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The present research aims to examine a range of momentum trading strategies for the tourism and hospitality sector.

The paper followed the methodology of Jegadeesh and Titman (1993) to construct the portfolios. In this methodology, all portfolios were formed and evaluated by their cumulative stock returns over the past J periods and holding the position for the next K periods. In total, nine formation and holding periods were used, represented by 3, 6 and 12. For example, strategy 3–3 (that is, strategy with J = 3 and K = 3) refers to the strategy that stocks are ranked based on their previous three months and then held for the next three months.

The findings demonstrated that none of these momentum investing strategies was profitable. Most of the results, however, show positive, but insignificant momentum returns. This finding can be interpreted as price reversal over a horizon of three to twelve months in the US hospitality and tourism sector. These results are robust to size, different formation and holding combinations, beta and turnover.

Regarding the research limitations, this paper only considers the US tourism and hospitality sector. Therefore, the extension of results to other developed and developing markets should be taken carefully. Also, this paper relies only on the methodology of Jegadeesh and Titman (1993). Other methodologies could be suitable avenues for future research.

Investors and portfolio managers who seek for earning abnormal returns by investing in the US HT stocks can attain their hopes by constructing portfolios based on existing guidelines in the literature and adopting a short-term reversal trading strategy or by buying past losers and selling past winners of the US tourism and hospitality stocks.

This research contributes to the hospitality finance literature by offering the investors who are interested in the US hospitality and tourism sector an uncomplicated trading rule that uses real return data and is expected to generate actual returns. Moreover, the momentum strategy of Jegadeesh and Titman (1993) is never used in the hospitality finance literature.

本研究旨在探討各種可應用於旅遊及酒店業的動量交易策略。

本文按照 Jegadeesh 和 Titman（1993）的研究方法來建造投資組合。使用這研究方法時，所有投資組合均以它們在過去J 時期的累積股票收益和在未來K 時期的持倉來建立及評價的。九個組成方式及持有期被使用，以3、6、12來表示。例如，策略3-3（那就是說，該策略以J = 3和 K = 3）指的策略是以有關的股票基於過去三個月而被分等級，繼而在未來三個月被持有。

研究結果顯示，這些投資策略全沒帶來利潤；唯大部分結果顯示正動能策略報酬，雖報酬是微不足道的。這研究結果或許可理解為在美國酒店及旅遊業為期三至十二個月的價格逆轉。這些結果就規模、不同組成方式和持有組合、beta 和成交量而言是強而有力的。

就研究的局限而言，本文只是考慮美國的酒店及旅遊業；因此，如把研究結果伸延至其它已開發或發展中的市場，則需小心處理。另外，本文只依賴 Jegadeesh 和 Titman（1993）的研究方法，就此，使用其它研究方法會是日後相關研究的適當途徑。

欲透過投資於美國酒店及旅遊股票而尋求賺取異常收益的投資者和投資組合經理可如願以償，方法是基於文獻內現存的準則建造投資組合，以及採用短期的逆轉交易策略，或買入美國酒店及旅遊業過去輸家及賣出過去贏家。

本研究為酒店金融文獻作出貢獻，因研究為對美國酒店及旅遊業有興趣的投資者提供了使用實際收益數據及預期可創造實際回報的簡單交易規則；而且， Jegadeesh 和 Titman（1993）的動量策略從未在酒店金融文獻內被使用過。

After the COVID-19 outbreak began, travel demand dropped sharply and the potential impact of COVID-19 on sharing accommodations appears to be significant. Thus, it would be meaningful to investigate how travelers have changed their perceptions of staying at sharing accommodations in the wake of the coronavirus pandemic. The purpose of this research was to compare consumers' perceived risks of using sharing accommodations, such as Airbnb, before and during the coronavirus pandemic.

Paired sample t-tests were applied, using two surveys collected in 2017 (pre-pandemic) and 2020 (peri-pandemic). The effects of stress levels from COVID-19 and previous experience with sharing lodging services on risk perception changes were also examined.

Consumers showed higher social, physical, performance and convenience risk perceptions during the pandemic. Not surprisingly, those respondents who were more conscious of the pandemic in terms of concern and anxiety had higher changes in their risk perceptions. In addition, changes in risk perception differed by consumers' usage experience.

The results of this study add to the body of knowledge about consumers' risk perceptions of the sharing economy, particularly in connection with a huge disruption such as the COVID-19 pandemic.

