Shabbar Jaffry

A Choice Modeling Application for Greek Heritage Attractions

The article adopts a discrete choice modeling methodology with a focus on capturing systematic heterogeneity to evaluate tourists’ preferences for two Greek heritage attractions. This methodology provides useful insights on the preferences of tourists belonging in different demand segments while also providing direction for future policy making in this area. The article presents empirical justification for the frequently cited argument for adopting a more customer-oriented rationale for the optimal use of heritage resources. Overall, the article supports the claim that tourists value positively the introduction of services and amenities that improve the quality of customer service. Thus, policy makers and heritage managers should pay more attention to visitors’ needs and their particular requirements.

Price transmission and market integration: vertical and horizontal price linkages for salmon

Relationships between prices are of interest when testing for market integration as well as analyses of supply chains. A feature that has received little attention is that if two supply chains are linked by market integration at some stage, then the whole supply chain will be linked. Furthermore, the leading price in such a system can be in one supply chain and will not be revealed in market integration studies or analysis of a single supply chain. An empirical analysis is provided for the supply chains for salmon which originates in Norway and the United Kingdom and is then sold at retail level in France as smoked salmon. We find a high degree of price transmission in both supply chains, as well as integrated markets.

Asymmetric Price Transmission: A Case Study of the French Hake Value Chain

Asymmetry in price transmission has recently attracted much attention in the food literature, but hitherto this important issue has been overlooked in fish and fish product market studies. This paper seeks to fill this gap, and thus takes the fisheries market literature closer to the general food literature. To this end, an asymmetric error correction price transmission model has been estimated for the whole fresh French hake value chain. This paper tests for cointegration between auction and retail prices using the Engle and Granger two-step method, and the Enders and Granger Threshold Autoregression (TAR) and Momentum Autoregression (M-TAR) methodologies. The results present clear evidence of asymmetric price transmission in the whole hake value chain and that the assumption of symmetric adjustment in this sector produces misleading and biased results. The price response behaviour of retailers is found to be consistent with asymmetric price transmission: retailers immediately respond to positive changes in auction prices by adjusting their prices upward, but they do not react as quickly to falling auction prices. These findings have profound implications for studying margins along the value chain of fish and fish products. By ignoring the asymmetry in price transmission at different levels of the value chain, calculations of margins will be biased.

Long memory in the Portuguese stock market

Purpose - This papers aim is to test for the presence of fractional integration, or long memory, in the daily returns of the Portuguese stock market using autoregressive fractionally integrated moving average (ARFIMA), generalised autoregressive conditional heteroskedasticity (GARCH) and ARFIMA-FIGARCH models. Design/methodology/approach - The data cover two periods: 4 January 1993-13 January 2006 (full sample), and 1 February 2002-13 January 2006 (that is, data are considered after the merger of the Portuguese Stock Exchange with Euronext). Findings - The results from the full sample show strong evidence of long memory in stock returns. When data after the merger are considered, weaker evidence of long memory is found. It is concluded that the Portuguese stock market is more efficient after the merger with Euronext. Originality/value - The findings of this paper are helpful to financial managers and investors dealing with Portuguese stock indices.

A demand analysis of the UK canned tuna market

This study provides an analysis of the retail level demand for canned tuna in the UK using four-weekly scanned data for the period 1995-99. The role of product medium is analysed, looking at the interactions between the traditional tuna in brine and oil and the more recent value added tuna in sauces. A system of demand equations is estimated using the dynamic almost ideal demand system (AIDS) model. All products are demonstrated to have negative and inelastic own price elasticities. Tuna in brine and sauce is shown to be a normal good, while tuna in oil was demonstrated to be a luxury good. Tuna in oil was indicated as being a substitute for tuna in sauce.

Trends in efficiency in response to regulatory reforms: The case of Indian and Pakistani commercial banks

This paper attempts to estimate trends in the efficiency levels of Indian and Pakistani commercial banks between 1985 and 2003, a time period which encompasses two phases of significant change to the regulation of the financial sector in both countries. Our efficiency estimates show that, during the initial years of the post reform period, a reduction in efficiency is observed for banks in both countries. However, efficiency levels were found to have increased subsequently, suggesting a period of initial adjustment throughout much of the 1990s followed by a subsequent correction in the latter part of the sample period.

ANALYSING DEFENCE DEPENDENCY: THE IMPACT OF THE ROYAL NAVY ON A SUB-REGIONAL ECONOMY

This paper provides a methodology for estimating the economic impact of defence spending at a sub‐regional level. It does so by calculating the income and employment generated by Britain’s Royal Navy and associated defence activities in the City of Portsmouth and its surrounding area, during the financial year 2003–2004. In an era of military consolidation, the paper offers an insight into the multifaceted impact of defence‐related expenditure. Hence, it presents a generic framework that could prove useful to other researchers when seeking to measure the sub‐regional impact of naval, airforce and army facilities in other national contexts.

Analysing quits and separations from the Royal Navy

Manning difficulties and retention of skilled personnel is a timely issue in the British armed forces, and especially in the all‐volunteer Royal Navy. Allied with difficulties of matching personnel numbers and posts, significant skill mismatches can take a long time to eradicate, with obvious financial and operational penalties. In the light of these factors, a holistic understanding of the exit behaviour of naval personnel is vital for naval manpower planners. This paper analyses ratings’ voluntary (quits) and involuntary (separation) exit patterns from the Royal Navy using an independent competing risks hazard regression analysis framework. The results show that both voluntary and involuntary exits are pro cyclical with respect to macroeconomic and labour market conditions for both male and female ratings. Male ratings are more likely to quit or separate due to a lack of promotion to higher ranks as compared with females. Male ratings are also more likely to quit as a result of a hectic operational tempo when compared with their female counterparts. Frequency of sea/shore deployments also seems to exert a significant effect with respect to quits and separation outcomes of both genders. In terms of marital status married males are less likely to quit compared with their unmarried male counterparts, whereas the opposite is the case for female ratings.

The role of uniqueness in destination branding: the case of historical Portsmouth harbor

Purpose – The purpose of this paper is to examine the potential for utilizing a unique resource, such as the Historic Portsmouth Harbor, in order to differentiate the local brand. Design/methodology/approach – The objective of the paper is to examine the role of unique local resources and attractions as a source of competitive advantage through destination branding. Findings – The main findings of the paper indicate that policy makers and destination managers should more proactively utilize the unique elements of the Historic Portsmouth Harbor “brand,” as opposed to the commonplace “waterfront city” brand. This could be achieved by staging events of international significance or through a bid for gaining world heritage status. In addition to that, the paper argues that in order for this branding initiative to have a higher impact, a prominent high profile individual should be appointed. This individual could act as a leader or “brand ambassador” in order to attract stakeholder interest and participation. ...

An analysis of monetary voluntary contributions for cultural resources: the case of the British Museum

The study considers the factors affecting the levels of individual voluntary contributions for cultural tourist not-for-profit resources. The paper takes the British Museum (BM), London, as an example. The BM is the leading free-entry cultural tourist attraction in London. However, funding for the BM has decreased by over 30% in the past 10 years. The results illustrate the effect of formal and informal ‘communities of participation’ that generate obligations for voluntary contributions towards arts and cultural resources. The BM, the authors argue, should try to invest in cultural network enhancing infrastructure that could potentially encourage visitors to contribute voluntarily. It should also influence trust levels among potential donors by becoming more accountable. The authors argue that these policy initiatives could lower the transaction costs of pro-social behaviour.