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Article
Publication date: 22 February 2011

Suk Joon Byun, Dong Woo Rhee and Sol Kim

The purpose of this paper is to examine whether the superiority of the implied volatility from a stochastic volatility model over the implied volatility from the Black and Scholes…

1274

Abstract

Purpose

The purpose of this paper is to examine whether the superiority of the implied volatility from a stochastic volatility model over the implied volatility from the Black and Scholes model on the forecasting performance of future realized volatility still holds when intraday data are analyzed.

Design/methodology/approach

Two implied volatilities and a realized volatility on KOSPI200 index options are estimated every hour. The grander causality tests between an implied volatility and a realized volatility is carried out for checking the forecasting performance. A dummy variable is added to the grander causality test to examine the change of the forecasting performance when a specific environment is chosen. A trading simulation is conducted to check the economic value of the forecasting performance.

Findings

Contrary to the previous studies, the implied volatility from a stochastic volatility model is not superior to that from the Black and Scholes model for the intraday volatility forecasting even if both implied volatilities are informative on one hour ahead future volatility. The forecasting performances of both implied volatilities are improved under high volatile market or low return market.

Practical implications

The trading strategy using the forecasting power of an implied volatility earns positively, in particular, more positively under high volatile market or low return market. However, it looks risky to follow the trading strategy because the performance is too volatile. Between two implied volatilities, it is hardly to say that one implied volatility beats another in terms of the economic value.

Originality/value

This is the first study which shows the forecasting performances of implied volatilities on the intraday future volatility.

Details

International Journal of Managerial Finance, vol. 7 no. 1
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 14 January 2020

Hyung-Woo Lee and Dong-Young Rhee

Addressing low performers has been an important issue for government. The purpose of this paper is to examine what practices of performance management are effective in reducing…

898

Abstract

Purpose

Addressing low performers has been an important issue for government. The purpose of this paper is to examine what practices of performance management are effective in reducing the proportion of low performers in the US federal government.

Design/methodology/approach

The authors conducted the binary logit regression analysis and multinomial regression analysis.

Findings

Analyzing the Merit Principle Survey 2016, the authors found that the dismissal of low performing employees and the formal performance improvement plan (PIP) is the most effective in reducing the proportion of low performers. To the contrary, the within-grade-increase did not have a significant influence on the proportion of low performers. Moreover, using the performance appraisal for the purpose of reassigning employees to the position that better match employees’ talent increased the number of low performers in work units.

Research limitations/implications

Research limitations are as follows. First, the performance measure for this study was the percentage of employees rated as unsuccessful. Second, the pseudo-R2 indicated that the proposed model explained only the small, albeit significant, portion of the total variance in employee performance. Lastly, this study used a cross-sectional research design that may impede the validity of inference of causalities.

Practical implications

According to a recent news article (Rein, 2018), Trump signed an executive order that limits the stable benefits associated with government employment such as, limiting pay associated with union work and negotiating more stringent union contracts. These measures are largely aimed at eliminating low performing employees rather than attempting to improve their performances through carefully designed training programs. Although removing low performers may be an option, the results indicate that providing assistance in order to develop employee knowledge and skills through the PIP have a comparable impact on reducing low performers.

Originality/value

These findings imply that the use of performance evaluation for developmental or sanctioning purpose is more effective than reassignment or incentive purpose.

Details

International Journal of Manpower, vol. 41 no. 4
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 1 November 1997

John Lie

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…

463

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.”

Details

International Journal of Sociology and Social Policy, vol. 17 no. 11/12
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 3 February 2020

Hochan Jang and Minkyung Park

The purpose of this study is to document how a traditional residential neighborhood, Ihwa village in Seoul, South Korea, is transformed into a tourist attraction and demonstrate…

2314

Abstract

Purpose

The purpose of this study is to document how a traditional residential neighborhood, Ihwa village in Seoul, South Korea, is transformed into a tourist attraction and demonstrate the complexity of the overtourism phenomenon and the multifaceted conflicts among stakeholders that emerged in the course of urban transformation. Particularly, the study explores how tourism growth, urban transformation and overtourism are intertwined with each other and how the role of social media and media contributed to tourism growth and the transformation of an urban neighborhood.

Design/methodology/approach

The study conducted text analytics (a big data analysis) using personal blogs and news articles. Our data for text analytics was defined to retrieve all news articles and blogs existent in the NAVER portal, the largest Korean portal and search engine, for the period between January 1, 2006, and December 31, 2018. The data was collected using a web crawling program, TEXTOM version 3.0.

