Tobias Burggraf, Toan Luu Duc Huynh, Markus Rudolf and Mei Wang
This study examines the prediction power of investor sentiment on Bitcoin return.
Abstract
Purpose
This study examines the prediction power of investor sentiment on Bitcoin return.
Design/methodology/approach
We construct a Financial and Economic Attitudes Revealed by Search (FEARS) index using search volume from Google's search engine to reveal household-level (“bankruptcy”, “unemployment”, “job search”, etc.) and market-level sentiment (“bankruptcy”, “unemployment”, “job search”, etc.).
Findings
Using a variety of quantitative methodologies such as the transfer entropy model as well as threshold regression and OLS, GLS and 2SLS estimations, we find that (1) investor sentiment has strong predictive power on Bitcoin, (2) household-level sentiment has larger effects than market-level sentiment and (3) the impact of sentiment is greater in low sentiment regimes than in high sentiment regimes. Based on these information, we build a hypothetical trading strategy that outperforms a simple buy-and-hold strategy both on an absolute and risk-adjusted basis. The results are consistent across cryptocurrencies and regions.
Research limitations/implications
The findings contribute to the ongoing debate in the literature on the efficiency of cryptocurrency markets. The results reveal that the Bitcoin market is not efficient in the sense of the efficient market hypothesis – asset prices do not fully reflect all available information and we were able to “beat the market”. In addition, it sheds further light on the debate whether Bitcoin can be considered a medium of exchange, i.e. a currency or an investment product. Because investors are reallocating their Bitcoin holdings during times of increased market sentiment due to liquidity needs, they obviously consider bitcoin an investment product rather than a currency.
Originality/value
This study is the first to examine the impact of investor sentiment measured by FEARS on Bitcoin return.
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Volker Seiler, Markus Rudolf and Tim Krume
In this paper the authors aim to study the impact of customer demographics on service value, customer satisfaction, and customer loyalty in the private banking industry, i.e. a…
Abstract
Purpose
In this paper the authors aim to study the impact of customer demographics on service value, customer satisfaction, and customer loyalty in the private banking industry, i.e. a high‐involvement context.
Design/methodology/approach
The authors estimate a structural equation model with the help of partial least squares (PLS). In order to examine the influence of socio‐demographic variables, they conduct an analysis of variance (ANOVA) to test for differences in the means of the constructs. Furthermore, they conduct an analysis of mediation to test for an indirect influence of service value on customer loyalty.
Findings
The authors find that customer satisfaction has a strong positive impact on customer loyalty. However, service value has no significant direct effect on customer loyalty; the impact of service value on customer loyalty is completely mediated by customer satisfaction. With regards to customer demographics, the authors find significant differences in mean scores as to employment status, type of private banking service provider, and size of liquid assets.
Research limitations/implications
Further research should analyse potential moderating effects of different customer‐related variables. A replication study should be conducted in order to underline the authors’ findings.
Practical implications
The authors find significant differences for customer satisfaction and customer loyalty ratings as to employment status and size of liquid assets. Hence, managers should focus on high net worth and ultra high net worth individuals as these segments show higher satisfaction and loyalty ratings. Furthermore, customers should be segmented as to employment status in addition to size of liquid assets.
Originality/value
The authors conduct their analysis in a high‐involvement setting. Using a unique sample of 286 questionnaires of private banking customers, they find direct effects of socio‐demographic variables on service value, customer satisfaction, and customer loyalty. Thus, the authors’ findings have important implications for managers in the private banking industry and marketing researchers alike.
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The authors provide the reader with a simple introduction to credit derivatives. The article includes a broad overview of the market, estimates of the global market size, and a…
Abstract
The authors provide the reader with a simple introduction to credit derivatives. The article includes a broad overview of the market, estimates of the global market size, and a description of the most widely used products.
Markus Johansson, Lovisa E. Nord, Rudolf Kopecký, Andreas Fhager and Mikael Persson
The purpose of this study is to develop and compare two methods of determining the total field, including phase information, when only field amplitudes have been measured on a set…
Abstract
Purpose
The purpose of this study is to develop and compare two methods of determining the total field, including phase information, when only field amplitudes have been measured on a set of planes in the near field of a complex electromagnetic source.
Design/methodology/approach
The first method is a gradient‐based optimization algorithm, based on the adjoint fields. The second method employs an optimization algorithm based on the phase angle gradients of a functional.
Findings
The first method, the adjoint field method, is functioning well for a 2D test case. The second method, the phase angle gradient method, gives very good results for 3D test cases.
Research limitations/implications
The next step is to test the methods with results from real measurement data.
Practical implications
The developed methods are intended for use in dosimetry studies and other applications, where the field distribution from electromagnetic sources are needed.
Originality/value
The methods extend previously made constant phase approximations. The present methods are useful in situations where the electromagnetic source is hard to model.
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Markus Wohlfeil, Anthony Patterson and Stephen J. Gould
This paper aims to explain a celebrity’s deep resonance with consumers by unpacking the individual constituents of a celebrity’s polysemic appeal. While celebrities are…
Abstract
Purpose
This paper aims to explain a celebrity’s deep resonance with consumers by unpacking the individual constituents of a celebrity’s polysemic appeal. While celebrities are traditionally theorised as unidimensional semiotic receptacles of cultural meaning, the authors conceptualise them here instead as human beings/performers with a multi-constitutional, polysemic consumer appeal.
