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This study examines whether KOSPI200 intra-day return has jump risk and heteroscedasticity and we compare the estimation result of intra-day return and that of daily return. The sample covers from January 2, 2004 to July 31, 2014. We use 30-minute intervals for measuring KOSPI200 intra-day return. It seems this study finds the importance of the consideration of the intra-day data in Korean Stock Market. While some of the parameters of the daily returns for the jump are not significant, but those of intra-day returns are significant over the sample period. Also, the intra-day volatility has shown U-shaped or reverse J-shaped curve. In particular the pattern of intra-day volatility seems to come from the jump risk, which is interpreted as the information inflow in the market.

The purpose of this paper is to examine the evidence of herding phenomenon, spill-over effects related to herding and whether herding is driven by fundamentals or non-fundamentals for various sub-periods and sub-samples.

The cross-sectional absolute deviation model is applied to China’s A- and B-share markets in combination with fundamental information.

Herding is prevalent on both A- and B-share markets. In detail, investors on A-share market herd for small and growth stock portfolios irrespective of market states while they only herd for large or value stocks in down market, therefore leading the whole herding behaviour to be pronounced in down market. Comparatively, on B-share market, herding is robust for various investment styles (small or large, value or growth) or market situations. Additionally, spill-over effects related to herding do not exist no matter from A-shares to B-shares or from B-shares to A-shares. Moreover, investors on B-share markets tend to herd as the response to non-fundamental information more frequently during financial crisis.

Investors on A- and B-share markets tend to herd as the response to non-fundamental information more frequently during financial crisis. Analysing the herding behaviours could be helpful in controlling the financial risk.

We investigate the frequency of arbitrage opportunities and the size of their profits in the options and futures markets of KOSPI200 index. A thread of existing studies shows that these opportunities arise frequently, albeit the frequency is decreasing as the market matures. These studies, however, use transaction data in their analysis. Using the transaction data tends to overestimate both the frequency and the size of arbitrage gains, since it ignores the transactions cost imbedded in the bid-ask spread. In this study, we use the quote data to correctly reflect the transactions cost in executing the trades to take advantage of an arbitrage opportunity. By using the data spanning the period from Sep. 3, 2001 to Mar. 29. 2002, we show that both the frequency and size of arbitrage gains are much smaller than those when transaction data are used instead of Quote data. We also find that the Individual traders are the primary source that provide the arbitrage opportunities.

As institutions continue to place value on developing leaders, it becomes increasingly important to effectively assess students’ leadership skills. The development and subsequent use of a formative competency based leader assessment was used with (N=124) sophomore students at a small military college in the Northeast United States with a mission toward leadership. Results highlight the effectiveness of a formative assessment to develop leader skills with an undergraduate population. Relevant application for institutions of higher learning will be discussed

This study aims to examine the impact of geographical and business proximity between parent companies and affiliates on R&D investments in business groups. Furthermore, it compares the moderating effect of value chain participants’ bargaining power and the performance-aspiration gap.

This study uses data from 411 Chinese private manufacturing listed firms affiliated with business groups. This paper conducts regression analysis using Stata 16.0 software. Additionally, this paper employs combined random effects regression models, the 2SLS method and GMM method.

Geographical distance between focal affiliates and parent companies is negatively related to focal affiliates’ R&D. The higher the business proximity between focal affiliates and parent companies, the more R&D investments are made. Further research shows that with stronger bargaining power and a wider performance-aspiration gap, the negative relationship between geographical distance and R&D investment weakens.

This study contributes to the R&D investment literature by offering a novel perspective on why proximity influences affiliates’ R&D investments in Chinese business groups. This study enriches the proximity theory by introducing business proximity as a new dimension into the framework. Furthermore, this study highlights the boundary conditions of the proximity theory by ascertaining the moderating effects of bargaining power and the performance-aspiration gap.