Findings

Text analysis of blog entries and news articles suggests that each medium has its unique role and domain to play. While the news media contributed to the initial surge of interest in Ihwa village, genuine growth of tourism in Ihwa village seems to be attributed to social media. Texts that appeared in blogs strongly indicated that people used their blogs to share their trip experiences, which can be subsequently assumed that blogs had an influential role in promoting a small place like Ihwa mural village, while news articles tended to highlight negative or unusual events occurred in Ihwa village. The study also addressed the multifaceted nature of the conflicts that were inherent in the issue of urban regeneration and how those conflicts were developed and manifested in the process of touristification and overtourism in Ihwa village. As touristification can manifest in various forms in different places, the case of Ihwa village demonstrates a unique development of touristification; private tourism companies or tourism agencies did not initiate or intend to cause tourism gentrification. Rather, touristification is a byproduct of urban revitalization through public art and is a result of interplay between the local government’s interest, social media and new tourist demand.

Originality/value

Text analytics using big data have rarely been attempted to understand the role of social media in relation to tourism growth and touristification of an urban tourism place. This study advances the literature by applying big data analysis to user-generated content in blogs. The study also contributes to the deeper understanding of a different developmental pattern of touristification in an urban tourism place as well as the complexity of the overtourism phenomenon and the multifaceted conflicts among stakeholders.

Details

International Journal of Tourism Cities, vol. 6 no. 1
Type: Research Article
ISSN: 2056-5607

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Article
Publication date: 8 December 2023

Weihua Liu, Tingting Liu, Ou Tang, Paul Tae Woo Lee and Zhixuan Chen

Using social network theory (SNT), this study empirically examines the impact of digital supply chain announcements disclosing corporate social responsibility (CSR) information on…

507

Abstract

Purpose

Using social network theory (SNT), this study empirically examines the impact of digital supply chain announcements disclosing corporate social responsibility (CSR) information on stock market value.

Design/methodology/approach

Based on 172 digital supply chain announcements disclosing CSR information from Chinese A-share listed companies, this study uses event study method to test the hypotheses.

Findings

First, digital supply chain announcements disclosing CSR information generate positive and significant market reactions, which is timely. Second, strategic CSR and value-based CSR disclosed in digital supply chain announcements have a more positive impact on stock market, however there is no significant difference when the CSR orientation is either towards internal or external stakeholders. Third, in terms of digital supply chain network characteristics, announcements reflecting higher relationship embeddedness and higher digital breadth and depth lead to more positive increases of stock value.

Originality/value

First, the authors consider the value of CSR information in digital supply chain announcements, using an event study approach to fill the gap in the related area. This study is the first examination of the joint impact of digital supply chain and CSR on market reactions. Second, compared to the previous studies on the single dimension of digital supply chain technology application, the authors innovatively consider supply chain network relationship and network structure based on social network theory and integrate several factors that may affect the market reaction. This study improves the understanding of the mechanism between digital supply chain announcements disclosing CSR information and stock market, and informs future research.

Details

Industrial Management & Data Systems, vol. 124 no. 2
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 2 February 2023

Maria Aluchna, Maria Roszkowska-Menkes, Ewa Jastrzębska and Leszek Bohdanowicz

The purpose of this paper is to investigate the role of socio-political interactions in determining the topos of sustainability reporting (SR) practice. For this purpose, this…

785

Abstract

Purpose

The purpose of this paper is to investigate the role of socio-political interactions in determining the topos of sustainability reporting (SR) practice. For this purpose, this study harnesses pragmatic constructivism perspective to identify facts, possibilities, values and communication of SR practice.

Design/methodology/approach

This study adopts a systematic literature review approach using a sample of 167 articles from 54 academic journals.

Findings

The results of this study indicate that companies in their SR are driven by self-interest, treating disclosure as a mean in itself and neglecting its role in sustainability transition. In the light of the results, this study proposes three main avenues for further research: the interplay of institutional, organizational and individual factors as drivers for transparency; approaches to improve the quality of SR; and (3) sustainability impact of SR.

Originality/value

The past decade has seen a proliferation of literature on the practice of SR. One of the most influential streams in studies on SR has been grounded in socio-political theories with legitimacy, stakeholder and institutional theories on the front. Nevertheless, there is still no systematic and comprehensive overview of this rich literature. This study offers a comprehensive framework which conceptualizes SR as a social construct defined by the interplay between various, often conflicting institutional demands.