Design/methodology/approach
Supporting evidence is drawn from autoethnographic data collected over a total period of 25 months and structured through a hermeneutic analysis.
Findings
In rehumanising the celebrity, the study finds that each celebrity offers the individual consumer a unique and very personal parasocial appeal as the performer, the private person behind the public performer, the tangible manifestation of either through products and the social link to other consumers. The stronger these constituents, individually or symbiotically, appeal to the consumer’s personal desires, the more s/he feels emotionally attached to this particular celebrity.
Research limitations/implications
Although using autoethnography means that the breadth of collected data is limited, the depth of insight this approach garners sufficiently unpacks the polysemic appeal of celebrities to consumers.
Practical implications
The findings encourage talent agents, publicists and marketing managers to reconsider underlying assumptions in their talent management and/or celebrity endorsement practices.
Originality/value
While prior research on celebrity appeal has tended to enshrine celebrities in a “dehumanised” structuralist semiosis, which erases the very idea of individualised consumer meanings, this paper reveals the multi-constitutional polysemy of any particular celebrity’s personal appeal as a performer and human being to any particular consumer.
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While visual arts, drama, dance and music have been used to enhance literacy learning for many decades in preschool and primary classrooms, engaging with mobile learning can also…
Abstract
While visual arts, drama, dance and music have been used to enhance literacy learning for many decades in preschool and primary classrooms, engaging with mobile learning can also provide many opportunities for young learners to explore and develop language and literacy. The use of mobile devices is of particular interest as technology has an impact on pedagogy and the mobility of digital devices provides many opportunities for engaged and meaningful literacy learning when teamed with the arts. In this chapter, we define the arts and their relationship with literacy learning before exploring a number of resources and practices for integrating their use in early learning settings.
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This paper aims at contributing to the conceptual and methodological advancement of international marketing research.
Abstract
Purpose
This paper aims at contributing to the conceptual and methodological advancement of international marketing research.
Design/methodology/approach
The theory of social representations is utilized to study what the representatives of a certain culture think of objects and products; which values they associate with these, which norms they follow, and in general how they view the world.
Findings
Triangulation was employed to facilitate researchers' access to the social representations approach. Six focus group discussions were conducted combined with a free association instrument answered by a sample of 250 respondents. The empirical study began from a social constructionist perspective. Findings showed that several conceptual and functional aspects of a technological innovation (m‐commerce services) are idiosyncratic to particular groups, reflecting the group's societal affiliation and position.
Research implications/limitations
A translation problem prevails when dealing with specific words from cross‐cultural research and the similarity of concepts must be considered when translating free associations in the course of international research. Other methodologies were only conceptually presented but not empirically used. Visual approaches such as pictorial instruments or ethnographical tools should be applied in future research.
Originality/value
The results provide a solid basis for international marketing research and suggestions for expanding the current study into international marketing research are provided.
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To build a reference collection of electronics literature, any librarian must sooner or later consult Gretchen Randle's Electronic Industries Information Sources. Published in…
Abstract
To build a reference collection of electronics literature, any librarian must sooner or later consult Gretchen Randle's Electronic Industries Information Sources. Published in 1968, it is the only such work available. Times change, however, especially in electronics, and so this article is offered as a supplement to Randle's book.
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Stefan Sackmann, Dennis Kundisch and Markus Ruch
The purpose of this paper is to present a model that retailers engaged in e‐commerce (e‐tailers) can use for determining the optimal mix of customer segments within a customer…
Abstract
Purpose
The purpose of this paper is to present a model that retailers engaged in e‐commerce (e‐tailers) can use for determining the optimal mix of customer segments within a customer portfolio from an integrated risk and return perspective.
Design/methodology/approach
Portfolio Selection Theory of Markowitz is applied to find the optimal composition of customer portfolios. The model is developed and discussed for two customer segments (relationship‐ and transaction‐oriented customers) and exemplarily applied to a data set of an e‐tailer.
Findings
Portfolio Selection Theory of Markowitz is well‐suited and promising for determining an optimal customer portfolio from a risk‐return perspective. However, since customers vary from financial assets in several aspects, the results of the model have to be interpreted conscientiously and the resulting action options have to be interpreted within the context of customer relationship management (CRM).
Research limitations/implications
The model proposes to carry out a sequential set of one‐period optimizations. To reduce complexity, several simplifying assumptions were made within the model regarding the characteristics of customer segments and portfolio as well as the expected risk and return.
Practical implications
A current survey among German companies indicates that companies already have broad experiences in customer evaluation. However, it also turned out that evaluating customers' potential and risk simultaneously is still a major challenge. Our new approach facilitates the making of sound investment decisions into single customer relationships with respect to an overall optimal customer portfolio. Thus, a formal link to value‐based management is established.
Originality/value
Using CRM for a value‐based management of customer portfolio according to a superordinated risk management objective has so far received little attention in literature. This paper's model is a new approach in customer portfolio management for e‐tailers taking customers' risk and return characteristics simultaneously and in real‐time into consideration.