Using a prosopographical methodology this study examines common leadership influences that might have existed among Genghis Khan, George Washington, and Nelson Mandela. Shoup (2005) suggests that the following seven influences have contributed to nurturing the leadership of 12 renowned individuals: involved parents, happy childhood, formal, informal education, prodigious patrons, critics and adversaries, apprenticeship/sequences of success, and favorable fate. This analysis suggests that the seven influences in his model had an affect the lives of the three individuals in this study, making them competent or exemplary leaders. The study additionally proposes three application stages that educators can utilize to instill leadership values and abilities in young minds.

Companies are adopting a more active role in managing their online reputations by using electronic word of mouth (eWOM) and often responding directly to customer reviews. Therefore, companies need to understand the effects of management responses to customer reviews. This study aims to explore whether it is worth responding to reviews and whether expressing gratitude enhances the effects of review responses.

This study uses customer reviews and management response data from a sample of 766 Spanish rural lodging establishments listed on Toprural (www.toprural.com). Analyses are undertaken with NVivo and SmartPLS.

Responding to negative reviews improves lodging establishments’ average ratings, but responding to positive reviews has no significant direct effect. Expressing gratitude in responses positively moderates the effects of review responses; this moderating effect is more significant for responses to negative than to positive reviews.

Previous research provides contradictory evidence about the positive outcomes of a company’s responses; it also does not address expressions of gratitude. This research provides evidence of the direct effects of management response quantity on ratings. It also expands current research on the content characteristics of these responses. The contextual setting for this research, rural tourism, is a key driver of sustainable rural development and a sector in which eWOM is especially relevant; thus, correctly managing the eWOM phenomenon becomes crucial.

Al objeto de mejorar su reputación online, las empresas progresivamente están adoptando un papel más activo ante las reseñas online de los clientes, ofreciendo respuestas online a dichas reseñas. Por tanto, es necesario que las empresas conozcan mejor los efectos de responder online. Este estudio examina si resulta beneficioso responder a las reseñas y si expresar agradecimiento potencia el efecto de responder.

A partir de datos sobre reseñas online de clientes y respuestas de la empresa, correspondientes a una muestra de 766 alojamientos de turismo rural de Toprural (www.toprural.com), se realizan análisis con NVivo y SmartPLS.

Responder a reseñas negativas mejora las puntuaciones medias del establecimiento en Toprural. Sin embargo, responder a reseñas positivas no tiene un efecto directo significativo. Además, expresar agradecimiento en las respuestas modera positivamente el efecto de responder. No obstante, esta moderación es más intensa en el caso de respuestas a reseñas negativas frente a las reseñas positivas.

La investigación previa aporta evidencia contradictoria sobre los efectos de la intensidad de respuesta empresarial a las reseñas online; además, no se ocupa de la expresión de gratitud en particular. Este estudio aporta luz respecto al efecto directo de la intensidad de respuesta sobre las puntuaciones online y amplía la investigación actual sobre las características de contenido de las respuestas. El marco de estudio, el turismo rural, se considera clave para un desarrollo rural sostenible y constituye un escenario donde el boca-oído electrónico es especialmente importante; en consecuencia, gestionar correctamente el fenómeno es crucial.

Palabras clave Boca-oído electrónico, Respuesta empresarial, Reputación online, Turismo rural

Tipo de artículo Trabajo de investigación

The study aims to consider the multiple affordances of micro-credentials as a means of creating agency and making a positive contribution to the human experience, through the voices of practitioners and stakeholders.

Multiple case study, narrative inquiry, using Reflexive Thematic Analysis to identify themes was the approach used. Qualitative Descriptive Research is employed to present and analyse the re-told tales.

Micro-credentials possess numerous characteristics which coalesce to create multiple affordances, which are identified as follows: Micro-credentials as: Urgent and Emergent, Critical and Transformative, Promoting Equity, Access and Participation, and Servicing Traditional Qualifications. These concomitant multiple affordances possess the core affordance of micro-credentials making a difference to the lives of learners. The more powerful affordances a micro-credential has, the more powerful it is and the greater the difference it can make to the human experience.

Practitioners will arguably do well to consider these multiple affordances in the future development of micro-credentials. Equally, those working in urgent or emergent spaces, in critical or transformative areas of practice, those engaged in a social justice environment or in the re-development of curricula, would do well to consider micro-credentials as a means of creating agency in the development and recognition of knowledge and skills. This study has focused on the voices of practitioners and their storied professional lives. However, the learner voice is limited to one and the employer voice is absent. Future research will benefit from a consideration of the employer voice in the development of micro-credentials as well as the voice of the end user, the learner.

It is hoped the study will assist practitioners in the judicious development of micro-credentials that possess agency and make a positive contribution to the human experience.

It is hoped the study will shed light on how micro-credentials can afford equity, access and participation to priority learners, and to all learners, in the development of cognitively manageable, affordable, time-achievable micro-credentials, that enable learners to see success quickly, whereby encouraging them to further their life-long and life-wide learning journeys.

