Min-Goo Hong, Jeehye Kim and Kook-Hyun Chang
This paper examines the inflation hedging performance separated into expected and unexpected inflation in Korean equity funds. In particular, using the bootstrap approach, we…
Abstract
This paper examines the inflation hedging performance separated into expected and unexpected inflation in Korean equity funds. In particular, using the bootstrap approach, we identify whether the inflation hedging performance is based on skill or luck. We use the equity funds of the average net asset value (NAV) over 5 billion Korean won and over the 80% stock position. The sample data cover the period from January 2002 to March 2015. The main findings are as follows. First, most equity funds demonstrate a hedging performance against the unexpected inflation shock and this hedging performance seems to come from the fund manager’s skill. Second, our findings are robust across the sieve bootstrap results for the serial dependence and heteroscedasticity. Third, the equity funds have slightly different inflation hedging performances depending on their investment style. Among the investment styles, small-cap, growth, or small and growth style funds demonstrate more hedging performance against unexpected inflation shock. This hedging performance seems to come from the fund manager’s skill. Finally, in the case of the funds separated by winner and loser, the winner funds have more hedging performance for unexpected inflation shock than the loser funds.
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Min-Goo Hong and Kook-Hyun Chang
This study examines whether KOSPI200 intra-day return has jump risk and heteroscedasticity and we compare the estimation result of intra-day return and that of daily return. The…
Abstract
This study examines whether KOSPI200 intra-day return has jump risk and heteroscedasticity and we compare the estimation result of intra-day return and that of daily return. The sample covers from January 2, 2004 to July 31, 2014. We use 30-minute intervals for measuring KOSPI200 intra-day return. It seems this study finds the importance of the consideration of the intra-day data in Korean Stock Market. While some of the parameters of the daily returns for the jump are not significant, but those of intra-day returns are significant over the sample period. Also, the intra-day volatility has shown U-shaped or reverse J-shaped curve. In particular the pattern of intra-day volatility seems to come from the jump risk, which is interpreted as the information inflow in the market.
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This paper aims to explore how the Australian Government represented issues of sustainability in Australian international higher education (IHE) policies and how it framed efforts…
Abstract
Purpose
This paper aims to explore how the Australian Government represented issues of sustainability in Australian international higher education (IHE) policies and how it framed efforts to foster enhanced strategies for sustainable development of IHE. This research calls for a change from one-dimensional economic sustainability to a more multi-dimensional conception of sustainability, including emphasizing the role of the political sphere in issues of sustainability.
Design/methodology/approach
This paper uses discourse analysis of policy documents, specifically Bacchi’s (2009) “what is the problem represented to be” approach, to explore the problematization behind selected government policies related to IHE in Australia.
Findings
This research identified existing challenges and factors that have affected the sustainability of Australian IHE and examined how the Australian Government constructed this issue. In light of this approach, a theoretical model is proposed from internal resource analysis and external industry and foreign market structure analysis to help foster more sustainable development of IHE.
Research limitations/implications
This study is based on policy document analysis. Consequently, future empirical research is needed to examine the impact of these policies and further substantiate the findings of this study.
Practical implications
This paper proposes a theoretical model for strategy making that helps gain and maintain sustainable competitive advantage in IHE from a more integrated perspective; such an approach enables more systemic thinking on strategy proposals and offers a reference for future practice. This research will contribute to policy design for the sustainability of the Australian IHE industry and promote change from a one-dimensional economic sustainability to a more multi-dimensional sustainability approach, thereby offering a point of reference for other countries that face similar issues.
Social implications
This study points out the need to broaden the business focus, expand the value created from shareholder value to the common good and change “inside-out” economic perspectives to “outside-in” integrated perspectives for business, including the IHE industry.
Originality/value
The sustainability of IHE has become an important concern in Australian policies but is an area for further inquiry in academic discussion and research. By closely examining government policies, particularly from a discursive approach (after Bacchi), this paper makes a contribution to policy design for the sustainability of the Australian IHE industry, helping to promote a more multi-dimensional approach to sustainability.
