Vicky L. Seiler

Modeling Travel Expenditures for Taiwanese Tourism

Abstract This study develops a travel expenditure model using sociodemographic and travel characteristics to identify the important determinants affecting travel expenditure for Taiwanese travelers visiting the United States. Stepwise regression is used to accurately interpret independent variables. LInear Structural RELations (LISREL) is used for analyzing the Structural Equation Model (SEM) that is fit to a sample (n = 1,097) of Taiwanese travelers using the variables from the stepwise regression as exogenous variables and expenditure and length of stay as endogenous variables. The overall model is found to be robust and individual relationships are found significant as well. The results of this study provide a first step in studying travel expenditure using sociodemographic and travel characteristics for the Taiwan travel market. Implications and recommendations for the travel and tourism industry are provided and suggestions for future research are made.

Fear, Shame and Guilt: Economic and Behavioral Motivations for Strategic Default

This study examines underwater primary resident homeowners to identify why some decide to strategically default while others do not. We find that realized shame and guilt are consistent with ex ante expectations. However, the financial backlash experienced by strategic defaulters is less than anticipated, causing strategic defaulters not to regret their actions. State‐specific bankruptcy exemption levels and real estate laws only marginally explain the decision to strategically default, partly because the decision to walk away from a mortgage is emotional, and partly because the implementation of these laws is uncertain and confusing to distressed borrowers. Rather, we find key strategic default drivers include the homeowners expectation of future real estate price movements, frustration with the lender, moral evaluation of the decision to strategically default, loan knowledge, political ideology, gender, income and age.

Mental Accounting and False Reference Points in Real Estate Investment Decision Making

This study examines a number of behavioral finance issues as they relate to real estate investments. We find a statistically significant degree of mental accounting at all points throughout the disposition effect curve when holding a real estate investment in isolation versus holding the asset as part of a mixed-asset portfolio. We also identify four distinct disposition curve shapes beyond the traditional “S-shaped” curve, where investors are more willing to sell an asset that is in the gains domain. Furthermore, we conclude that an investors willingness to sell jumps by the greatest amount when going from zero return into profitable territory. Finally, this false reference point does take into consideration transaction costs.

Mitigating Investor Risk-Seeking Behavior in a Down Real Estate Market

Using an extension of the prospect theory known as false reference points, this study examines the behavior of real estate investors after experiencing a loss. The results confirm our central hypothesis that when investors attempt to avoid the pain of regret by changing the lens through which they view losses, they become more likely to hold onto bad investments. This unwillingness to sell bad investments in the short run causes investors to be more likely to experience heightened levels of unavoidable regret in the long run. The results hold across demographic characteristics but are slightly more pronounced for men and international investors, specifically those from Asia.

Familiarity Bias and Perceived Future Home Price Movements

This study empirically confirms the existence of the status quo deviation aversion hypothesis, but not increasing status quo deviation aversion, in people who own their primary residence. The examination was conducted in the 20 Case-Shiller Metropolitan Statistical Areas across the country. The results are systemic and do not vary substantially by demographic characteristics. However, variations are noted with different levels of real estate knowledge, income, purchase motive, relative home tenure, and excess relative housing risk.

Can Agents Influence Property Perceptions Through Their Appearance and Use of Pathos

This study takes 1594 potential homebuyers on a Web-based audio/visual tour of a typically priced home in their area. Using a voice-altering software as well as before and after extreme makeover photos, we are able to isolate the effect of real estate agent characteristics—attractiveness, gender, and pathos—on their ability to change the opinions of potential homebuyers. We find that attractive female agents who employ pathos are significantly able to alter the impression of the property in the minds of respondents. Furthermore, agents using pathos are not viewed as less trustworthy than agents not using pathos.

Examining Marketing Journals' Publication Process and Reviewer Practices

This study examines reviewer practices at 11 marketing journals. The results for the top three journals are compared to eight comparable journals that are typically considered to be non-top-tier journals. The results suggest that the reviewers and the review processes at the top journals differ significantly from those of the non-top-tier journals. One of the most important findings is the degree to which the double-blind review process is being employed. The results may provide aspiring authors with a greater understanding and empathy of the review process, which in turn may allow them to be more successful with their article submissions.

Modeling International Travel Arrangements for Taiwanese Travelers: Potential Fits

Abstract This paper presents a choice model of international travel arrangements for potential Taiwanese FIT (Foreign Independent Travel) travelers. Previous studies were based mostly on package vacations, with little attention given to FIT travelers. Recent years have indicated a transition toward FIT. Since this transition is likely to continue, it is important for travel and tourism organizations and for marketers to understand FIT individuals. This study distinguishes potential FIT travelers from non-FIT travelers, identifies variables useful in making this prediction, and provides recommendations to travel and tourism organizations of host countries. The findings indicate that Taiwanese FIT travelers are likely to be younger, male, highly educated, budget conscious, travel with a larger party size for purposes of meeting interesting and friendly local people, stay for longer periods of time, and have taken many trips in the last three years that in volved spending at least four nights away from home.

International unsecuritized real estate

Given the paucity of good international unsecuritized real estate data and the growing interest in diversifying real estate only and mixed‐asset portfolios beyond national borders, this study introduces an unsecuritized Japanese total return index for office real estate dating back to 1970. Moreover, this study analyses risk and return characteristics and compares them with the risk and return characteristics of US domestic unsecuritized office real estate. The results indicate that first, National Council of Real Estate Investment Fiduciaries (NCREIF) and the Mitsubishi Trust and Banking Corporation and IKOMA Data Service System Co. Ltd (MTB‐IKOMA) geographic region returns are generally from a normal distribution, although neither is without exception; second, all ten sub‐indices suffer from autocorrelation at two or three lags even after lower‐order effects have been removed; third, returns in Japan are historically higher, although so too are the risks; and most importantly fourth, while returns withi...