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Article
Publication date: 30 November 2002

Jang Gu Kang and Jeong Jin Lee

Traditionally, people values KTB futures contracts using the model based on the cost-of-carry argument. However, the underlying commodity for the KTB futures is non-tradable, and…

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Abstract

Traditionally, people values KTB futures contracts using the model based on the cost-of-carry argument. However, the underlying commodity for the KTB futures is non-tradable, and so the cost of carry argument cannot be applied to the KTB futures. This paper regards KTB futures contracts as interest-rate derivatives, and prices them using the Black-Karasinski (B-K) term structure model. This paper documents that (1) the market prices of KTB futures are more close to B-K model price than the price by the cost-of-carry argument, though the KTB futures are generally underpriced in the market even under the B-K model; (2) The extent of underpricing is a decreasing function of the remaining maturity of the futures, and becomes smaller recently; (3) The cost of carry argument relatively overprices the KTB futures, and the degree of overpricing is a decreasing function of interest rates and the remaining maturity of the futures; (4) The daily resettlement in the futures contracts affects the futures price very little; (5) The trading strategies based on the theoretical pricing models produce very high trading profit.

Details

Journal of Derivatives and Quantitative Studies, vol. 10 no. 2
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 4 October 2011

Henry Tsai, Steve Pan and Jinsoo Lee

The purpose of this paper is to review and synthesize published contemporary hospitality financial management research from 1998 through 2009 and provide future research…

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Abstract

Purpose

The purpose of this paper is to review and synthesize published contemporary hospitality financial management research from 1998 through 2009 and provide future research directions.

Design/methodology/approach

The authors began their initial literature search by entering into the ABI/INFORM database via ProQuest 19 pre‐identified keywords (i.e. debt, financing, ownership) related to the major functions of financial management, namely investing, financing, and dividend decisions, as well as commonly indexed keywords in hospitality finance research. The paper then expanded the authors' literature list through the reference lists of the studies that they initially identified. The authors limited their search to published studies between 1998 and 2009 and within hospitality journals written in English.

Findings

The paper identifies 98 published papers that represented the major work and efforts in expanding the body of knowledge in both the theoretical and practical perspectives of hospitality financial management. The major categories of papers include hospitality financing, investing, dividend policy, financial condition, and performance. Areas that warrant further investigation are noted throughout the paper.

Research limitations/implications

The papers review provides academics and practitioners an overview of the updated body of knowledge in the field and suggests the need for further in‐depth research to extend the literature and prompt better financial decision making for practitioners.

Originality/value

Since Harris and Brown's and Atkinson and Jones's reviews of past hospitality accounting and finance studies which mostly focused on the former, hospitality financial management research alone has grown noticeably in terms of diverse topics and sophistication of methodologies. To the authors' knowledge, no updated reviews that focus solely on hospitality finance research have been published in the last 12 years, and the need for such a task motivated them to conduct a review of recent research on this topic.

Details

International Journal of Contemporary Hospitality Management, vol. 23 no. 7
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 10 April 2017

Robin DiPietro

The purpose of this paper is to present a review of the foodservice and restaurant literature that has been published over the past 10 years in the top hospitality and tourism…

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Abstract

Purpose

The purpose of this paper is to present a review of the foodservice and restaurant literature that has been published over the past 10 years in the top hospitality and tourism journals. This information will be used to identify the key trends and topics studied over the past decade, and help to identify the gaps that appear in the research to identify opportunities for advancing future research in the area of foodservice and restaurant management.

Design/methodology/approach

This paper takes the form of a critical review of the extant literature that has been done in the foodservice and restaurant industries. Literature from the past 10 years will be qualitatively assessed to determine trends and gaps in the research to help guide the direction for future research.

Findings

The findings show that the past 10 years have seen an increase in the number of and the quality of foodservice and restaurant management research articles. The topics have been diverse and the findings have explored the changing and evolving segments of the foodservice industry, restaurant operations, service quality in foodservice, restaurant finance, foodservice marketing, food safety and healthfulness and the increased role of technology in the industry.

Research limitations/implications

Given the number of research papers done over the past 10 years in the area of foodservice, it is possible that some research has been missed and that some specific topics within the breadth and depth of the foodservice industry could have lacked sufficient coverage in this one paper. The implications from this paper are that it can be used to inform academics and practitioners where there is room for more research, it could provide ideas for more in-depth discussion of a specific topic and it is a detailed start into assessing the research done of late.

Originality/value

This paper helps foodservice researchers in determining where past research has gone and gives future direction for meaningful research to be done in the foodservice area moving forward to inform academicians and practitioners in the industry.

