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…
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.
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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…
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.
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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…
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.
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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…
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).
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This study aims to examine food tourists’ engagement in positive and negative electronic word-of-mouth (eWOM) by considering the following questions: Do satisfied customers engage…
Abstract
Purpose
This study aims to examine food tourists’ engagement in positive and negative electronic word-of-mouth (eWOM) by considering the following questions: Do satisfied customers engage in advocacy, and do dissatisfied customers make the same effort to spread their negative experiences? Which restaurant experience attributes influence eWOM behavior? What demographic and psychographic characteristics contribute to advocacy?
Design/methodology/approach
Using data from an online survey of 456 consumers with restaurant experience in the tourism context, this study applied simultaneous Tobit estimation to examine the research hypotheses.
Findings
Engagement in negative eWOM because of poor experiences was stronger than engagement in positive eWOM because of positive experiences. Food taste was a critical attribute for both positive and negative eWOM. Authenticity was influential for positive eWOM only, and value was influential for negative eWOM only. Atmosphere, service and location were found to be insignificant, indicating that they are ‘indifferent’ factors for eWOM in the food tourism context. Female customers were more active in negative advocacy, while Generation Y customers were more active in positive advocacy. Food involvement was significantly related to both positive and negative eWOM.
Research limitations/implications
The results of this study provide useful marketing and service insights for restaurant managers in the digitally connected world, enabling them to formulate services based on factors critical for restaurant eWOM in the tourism context.
Originality/value
To fill a gap in the current literature in the era of digital marketing, this study takes a comprehensive yet industry-specific perspective on eWOM engagement by examining demographic factors and the food involvement of consumers as well as restaurant experience attributes. By investigating both positive and negative eWOM, this study presents meaningful practical and theoretical implications.
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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…
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.
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V.G. Girish, Jin-Young Lee, Choong-Ki Lee and Hossein Olya
This paper aims to understand the impact of smart working on employees’ quality of life. The service-dominant logic indicates that key actors, including employees, are resource…
Abstract
Purpose
This paper aims to understand the impact of smart working on employees’ quality of life. The service-dominant logic indicates that key actors, including employees, are resource integrators. This empirical study contributes to the current knowledge of transformative service by expounding on smart working practices and their relationship with self-efficacy and, ultimately, quality of life of employees.
Design/methodology/approach
This study contends that smart working enhances employees’ self-efficacy. The current research uses conservation of resources (COR) theory as a basis in hypothesizing that self-efficacy serves as a key resource, which can stimulate workplace creativity, job satisfaction and quality of life. An onsite survey is conducted among employees who have been involved in smart working in the travel agency context.
Findings
Smart working has a positive effect on self-efficacy, which positively influences workplace creativity, job satisfaction and quality of life. Workplace creativity enhances job satisfaction but does not influence quality of life. Job satisfaction boosts quality of life, which is important to tourism services and their employees amid various crises.
Research limitations/implications
Consistent with COR theory, the immediate recommendation to managers is to invest in smart working, which can lead to employees’ creativity, job satisfaction and quality of life.
Originality/value
To the best of the authors’ knowledge, this empirical study is the first to assess the viability of smart working in the travel agency context. Smart working offers positive outcomes, such as convenience for employees to work independently, improving workplace creativity, job satisfaction and quality of life. Travel agencies are mainly categorized as small and medium enterprises (SMEs). In the future, SMEs may also introduce smart working that can eventually become their competitive advantage to retain talented employees.
旅行社中的智慧办公与员工的生活质量
目的
本文旨在了解智慧办公对员工的影响.服务主导逻辑表明, 员工等关键人物是资源整合者。本文通过实证研究揭示了智慧办公实践及其与员工自我效能和生活质量的关系, 对现有转型服务知识做出贡献。
设计/方法/路径
本研究认为智慧办公可以提高员工的自我效能。基于资源守恒理论(COR), 本研究假设自我效能是激发职场创造力、工作满意度和生活质量的关键因素, 对旅行社中参与智慧办公的员工进行了现场调查。
结果
智慧办公对自我效能有正向影响, 同时自我效能对职场创造力、工作满意度和生活质量均产生正向影响。职场创造力能够提高工作满意度, 但对员工的生活质量不起作用。另外, 工作满意度有利于提升生活质量, 这对面临各种危机的旅游企业和员工具有重要意义。
启示
根据COR理论, 即刻建议管理者投资推行智慧办公, 从而提升员工的创造力, 工作满意度和生活质量。
原创性/价值
这一实证研究首次尝试评估旅行社中推行智慧办公的可行性。智慧办公可带来多种积极效果, 如为员工独立工作提供便利, 提升员工的职场创造力、工作满意度和生活质量等。旅行社属于中小型企业(SMEs)。未来, 中小型企业同样可尝试引入智慧办公, 这将成为其留住优秀员工的竞争优势。
关键词:智慧办公, 公平评估, 自我效能, 创造力, 自主, 生活质量
文章类型: 研究型论文
El trabajo inteligente en las agencias de viajes y la calidad de vida de los empleados
Resumen
Propósito
Este artículo tiene como objetivo entender el impacto del trabajo inteligente en la calidad de vida de los empleados. Basándose en la lógica de servicio dominante, los actores clave, incluidos los empleados, son integradores de recursos. Este estudio empírico contribuye al conocimiento actual de lo que constituye un servicio transformador al exponer prácticas laborales inteligentes y su relación con la autoeficacia y, en última instancia, la calidad de vida de los empleados.
