Jeremy Losak

Purpose of the study is to further expand insights into how weather impacts attendance at sporting events. With the NFL having only eight home games a year per team, it is…

Abstract

Purpose

Purpose of the study is to further expand insights into how weather impacts attendance at sporting events. With the NFL having only eight home games a year per team, it is more of an event than other North American sports. We explore this in terms of how sensitive fans are to weather, by not only looking at traditional factors, but also other weather variables available through Accuweather. In addition, the authors explore team success, outcome uncertainty and other factors as determinants of demand.

Design/methodology/approach

The method includes Tobit model of attendance in terms of percent of capacity in the National Football League. Model includes factors such as outcome uncertainty, team success, etc. but mainly focuses on weather. Weather factors studied include traditional variables such as temperature and precipitation, and also includes cloud cover, barometric pressure, wind speed and humidity. Different model specifications are included to explore results. Key findings allow for differences between games played outdoors versus indoors.

Findings

In terms of control variables, team success, new stadiums and stadium age play a significant role in attendance in terms of percentage of capacity. Outcome uncertainty does not appear to be important, and fans desire the opposite when the home team is an underdog. The main results concern the weather. When only traditional weather variables are included, precipitation plays a key role. With further expansion of the weather variables, it appears that cloud cover offers some additional information beyond precipitation. In addition, barometric pressure plays a minor, but statistically significant role as it relates to attendance in terms of capacity.

Research limitations/implications

Including deeper and richer weather data helps to further explain attendance at sporting events. With the NFL, this may be limited by it being such as event due to the scarcity of games in a season. In addition, the weather variables are not truly independent, although they are not as correlated as may be anticipated on the surface. Use of different types of weather variables in models of attendance may help to deepen our understanding of factors influencing consumer decisions. These factors may play larger roles in sports with wider variance in attendance during the season.

Practical implications

The practical implications are that other weather-related variables besides temperature and precipitation may offer insight into consumer decisions related to attendance at sporting events. Cloud cover gives insights into anticipated poor weather in addition to it directly leading to less of a sunny day to be outdoors at an event. Barometric pressure has been shown to influence headaches and joint pain and may also influence consumer decisions to venture out to sporting events.

Social implications

As data becomes more widely available in general, it's possible to add additional insights into factors influencing various forms of decision-making. In this study, we show that more information on weather can shed insights into consumer decisions as it relates to attending events such as sports. These decisions likely differ based upon whether the event is held outdoors or indoors. With more entertainment choices as substitutes, it is important to identify key factors which influence consumer decisions to help better structure events in the future.

Originality/value

Weather variables beyond temperature and precipitation are included in a Tobit model for NFL attendance using percentage of capacity as the dependent variable. These weather variables are cloud cover, wind speed, humidity, and barometric pressure. Cloud cover and barometric pressure were found to have some significant effects on percentage of capacity. When included, precipitation itself is no longer found to be significant, but precipitation interacted with games played in domes retains statistical significance as there are key differences between games held outdoors versus indoors.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 18 September 2019

Julia Kathryn Giddy

The purpose of this paper is to investigate the impact of extreme weather on tourism events through the perceptions of participants, using the case of the 2017 Cape Town…

Abstract

Purpose

The purpose of this paper is to investigate the impact of extreme weather on tourism events through the perceptions of participants, using the case of the 2017 Cape Town Cycle Tour (CTCT).

Design/methodology/approach

This study utilized a survey method to collect data. Questionnaires were distributed online to would-be participants in the cancelled 2017 CTCT. The questionnaire included both fixed-response and open-ended questions.

Findings

The results show that participants experienced mixed emotions to event cancellation. Most felt that the weather conditions warranted cancellation, but some concerns emerged as to how the cancellation was managed. In addition, many felt that the organization of the race needs to be rethought due to numerous negative weather experiences in recent years.

Research limitations/implications

The findings in this study are exploratory. They focus on a single event in one city. However, they provide important initial insight into how sporting event participants react to the negative impacts of extreme weather.