Details

International Journal of Contemporary Hospitality Management, vol. 29 no. 4
Type: Research Article
ISSN: 0959-6119

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Book part
Publication date: 12 November 2015

Seonghee Oak and Michael C. Dalbor

Mergers and acquisitions are frequent occurrences in the world of business. While a merged firm may convert an acquired asset to other brands, the restaurant industry tends to…

Abstract

Mergers and acquisitions are frequent occurrences in the world of business. While a merged firm may convert an acquired asset to other brands, the restaurant industry tends to acquire the same brand name and does not change the name of the acquired assets. Acquisitions can prove to be a risky proposition in any industry. This study attempts to determine if a product-diversified acquisition in the restaurant industry is a value-creating decision. By comparing focused and diversified acquisitions, we try to find if focused acquisitions create value and that diversified acquisitions do not. Our initial expectation was that focused acquisitions create more shareholder value. We find that both focused and diversified acquisitions make significant positive abnormal returns for acquirers.

Details

Advances in Hospitality and Leisure
Type: Book
ISBN: 978-1-78560-271-9

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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…

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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: 6 July 2020

Won-Hyuk Lee, Tae-Wook Na, Kyung-Woo Yi, Seung-Min Yang, Jang-Won Kang, Hyung Giun Kim and Hyung-Ki Park

When a pure titanium component is fabricated in a selective laser melting (SLM) process using titanium powder, the oxygen concentration of the SLM sample increases compared to the…

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Abstract

Purpose

When a pure titanium component is fabricated in a selective laser melting (SLM) process using titanium powder, the oxygen concentration of the SLM sample increases compared to the initial powder. The purpose of this paper is to study the reason for increasing oxygen concentration after SLM.

Design/methodology/approach

To understand this phenomenon, the authors analyzed the oxidation behavior during the SLM process thermodynamically.

Findings

Based on the laser parameters used in this study, the temperature of the Ti melt during the SLM process was expected to rise to 2,150°C. Based on the thermodynamic analysis, the equilibrium oxygen partial pressure for oxidation was 2.32 × 10−19 atm at 2,150°C when the dissolved oxygen concentration in the titanium is 0.2 wt.%. However, the oxygen partial pressure inside the SLM chamber was 1 × 10−3 atm, which is much higher than the equilibrium oxygen partial pressure. Therefore, oxidation occurred during the SLM process, and the oxygen concentration of the SLM sample increased compared to the initial powder.

Originality/value

Most studies on fabricating Ti components using additive manufacturing (AM) have been focused on how the changes in the microstructures and mechanical properties depend on the process parameters. However, there are a few studies that analyzed the oxygen concentration change of Ti during the AM process and its causes. In this study, the authors analyzed the oxidation behavior during the SLM process thermodynamically.

Details

Rapid Prototyping Journal, vol. 26 no. 8
Type: Research Article
ISSN: 1355-2546

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Article
Publication date: 1 May 2023

Ameen Qasem, Abdulalem Mohammed, Enrico Battisti and Alberto Ferraris

The aim of this study is to examine the ownership impact on firm sustainable investments (FSIs). In particular, this research examines the link between institutional investor…

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Abstract

Purpose

The aim of this study is to examine the ownership impact on firm sustainable investments (FSIs). In particular, this research examines the link between institutional investor ownership (IIO), managerial ownership (MOWN) and FSIs in the tourism industry in Malaysia.

Design/methodology/approach

This study uses a data set of 346 firm-year observations from 2008 to 2020 and applies feasible generalized least squares (FGLS) regression analysis. The study sample is based on tourism firms listed on Bursa Malaysia (the Malaysian Stock Exchange).

Findings

There is a significant positive association between IIO and FSIs. When IIO is classified into foreign (FIIO) and local (LIIO), this significant association is mainly driven by FIIO. In addition, there is a significant, positive association between managerial ownership (MOWN) and firm sustainable investments (FSIs). These findings imply that firm ownership has an influence on FSIs in the tourism industry.

Originality/value

This is the first attempt to consider IIO and MOWN simultaneously in a single model estimation. The findings contribute to emerging capital markets where the involvement of ownership concentration in the governance of publicly listed firms is a common practice.

