IK Song, Ji Eun Kang and Chang Hyun Yun
This study investigates the private equity funds’ performances and persistence by fund type. Diversification benefit exists between public equity and private equity and among…
Abstract
This study investigates the private equity funds’ performances and persistence by fund type. Diversification benefit exists between public equity and private equity and among different types of private equity funds. The net IRR of private equity funds depends on fund type, economic growth, stock market performance, inflation and interest rate. Fund performance was negatively correlated with capital inflow to private equity market and fund size. Fund size and series are positively correlated. Performance persistency exists in private equity fund managers. Fund type is very important factor in analyzing private equity fund performance and persistency.
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Sang Il Han and Chang Hyun Yun
In this paper we make an analysis of KOSPI 200 index options listed in Korea Stock and Futures Exchange whose trading volume is world best these days. We adopt the stochastic…
Abstract
In this paper we make an analysis of KOSPI 200 index options listed in Korea Stock and Futures Exchange whose trading volume is world best these days. We adopt the stochastic volatility model suggested by Heston (1993) for the dynamics of the underlying asset and use EMM to estimate the parameters of option pricing kernel. The SNP distribution of the implied volatility contains AR (2) and ARCH effects, and the skewness of the distribution is much higher than normal distribution. The distribution has thinner left tail and fatter right tail than normal distribution, which is opposite to the case of S&P 500 options market. The result of estimation shows that Implied volatility series of KOSPI 200 options have weak mean reverting property and are almost nonstationary. The correlation coefficient between the implied volatility and returns is estimated to have negligible negative number. These features are also opposite to the case of S&P 500 options market where implied volatility is reported to have strong mean reversion, and the correlation between the implied VIatilIty and retturns is reported to have large negative number.
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Jun Sik Kim and Sol Kim
This paper investigates a retrospective on the Journal of Derivatives and Quantitative Studies (JDQS) on its 30th anniversary based on bibliometric. JDQSs yearly publications…
Abstract
This paper investigates a retrospective on the Journal of Derivatives and Quantitative Studies (JDQS) on its 30th anniversary based on bibliometric. JDQSs yearly publications, citations, impact factors, and centrality indices grew up in early 2010s, and diminished in 2020. Keyword network analysis reveals the JDQS's main keywords including behavioral finance, implied volatility, information asymmetry, price discovery, KOSPI200 futures, volatility, and KOSPI200 options. Citations of JDQS articles are mainly driven by article age, demeaned age squared, conference, nonacademic authors and language. In comparison between number of views and downloads for JDQS articles, we find that recent changes in publisher and editorial and publishing policies have increased visibility of JDQS.
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Sou Hyun Jang, Yong Jeong Yi and Yun-Mi Song
The primary objective was to develop a user-centered mobile health application (app) tailored to the specific health information needs of among immigrant women from diverse…
Abstract
Purpose
The primary objective was to develop a user-centered mobile health application (app) tailored to the specific health information needs of among immigrant women from diverse backgrounds in Korea.
Design/methodology/approach
In-depth interviews were conducted with 24 immigrant women to gain insights into their health information-seeking behavior. Based on the findings, a mobile app was designed and developed. A beta version of the app underwent validation by an MD and seven expert reviewers who assessed the app for content accuracy and conformance to mobile heuristics. Last, immigrant women (n = 12) evaluated the usability of the app.
Findings
The study revealed that the interviewed immigrant women had strong health information needs related to pregnancy and parenting. Most of them used multiple sources to find and verify health information. Language barriers were identified as a major obstacle to accessing and evaluating health information. The results of the user test indicated that the app effectively facilitated study participants' search for reliable health information, meeting their specific needs.
Research limitations/implications
This research extended the literature by addressing the limited availability of mobile apps tailored to the health information needs of immigrant women in Korea.
Originality/value
By incorporating multilingual support and focusing on pregnancy and parenting information, the health app serves as a valuable tool to bridge the gap in health information access and to facilitate the well-being of immigrant women in the country.
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The Hanbo (meaning Korean treasure) scandal or “Hanbogate” occurred on January 23, 1997, with the bankruptcy of Hanbo Iron and Steel Company, the second largest steel company and…
Abstract
The Hanbo (meaning Korean treasure) scandal or “Hanbogate” occurred on January 23, 1997, with the bankruptcy of Hanbo Iron and Steel Company, the second largest steel company and 14th largest conglomerate in South Korea, as its debt had accumulated to US$5.6 billion. Hanbo's bankruptcy triggered an investigation by the Public Prosecutor's Office that resulted in the imprisonment for 15 years of Hanbo's founder, Chung Tae-Soo, for bribing politicians and bankers to pressure banks to extend hugh bank loans to Hanbo. Nine other persons were also convicted including Chung's son, who was jailed for three years for bribery and embezzlement, and Kim Hyun-Chol, the second son of President Kim Young-Sam, who was sentenced to three years jail and fined US$1.5 million (New York Times, 1997).
