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Article
Publication date: 13 March 2009

Hsuan‐Ku Liu and Ming Long Liu

This paper sets out to consider the problem that the initial value of the American option is less than its fair price; this implies that the replication portfolio does not exist…

454

Abstract

Purpose

This paper sets out to consider the problem that the initial value of the American option is less than its fair price; this implies that the replication portfolio does not exist in the market.

Design/methodology/approach

The paper develops an optimization model whose solution provides an optimal strategy for the writer to minimize the expected loss for this problem.

Findings

The numerical results reveal that loaning money to construct a replication portfolio may not be an optimal strategy for the writer.

Practical implications

The solution of the minimum expected loss model provides an optimal strategy to construct a lower expected loss portfolio.

Originality/value

The numerical results reveal that loaning money to construct a replication portfolio may not be an optimal strategy for the writer.

Details

Journal of Modelling in Management, vol. 4 no. 1
Type: Research Article
ISSN: 1746-5664

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Book part
Publication date: 7 October 2024

Gen Li

In modern China, sports and nationalism always have close connection, and nationalism is the important reason for the promotion of Chinese sports. However, the relationship…

Abstract

In modern China, sports and nationalism always have close connection, and nationalism is the important reason for the promotion of Chinese sports. However, the relationship between Chinese sports and nationalism in globalised China could be much more examined by academics, as well as its influencing factors. This chapter selects the Beijing 2008 Olympic Games as the context and representative three Chinese sports heroes in the period of globalisation to study. The findings show that in some extent, Beijing 2008 Olympic Games and three Chinese sports heroes represent the national image of China in the globalised world, also bearing the burden of washing away historical humiliation and pursuing national glory. Furthermore, it is manifested that China have a complex nationalism in the process of hosting the 2008 Olympic Games. Under the influence of mass media, market economy and sports professionalisation, nationalism still exists in Chinese sports, but people gradually start to reflect on the ‘Juguo Tizhi’, the traditional Chinese sports system and the concept of ‘winning glory for the nation’. The relationship between Chinese nationalism and sports shows the important implications of rapid Chinese sports development.

Details

The Mediating Power of Sport
Type: Book
ISBN: 978-1-83753-079-3

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Article
Publication date: 18 February 2025

Siyi Wang, Ming-Hua Liu and Dimitris Margaritis

This paper examines the impact of forward guidance in monetary policy on the pass-through of interest rates in New Zealand by analyzing the degree of both the long-term and…

11

Abstract

Purpose

This paper examines the impact of forward guidance in monetary policy on the pass-through of interest rates in New Zealand by analyzing the degree of both the long-term and short-term pass-through.

Design/methodology/approach

We use dynamic OLS to estimate the long-term relationship between the official cash rate and the time-deposit rates and various lending rates of New Zealand banks. We use a standard error correction model to estimate the short-term dynamics.

Findings

The results show that implementing forward guidance improves the degree of long-term pass-through, especially for time-deposit interest rates and longer-term fixed mortgage rates. Furthermore, the markup for various lending rates decreased, and the degree of short-term pass-through increased slightly after the implementation.

Practical implications

Implementing forward guidance enhances the transmission of monetary policy. Commercial banks are able to respond more quickly to changes in monetary policy by adjusting their deposit and loan rates.

Originality/value

New Zealand is the first country to mandate inflation targeting. Since its birth in 1990, the 2% inflation target has become the norm for central banks all over the world, including the FED, European Central Bank, Bank of Japan, Bank of England, etc. To our knowledge, ours is the first paper to examine the impact of forward guidance on the interest rate pass-through.

Details

China Finance Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 10 July 2017

Tung-Hsuan Wan, Yun-Shu Hsu, Jehn-Yih Wong and Shin-Hao Liu

Human capital is the most important determinant of the Hospitality industry’s success. Executive chefs should be skilled in both management and culinary arts, in addition to…

1884

Abstract

Purpose

Human capital is the most important determinant of the Hospitality industry’s success. Executive chefs should be skilled in both management and culinary arts, in addition to ensuring the success of the entire hospitality division. The study aims to understand the competencies of executive chefs in international tourist hotels in Taiwan.

Design/methodology/approach

Literature review and behavioral event interviews were conducted with ten executive chefs and executive sous chefs. The modified Delphi method verified the results using 15 experts.

Findings

A competency framework was created, with four quadrants – managerial, operational, behaviors and skills – to classify executive chefs’ competencies. Each competency was further divided into sub-competencies – culinary research, emotional control, negotiation skills, job guidance and proactive thinking ability – for 25 items. Quadrants I and II are hard competencies that can be improved through education and training, whereas the third and fourth are soft competencies that require more time for development in workers.

Practical implications

The two-step study developed a competency framework with a practical reference value. The study results could be utilized by human resources managers during their companies’ training, recruitment, selection and promotion.

Originality/value

Besides the Delphi method, a deep behavioral event interview that enabled determining critical competencies was also used to collect data. The results obtained could be used to structure schools’ curricula. Collaborations between the hospitality industry and schools could help develop better curricula and training plans to maximize the availability of educational resources.

