Faculty Publications

  • 2018
  • Ulrich Gunter, Graziano M. Ceddia, David Leonard, Bernhard Tröster
    "Contribution of international ecotourism to comprehensive economic development and convergence in the Central American and Caribbean region"
    2018 in: Applied Economics. Pages: 1-16

    Drawing on the positive experience from Costa Rica, the study examines whether international ecotourism makes a significant contribution to comprehensive economic development for the Central American and Caribbean region and contributes to comprehensive economic convergence. Following a standard empirical growth model, a dynamic panel regression model is estimated using time-series data from 1995 until 2012 for a cross section of seven countries. The interaction of international tourism and various established sustainability indicators is employed allowing ecotourism to be consistently quantified across countries, while numerous country-specific structural characteristics are controlled for. The estimation results show that international ecotourism has a statistically significant positive effect on both traditional economic development (real GDP per capita) and comprehensive economic development (adjusted net savings; ANS per capita), which is a measure of a society’s potential future well-being, thus providing evidence in support of the tourism-led growth hypothesis and pointing towards an important role for ecotourism in driving comprehensive economic convergence.

    Author(s): Ulrich Gunter, Graziano M. Ceddia, David Leonard, Bernhard Tröster

    Publication date: 23. 1. 2018

    Pages: 1-16

    Electronic version(s), related files and links: http://dx.doi.org/10.1080/00036846.2018.1430339

  • "A Model of Tourists' Loyalty: The Case of Airbnb"
    2018 in: Journal of Hospitality and Tourism Technology.

    Author(s): Lidija Lalicic, Christian Weismayer

    Publication date: 2018

  • "Open Innovation Platforms in Tourism: How Do Stakeholders Engage and Reach Consensus?"
    2018 in: International Journal of Contemporary Hospitality Management. Volume: 39. Issue number: 6

    Author(s): Lidija Lalicic

    Publication date: 2018

    Volume: 39

    Issue number: 6

  • Christian Weismayer, Ilona Pezenka
    "Aspect-based sentiment detection: Comparing human versus automated classifications of Tripadvisor reviews"
    2018 Pages: 365

    Author(s): Christian Weismayer, Ilona Pezenka

    Publication date: 2018

    Place of Publication Volume: Cham, Switzerland

    Publisher: Springer

    Pages: 365

    Host publication editor(s): B. Stangl, J. Pesonen

  • 2017
  • "Estimating and forecasting with a two-country DSGE model of the Euro area and the USA: the merits of diverging interest-rate rules"
    2017 in: Empirical Economics. Pages: 1-41

    In this paper we estimate and forecast with a small-scale DSGE model of the Euro area and the USA characterized by diverging interest-rate rules using quarterly data from 1996Q2 to 2011Q2. These diverging rules reflect the differing mandates of the ECB and the Fed, respectively. Due to its primary objective of price stability, the ECB is supposed to conduct monetary policy by considering producer-price inflation only (single mandate), whereas the Fed is assumed to conduct its policy by taking into account the output gap in addition to producer-price inflation (dual mandate). In terms of the RMSE and the MAE, the DSGE model with diverging interest-rate rules outperforms a DSGE model with identical interest-rate rules in almost 70% of all cases for almost all variables across forecast horizons out of sample. It also compares well with BVAR benchmarks. For shorter horizons, we find some statistically significant differences in forecast accuracy between rival models. For forecast horizons three and four quarters ahead, the null hypothesis of equal forecast accuracy can seldom be rejected.

    Author(s): Ulrich Gunter

    Publication date: 23. 12. 2017

    Pages: 1-41

    Electronic version(s), related files and links: http://dx.doi.org/10.1007/s00181-017-1383-6

  • "Book Review: Tourism, Public Transport and Sustainable Mobility, C.M. Hall, D.-T. Le-Klähhn, Y. Ram."
    2017 in: Tourism Management. Volume: 63. Pages: 366-367

    Author(s): Ulrich Gunter

    Publication date: 12. 2017

    Volume: 63

    Pages: 366-367

    Electronic version(s), related files and links: http://dx.doi.org/ https://doi.org/10.1016/j.tourman.2017.07.010

  • "Tourists’ accounts of learning and positive emotions through sensory experiences"
    2017 Advances in Tourism Pages: 54-66

    Author(s): Xavier Matteucci

    Publication date: 11. 2017

    Series information: Advances in Tourism

    Place of Publication Volume: New York

    Publisher: Routledge

    Pages: 54-66

    Host publication editor(s): S. Filep, J. Laing, M. Csikszentmihalyi

  • "Forecasting tourism demand with Google trends: Accuracy comparison of countries versus cities"
    2017 in: International Journal of Tourism Research. Volume: 19. Issue number: 6 Pages: 648–660