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Article
Publication date: 22 March 2019

Tae Wan Kim

The purpose of this paper is to examine regional voting patterns in South Korea using the results from six presidential elections since the 1990s.

152

Abstract

Purpose

The purpose of this paper is to examine regional voting patterns in South Korea using the results from six presidential elections since the 1990s.

Design/methodology/approach

A χ2 test was used to determine the municipalities where a regional voting pattern emerged, and λ correlation coefficients were calculated to examine changes in the regional voting patterns.

Findings

The analyses lead to three key findings. First, voting patterns differ in Yeongnam and Honam: regional voting in Yeongnam is getting weaker, it remains strong in Honam. Second, the tendency to vote along regional lines decreased significantly in the election in which the Honam party fielded a candidate with a Yeongnam appeared identity. Third, regional voting patterns declined but then stabilized at a constant level, regardless of the candidates’ local identity, which was confirmed in “Bu-Ul-Gyeong.”

Originality/value

This paper can empirically verify the manifestation of regional voting pattern and confirm the trend. It is possible to derive a condition for suppressing the regional voting pattern.

Details

Asian Education and Development Studies, vol. 8 no. 3
Type: Research Article
ISSN: 2046-3162

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Article
Publication date: 9 July 2024

Siyi Dai, Ping Xiao and Huimin Li

Virtual clothing presentation has a visual 3D effort and allows consumers to interact. Currently, most scholars make virtual clothing presentations as a whole or focus on one…

279

Abstract

Purpose

Virtual clothing presentation has a visual 3D effort and allows consumers to interact. Currently, most scholars make virtual clothing presentations as a whole or focus on one element to study its impact on consumers’ purchase intentions. This study disassembles the components of virtual clothing presentation in Taobao and explores how each component (virtual clothing, virtual model, presentation space, presentation technology and system quality) affects consumers’ purchase intention, which can provide clothing companies recommendations for developing it and help improve consumers’ online shopping experience.

Design/methodology/approach

This study created the parts of a virtual clothing presentation and took advantage of Taobao’s 3D interactive module to simulate a shopping scenario. Participants experienced a 3D interactive virtual clothing presentation in which they could change clothing colors, show actual clothing sizes, try different model poses, switch presentation backgrounds and unfold clothing structure through interactive buttons. Then they were randomly assigned to view two kinds of images and videos of experiment clothing (real images and videos vs virtual ones), respectively. Hypotheses were tested using SEM and applying SmartPLS 4.

Findings

The results demonstrated that five components of virtual clothing presentation have different degrees of influence on consumers’ purchase intention through different consumer perceptions (perceived usefulness, ease of use and enjoyment). It is necessary to consider the design of the virtual clothing presentation in those five dimensions for different needs. In addition, it is feasible to replace images and animated videos of real clothing with virtual ones in Taobao.

Originality/value

Different types of virtual clothing presentations can lead to various results in terms of diverse impacts. This study disassembles and researches each component of a virtual clothing presentation. Overall, this study could provide guidance and suggestions for clothing companies to develop and design or invest in virtual clothing presentations.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 36 no. 12
Type: Research Article
ISSN: 1355-5855

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Abstract

Details

Organized Labor and Civil Society for Multiculturalism: A Solidarity Success Story from South Korea
Type: Book
ISBN: 978-1-83982-388-6

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Article
Publication date: 1 June 1997

Jaroslav Mackerle

Gives a bibliographical review of the finite element methods (FEMs) applied for the linear and nonlinear, static and dynamic analyses of basic structural elements from the…

6101

Abstract

Gives a bibliographical review of the finite element methods (FEMs) applied for the linear and nonlinear, static and dynamic analyses of basic structural elements from the theoretical as well as practical points of view. The range of applications of FEMs in this area is wide and cannot be presented in a single paper; therefore aims to give the reader an encyclopaedic view on the subject. The bibliography at the end of the paper contains 2,025 references to papers, conference proceedings and theses/dissertations dealing with the analysis of beams, columns, rods, bars, cables, discs, blades, shafts, membranes, plates and shells that were published in 1992‐1995.

Details

Engineering Computations, vol. 14 no. 4
Type: Research Article
ISSN: 0264-4401

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