Details

International Journal of Emerging Markets, vol. 20 no. 2
Type: Research Article
ISSN: 1746-8809

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Book part
Publication date: 5 October 2018

Olalekan Shamsideen Oshodi and Ka Chi Lam

Fluctuations in the tender price index have an adverse effect on the construction sector and the economy at large. This is largely due to the positive relationship that exists…

Abstract

Fluctuations in the tender price index have an adverse effect on the construction sector and the economy at large. This is largely due to the positive relationship that exists between the construction industry and economic growth. The consequences of these variations include cost overruns and schedule delays, among others. An accurate forecast of the tender price index is good for controlling the uncertainty associated with its variation. In the present study, the efficacy of using an adaptive neuro-fuzzy inference system (ANFIS) for tender price forecasting is investigated. In addition, the Box–Jenkins model, which is considered a benchmark technique, was used to evaluate the performance of the ANFIS model. The results demonstrate that the ANFIS model is superior to the Box–Jenkins model in terms of the accuracy and reliability of the forecast. The ANFIS could provide an accurate and reliable forecast of the tender price index in the medium term (i.e. over a three-year period). This chapter provides evidence of the advantages of applying nonlinear modelling techniques (such as the ANFIS) to tender price index forecasting. Although the proposed ANFIS model is applied to the tender price index in this study, it can also be applied to a wider range of problems in the field of construction engineering and management.

Details

Fuzzy Hybrid Computing in Construction Engineering and Management
Type: Book
ISBN: 978-1-78743-868-2

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Article
Publication date: 14 October 2024

DaHyun Kim, Jeonghae Kwon, Dohyoung Kim and Eungdo Kim

The government support for research and development (R&D) initiatives in the pharmaceutical sector has been declining. The purpose of this study is to analyze factors influencing…

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Abstract

Purpose

The government support for research and development (R&D) initiatives in the pharmaceutical sector has been declining. The purpose of this study is to analyze factors influencing the efficacy of government R&D support programs directed at pharmaceutical enterprises in South Korea, aiming to provide valuable insights for policymakers responsible for resource allocation in the pharmaceutical industry.

Design/methodology/approach

The study uses data from 490 R&D projects conducted by 106 pharmaceutical enterprises between 2018 and 2020, sourced from the National Technical Information Service and Drug Approval Research and Technology repositories. The data were analyzed using negative binomial regression analysis operated by the Statistical Package for the Social Sciences.

Findings

Applied research, cooperative research and the number of doctoral researchers positively impact both the quantitative and qualitative performance of the papers. The number of doctoral researchers, government research funds and the ratio of private investment to total R&D investment positively impacted the quantitative and qualitative performance of patents. However, enterprise age negatively affected patent performance. Notably, sales were significantly associated with patent qualitative performance but not with patent quantitative performance.

Originality/value

While previous studies have primarily focused on specific types of government R&D support or individual sectors, this study provides a broader perspective by incorporating a variety of variables, to examine the overall performance of government R&D programs in the pharmaceutical sector. This paper addresses the growing concern over declining government support and offers insights that were not fully explored in prior studies. By doing so, this research highlights the importance of understanding how diverse factors collectively influence the effectiveness of government R&D support, providing new directions for innovation and excellence in the pharmaceutical industry.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

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Article
Publication date: 8 February 2021

Shanji Yao, Xinnuo Zheng and Dewen Liu

The purpose of this paper is to find a way to encourage community members to actively create content and contribute knowledge through the study of the relationship between virtual…

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Abstract

Purpose

The purpose of this paper is to find a way to encourage community members to actively create content and contribute knowledge through the study of the relationship between virtual community awareness, commitment and knowledge contribution, so as to make virtual community revitalize and provide a better platform for enterprises to carry out network marketing.

Design/methodology/approach

This study establishes a theoretical model that member knowledge contribution’s prepositive impact in virtual community. SOVC is an independent variable, commitment is a mediating variable and knowledge contribution is a dependent variable. Through 139 valid questionnaires from MI community, relationships among sense of virtual community (SOVC), commitment and knowledge contribution are deeply discussed.

Findings

Empirical results show that, as three dimensions of SOVC, membership, influence and immersion can all drive commitment and knowledge contribution in different degrees. In the two-dimensional division of commitment, only affective commitment can drive knowledge contribution. Affective commitment and calculative commitment can play a mediating role in the impact of SOVC on knowledge contribution.

Originality/value

Empirical research that the academia has done on important issues such as the impact of SOVC and commitment on knowledge contribution is deficient. Furthermore, those researches which have explored the mediating effect of commitment in the impact of SOVC on knowledge contribution remain merely on theoretical deduction level, and empirical studies based on Chinese background are also rare. In China, MI community is the typical representative of virtual community that runs successfully, and choosing it to conduct research can not only provide representatives on sample but also duplicate on the result popularity. Thus, this paper chooses MI community as the empirical object to explore the relationships among SOVC, commitment and knowledge contribution.

Details

Nankai Business Review International, vol. 12 no. 1
Type: Research Article
ISSN: 2040-8749

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