    Previously, Google Trends indices have been found to be useful in improving the tourism demand forecast accuracy relative to a purely autoregressive baseline model. The purpose of this study is to extend previous research in terms of comparing the forecasting accuracy of cities and countries using Google Trends Web and image indices. The study compares forecasting models with Web and/or image search indices regarding 2 cities (Vienna and Barcelona) and 2 countries (Austria and Belgium). Overall, the forecast accuracy of Vienna with the Web and/or image indices was the best among the 4 destinations, followed by Belgium, Barcelona, and Austria.

    Author(s): Irem Önder

    Publication date: 11. 2017

    Volume: 19

    Issue number: 6

    Pages: 648–660

    Electronic version(s), related files and links: http://dx.doi.org/10.1002/jtr.2137

  • Michael Sigmund, Ulrich Gunter, Gerald Krenn
    "How Do Macroeconomic and Bank-specific Variables Influence Profitability in the Austrian Banking Sector? Evidence from a Panel Vector Autoregression Analysis"
    2017 in: Economic Notes. Volume: 46. Issue number: 3 Pages: 555–586

    We examine the determinants of the net interest margin (NIM) and the net fee and commission income ratio (NFCIR) of Austrian banks as well as their interrelationship and whether portfolio separation between loan and deposit categories holds. We describe a conceptual framework for the profit optimization problem faced by banks as a Bertrand game with differentiated products and intrafirm product interactions. We contribute to the literature by factoring in banks’ business models in terms of their balance sheet structure. We empirically assess the implications of our conceptual framework using a unique supervisory data set of around 48,000 observations between 1998 and 2014. We estimate two panel vector autoregression models with a novel panel vector autoregression code. Apart from quantifying the contributions of the determinants (e.g., risk weighted assets, leverage ratio, loan loss provision ratio) to NIM and NFCIR, the empirical results show that interest income and fee and commission income should be regarded as strategic complements within a bank. We further conclude that portfolio separation between different loan and deposit categories does not hold.

    Author(s): Michael Sigmund, Ulrich Gunter, Gerald Krenn

    Publication date: 11. 2017

    Volume: 46

    Issue number: 3

    Pages: 555–586

    Electronic version(s), related files and links: http://dx.doi.org/10.1111/ecno.12088

  • Graziano M. Ceddia, Dimitris Christopoulos, Yeray Hernández-González, Elena Zepharovich
    "Assessing adaptive capacity through governance networks: The elaboration of the flood risk management plan in Austria"
    2017 in: Environmental Science & Policy. Volume: 77. Pages: 140 - 146

    One of the consequences of climate change is the increase in the frequency and entity of extreme weather events, including floods. Any strategy dealing with the various impacts of climate change must focus not only on mitigation aspects, but also on improving on the level of adaptive capacity. Over the past decades there has been an increase in the frequency and intensity of floods in Europe, a fact which has prompted the European Union (EU) to put forward the Directive 60/2007 (the ‘Floods Directive’), requiring Member States to produce a comprehensive Flood Risk Management Plan (FRMP) by 2015. The purpose of this paper is to assess how the implementation of the ‘Floods Directive’ has contributed to the level of adaptive capacity in Austria, a EU member State hosting an important river basin. By relying on the existing literature, the paper first describes the governance system associated with flood risk management in Austria prior to the elaboration of the FRMP. Subsequently, based on collected primary data, the paper studies the governance structure associated with the elaboration of the FRMP in Austria by using descriptive social network analysis (SNA) and discusses the implications in terms of adaptive capacity of flood governance. The elaboration of the FRMP has had the merit of coordinating the pre-existing regional legislation into a coherent national framework, under the leadership of the Federal Ministry of Agriculture and Environment. A limited number of other public administration stakeholders act as brokers, but the overall governance structure appears centralized and exhibits low modularity. Such a structure, moreover, is exclusively composed of public administration actors with no de facto participation of other stakeholders (e.g., NGOs and private companies). The incorporation of a wider set of organizations in the earlier phases of the policy cycle is welcomed, in order to make the whole process less technocratic and effectively improve the overall level of adaptive capacity.

