Suchergebnisse

AbstractNatural disasters are an important deterrent factor for tourism activities from both supply and demand perspectives. This paper studies the short-term effect of a volcano eruption on hotel demand, supply and hospitality labour in La Palma (Spain), an island economy that is highly dependent on the tourism sector. Based on a monthly panel dataset, we employ seemingly unrelated difference-in-differences (SUR-DiD) to identify the distinct responses of these three outcomes both during and post eruption. We are particularly interested in examining the asymmetry in their elasticities to the shock, which serve as indicators of disaster resilience. Potential spillover effects on nearby islands are also examined. We find that the eruption resulted in significant yet asymmetrical drops in international demand, number of hotels opened, and hospitality workers hired. Our findings inform about the resilience of the tourism industry to natural disasters, offering relevant insights about heterogeneous effects depending on exposure to the event.

AbstractUnderstanding couple instability is a topic of social and economic relevance. This paper investigates how the risk of dissolution relates to efforts to solve disagreements. We study whether marital locus of control (a noncognitive trait that captures individual's perception of control over problems within the couple) is associated with the prevalence of relationship instability in the past. We implement a list experiment using the count‐item technique to a sample of current real‐life couples to elicit truthful answers about couple break‐up intentions in the past at the individual level. We find that around 44% of our sample has considered to end their relationship with their current partner at least once in the past. The intention to break‐up is more prevalent among those who score low in marital locus of control, males, low‐income earners, individuals with university studies, and couples without children.

AbstractCoastal amenities are public goods that represent an important attraction for tourism activities. This paper studies the capitalization effects of beach characteristics using hedonic pricing methods. We examine the implicit economic value of several beach characteristics like sand type, width, longitude, accessibility, or frontage in the Airbnb rental market. Using data for 16,663 Airbnb listings located in 67 municipalities of the Balearic Islands (Spain) during the summer of 2016, together with detailed information about the attributes of 263 beaches, our modelling approach considers interaction terms between the beach amenities and distance to the closest beach. Controlling for a set of listings' structural characteristics, host attributes and municipality fixed effects, we find that Airbnb guests attach economic value to beach length, the presence of vegetation, the type of coastal frontage and beach accessibility and exclusivity. However, there is no evidence of capitalization effects associated with beach width or the type of sand.

AbstractAs on‐field success is nowadays the main objective of European soccer clubs, good management needs to extract the highest sport success from the squad talent at hand. Because teams differ in their quality, performance needs to be compared with the best practice of comparable units. One remarkable source of heterogeneity across teams is the squad composition, which can produce gains from diversity together with communication costs. The paper studies the efficiency in sporting performance of soccer teams, paying attention to how the number of foreign players relates to productive inefficiency. Using data for 146 teams in the top 5 European leagues during 10 seasons, we estimate a double heteroskedastic True Random Effects Stochastic Frontier team production function. We find that (i) the number of passes, ball recoveries, and shots from the penalty area improve team efficiency, and (ii) a higher number of foreign players increase inefficiency. Our findings suggest that gains from squad diversity might be offset by communication costs.

This paper studies the relationship between the Euribor rate and the return on average assets (ROAA) of the Spanish banking sector. We use quarterly time series data for the period 1995-2016. Our analysis also controls for bank factors, market concentration, the macroeconomic environment and time effects. The main purpose is to examine how the sector's ROAA varies with the slope of the yield curve. We find evidence of an inverse relationship between the Euribor rate and profitability. We also show that banking profitability is pro-cyclical and is positively related to the stock of performing loans and the national 10-year bond yield.

The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: This work was financially supported by the Spanish Ministry of Education, Culture and Sport (FPU 16/00031), FEDER/Ministry of Science, Innovation and Universities (ECO2017-82111-R), the Basque Government (IT1359-19) and the Project MINECO-18-ECO2017-86402-C2-1-R (Spanish Ministry of Economy and Competitiveness).