Statistical techniques for investment, finance or economic problems Essay

Statistical techniques for investment, finance or economic problems - Essay Example Five years later, defaults began kicking in as more homeowners were unable to refinance their loans or sell their depreciating homes, gradually snowballing into hedge fund suspensions and massive write-downs. The following year the snowball accelerated into an avalanche, effecting the closure or sell-out of financial stalwarts Bear Stearns, IndyMac Bancorp, Merrill Lynch and Lehman Brothers. The two largest mortgage finance companies, Fannie Mae and Freddie Mac, needed a bail-out by the Bush administration; not long after insurance giant American International Group (AIG) followed suit. With the advent of the new administration, one of President Obama’s first official acts was to sign into law a $700 billion bailout in what is called the Troubled Assets Recovery Program (TARP) (Amadeo, 2009). The crisis spawned a credit crunch, prompting a substantial infusion of capital into the global financial markets by the United States Federal Reserve, the Bank of England, and the European Central Bank (Elliott, 2008). Financial institutions and intermediaries throughout the United States and Europe were thus severely affected in the contagion. On the other hand, the Asian financial markets have exhibited remarkable resilience to the crisis that has engulfed the US and Europe. China can count on its over US$ 100 billion inflows from 2003 to 2007 (Rodman, 2009). India may be somewhat more affected, with some expected possible impact on credit availability. (Rediff India Abroad, 2008) However, there is still a chance that China and India may succumb, albeit belatedly and less severely, to the effects of the financial debacle. These countries were the largest contributors to reductions in global poverty in the last two decades, as confirmed by several academic studies. However, they are now in danger of reduced economic growth, with a slowdown or even reversal in the poverty alleviation efforts. (Bajoria, 2008) With this

Tourists Ethnic Background and Nature-based Tourism Dissertation

Tourists Ethnic Background and Nature-based Tourism - Dissertation Example New Zealand, London and Scotland), especially by calling attention to the experience aspect of travel. Nature-based experiences have received increased attention from researchers during past few years. Identification of Management Issues Nature-related tourism expects high expertise from individuals working at management level since it initiates funding for conservation as well as raise environmental awareness (Balmford, et al., 2009). As a student of Management, it is very much evident that from research perspective, the interest in nature-based experiences is escalating among individuals (e.g. Mehmetoglu, 2007a, 2007b; Waitt, Lane, & Head, 2003). The focus on cross-cultural differences in tourism experience consumption, however, is for the most part neglected. In an international tourism management context competition is rising, and knowledge of the different markets could be a precondition for success. To create a memorable nature-based experience for international visitors, aware ness of how ethnic group might influence the perception of such experiences is argued essential. In the international tourism management arena, the experiential component of holidays is emphasised in promotion material as well as social media. As a result it is essential to know the customers and the national traits that might somehow characterise them. Statement of Research Question What is the relationship between Tourists’ Ethnic Background and Nature-based Tourism in London? Aim and Objective The purpose of this study is to divide tourist ethnic group, based on cultural point of reference and then compares the resulting segments in terms of the opinion of nature-based experiences of tourism from tourism management viewpoint. Literature review When people from different countries meet in international tourism, ethnic group becomes a central issue of interest. The characteristics of tourists from different countries also become evident when tourists come together in nature- based experience production and consumption. Cultural values held by tourists from different nations hence affect tourist behavior and perception, and can furthermore impact experience creation. In an international tourism context then, it is vital to understand culture (De Mooij & Hofstede, 2010), in order to recognise what tourists from various countries emphasise in their holiday experience. People's valuation of nature-based experiences, their motivation for taking part in them, and their preference for activities are therefore likely to differ according to ethnic group and cultural background. Providers and marketers of experiences are stakeholders in an international market, and from a managerial point of view the challenge is therefore to know the guests' preferences. Nevertheless, adapting to the guests' needs and wants might not be easy, as experiences are individually perceived and socially consumed. In practice, knowledge of nature-based tourists' national characteristics can result in managerial tools that guide adaptation of nature-based experiences to international tourist demands.