Practical implications

These results have important management implications in addressing the impact of weather on the events sector. They are significant in understanding best practice with regard to managing participants in the case of weather impacts on an event. They also demonstrate interesting results with regard to participant loyalty among active sport events tourists.

Originality/value

The originality of this study is in its extension of the broad discussion of the impact of extreme weather and climate change on tourism to the events sector. The implications of changing weather and climatic patterns on events, particularly mass-participation sporting events, are clear and need to be considered in order to effectively manage future impacts on this important economic sector. This is done by providing insight into how participants respond to these types of circumstances.

Details

International Journal of Event and Festival Management, vol. 10 no. 2
Type: Research Article
ISSN: 1758-2954

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Article
Publication date: 11 November 2019

Pankaj Singh and Gaurav Agrawal

The purpose of this paper is to review research on weather index insurance (WII) for mitigating the weather risk in agriculture and to identify research gaps in current…

Abstract

Purpose

The purpose of this paper is to review research on weather index insurance (WII) for mitigating the weather risk in agriculture and to identify research gaps in current available literature through integrative review.

Design/methodology/approach

This paper is based on the integrative review method as proposed by Whittemore and Knafl. QualSysts tool was adopted for assessing the quality appraisal of articles. Reporting followed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines.

Findings

Detailed critical analysis of content reveals that WII studies are growing and shifting from traditional to the newest themes. Efficacy of WII is significantly influenced by the impacts of climate change. This paper generates a conceptual framework by synthesizing the published literature on WII.

Research limitations/implications

This paper will be used to improve the WII practices and influence public policy. It is also beneficial in research by contributing to the systematic body of knowledge and useful for researchers to analyze the past and present status with future prospects of further studies on WII.

Originality/value

The paper is the original work of the author. To the best of authors’ knowledge, this is the first paper on integrative review on the efficacy of WII. An attempt has been made in the current paper to critically examine the studies of WII.

Details

International Journal of Ethics and Systems, vol. 35 no. 4
Type: Research Article
ISSN: 2514-9369

Keywords

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Article
Publication date: 3 July 2019

Timothy Oluseun Adekunle

The purpose of this paper is to examine the Summer performance, comfort, and heat stress in structural timber buildings. The research utilises building simulation as a…

Abstract

Purpose

The purpose of this paper is to examine the Summer performance, comfort, and heat stress in structural timber buildings. The research utilises building simulation as a tool to investigate the performance of the case study buildings under non-extreme weather conditions.

Design/methodology/approach

The research explores three UK sites using the test reference year (TRY) weather files for the current and future weather conditions. The study focuses on the Summer performance and heat stress in non-extreme weather conditions; therefore, the Design Summer Year (DSY) weather files are not used for the simulations. The simulation data are calibrated and validated using the measured data from the field study.

Findings

The results revealed the mean predicted temperatures varied from 20.2–20.8°C for the 2000s. The mean temperatures for the 2030s ranged from 23.1 to 24.2°C. Higher temperatures are predicted at the buildings in the Southeast site than the Midlands and the Northwest sites. The results revealed that there is no significant improvement in the thermal environment when the floor area and the floor-to-ceiling height are increased. However, the study showed that the integration of different design interventions can improve the future performance and resilience of the buildings in various weather conditions.

Research limitations/implications

By applying the wet-bulb globe temperature (WBGT) and the Universal Thermal Comfort Index (UTCI) mathematical models to calculate the heat stress at the buildings, the study proposes the WBGT of 20.0°C and the UTCI of 24.1°C as possible heat stress indicators for occupants of the buildings in the 2030s.

Practical implications

On the one hand, the results revealed the maximum temperatures in some of the case study buildings exceed the comfort threshold (28°C). On the other hand, the study showed that occupants of the buildings are not prone to extreme Summertime overheating and heat stress under moderate weather conditions. However, different outcomes may be predicted if DSY weather files for the selected sites are considered.

Originality/value

This study is the first reported work to explore building simulation and mathematical equations to investigate Summer performance, comfort and heat stress indexes in timber buildings under moderate weather conditions in different regional sites in the UK.

1 – 10 of over 20000