Search results

1 – 10 of over 2000
Per page
102050
Citations:
Loading...
Available. Open Access. Open Access
Article
Publication date: 31 August 2012

Doojin Ryu and Jin-Young Yang

This study examines the bid/ask spread and its components in the KOSPI200 options market under the framework of the cross-market model, which utilizes the order flow information…

14

Abstract

This study examines the bid/ask spread and its components in the KOSPI200 options market under the framework of the cross-market model, which utilizes the order flow information of both KOSPI200 futures and options markets. We also compare the results by the single-market model (MRR model; Madhavan et al., 1997) and by the cross-market model (Ryu (2011)’s extension). This comparison suggests that the cross-market approach can mitigate the underestimation of the permanent spread component of OTM options and the overestimation of the component of ITM options, which are often detected when we directly apply the single market model into the KOSPI200 options market where the ITM options are relatively illiquid while the OTM options are extremely liquid. We also find that the effect of the order flow information of the futures market on the option spread and its permanent spread component will vary depending on the option moneyness and the intraday time period. This implies that the order flow of the futures market has more significant effects if the degree of informed trading is relatively high.

Details

Journal of Derivatives and Quantitative Studies, vol. 20 no. 3
Type: Research Article
ISSN: 2713-6647

Keywords

Access Restricted. View access options
Article
Publication date: 24 December 2020

Jin Young Yang, Aristeidis Samitas and Ilias Kampouris

This study investigates the dynamic relationships among trading behaviors of different investor groups (foreigners, domestic institutions and domestic individuals), stock returns…

503

Abstract

Purpose

This study investigates the dynamic relationships among trading behaviors of different investor groups (foreigners, domestic institutions and domestic individuals), stock returns and sovereign CDS (Credit Default Swap) spreads in Korea.

Design/methodology/approach

We employ the VAR (Vector autoregression) model to examine the dynamic relationships between CDS spread changes, stock returns and investors' behavior in the stock market.

Findings

The CDS spread change (stock return) declines (rises) in response to shocks to net foreign flows into the stock market on the same day. Foreigners buy stocks more intensely one day after an increase in the stock return, but they do not respond to CDS spread changes. Domestic individuals trade in the opposite direction of foreigners in response to shocks to both stock returns and CDS spread changes on the same day. Positive net stock purchases of domestic institutions (individuals) predict positive (negative) stock returns and negative (positive) CDS spread changes next day.

Originality/value

This study extends prior studies by examining how different investor groups' trading behaviors in the stock market are associated with not only the stock market but also a closely related market (CDS market). Prior empirical studies on the relation between the stock and CDS markets do not pay attention to possible heterogeneity in trading behavior across different types of investors in the stock market.

Details

International Journal of Managerial Finance, vol. 17 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

Access Restricted. View access options
Article
Publication date: 29 May 2019

Jin Young Yang, Reuben Segara and Jingwei Feng

The purpose of this paper is to examine the relationship between price movements of target firms’ stocks and behaviors of local individual, local institutional and foreign…

1392

Abstract

Purpose

The purpose of this paper is to examine the relationship between price movements of target firms’ stocks and behaviors of local individual, local institutional and foreign investors in trading target firms’ stocks around mergers and acquisitions announcements in Korea.

Design/methodology/approach

This study uses event study methodology and cross-sectional regressions for abnormal returns.

Findings

Results reveal that the average abnormal return becomes significantly positive three days prior to the announcement date and becomes insignificant after the announcement date. Results also show that local individual investors tend to sell more intensely prior to announcements for target firms with larger wealth effects. In contrast, foreign investors tend to buy target stocks with larger wealth effects more intensely prior to the announcement date, and then they sell them more intensely in the post-announcement period.

Originality/value

This paper provides evidence that foreign investors are able to identify target stocks with large wealth effects prior to the announcement date and they realize short-term profits by selling them following the announcement.