Diseño/Metodología/Enfoque
Este estudio sostiene que el trabajo inteligente mejora la autoeficacia de los empleados. Plantea la hipótesis de que la autoeficacia sirve como un recurso clave que puede estimular la creatividad en el lugar de trabajo, la satisfacción laboral y la calidad de vida utilizando la teoría de la conservación de recursos. Se ha realizado una encuesta in situ entre los empleados que han llevado a cabo trabajo inteligente en el contexto de la agencia de viajes.
Resultados
El trabajo inteligente tiene un efecto positivo en la autoeficacia que influye positivamente en la creatividad en el lugar de trabajo, la satisfacción laboral y la calidad de vida. La creatividad en el lugar de trabajo mejora la satisfacción laboral, pero no influye en la calidad de vida. La satisfacción laboral mejora la calidad de vida, lo que es importante tanto para los servicios turísticos como para sus empleados durante las crisis.
Implicaciones
De acuerdo con la teoría de la conservación de recursos, la recomendación inmediata a los gerentes es invertir en un trabajo inteligente que pueda conducir a la creatividad, la satisfacción laboral y la calidad de vida de los empleados.
Originalidad/Valor
Este estudio empírico es el primero del que tengamos constancia en evaluar la viabilidad del trabajo inteligente en el contexto de la agencia de viajes. El trabajo inteligente ofrece beneficios, como la posibilidad de que los empleados trabajen de forma independiente, mejorando así la creatividad profesional, la satisfacción laboral y la calidad de vida. Las agencias de viajes se incluyen principalmente en la categoría de pequeñas y medianas empresas (pymes). En el futuro, las pymes también pueden introducir el trabajo inteligente, que puede llegar a convertirse en su ventaja competitiva para retener a los empleados con talento.
Palabras clave
Trabajo inteligente, Equidad en las valoraciones, Autoeficacia, Creatividad, Autonomía, Calidad de vida
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Baek-Kyoo Joo, Jeong-Ha Yim, Young Sim Jin and Soo Jeoung Han
This study aims to investigate the relationship between empowering leadership and employee creativity and the mediating roles of work engagement and knowledge sharing in this…
Abstract
Purpose
This study aims to investigate the relationship between empowering leadership and employee creativity and the mediating roles of work engagement and knowledge sharing in this relationship.
Design/methodology/approach
Using the results of a survey of 302 knowledge workers from a leading telecommunications company in South Korea, the relationships among the variables empowering leadership, work engagement and knowledge sharing on employee creativity were analyzed using conducted confirmatory factor analysis and structural equation modeling. This study conducted bootstrap analyses to test the mediating effects.
Findings
Empowering leadership was positively and significantly associated with work engagement and knowledge sharing. Work engagement was significantly related to knowledge sharing and employee creativity. In turn, knowledge sharing was significantly associated with employee creativity. The direct effect of empowering leadership on employee creativity was nonsignificant, but this study found a significant indirect effect of empowering leadership on employee creativity via the significant mediating roles of work engagement and knowledge sharing.
Originality/value
This study introduced empowering leadership that may work for knowledge workers who create new ideas by analyzing data from the knowledge workers’ perceptions of their leaders in the workplace. The intuitive linkage between work engagement and knowledge sharing was empirically verified in this study. This study’s findings and implications provide direction for knowledge workers and how their managers should support employees’ work environment and activities.
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The purpose of this paper is to outline a framework for marketing cultural goods (e.g. music) to global markets by examining modes of entry and positioning strategies used by…
Abstract
Purpose
The purpose of this paper is to outline a framework for marketing cultural goods (e.g. music) to global markets by examining modes of entry and positioning strategies used by media producers of the South Korean music industry.
Design/methodology/approach
An historic analysis was implemented to investigate the modalities and structures through which cultural products are produced and disseminated. Data for this study came from 314 articles collected from www.allkpop.com, a leading English-language, South Korean popular culture news site.
