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Reports on a study that applied the well‐ established SERVQUAL methodological instrument to an investigation of those hotels in Crete that have adopted the ISO 9000 quality standard. Three service gaps are explored through a questionnaire survey of guests and managers in ten Cretan hotels. The study finds that there is a divergence between the perceptions of service quality of guests and managers, and that the greatest gaps exist in hotels of the highest quality classification. Finally, some implications of the ISO standard in hotels are discussed.

Abstract. This paper investigates the empirical association between stock market volatility and investor mood-proxies related to the weather (cloudiness, temperature and precipitation) and the environment (nighttime length). Overall, our results suggest that cloudiness and length of nighttime are inversely related to historical, implied and realized measures of volatility. The strength of association seems to vary with the location of an exchange on Earth with respect to the equator. Weather deviations from seasonal norms and dummies representing extreme weather conditions do not offer additional explanatory power in our datasets. JEL Classification: G14, G32Keywords: Stock market anomalies, Volatility, Sunshine effect, SAD effect, Behavioral Acknowledgements: We would like to thank Mark Kamstra, David Hirshleifer and an anonymous referee for providing us with valuable comments and suggestions which significantly improved the final version of the paper. We assume responsibility for any remaining errors.

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