Gyu Hyeon Mun and Jeong Hyo Hong
This paper studies the information spillover effects over price and volatility across countries by using open-to-close (daytime) returns and close-to-open (overnight) returns of…
Abstract
This paper studies the information spillover effects over price and volatility across countries by using open-to-close (daytime) returns and close-to-open (overnight) returns of NASDAQ 100 and KOSDAQ 50 index futures data from January 1, 2001 to December 31, 2001. Based on the time-varying AR(1)-GARCH (1,1)-M models, we document that statistically significant conditional mean and volatility spillover effects from the daytime returns of NASDAQ 100 index futures to both overnight returns and daytime returns of KOSDAQ 50 index futures were observed. We also find that there were information spillover effects from overnight returns of NASDAQ 100 index futures to daytime returns of KOSDAQ 50 index futures returns because investors in Korean stock markets can get information on U.S. stock market movement on real time basis due to the ECN transaction with its trading hour overlapped. Finally, we find that the daytime returns of KOSDAQ 50 index futures significantly influence the overnight and daytime returns of the NASDAQ 100 index futures.
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Gyu Hyeon Mun and Jeong Hyo Hong
This paper studies hedging strategies that use the KOSDAQ50 index futures to hedge the price risk of the KOSDAQ50 index spot portfolio. This study uses the minimum variance hedge…
Abstract
This paper studies hedging strategies that use the KOSDAQ50 index futures to hedge the price risk of the KOSDAQ50 index spot portfolio. This study uses the minimum variance hedge model and bivariate ECT-GARCH (1,1) model as hedging models, and analyzes their hedging performances. The sample period covers from January 31, 2001 to December 31, 2002. The most important findings may be summarized as follows. First, both the risk-minimization and GARCH model exhibit hedge ratios that are substantially lower than one. Hedge ratios of the risk-minimization tend to be higher than those of GARCH model. Second, for the in-sample data, hedging effectiveness of GARCH model is higher than that of the risk-minimization, while for the out-of-sample data, hedging effectiveness of the risk-minimization with constant hedge ratios is not far behind the GARCH model in its hedging performance. Third, the hedging performance of KOSDAQ50 index futures is lower than that of KOSPI200 index futures, but higher than that of KTB futures. In conclusion, in the KOSDAQ50 index market, investors are encouraged to use the simple risk-minimization model to hedge the price risk of KOSDAQ50 spot portfolios.
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The purpose of this paper is to propose a model to test whether the combined effects of valence and objectivity/subjectivity of online review have an effect on consumer judgment…
Abstract
Purpose
The purpose of this paper is to propose a model to test whether the combined effects of valence and objectivity/subjectivity of online review have an effect on consumer judgment and whether e-WOM platforms have a moderating effect.
Design/methodology/approach
In total, 480 respondents participated in online experiments with a four (positive+objective, positive+subjective, negative+objective, and negative+subjective online review) by two (marketer-generated vs consumer-generated brand community web sites) between subject design.
Findings
The experiment showed that: an objective negative online review was rated higher in terms of message usefulness compared to the other types of online reviews; positive reviews, whether they are objective or subjective, were rated higher in terms of attitudes toward and intention to purchase the reviewed product, and the effects of online reviews moderated by e-WOM platforms on consumer judgment were supported.
Research limitations/implications
The present study, based on an established theoretical foundation, will help the research community to gain a deeper understanding of the combined effects of online review valence and attributes on consumer judgment and whether user-generated web community is better for consumers to consult product experience.
Practical implications
The findings of this study can provide interested firms with useful strategies and tactics to enhance users’ acceptance of online reviews in terms of who operates the web sites.
Originality/value
With increasing use of consumers’ online reviews, the present study proposed and tested a comprehensive research model integrating both the valence and objectivity/subjectivity of online review, which has rarely been addressed in previous research.
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Inju Yang and Aidan Kelly
Avoidance becomes the default management style for dealing with cross‐cultural conflict in overseas Korean organizations rather than a collaborative style. We argue in this…
Abstract
Avoidance becomes the default management style for dealing with cross‐cultural conflict in overseas Korean organizations rather than a collaborative style. We argue in this conceptual paper, this is due to the absence of personalized informal social ties that are utilized in domestic Korean organizations to progress information sharing and conflict resolution, and to the absence of a structured and transparent conflict resolution mechanism understood and accepted by both Korean managers and overseas workers.
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Hyo-Jeong Kim and Sang Man Han
This study aims to understand why consumers continue to visit physical stores despite the rise in mobile shopping and online channels. Mobile shopping has changed how consumers…
Abstract
Purpose
This study aims to understand why consumers continue to visit physical stores despite the rise in mobile shopping and online channels. Mobile shopping has changed how consumers shop, allowing them to easily switch between channels. However, physical stores continue to remain significant because some consumers still prefer them, challenging the belief that online markets always surpass offline markets. To serve their needs effectively, retailers must understand the motivations and behaviors of shoppers in both channels. Therefore, this study aims to explore why people cross the online channel to offline by examining their dissatisfaction with online shopping, using E-SERVQUAL variables.
Design/methodology/approach
This study uses a two-method approach that involves in-depth interviews to develop questions related to E-SERVQUAL variables and a survey to assess respondents’ likelihood of switching from online to offline. Data was collected from 203 participants.
Findings
The results indicate that dissatisfaction with the timeliness and condition of online shopping services is a significant factor driving consumers to switch to physical stores. This challenges the notion that online markets always surpass offline markets, emphasizing the continued significance of physical stores in the retail landscape.
Originality/value
This study recognizes the importance and relevance of physical stores in the retail environment while challenging the assumption that online markets always outperform brick-and-mortar markets. In terms of dissatisfaction and satisfaction, it is possible to identify under what circumstances dissatisfied consumers go from online to offline by considering the distribution channel migration phenomenon.
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Guofu Qiao, Huigang Xiao, Yi Hong and Yuelan Qiu
Corrosion sensors and networks are the most effective techniques to obtain the corrosion information and recognize the corrosion status of reinforced concrete structures. However…
Abstract
Purpose
Corrosion sensors and networks are the most effective techniques to obtain the corrosion information and recognize the corrosion status of reinforced concrete structures. However, reference electrode is the key element to provide the baseline for potential control of the corrosion monitoring sensors during corrosion measurement process. Therefore, the purpose of this paper is to provide the novel solid‐state reference electrode for the corrosion sensors.
Design/methodology/approach
A solid‐state Ag/AgCl reference electrode has been prepared. Furthermore, the performance of the reference electrode, such as stability, temperature response, anti‐polarization and influence of the concrete admixture, has been investigated.
Findings
The results indicate that the balance potential and the temperature coefficient of the reference electrode are 3.64±1mv (vs. SCE) at 25°C and −0.51 mv/°C±0.03 mv/°C, respectively. Furthermore, the polarization curve exhibits characteristics of three stages as the polarization current is in (−10μA/cm2,+10μA/cm2). Additionally, the reference electrode is insensitive to the concrete admixtures which include Na2SO4, NaCl, NaNO3 and NaNO2.
Originality/value
The research provides the key element for the corrosion monitoring sensors to integrate structural health monitoring system in future.
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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.