Details

International Journal of Contemporary Hospitality Management, vol. 29 no. 7
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 16 December 2019

Xuemei Su, Ming Chen, Jasmine Yur-Austin and Ying Liu

Faced with declining government funding support and rising student loan debt, recently timely graduation in higher education has become a focal point of discussion at many…

402

Abstract

Purpose

Faced with declining government funding support and rising student loan debt, recently timely graduation in higher education has become a focal point of discussion at many institutions, particularly public universities. Timely graduation requires a student to successfully enroll in and complete a set of required and elective courses, the relationship of which is bound by the courses’ prerequisite requirements. However, due to the fact that class capacity is oftentimes limited and wrongly timed, many students find it challenging to stay on track. A well-structured degree roadmap that takes all factors into consideration and specifies the right courses to take by semester will better guide students’ course selection and thus increase their chance of earning their degrees within the four-year time window. Additionally, it will also allow administrators to do better capacity planning, and hence increase course accessibility to students. The paper aims to discuss these issues.

Design/methodology/approach

In this research, some operational techniques such as line balancing and simulation are applied to restructure and improve degree roadmaps, and assess the resulting outcomes. Some innovative methods are proposed to improve the processes on which students proceed to degree.

Findings

The results based on historical data that contains millions of student records spanning over eight-year time window demonstrate that the improved degree roadmaps can substantially increase students’ chance of completing the degree in a four-year time window. The research findings provide university administrators with cost-effective solutions.

Originality/value

This research breaks a new ground in literature due to its unique approach and focus. To the best of the authors’ knowledge, this research is one of the first attempts to systematically study the impact of degree roadmap on timely graduation. This research focuses on finding solutions that are within the institution’s control, hence the proposed solutions are implementable and will provide university administrators with new tools and perspectives to enhance student success.

Details

International Journal of Educational Management, vol. 34 no. 2
Type: Research Article
ISSN: 0951-354X

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Article
Publication date: 14 August 2024

Ming Gao, Qiankun Gu, Shijun He and Dongmin Kong

Does the history of the bureaucratic system, along with the establishment of the Great Wall during the Ming and Qing dynasties (1368–1911), affect firm behavior across the…

86

Abstract

Purpose

Does the history of the bureaucratic system, along with the establishment of the Great Wall during the Ming and Qing dynasties (1368–1911), affect firm behavior across the borderlands of the Great Wall?

Design/methodology/approach

The Ming and Qing dynasties built a centralized administrative system in the borderlands on the south side of the Great Wall, in contrast to the “feudal lordship” system on the north side. Employing a regression discontinuity analysis framework with the Great Wall as a geographical discontinuity, we examine the long-run effects of the Great Wall on firms’ earnings management.

Findings

Using a large sample of nonlisted firms in the central core frontier region, we show that the earnings management of firms in the region south of the Great Wall is significantly curtailed compared with firms in the north of it, and this effect is more pronounced for non-SOEs. Our findings are robust to a battery of tests to account for alternative explanations.

Practical implications

Overall, by emphasizing the role of institutions, like legal system, shaped in history on firms’ earnings management, this study sheds new light on institutional determinants of firms’ behaviors in earnings information disclosure.

Originality/value

First, we enrich our understanding of the institutional determinants of firms’ financial reporting outcomes. Second, our findings shed new light on the long-term effects of historical ruling styles on modern corporate behavior.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

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Article
Publication date: 23 May 2022

Weihua Liu, Yanjie Liang, Ming K. Lim, Shangsong Long and Xiaoran Shi

This study explores the influencing factors of smart supply chain innovation (SSCI) for going global companies and designs a theoretical framework.

730

Abstract

Purpose

This study explores the influencing factors of smart supply chain innovation (SSCI) for going global companies and designs a theoretical framework.

Design/methodology/approach

This paper is a multi-case study that includes a combination of exploratory and explanatory case studies.

Findings

First, the authors find that SSCI is embodied in product development and supply chain empowerment, which represent exploitative innovation and explorative innovation, respectively. Meanwhile, supply chain empowerment has a positive impact on product development. Second, the going global policy affects the transformation of supply chain empowerment to SSCI practices. Third, in terms of exploitative innovation, personalized demand positively affects SSCI through product development. Finally, explorative innovation, including emerging technology application and supply chain ecologicalization, has a positive effect on supply chain empowerment and thereby affects SSCI.

Originality/value

Supply chain innovation in the context of a smart economy has gained great popularity. This study sheds light on the influencing factors and mechanisms of SSCI from the exploitative and explorative aspects of innovations.

Details

The International Journal of Logistics Management, vol. 33 no. 3
Type: Research Article
ISSN: 0957-4093

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Article
Publication date: 11 August 2022

Chih-Hsing Liu, Wei-Long Lee, Yen-Po Fang and Yucheng Zhang

The purpose of this study is to examine the mediating and moderating processes that link crisis management to tourist attitude changes and hygiene/safety perceptions through…

662

Abstract

Purpose

The purpose of this study is to examine the mediating and moderating processes that link crisis management to tourist attitude changes and hygiene/safety perceptions through destination image.