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Shin-Rong Shiah-Hou and Min-Hong Zhong
This study examines the role of “Professional Directors” and their association with the quality of monitoring outcomes proxied by investment efficiency. “Professional Directors”…
Abstract
Purpose
This study examines the role of “Professional Directors” and their association with the quality of monitoring outcomes proxied by investment efficiency. “Professional Directors” are board members with no employment outside of serving as independent directors.
Design/methodology/approach
We collect data on directors on the board at the fiscal year-end from BoardEx from 2001 to 2019 with a sample of US publicly listed firms. We follow Richardson (2006) to measure the magnitude of abnormal investment, including overinvestment and underinvestment and use these to define investment efficiency.
Findings
We find professional directors improve investing efficiency, primarily by reducing overinvestment. Professional directors may generate higher monitoring quality through their financial expertise and CEO experience, making them effective in monitoring investment efficiency.
Practical implications
Our study suggests that a professional board enhances monitoring and advising effectiveness in the face of significant regulatory pressure to increase board diversity.
Originality/value
We use two perspectives: (1) the difference in the proxy variables of monitoring effectiveness and (2) the influence of the background of professional directors, to reasonably explain this challenge. We resolve the puzzle of the inconsistent evidence on the effectiveness of professional directors in the literature.
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Hong Min Zhang, Heap-Yih Chong, Yu Zeng and Wei Zhang
Building information modeling (BIM) has brought great advantages to project delivery and performance. However, BIM has also increased the complexity of projects. Research shows…
Abstract
Purpose
Building information modeling (BIM) has brought great advantages to project delivery and performance. However, BIM has also increased the complexity of projects. Research shows that for BIM implementation to have a positive impact in this innovative environment, BIM should be synchronized with stakeholder management. Therefore, this research aims to incorporate the theory of stakeholder management in BIM-enabled projects and determine the theory's intermediary role between BIM implementation and project performance.
Design/methodology/approach
An extensive literature review was conducted and 13 critical success factors (CSFs) for BIM implementation, 29 CSFs for stakeholder management and 6 CSFs for BIM project performance were identified. These measurement items were tested using a questionnaire survey method and analyzed using structural equation modeling. This research was focused on Chinese megaprojects or complex projects that were under a high level of development of BIM, which could reflect the complex stakeholder relationships and BIM implementation for project performance.
Findings
The results indicate that effective use of BIM can directly improve project performance. Further, stakeholder management has an important and positive intermediary role within the path of BIM implementation and project performance, particularly through (1) stakeholder dynamics (SD) and (2) stakeholder engagement or empowerment (SE).
Originality/value
The logical relationship of mutual influence among CSFs has been revealed for BIM-enabled projects. This research contributes to the effective collaboration and practice of BIM in the construction industry.
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Outlines Hong Kong’s financial system during the pre‐unification era. Looks at recent issues, regulatory changes and its development as an international financial centre…
Abstract
Outlines Hong Kong’s financial system during the pre‐unification era. Looks at recent issues, regulatory changes and its development as an international financial centre. Considers banking, the stock market, the bond & futures market, the gold market, regulatory bodies and monetary and currency policies. Contrasts these with the pre‐unification system in China. Outlines the way that these two systems propose to exist together, looking at the potential benefits and problems this may bring.
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Discusses the 6th ITCRR, its breadth of textile and clothing research activity, plus the encouragement given to workers in this field and its related areas. States that, within…
Abstract
Discusses the 6th ITCRR, its breadth of textile and clothing research activity, plus the encouragement given to workers in this field and its related areas. States that, within the newer research areas under the microscope of the community involved, technical textiles focuses on new, ‘smart’ garments and the initiatives in this field in both the UK and the international community at large. Covers this subject at length.
