The behavior of market participants often does not rely on market signals, but replicates the investment decisions of other parties. The convergence of their investment behavior leads to the emergence of herd behavior with negative implications for financial stability. Moreover, this phenomenon may be even more pronounced in times of crisis. Although herding is an interesting topic which invites the interest of academic researchers, it still has not been sufficiently studied in terms of comparing the herd effect between differently developed stock markets. The first objective of this research was to determine the herd behavior during the COVID-19 pandemic using static and rolling regression analysis. The second objective was to investigate whether the herd behavior was triggered by the pandemic, while the third objective was to compare the differences in herd behavior between differently developed European stock markets. The results show that this phenomenon is most pronounced in emerging markets, followed by frontier markets and developed markets. Therefore, the results of this study are of particular importance for individual and institutional investors to achieve efficient risk diversification and for financial authorities to establish rules and avoid an increase in herd behavior.

Seasonality, as one of the key features of tourist activity, represents an unavoidable topic in scientific and professional analyses, whose aim it is to determine its causal effects. The economic consequences of seasonality are the kind of consequences that are most often emphasized and considered in discussions. They include inefficiencies in resource use, income variability, changes in the employment level, etc. However, only a few analyses have provided a more in-depth discussion of the common problems of seasonality among the Mediterranean countries. The most commonly used method of calculating the Gini coefficient will be used in order to estimate seasonality. This coefficient is characterized by certain advantages, such as taking into account the distribution asymmetry and the relative insensitivity to extreme values, as well   as the stability indication of overnight stays distribution in a single year. Based on individual calculations of the seasonality index, this paper will provide a unique view of the similarities and differences between countries with regards to seasonal tourism oscillations. The analysis will cover the total number of tourists’ overnight stays in hotels and similar accommodation facilities, RevPAR revenue, and the average room price – ADR per month between 2007 and 2017. This paper will focus on determining the seasonal characteristics of the selected Mediterranean countries. The quantitative seasonality calculation will be a key indicator for seasonality measurements across different research areas. The contribution of this paper is reflected in the application of financial and non-financial indicators in hotel business that has not yet been implemented. Keywords: Tourism seasonality, RevPAR, ADR, gini index

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Purpose This study aims to understand the push and pull motivations of leisure tourists who stay for one or more nights on the Opatija Riviera and explores the causal connection between motivations and loyalty intention with regard to holiday style. It verifies path discrepancy based on generational and educational differences. Design/methodology/approach The data were collected over a four-month period that included the low and high seasons of 2019. In total, 246 useable questionnaires were collected through on-site research. First, exploratory factor analysis was conducted as this was the first tourist loyalty study to be conducted in the Opatija Riviera region. Then, to test for causal significance amongst relationships and differences at the path level, the partial least square method and multigroup analysis (MGA) was undertaken. Findings The results showed that overall satisfaction fully mediates the relationship between the two established motivations (novelty seeking and outdoor activity) and loyalty to holiday style and partially between relaxation and loyalty to holiday style. Further, MGA results indicated a significant discrepancy in the relationship between preferred holiday style with regard to educational and age difference. Originality/value This study offers new insights regarding a relatively new type of tourist loyalty by developing a theoretical framework that assesses the relationship between loyalty intention and motivation, as well as overall satisfaction.

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