Design/methodology/approach

Data from 524 tourists and structural equation models were used to examine the tourists’ perceptions of attitudes, safety perceptions and destination images in Taiwan.

Findings

The effectiveness of crisis management may positively influence destination image through attitude changes and hygiene/safety perceptions. This study also confirms that information sharing may not only speed up the process of positive destination-image development but also strengthen relationships among the critical attributes of crisis management.

Originality/value

As the impact of the COVID-19 crisis continues, it is critical to understand the role of crisis management in destination image and identify how attitudes or behavior intentions can be affected in the fast-spreading network of information sharing in an increasingly competitive tourism and hospitality market.

目的

本研究的目的是检验如何通过中介和调节过程将危机管理与卫生/安全感知、游客态度变化和目的地形象联系起来的。

设计/方法/途径

数据来自 524 名游客, 并通过结构方程模型 (SEM)进行分析 , 用于检验游客对台湾的态度、安全感知和目的地形象的看法。

发现

危机管理的有效性可以通过态度改变和卫生/安全认知对目的地形象产生积极影响。目前的研究还进一步显示信息共享不仅可以加速积极的目的地形象发展过程, 还可以加强危机管理的关键属性之间的关系。

创意/价值

随着 COVID-19 危机的影响持续, 了解危机管理在目的地形像中的作用, 并确定态度或行为意图如何在竞争激烈的旅游和酒店市场中影响快速传播的信息共享网络至关重要。

Propósito

El propósito de este estudio es examinar los procesos de mediación y moderación que vinculan la gestión de crisis, con los cambios de actitud de los turistas y las percepciones de higiene/seguridad a través de la imagen del destino.

Diseño/metodología/enfoque

Se utilizaron datos de 524 turistas, así como la metodología de ecuaciones estructurales (SEM), para examinar las percepciones de los turistas sobre la influencia del coronavirus 2019 (COVID-19) en el comportamiento del consumidor en forma de actitudes, percepciones de seguridad y destino sobre imágenes en Taiwán.

titleResultados

La eficacia de la gestión de crisis puede influir positivamente en la imagen del destino a través de cambios en la actitud y percepciones de higiene/seguridad. El estudio también confirma, que el intercambio de información no solo puede acelerar el proceso de desarrollo de una imagen positiva del destino, sino también fortalecer las relaciones entre los atributos críticos de la gestión de crisis.

Originalidad/valor

A medida que continúa el impacto de la crisis del COVID-19, es fundamental comprender el papel en la gestión de crisis, imagen del destino e identificar cómo las actitudes o las intenciones de comportamiento pueden verse afectadas por la rápida expansión e intercambio de información, en un cada vez más competitivo mercado turístico.

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Article
Publication date: 3 February 2022

Jingya Li, Zongyuan Li and Ming-Hua Liu

The authors examine the interest rate pass-through in Hong Kong (HK) and Macao both in the long term and short term.

458

Abstract

Purpose

The authors examine the interest rate pass-through in Hong Kong (HK) and Macao both in the long term and short term.

Design/methodology/approach

The authors use time series methodology, i.e. unit root, cointegration and error correction models.

Findings

The results show that in the post-global financial crisis (GFC) period, both the long-run and short-run interest rate pass-through from policy rates to prime rates have disappeared in Macao and are weakened significantly in Hong Kong. The long-term relationship between deposit rates and policy rates no longer exists in either market while the short-term relationship has been reduced significantly.

Research limitations/implications

The results indicate that the effectiveness of monetary policy in HK and Macao has been seriously undermined in the post-GFC period. New tools are needed in both regions.

Practical implications

Monetary policy transmission via bank interest rates in both HK and Macao are no longer effective after the outbreak of the GFC.

Social implications

Effort to stimulate the economy and/or control inflation will be hampered.

Originality/value

To the best of the authors’ knowledge, this is the first study to examine the impact of the GFC on the effectiveness of monetary policy transmission in HK and Macao.

Details

China Finance Review International, vol. 12 no. 4
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 7 July 2023

Xiaojie Xu and Yun Zhang

The Chinese housing market has witnessed rapid growth during the past decade and the significance of housing price forecasting has undoubtedly elevated, becoming an important…

194

Abstract

Purpose

The Chinese housing market has witnessed rapid growth during the past decade and the significance of housing price forecasting has undoubtedly elevated, becoming an important issue to investors and policymakers. This study aims to examine neural networks (NNs) for office property price index forecasting from 10 major Chinese cities for July 2005–April 2021.

Design/methodology/approach

The authors aim at building simple and accurate NNs to contribute to pure technical forecasts of the Chinese office property market. To facilitate the analysis, the authors explore different model settings over algorithms, delays, hidden neurons and data-spitting ratios.

Findings

The authors reach a simple NN with three delays and three hidden neurons, which leads to stable performance of about 1.45% average relative root mean square error across the 10 cities for the training, validation and testing phases.

Originality/value

The results could be used on a standalone basis or combined with fundamental forecasts to form perspectives of office property price trends and conduct policy analysis.

Details

Journal of Financial Management of Property and Construction , vol. 29 no. 1
Type: Research Article
ISSN: 1366-4387

Keywords

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