The weapon system of The Navy is the small quantity producing system on multiple kinds. It is consisted of various equipment and the subordinate parts of those which can repair the damaged part. The operating procedure concerning warship's repair parts managed under these systems is as follows. Firstly, if demand of repair parts occurs from warship which is the operating unit of weapon, then the Fleet(the repair & supply support battalion) is in charge of dealing with these requests. If certain request from warship is beyond the battalion's capability, it is delivered directly to the Logistic Command. In short, the repair and supply support system of repair parts can be described as the multi-level support system. The various theoretical researches on inventory management of Navy's repair parts and simulation study that reflects reality in detail have been carried out simultaneously. However, the majority of existing research has been conducted on aircraft and tank's repairable items, in that, the studies is woefully deficient in the area concerning Navy's inventory management. For that reason, this paper firstly constructs the model of consumable items that is frequently damaged reflecting characteristics of navy's repair parts inventory management using ARENA simulation. After that, this paper is trying to propose methodology to analyze optimal inventory level of each supply unit through OptQuest, the optimization program of ARENA simulation.

In the presence of coronavirus disease 2019 (COVID-19), due to the social distance restriction, consumers' regular consumption behaviors and patterns have been changing fundamentally. Thereafter, an innovative group buying model has emerged and developed explosively with a specific focus on consumer's location, known as community-based group buying (CGB). The purpose of this paper is to investigate the transfer mechanism of user's trust in dyadic contexts of social and commercial role-playing in the CGB program.

This study adopts an empirical research method, with an online and offline questionnaire survey, a total of 382 responses have been obtained. Then, both descriptive analysis and hierarchical regression analysis are conducted to explore the dual roles of group leader and its corresponding effects on consumers' trust (i.e. emotional trust and behavioral trust) and engagement actions (i.e. purchase and share) in the CGB program.

Results indicate that resident's trust and their perception of group leader's friend role can positively enhance their engagement actions in the CGB programs. Meanwhile, for the purpose of profit maximization, the group leader is more willing to play a friend role in transactions no matter whether the role conflict exists.

Research findings provide some managerial insights for CGB platform on the selection and training of group leaders and the incentive mechanism design.

With increasing marine resource development, the rapid development of the marine economy, and the continuous decline of the marine natural resource system, the contradiction between marine resources and economic development is becoming increasingly acute. The study of marine resources and economic development has become a hot and challenging issue in marine resource economics research in recent years. The purpose of this study is to analyze the current situation of marine resources and to realize the sustainable use of marine resources.

This study systematically reviews and analyzes the current status of research on marine resources and economic development issues in four main aspects: marine resource management, marine resources and economic growth, marine resources and economic security, and marine resource accounting in the field of marine resource economics.

It is found that compared to the current status of research on land-based resources and economic development, there is a significant lag in both theoretical construction and methodological innovation in marine resources and economic development.

The purpose of this study is to systematically grasp the current status of marine resources research, promote the coordinated development of marine resources and economic growth, and then realize the safe and sustainable development and utilization of marine resources.

Port competition attracted much scholarly attention in Northwest Europe during the 1980s. Following the rise of powerful economies in East Asia, particularly during the 1980s and 1990s, port competition has become an important phenomenon with the top five container ports in the world being located in the region. This paper aims to overview major port competition issues and outlines and analyzes the main alternative methodologies that researchers have employed to address them, referring to 70 items, mostly papers but including a few books and reports

A new academic structure for senior secondary and higher education was introduced to Hong Kong in 2009/2010. This paper aims to: (1) compare the cohort from the old academic structure (Cohort 2010) and the cohort from the new academic structure (Cohort 2015) on the 14 categories of generic competencies; and (2) compare these attributes among students from different divisions in a tertiary institution in Hong Kong.

Self-Assessment of All-Round Development (SAARD) questionnaires were distributed to students who took the two-year sub-degree programmes offered by the College of Professional and Continuing Education, The Hong Kong Polytechnic University in 2010 and 2015 on a self-administered basis. A total of 4,424 students have returned the questionnaires. Data were analyzed with t-test to compare between the two cohorts.

When comparing Cohort 2015 with Cohort 2010, significantly higher scores were observed on five areas such as global outlook and healthy lifestyle (p<0.05). Significantly lower scores were observed on the other five areas such as problem solving, critical thinking and leadership (p<0.05). Students from all divisions unanimously showed higher perceived rating on social and national responsibility but lower perceived rating on leadership (p<0.05).

The elimination of one public examination, the newly included components such as Other Learning Experiences (OLE) and the compulsory Liberal Studies were believed to contribute partially to the diverse responses of the two cohorts. The dramatic change of the curriculum has not changed the examination culture in Hong Kong which may hinder the development of generic skills among students.