Details

International Journal of Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

Access Restricted. View access options
Article
Publication date: 3 November 2021

Reuben Segara and Jin Young Yang

This study investigates the valuation motive for increasing share repurchases: the authors analyze the trading dynamics between short sellers, institutional investors and the firm…

200

Abstract

Purpose

This study investigates the valuation motive for increasing share repurchases: the authors analyze the trading dynamics between short sellers, institutional investors and the firm itself around share repurchases.

Design/methodology/approach

The authors examine the valuation motive for share repurchases through an analysis of firm, institutional and short sellers’ trading behavior. The firm-level panel regression models using firm-quarter observations in the sample period are estimated.

Findings

The authors find that firms repurchase more intensely against increased short selling and that institutional investors trade in parallel with the repurchasing firm.

Originality/value

Results suggest that firms disagree with short sellers’ intrinsic valuation of the firm, which is consistent with findings of recent studies such as Muzere (2019) and Bargeron and Bonaimé (2020).

Details

Managerial Finance, vol. 48 no. 2
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Book part
Publication date: 25 April 2017

Dottie Bossman

Many literature teachers, operating with good intentions, include in their presentations of multicultural literature moral lessons on the importance of tolerating difference…

Abstract

Many literature teachers, operating with good intentions, include in their presentations of multicultural literature moral lessons on the importance of tolerating difference. Unfortunately, as long as teachers continue to label someone or some point of view as “diversity,” they reify the ideal of normal versus abnormal and keep the definition of the latter in the hands of the former. How can a teacher who is dedicated to teaching diversity respond to this problem? I propose that school leaders and teachers can address this dilemma through the medium of literature if reading instruction is utilized to shape students into novice narrative researchers. Working with a current teacher, I applied this approach to the graphic novel, American Born Chinese (Yang, 2006) constructing a unit for ninth grade students in a suburban, Midwestern high school. The curriculum – which infuses principles of narrative research into extant district and state guidelines for teaching literature – frames the text not as a lesson in tolerance, but as a disruptive and potentially transformative experience. I include a description of this process, a selection of lessons, and reflections from the teacher. Considering these elements, I end with a reflection on the potential for narrative and disruptive methodology to (truly) promote diversity. All of us – even teachers – find it hard to confront, accept, and appreciate differences in others, but these activities also have the potential to enrich our communities and lives. Thus, we, with eyes on the future, need to foster these capacities in young people.

Details

Crossroads of the Classroom
Type: Book
ISBN: 978-1-78635-796-0

Keywords

Access Restricted. View access options
Article
Publication date: 27 June 2023

Hong Yan Yu, Deli Yang, Carol Yoder and Maho (Mahmut) Sonmez

This paper aims to study how brand owners and users enhance brand bond with three objectives. First, brand owners’ effort (BOE) to exercise care, innovate frequently and…

267

Abstract

Purpose

This paper aims to study how brand owners and users enhance brand bond with three objectives. First, brand owners’ effort (BOE) to exercise care, innovate frequently and differentiate their brands enhances users’ bond with the brand. Second, brand users’ competence (BUC) in their knowledge and experience with the brand’s reputation, value and service quality improves brand bond. Third, BOE significantly enhances BUC.

Design/methodology/approach

This study proposed an integrative model with new concepts and tested it with 2,135 young Chinese consumers using global smartphone brands. Results are drawn from structural equation modeling and comparisons between stakeholders and among smartphone brands.

Findings

The results show that BOE and BUC are significant and equally effective at enhancing brand bond. BOE also shows a significantly stronger effect on BUC than on brand bond. The temporal comparison between 2015 and 2018 confirms the changing reality of the smartphone world. As for brand comparison, young consumers perceive that iPhone differentiates itself from Huawei and Samsung rivals in terms of BOE and BUC on brand bond. However, none of these brands show significant differences in terms of BOE effect on BUC.

Research limitations/implications

Please see detail in the Conclusion and Discussions.