    Author(s): Graziano M. Ceddia, Dimitris Christopoulos, Yeray Hernández-González, Elena Zepharovich

    Publication date: 11. 2017

    Volume: 77

    Pages: 140 - 146

    Electronic version(s), related files and links: http://dx.doi.org/10.1016/j.envsci.2017.08.014

  • "What makes an Airbnb host a superhost? Empirical evidence from San Francisco and the Bay Area"
    2017 in: Tourism Management. Volume: 66. Pages: 26–37

    Using data on Airbnb listings from San Francisco and the Bay Area, the present study investigates the relative importance of the four criteria that need to be fulfilled to obtain the Airbnb superhost status. In order to quantify the marginal contributions of the four criteria, different index models of binary response (logit, probit, and IV probit, which allows for the endogeneity of Airbnb demand) are applied. The results, which are consistent across models, show that in San Francisco and the Bay Area obtaining (and maintaining) excellent ratings is, by far, the most important criterion, followed by reliable cancellation behavior of the host, host responsiveness, and sufficient Airbnb demand. Moreover, commercial Airbnb providers are more likely to obtain the superhost status.

    Author(s): Ulrich Gunter

    Publication date: 11. 2017

    Volume: 66

    Pages: 26–37

    Electronic version(s), related files and links: http://dx.doi.org/10.1016/j.tourman.2017.11.003

  • "Text mining insights from Tripadvisor restaurant reviews"

    Author(s): Christian Weismayer

    Publication date: 19. 10. 2017

  • Astrid Dickinger, Daniel Leung
    "When Design Goes Wrong? Diagnostic Tools for Detecting and Overcoming Failures in Service Experience"
    2017 Pages: 233-263

    Service recovery is one of the most researched areas in the disciplines of business, marketing, tourism and information systems due to the inevitability of service failures. Despite its increasing attention from scholars and practitioners, the efficacy of relying on recovery strategies for managing customer service experience has long been a great concern. Given that service recovery can only partially compensate the detrimental impact of service failures, this chapter argues that operators should “proactively” detect and redress failures in the current service design as opposed to “reactively” defend service failures and manage service recovery. Following this notion, this chapter aims at introducing five diagnostic tools for deconstructing the structure of an experience and thereby detecting and overcoming failures in service experience. The five tools are service flowcharts, service blueprints, service maps, service failure proofing and the fishbone diagram. In addition to the introduction, this chapter includes the empirical demonstration of applying service maps for service failure detection. Harnessing consumer reviews on TripAdvisor.com of three luxury hotels in Vienna as the data source, the empirical demonstration exhibits the major areas of improvement in each corresponding property. Being one of the first attempts that integrate analysis of online reviews with diagnostic tools for service experience enhancement, this chapter does not only complement service design literature with a demonstration prototype but also provide operators in the service industry with useful tools and examples of how diagnostic tools can assist in detecting service failures and then advising solutions for service design advancement.

    Author(s): Astrid Dickinger, Daniel Leung

    Publication date: 5. 10. 2017

    Publisher: Springer

    Pages: 233-263

    Host publication editor(s): D. Fesenmaier, Z. Xiang

  • Christian Weismayer, Ilona Pezenka
    "Identifying emerging research fields: A longitudinal latent semantic keyword analysis"
    2017 in: Scientometrics. Volume: 113. Issue number: 3 Pages: 1757-1785

    This study aims to gain insights into emerging research fields in the area of marketing and tourism. It provides support for the use of quantitative techniques to facilitate content analysis. The authors present a longitudinal latent semantic analysis of keywords. The proposed method is illustrated by two different examples: a scholarly journal (International Marketing Review) and conference proceedings (ENTER eTourism Conference). The methodology reveals an understanding of the current state of the art of marketing research and e-tourism by identifying neglected, popular or upcoming thematic research foci. The outcomes are compared with former results generated by traditional content analysis techniques. Findings confirm that the proposed methodology has the potential to complement qualitative content analysis, as the semantic analysis produces similar outcomes to qualitative content analysis to some extent. This paper reviews a journal’s content over a period of nearly three decades. The authors argue that the suggested methodology facilitates the analysis dramatically and can thus be simply applied on a regular basis in order to monitor topic development within a specific research domain.

    Author(s): Christian Weismayer, Ilona Pezenka

    Publication date: 10. 2017

    Volume: 113

    Issue number: 3

    Pages: 1757-1785

    Electronic version(s), related files and links: http://dx.doi.org/10.1007/s11192-017-2555-z

  • "Possible insights from evaluated time use diary data."

    Author(s): Christian Weismayer, Ivo Ponocny

    Publication date: 28. 9. 2017

  • "Sentiment comparison between human coded (self-evaluation, external rater) and data-driven quality-of-life interview ratings."

    Author(s): Christian Weismayer, Ivo Ponocny

    Publication date: 28. 9. 2017

  • "Determinants of Airbnb demand in Vienna and their implications for the traditional accommodation industry"
    2017 in: Tourism Economics.