From 1953 to 1961, the South Korean economy grew slowly; the average per capita GNP growth was a mere percent, amounting to less than $100 in 1961. Few people, therefore, look for…
Abstract
From 1953 to 1961, the South Korean economy grew slowly; the average per capita GNP growth was a mere percent, amounting to less than $100 in 1961. Few people, therefore, look for the sources of later dynamism in this period. As Kyung Cho Chung (1956:225) wrote in the mid‐1950s: “[South Korea] faces grave economic difficulties. The limitations imposed by the Japanese have been succeeded by the division of the country, the general destruction incurred by the Korean War, and the attendant dislocation of the population, which has further disorganized the economy” (see also McCune 1956:191–192). T.R. Fehrenbach (1963:37), in his widely read book on the Korean War, prognosticated: “By themselves, the two halves [of Korea] might possibly build a viable economy by the year 2000, certainly not sooner.”
Hyowon Hyun, Jungkun Park, Tianbao Ren and Hyunjin Kim
The purpose of this paper is to establish a framework for millennials’ museum visiting behaviour and to explore the moderating effects of aesthetics and ambience for visiting art…
Abstract
Purpose
The purpose of this paper is to establish a framework for millennials’ museum visiting behaviour and to explore the moderating effects of aesthetics and ambience for visiting art museums. This study uses the Stimulus–Organism–Response (S–O–R) model (Mehrabian and Russell, 1974) in order to confirm the relationship among variables.
Design/methodology/approach
The data were collected using online surveys from millennial art museum visitors who had visited a museum within three months. In all, 287 responses were collected. Structural equation modelling was used to analyse the model.
Findings
Korean millennial visitors pursue hedonic value rather than utilitarian value when they visit art museums. It turns out that hedonic value accelerates visitor satisfaction and promotes visitor loyalty more than utilitarian value in the art museum setting. Both ambiance and aesthetics play stimulating roles in the art museum context and moderate the relationships among visitor-perceived value, satisfaction and loyalty. Utilitarian values are identified as unimportant elements for young Korean museumgoers.
Practical implications
Ambiance and aesthetic factors play important roles in promoting art museum visits. An art museum may elevate its atmospheric factors by emphasising the visit’s fun value (i.e. hedonic value) for millennials.
Originality/value
This study expands on previous studies concerning conceptualization of multidimensional constructs of millennials’ value for experience of arts museums in terms of aesthetics and ambiance. The results also confirm the value of the S–O–R framework in an art museum context.
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Noor Fareen Abdul Rahim, Abdul Rahman Jaaffar, Mohammad Nizam Sarkawi and Jauriyah binti Shamsuddin
The change in Malaysian financial environment can be attributed to digitalization as banks are racing to digital maturity by 2020. Historically in Malaysia, the use of credit card…
Abstract
The change in Malaysian financial environment can be attributed to digitalization as banks are racing to digital maturity by 2020. Historically in Malaysia, the use of credit card was a Fintech development in the 1950s to help Malaysians minimize the burden in carrying cash all the time. The aim of financial technology in the 1990s was to encourage bank customers to use the online banking system instead of only automated teller machine. Fintech services are swiftly interrupting banks' services globally. Similarly, Malaysia's banking sector is experiencing the interruption since as more Fintech organizations are innovating new Fintech service to improve convenience for clienteles. Numerous regulatory agencies in Malaysia and the Malaysian government have set up several initiatives to encourage and provide a vigorous growth in the Malaysian Fintech and digital asset regulatory environment. Expectation Confirmation Model, Technology Acceptance Model, and Cognitive Model are viewed as the most popular frameworks that discuss the continuous intention to use information system. The combination of these three models has led to the creation of Technology Continuance Theory (TCT). TCT postulates that five prominent constructs or antecedents are depicted as key indicators in explaining the users' intentions for continuous use: (1) confirmation, (2) perceived usefulness, (3) perceived ease of use, (4) satisfaction, and (5) attitude. Furthermore, TCT adds to the argument on the consumers' continuance adoptions by assimilating satisfaction and attitude into a single construct.