Practical implications

Please see detail in the Conclusion and Discussions.

Social implications

Please see detail in the Conclusion and Discussions.

Originality/value

This study introduced a validated model with new concepts based on the global smartphone industry, perceived by young Chinese consumers. The results prove that it takes both the owners and users together to contribute to the brand bond, but brand owners’ role on BUC is more significant.

Details

Young Consumers, vol. 24 no. 5
Type: Research Article
ISSN: 1747-3616

Keywords

Access Restricted. View access options
Article
Publication date: 13 August 2020

Agnes Yang, Young Jin Kwon and Sang-Yong Tom Lee

The objective of this paper is to investigate how firms react to cybersecurity information sharing environment where government organizations disseminate cybersecurity threat…

1388

Abstract

Purpose

The objective of this paper is to investigate how firms react to cybersecurity information sharing environment where government organizations disseminate cybersecurity threat information gathered by individual firms to the private entities. The overall impact of information sharing on firms' cybersecurity investment decision has only been game-theoretically explored, not giving practical implication. The authors therefore leverage the Cybersecurity Information Sharing Act of 2015 (CISA) to observe firms' attitudinal changes toward investing in cybersecurity.

Design/methodology/approach

The authors design a quasi-experiment where they set US cybersecurity firms as an experimental group (a proxy for total investment in cybersecurity) and nonsecurity firms as a control group to measure the net effect of CISA on overall cybersecurity investment. To enhance the robustness of the authors’ difference-in-difference estimation, the authors employed propensity score matched sample test and reduced sample test as well.

Findings

For the full sample, the authors’ empirical findings suggest that US security firms' overall performance (i.e. Tobin's Q) improved following the legislation, which indicates that more investment in cybersecurity was followed by the formation of information sharing environment. Interestingly, big cybersecurity firms are beneficiaries of the CISA when the full samples are divided into small and large group. Both Tobin's Q and sales growth rate increased for big firms after CISA.

Research limitations/implications

The authors’ findings shed more light on the research stream of cybersecurity and information sharing, a research area only explored by game-theoretical approaches. Given that the US government has tried to enforce cybersecurity defensive measures by building cooperative architecture such as CISA 2015, the policy implication of this study is far-reaching.

Originality/value

The authors’ study contributes to the research on the economic benefits of sharing cybersecurity information by finding the missing link (i.e. empirical evidence) between “sharing” and “economic impact.” This paper confirms that CISA affects the cybersecurity industry unevenly by firm size, a previously unidentified relationship.

Details

Industrial Management & Data Systems, vol. 120 no. 9
Type: Research Article
ISSN: 0263-5577

Keywords

Access Restricted. View access options
Article
Publication date: 5 December 2023

Fei Fan, Lin Fu and Qinghua Jiang

This study aims to examine how young consumers perceive the advertising effectiveness of endorsements by virtual idols and how endorsements by virtual idols differ from…

1931

Abstract

Purpose

This study aims to examine how young consumers perceive the advertising effectiveness of endorsements by virtual idols and how endorsements by virtual idols differ from endorsements by real human celebrities such as traditional celebrities and online influencers.

Design/methodology/approach

An experimental study was conducted with 400 randomly selected young respondents in China in December 2022. A 3 × 2 factorial design was used to test how the type of celebrity endorser and level of product involvement influence the persuasiveness of advertising aimed at young adults. Among 400 respondents, the average age was 21.5 years. A total of 193 male and 207 female respondents participated in the experiment.

Findings

Young consumers find virtual idols, online influencers and traditional celebrities attractive. Although virtual idols are the least credible among the three types of celebrity endorsers, young consumers tend to be more convinced by their endorsements of products with low levels of consumer involvement than those with high levels of involvement. Among the three types of celebrity endorsements, young consumers find traditional celebrities the most effective. In addition, young consumers’ attitudes toward celebrity endorsers mediate the impact of celebrity endorsers’ attractiveness and credibility on their attitudes toward the advertisements. The perceived level of product involvement moderates the transfer of meaning from the attitude toward the celebrity endorsers to the attitude toward the advertisement.