    This study identifies key determinants of Airbnb demand and quantifies their marginal contributions in terms of demand elasticities. A comprehensive cross-sectional data set of all Viennese Airbnb listings that were active between July 2015 and June 2016 is examined. Estimation results, which are obtained by cluster-robust ordinary least squares, show that Airbnb demand in Vienna is price-inelastic. Significant positive drivers include listing size, number of photos, and responsiveness of the host. Significant negative drivers include listing price, distance from the city center, and response time of the host. Implications for the traditional accommodation industry are that, on the one hand, it should better communicate its sought-after advantages (e.g. lower average minimum duration of stay). On the other hand, it should increase its offer of bigger and better equipped hotel rooms since hosting more than two guests at a time is one of the major benefits of Airbnb.

    Author(s): Ulrich Gunter, Irem Önder

    Publication date: 18. 9. 2017

    Electronic version(s), related files and links: http://dx.doi.org/10.1177/1354816617731196

  • Egon Smeral
    "Variations in seasonal tourism behavior across the business cycles"
    2017 in: Journal of Tourism Research.

    This article analyses for the first time the asymmetric behavior in tourism demand by season across the business cycles based on time series and contributes herewith to a clear understanding of cyclical irregularities in tourism demand. For that reason, we study the outbound expenditures of four source markets per quarter, each understood as its own time series. In this new approach, we apply four types of demand functions showing distinct relationships only for the first, second, third, and fourth quarters. The results revealed strong evidence of asymmetric income elasticities in tourism demand by season across the business cycles. We emphasize coherently that the integration of psychological factors such as loss aversion and other quality-of-life aspects as well as economic factors like liquidity constraints, reluctant lending behavior of banks, precautionary saving, changing household behavior, and financial innovations delivers a new framework to explain asymmetric behavior in tourism demand.

    Author(s): Egon Smeral

    Publication date: 14. 9. 2017

  • Scott James, Dimitris Christopoulos
    "Reputational leadership and preference similarity: Explaining organisational collaboration in bank policy networks"
    2017 in: European Journal of Political Research.

    This article contributes to our understanding of the formation of policy networks. Research suggests that organisations collaborate with those that are perceived to be influential in order to access scarce political resources. Other studies show that organisations prefer to interact with those that share core policy beliefs on the basis of trust. This article seeks to develop new analytical tools for testing these alternative hypotheses. First, it measures whether perceptions of reputational leadership affect the likelihood of an organisation being the target or instigator of collaboration with others. Second, it tests whether the degree of preference similarity between two organisations makes them more or less likely to collaborate. The article adopts a mixed-methods approach, combining exponential random graph models (ERGM) with qualitative interviews, to analyse and explain organisational collaboration around United Kingdom banking reform. It is found that reputational leadership and preference similarity exert a strong, positive and complementary effect on network formation. In particular, leadership is significant whether this is measured as an organisational attribute or as an individually held perception. Evidence is also found of closed or clique-like network structures, and heterophily effects based on organisational type. These results offer significant new insights into the formation of policy networks in the banking sector and the drivers of collaboration between financial organisations.

    Author(s): Scott James, Dimitris Christopoulos

    Publication date: 6. 9. 2017

    Electronic version(s), related files and links: http://dx.doi.org/10.1111/1475-6765.12237

  • Egon Smeral
    "Tourism Forecasting Performance Considering the Instability of Demand Elasticities"
    2017 in: Journal of Travel Research. Volume: 56. Issue number: 7 Pages: 913-926

    This study highlights that accounting for the fact that tourism elasticities do not remain stable is crucial for forecasting situations. We demonstrate that approaches with constant elasticity assumptions might lead to substantial forecasting failures, especially in periods characterized by major economic fluctuations and changes in the macroeconomic environment. Therefore, in the course of distinct business cycles, we have to take into account that different price and income effects are to be expected. The main reasons why income elasticity may vary across the business cycle include loss aversion, liquidity constraints, and precautionary savings. By analyzing smooth transition autoregressive models and time-varying parameter approaches, we demonstrate that elasticities may vary as a result of structural changes in consumer behavior and/or policy regime shifts. Income elasticities may also change in the medium term in line with the worsening of the macroeconomic environment and indicate that tourism is no longer a luxury good.

    Author(s): Egon Smeral

    Publication date: 1. 9. 2017

    Volume: 56

    Issue number: 7

    Pages: 913-926

    Electronic version(s), related files and links: http://dx.doi.org/10.1177/0047287516671435

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