Findings
The cultural technology framework consists of the institutionalization of cultural technology, exportation of cultural content, collaborations with local talent, and joint ventures with local markets.
Research limitations/implications
The findings emerge from an analysis of South Korean popular music industries, and further research is needed to generalize the results across cultural industries.
Practical implications
The cultural technology framework can be applied to cultural industries such as music, film, comics, and art, where culture and language could be barriers to adoption.
Originality/value
This study outlines a framework for the modes of entry and positioning strategies of cultural goods (e.g. music) in international markets. Extant literature has examined global marketing from the purview of durable consumer goods and brands, with limited insights into cultural products. More broadly, this paper addresses the call for more qualitative inquiry into international marketing topics.
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Karen L. Xie and Young Jin Lee
When shopping for hotels online, consumers usually follow a sequential process of search, click-through and book. How to maximize consumer conversion on the path to purchase and…
Abstract
Purpose
When shopping for hotels online, consumers usually follow a sequential process of search, click-through and book. How to maximize consumer conversion on the path to purchase and prevent potential customers from giving up the online search remains an important topic to hotel marketers and online travel agents (OTAs). The purpose of this study is to understand how informational cues displayed in an online hotel search process, including quality indicators, brand affiliation, incentives (discounted price and promotion) and position in the search results, influence consumer conversion from one stage to another.
Design/methodology/approach
The authors collected clickstream data of hotel search from Expedia. The data include information on individual consumers’ click-through and booking, as well as events leading up to the conversions (or failure to convert) from search, click-through to book. It contains 940,164 hotels searched and displayed in 39,574 online search queries made by users in a regional US market between November 1, 2012 and June 20, 2013. The modeling strategy comprised the Heckman model and random effects model, which integrated sequential consumer behavior in different problem-solving stages while accounting for heterogeneity across different hotels online.
Findings
The authors find that consumers rely on informational cues displayed online to make decisions about hotel booking. Specifically, consumers tend to click through hotels with higher consumer-generated ratings and industry-endorsed ratings. However, they tend to rely on consumer-generated ratings rather than industry-endorsed ratings when committing to a booking. Moreover, consumers are strongly responsive to incentives (discounted price and promotion) when clicking-through and booking a hotel. Finally, the likelihood of consumer conversions from search to click-through and booking is higher for hotels with brand affiliation and higher positions in the search results.
Originality/value
This research provides critical managerial implications of online search for hotel marketers and OTAs. The results inform hotel marketers and OTAs on how consumers respond to informational cues displayed in their search process and how these informational cues influence consumer conversion from one stage to another. The sequential problem-solving process of search, click-through and booking disclosed in this study also helps hotel marketers to identify customer conversion opportunities using effective informational cues.
研究目的
当在线酒店预定时, 消费者往往遵循一系列流程, 搜索, 点击查询, 到最后预定。对于酒店营销商和线上旅游社(OTAs)来说, 如何最大化提高消费转化, 使得消费者不会半途中断, 最后预定酒店, 是一个重要话题。本论文的研究目的就是理解酒店在线搜索过程中, 信息线索如何影响每个阶段的消费转化, 其中涉及的因素有:信息质量、品牌、激励(折扣和促销)、以及搜索结果排名等。
研究设计/方法/途径
研究样本数据采集于Expedia酒店搜索点击流。其中包括个人消费者点击和预定信息、以及由搜索、点击查询到预定过程中的消费转化(或者中途转化失败)的各种事件。样本容量包括940,164家酒店, 其涉及到由美国局部市场消费者在2012年11月1日到2013年6月20日之间做出的39,574条搜索结果。 我们采用Heckman模型和随机效应模型来整合不同线性时间上的消费者行为, 同时考虑不同酒店的多样性。
研究结果
研究发现消费者使用在线信息线索来做酒店预订决策。具体来说, 消费者倾向于对于消费者评价高和行业认证高的酒店进行点击查询。然而, 相比行业认证, 消费者更倾向于借鉴消费者评价, 来做出最后预定决策。此外, 在点击查询和预定时, 消费者对于激励(折扣和促销)反应强烈。最后, 品牌和搜索排名靠前的酒店往往获得从搜索、点击查询到最后预定中更高的消费转化率。
研究原创性/价值
本论文对酒店营销商和OTAs有重要的在线搜索启示。研究结果向酒店营销商和OTAs证明消费者在搜索过程中对信息线索如何反应, 以及这些信息线索如何影响每个阶段之间的消费转化。本论文展示的从搜索、点击查询、到预定的线性决策过程对于酒店营销商们有着重大帮助, 帮助其使用信息线索找出各种消费转化机遇。