Hofstede's five cross-cultural dimensions have been broadly applied in the literature. Money and Crotts recently applied the dimension of uncertainty avoidance to a matched sample comprised of low uncertainty avoidance German and high uncertainty avoidance Japanese tourists, finding their behaviours consistent with those behaviours predicted by Hofstede. This study both replicates and extends their research across a representative sample of first time leisure visitors to the USA representing 58 nations. It was found that visitors from high uncertainty avoidance cultures exhibited behaviours consistent with those of the Japanese in the Money and Crotts research, whereas visitors from low-uncertainty avoidance cultures behaved similarly to their German subjects. Such findings, across a broad sample population, validate the original research through a more rigorous test of its propositions, provide increased confidence regarding their generalisability, and further contribute to our understanding of the influence of national culture on tourist behaviour.
The study documents the clustering of annual general meetings (AGMs) in the months of March, April and May and shows that this clustering of AGMs in dates is positively related to average monthly stock returns in these months. The study not only documents a 'new anomaly' in the stock market in the recent two decades, but also provides explanations why it is so. The study shows that an economic event is behind the regularity in stock returns.
Following natural disasters, many regions face substantial losses of wealth. However, some sectors experience temporary gains in economic activity as a result of insurance claims and other short-term income flows. This paper examines the economic gains and losses from Hurricane Hugo in South Carolina. The analysis is based on a multi-sector regional econometric model, which allows us to examine the state's economy "with and without" the storm. We first obtained estimates based on pre-Hugo period data. Then, we simulated the state's economy in the post-Hugo period based on the actual values of national economic variables during the reconstruction period-yielding the "without" storm estimates. We found that the income gains were neutral overall, despite a major surge in some sectors. Even in these sectors, the economic gain remained below the unreimbursed wealth loss. Thus, the catastrophe had a net negative economic effect.
Economic impact studies have been applied to a wide range of sporting and recreational events, which are increasingly viewed as an economic development tool besides their recreation benefits. Impact studies rely on the multiplier concept to determine total impacts. This paper addresses the issue of how to estimate correctly the multiplier and thus the total economic impact. The theoretical framework of impact analysis is presented. Examples of correct interpretations of data and modeling procedures are provided.
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