This study unusually gives voice to practitioners and other stakeholders in the micro-credentials arena. Most studies to date have focused on the potential of micro-credentials. This study considers their actuality and new ways of ‘doing' micro-credentialing based on the voices of experience.

Wine packaged tours as a specific aspect of wine tourism have so far been neglected in research, for this reason, the purpose of this study is to study the key elements for the success of the wine tour in Tuscany (Italy), evaluating the points of strength and weakness.

The study combines approaches of text mining, sentiment analysis and natural language processing, drawing on data from the TripAdvisor platform, obtaining through an automatic procedure 9,616 reviews from 600 tours in the years 2010–2020.

The authors identified six elements of successful wine tours expressed by research subjects: tour guide; logistical aspects; the quality of the wine; the quality of the food; complementary tourist and recreational activities; the landscape and historic villages. The key strength associated with success was the integration of the leading wine product with food, landscape and historic villages, while the main criticisms were concerned with the organization and planning of the tour. Furthermore, the tour guide also plays a fundamental role in consumer satisfaction.

The limitations of the method were linked to the origin of the data used. The main one is that TripAdvisor does not allow you to have social and personal information about the tourist who wrote the review; therefore, the methods are substantially complementary to the traditional survey through questionnaires.

The proposed model can be used both by professionals to improve the quality of their products and by policymakers to promote the territorial development of quality wine-growing areas.

The proposed model can be useful for policymakers to promote the territorial development of quality wine-growing areas.

The methodology we tested is easily transferable to many countries and to the authors’ knowledge, for the first time attempts to combine multidimensional scaling, sentiment analysis and natural language processing approaches.

Sustainable tourism is becoming more popular all over the world. Eco-friendly (green) hotels are properties that are friendly to the environment and are becoming increasingly popular among green travellers. Electronic word-of-mouth is a technique of communicating with consumers in order to share their experiences, and it is a significant marketing tool for hotels. This paper aims to identify the main themes shared in online reviews by tourists visiting eco-friendly hotels, and which of these themes were associated with satisfaction and dissatisfaction ratings.

The research used qualitative content analyses to analyse 1,202 user-generated content of the top 10 hotels in UK shared by guests on an online platform.

The analyses revealed nine themes in descriptions of airline travel experiences. These are “hotel amenities”, “services”, “location”, “staff”, “eco” (eco-friendly activities), “value” and “recommend/revisit” (intentions). Negative comments are associated with the “bathroom”, “mattress”, “water”, “bed”, “price”, “shower”, “Wi-Fi” and “restaurant” concepts.

This study differs from previous research in which it aims to address a void in the literature on the shortcomings of research focused on finding the dominant themes expressed in online reviews by tourists visiting eco-friendly hotels, and it does so using data mining approach.

The main objective of this article is to visualize the structure and trends of pro-environmental behavior (PEB) between 1999 and 2023 through mapping and in-depth analysis. The aim is to analyze PEB, which has received considerable academic attention in recent years due to its key role in the conservation of the environment and the protection of local communities in tourist destinations. This paper provides an important summary of the recent research that has explored the role that tourists have in protecting the environment through PEB.

This study presents a visual analysis of 2005 scholarly articles between the years 1999 and 2023 related to PEB. Using the knowledge mapping based on VOSviewer it presents the current status of research, which includes the analysis of citation analysis, co-citation analysis, co-citation network and longitudinal analysis.

PEB is an emerging topic due to its relevance to protecting the environment in the context of travel. The citation and co-citation analysis show the relevance of the behavior of tourists with regard to protecting the environment. The co-word analysis highlights the current significance of research concerning green hotels and the destination image of environmentally responsible destinations.

This study sheds light on the current research progress of PEB in the context of tourism through a comprehensive analysis (citation, co-citation and co-word). In addition, we provide theories and factors that have been previously used to study PEB in the context of tourism. The findings contribute to a broad and diverse understanding of the concept of PEB, which can provide important insights for policymakers in formulating management strategies and policies aimed at reducing environmental impacts in destinations.

The main purpose of this study is to investigate what affects a customer's decision to use the hotel smartphone applications when he/she makes a room reservation.

A total of 266 usable data was collected through an online survey. The research model was tested using confirmatory factor analyses and structural equation modeling.

This study revealed that perceived usefulness, perceived credibility, perceived equipment risk, and perceived change risk affected customers' intention to book a hotel room using hotel smartphone apps. Perceived ease of use did not have a significant effect on behavioral intention.

This study extended TAM and the existing literature of mobile technology in the lodging industry. This article explored both existing variables and new variables in studying customers' intention to use hotel smartphone apps when booking a hotel room.