Practical implications

First, when choosing celebrity endorsers to advertise products targeting young consumers, marketing communication practitioners should give priority to the endorsers’ perceived credibility, as young consumers have a variety of views about them that can significantly affect their attitudes toward the advertisement. Second, real human celebrity endorsers are more effective than virtual idols in celebrity endorsements. However, virtual idols may be suited for use in advertisements to promote products with low involvement levels, such as soft drinks.

Originality/value

To the best of the authors’ knowledge, this is the first experimental study to attempt to analyze the effectiveness of virtual idols in advertising aimed at young consumers. This is also the first comparative study to introduce virtual idols as celebrity endorsers in product advertising and to compare their effectiveness with that of the two other types of commonly discussed celebrity endorsers, traditional celebrities and online influencers.

Details

Young Consumers, vol. 25 no. 3
Type: Research Article
ISSN: 1747-3616

Keywords

Access Restricted. View access options
Article
Publication date: 27 August 2019

Jin Su, Kittichai (Tu) Watchravesringkan, Jianheng Zhou and Maria Gil

The purpose of this paper is to understand US and Chinese young Millennials’ perceptions of and consumption behaviour towards sustainable apparel products.

7772

Abstract

Purpose

The purpose of this paper is to understand US and Chinese young Millennials’ perceptions of and consumption behaviour towards sustainable apparel products.

Design/methodology/approach

Quantitative research was conducted, and empirical data were collected from 590 US college students and 379 Chinese college students.

Findings

For both US and Chinese young Millennials, this study provides consistent empirical results of the positive and significant effects of young Millennials’ apparel sustainability knowledge and personal values on consumer attitude towards sustainable clothing, which in turn positively and strongly impacts purchase intention. In addition, a cross-cultural comparative analysis reveals similarities and differences regarding apparel sustainability knowledge and values between young Millennial consumers in the US and China.

Originality/value

The scale of environmental and social impacts from global apparel production and consumption makes sustainability increasingly important in the contemporary business environment. Young Millennials in the US and China represent large and influential consumer segments for sustainable consumption. This study contributes to the literature by surveying young Millennials in the US (developed market) and China (emerging market) in a cross-cultural context. The study offers insights into the global apparel industry in developing strategies for expanding sustainable apparel markets in the US and China.

Details

International Journal of Retail & Distribution Management, vol. 47 no. 11
Type: Research Article
ISSN: 0959-0552

Keywords

Access Restricted. View access options
Book part
Publication date: 23 October 2020

Zhiyong Yang, Ying Wang and Jiyoung Hwang

Generation Z makes up 20% of China’s population, and accounts for the highest share of household spend at 13% (vs. 3% for the United Kingdom and 4% for the United States). To…

Abstract

Generation Z makes up 20% of China’s population, and accounts for the highest share of household spend at 13% (vs. 3% for the United Kingdom and 4% for the United States). To advance marketers’ understanding about this group of consumers and capitalise on China’s booming market, this chapter uses rich statistics and information to show that China’s Generation Z has distinct behaviour patterns, which can be attributed to the unique background in which they grew up: (1) rigidity of social stratification, (2) abundance of materialism, (3) digital era, (4) limited (vs. extended) family, and (5) heavy schoolwork. Growing up in such a background, Generation Z’s lifestyle and consumption-related attitudes and behaviour are distinct from their predecessors. The chapter presents specific actions that marketers can take when targeting this distinct group of consumers in China, along with useful guidelines to HR managers for hiring them.

Details

The New Generation Z in Asia: Dynamics, Differences, Digitalisation
Type: Book
ISBN: 978-1-80043-221-5

Keywords

1 – 10 of over 2000
Per page
102050