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Pere Suau-Sanchez, Augusto Voltes-Dorta and Héctor Rodríguez-Déniz
The connectivity provided by full-service network carriers under the umbrella of airline alliances is increasingly challenged by the services of Middle Eastern airlines via their…
Abstract
The connectivity provided by full-service network carriers under the umbrella of airline alliances is increasingly challenged by the services of Middle Eastern airlines via their own hubs, and the rise of new passenger strategies like self-connectivity. While these two developments can potentially benefit consumers with more services and lower fares, the rise of Middle East carriers has been met with opposition by EU and US airlines that call for increased protectionism. In addition, only a few airports in the world actively support self-connections. In this context, this study aims to investigate (1) the markets in which Middle East carriers exert a stronger dominance in terms of the number of passenger connections, (2) whether EU, US, or Asian hubs provide a competitive quality of connectivity in terms of travel time, and (3) whether a significant potential for self-connections is hidden at major airports worldwide. To that end, several datasets of passenger bookings (MIDT), airline schedules, and minimum connecting times between 2012 and 2015 are combined in a connections-building methodology that delivers six market-specific airport connectivity indicators for our benchmarking exercise. Our findings show that although European and some Asian hubs have lost traffic in global markets, they remain competitive from a quality perspective. US hubs have maintained their market share and competitive position. Finally, we identify the airports and airlines with the highest potential to provide self-connecting travel options, which can become an attractive new source of revenue for the parties involved.
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Xu Yan, Min Gong and James Y.L. Thong
The short message service (SMS) has been available in Hong Kong and China since the late 1990s. However, the user acceptance patterns for this service have been evidently…
Abstract
Purpose
The short message service (SMS) has been available in Hong Kong and China since the late 1990s. However, the user acceptance patterns for this service have been evidently different in these two regions. Based on fieldwork in Hong Kong and China, this study attempts to explain these differences.
Design/methodology/approach
The paper uses the information technology acceptance framework, which posits that various external factors impact on a person's perceived usefulness, perceived ease of use, and subjective norms, leading to user acceptance of the SMS.
Findings
This study contributes to telecommunications research by delineating the various stimuli to consider for successful technology acceptance in a global setting, which can account for differential impacts across regions. These stimuli include the economic development level, cultural differences, political censorship, business models, market competition, and input language.
Research limitations/implications
More rigorous statistical analysis will further enhance this paper.
Practical implications
The findings of this study can assist telecommunications operators in formulating an effective region‐specific strategy when launching a wireless data service in a particular environment.
Originality/value
This paper is of use in that it studies telecommunications issues with reference to the theories of information systems.
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This article was based on the information from The 5th International Conference of Institutes and Libraries for Chinese Overseas Studies held in the University of British Columbia…
Abstract
Purpose
This article was based on the information from The 5th International Conference of Institutes and Libraries for Chinese Overseas Studies held in the University of British Columbia in Vancouver, BC, Canada in which the author was a presenter in session 4.2.9a of the Early life of Yuan Shikai and the formation of Yuan family. The paper aims to include comprehensive analysis and development of the history of Chinese migration. An annotated bibliography of suggested readings was offered to highlight the subject knowledge for further research in this area.
Design/methodology/approach
The paper includes comprehensive analysis and development of the history of Chinese migration and the experiences and family histories of overseas Chinese in Canada. An annotated bibliography of suggested readings was offered to highlight the subject knowledge for further research in this area.
Findings
The paper offers full description and comprehensive analysis of the history of Chinese migration and overseas Chinese studies in Canada. A bbibliography of suggested readings was offered for further research in this area.
Research limitations/implications
This research study has a strong subject focus on Chinese migration, overseas Chinese studies, and resource-sharing in the subject area. It is a specific field for research in Asian studies.
Practical implications
The result of this study will assist students, researchers, and the general public in the area of overseas Chinese studies and developing their interests in the social and historical value of Chinese migration history and resource-sharing in the area.
Originality/value
Very little research has been done in the area of Chinese migration and historical development. The paper would offer historians, sociologists, ethnologists, librarians, administrations, professors, as well as students in the fields of Asian history, anthropology, sociology, political science, geography, and other Asian-related interdisciplinary studies.