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1 – 10 of 205Doriana Cucinelli and Maria Gaia Soana
Are financially illiterate individuals all the same? This study aims to answer this question. Specifically, the authors investigate whether people answering incorrectly and “do…
Abstract
Purpose
Are financially illiterate individuals all the same? This study aims to answer this question. Specifically, the authors investigate whether people answering incorrectly and “do not know” to the big five questions about financial knowledge (FK), all identified by previous literature as financially illiterate, are two sides of the same coin, or rather individuals with different socio-economic and demographic characteristics, and whether this leads to different levels of risk of falling victim to financial fraud.
Design/methodology/approach
Using a large and representative sample of Italian adults, the authors run both ordered probit and probit regressions to test the determinants of financially illiterate individuals, distinguishing between those answering FK questions incorrectly and those answering “do not know”. The authors also measure the probability of falling victim to financial fraud for the two groups. To check the robustness of our results, the authors run a multinomial regression, a structural equation model and an instrumental variable regression model.
Findings
The authors demonstrate that the socio-demographic and socio-economic characteristics of individuals selecting incorrect responses to FK questions are different from those of individuals selecting the “do not know” option. Moreover, the results show that the former are more likely to be victims of financial frauds.
Practical implications
The “one-size-fits-all” approach is not suitable for financial education. It is important to consider socio-demographic and socio-economic characteristics of individuals in order to identify specific targets of education programmes aiming to reduce insecurity and excessive self-confidence as well as to increase objective FK. The study’s findings also identify vulnerable groups to which financial fraud prevention schemes should be targeted.
Originality/value
To date, financial illiteracy has been measured as the sum of incorrect and “do not know” responses given to FK questions. This approach does not allow to observe the socio-demographic and socio-economic differences between people choosing the “do not know” option and those answering incorrectly. The paper aims to overcome this limit by investigating the socio-demographic and socio-economic characteristics of individuals selecting “do not know” and incorrect responses, respectively. The authors also investigate whether the two groups have different probabilities of being victims of financial fraud.
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This study, a conceptual paper, analyses the growth of curation in tourism and hospitality and the curator role in selecting and framing products and experiences. It considers the…
Abstract
Purpose
This study, a conceptual paper, analyses the growth of curation in tourism and hospitality and the curator role in selecting and framing products and experiences. It considers the growth of expert, algorithmic, social and co-creative curation modes and their effects.
Design/methodology/approach
Narrative and integrative reviews of literature on curation and tourism and hospitality are used to develop a typology of curation and identify different curation modes.
Findings
Curational techniques are increasingly used to organise experience supply and distribution in mainstream fields, including media, retailing and fashion. In tourism and hospitality, curated tourism, curated hospitality brands and food offerings and place curation by destination marketing organisations are growing. Curation is undertaken by experts, algorithms and social groups and involves many of destination-related actors, producing a trend towards “hybrid curation” of places.
Research limitations/implications
Research is needed on different forms of curation, their differential effects and the power roles of different curational modes.
Practical implications
Curation is a widespread intermediary function in tourism and hospitality, supporting better consumer choice. New curators influence experience supply and the distribution of consumer attention, shaping markets and co-creative activities. Increased curatorial activity should stimulate aesthetic and stylistic innovation and provide the basis for storytelling and narrative in tourism and hospitality.
Originality/value
This is the first study of curational strategies in tourism and hospitality, providing a definition and typology of curation, and linking micro and macro levels of analysis. It suggests the growth of choice-based logic alongside service-dominant logic in tourism and hospitality.
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Anne Leena Marika Kauppi, Tuija Vanamo, Kari Karkola and Juhani Merikanto
A parent who continuously physically abuses her/his child doesn't aim to kill the child but commits an accidental filicide in a more violent outburst of anger. Fatal abuse deaths…
Abstract
A parent who continuously physically abuses her/his child doesn't aim to kill the child but commits an accidental filicide in a more violent outburst of anger. Fatal abuse deaths are prevented by recognition of signs of battering in time. Out of 200 examined intra-familial filicides, 23 (12%) were caused by child battering and 13 (7%) by continuous battering. The medical and court records of the victim and the perpetrator were examined. The perpetrator was the biological mother and the victim was male in 69 per cent of the cases. The abused children were either younger than one year or from two-and-a-half to four years old. Risk factors of the victim (being unwanted, premature birth, separation from the parent caused by hospitalization or custodial care, being ill and crying a lot) and the perpetrator (personality disorder, low socioeconomic status, chaotic family conditions, domestic violence, isolation, alcohol abuse) were common. The injuries caused by previous battering were mostly soft tissue injuries in head and limbs and head traumas and the battering lasted for days or even an year. The final assault was more violent and occurred when the parent was more anxious, frustrated or left alone with the child. The perpetrating parent was diagnosed as having a personality disorder (borderline, narcissistic or dependent) and often substance dependence (31%). None of them were psychotic. Authorities and community members should pay attention to the change in child's behavior and inexplicable injuries or absence from daycare. Furthermore if the parent is immature, alcohol dependent, have a personality disorder and is unable to cope with the demands the small child entails in the parent's life, the child may be in danger.
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Pierre Rostan, Alexandra Rostan and Mohammad Nurunnabi
The purpose of this paper is to illustrate a profitable and original index options trading strategy.
Abstract
Purpose
The purpose of this paper is to illustrate a profitable and original index options trading strategy.
Design/methodology/approach
The methodology is based on auto regressive integrated moving average (ARIMA) forecasting of the S&P 500 index and the strategy is tested on a large database of S&P 500 Composite index options and benchmarked to the generalized auto regressive conditional heteroscedastic (GARCH) model. The forecasts validate a set of criteria as follows: the first criterion checks if the forecasted index is greater or lower than the option strike price and the second criterion if the option premium is underpriced or overpriced. A buy or sell and hold strategy is finally implemented.
Findings
The paper demonstrates the valuable contribution of this option trading strategy when trading call and put index options. It especially demonstrates that the ARIMA forecasting method is a valid method for forecasting the S&P 500 Composite index and is superior to the GARCH model in the context of an application to index options trading.
Originality/value
The strategy was applied in the aftermath of the 2008 credit crisis over 60 months when the volatility index (VIX) was experiencing a downtrend. The strategy was successful with puts and calls traded on the USA market. The strategy may have a different outcome in a different economic and regional context.
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