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This paper investigates the effects of information asymmetry and Credit Rating Agency's reputation on bond yield spread, which is caused by the split bond rating of CRAs. For analysis, We do multivariate analysis, using bond rating and bond yield spread data in Korea from 2004 to 2015. The empirical results are as follows.

First, we examines whether information asymmetry affects the bond yield spread. using split rating data. As a result, the information asymmetry measured by split rating variable is significant, which supports the information asymmetry hypothesis. Additionally we can find bond yield spread is decided by negative credit grade rather than positive credit grade under split rating condition.

Next, we examines the relationship between the CRA’s reputation and the bond yield spread in case of split rating. Here, samples were divided into full samples and split rating samples. Summarizing the result, both samples are suggest similar result, the bond yield spread is changed depending on the specific CRA’s grading which having conservative rating tendency.

Thus, This result suggest information asymmetry caused by split rating and CRA’s reputation measured by CRA’s rating tendency affect bond yield spread in Korea

This paper reviews the history of OCIO (outsourced chief investment officer) and surveys the critical success factors of OCIO business in Korea. The market size of OCIO business in Korea has rapidly grown up, and the asset management for the retirement pension fund is expected to be the blue ocean for OCIO business. Survey study for OCIO business shows that the main interest of incumbent OCIOs and the potential candidates of Korea is the profitability, although OCIOs in the major foreign financial markets have their main interest in the risk management and/or the effectiveness of in-house supports. This result suggests that the potential OCIOs who prepare the entrance to the OCIO business should consider the needs and/or the purpose of the OCIO adopters and their practical constraints. OCIOs should develop their own unique professional field rather than the general expertise. Also, the Korean financial regulator is supposed to introduce the financial institutions specialized in OCIO business only.

In this study, we would be interested in knowing how commercial banks use derivatives and analyze its effect on the firm vale in Korea. We find that the derivatives transaction by banks increases during the analysis period and that banks use the derivatives mostly for speculation rather than hedging. Foreign exchange risk is mostly concerned for the purpose of risk hedging, and forward and/or futures are preferred to other derivatives such as option or swap. We also find that the usage of derivatives has a positive effect on the firm value of Korean commercial banks.

In this paper we analyze the incentives of derivatives usage and its effect on the risk management and value of firms in Korea. We find that Korean non-financial firms use derivatives not only by the economic incentives to hedge risks but also by the irrational incentives such as the profitability of derivative usage in the previous year. Further results show that the usage of derivatives has a negative effect on the risk management of the firm, which results in the decrease of the firm value. These results show that investors have doubt about the incentives and the effects of derivatives usage in Korea.

This paper investigates a retrospective on the Journal of Derivatives and Quantitative Studies (JDQS) on its 30th anniversary based on bibliometric. JDQSs yearly publications, citations, impact factors, and centrality indices grew up in early 2010s, and diminished in 2020. Keyword network analysis reveals the JDQS's main keywords including behavioral finance, implied volatility, information asymmetry, price discovery, KOSPI200 futures, volatility, and KOSPI200 options. Citations of JDQS articles are mainly driven by article age, demeaned age squared, conference, nonacademic authors and language. In comparison between number of views and downloads for JDQS articles, we find that recent changes in publisher and editorial and publishing policies have increased visibility of JDQS.

The purpose of this work is to apply and compare surrogate-assisted and multi-fidelity, multi-objective optimization (MOO) algorithms to simulation-based aerodynamic design exploration.

The three algorithms for multi-objective aerodynamic optimization compared in this work are the combination of evolutionary algorithms, design space reduction and surrogate models, the multi-fidelity point-by-point Pareto set identification and the multi-fidelity sequential domain patching (SDP) Pareto set identification. The algorithms are applied to three cases, namely, an analytical test case, the design of transonic airfoil shapes and the design of subsonic wing shapes, and are evaluated based on the resulting best possible trade-offs and the computational overhead.

The results show that all three algorithms yield comparable best possible trade-offs for all the test cases. For the aerodynamic test cases, the multi-fidelity Pareto set identification algorithms outperform the surrogate-assisted evolutionary algorithm by up to 50 per cent in terms of cost. Furthermore, the point-by-point algorithm is around 27 per cent more efficient than the SDP algorithm.

The novelty of this work includes the first applications of the SDP algorithm to multi-fidelity aerodynamic design exploration, the first comparison of these multi-fidelity MOO algorithms and new results of a complex simulation-based multi-objective aerodynamic design of subsonic wing shapes involving two conflicting criteria, several nonlinear constraints and over ten design variables.

I am indebted to Anthony Waterman for identifying the largely illegible phrase cuius regio, eius religio, found near the end of Ostrander’s notes. Waterman writes, in explanation, apropos of Martin Luther: Lit. ‘whatever of the king, so of the religion’: it means that L. thought (being the Erastian he was), that the religion of a country should be that of its sovereign prince. Note: (a), the assumption, almost universal at that time, that there can be only ONE church in any Christian nation; and (b) the assumption, standard until the Scottish Enlightenment I should think (though people like Locke begin to chip away at it) that – as Louis XIV put it with admirable economy, ‘l’etat c’est moi’ (Waterman to Samuels, December 12, 2002).

The purpose of this paper is to estimate whether job applicants who have obtained a BSc in economics from 15 UK universities face different labour market prospects. The author examines whether university entry standards and Russell Group membership affect UK economics applicants’ occupational access and entry-level annual salaries when unobserved heterogeneities, such as ability, motivation, family characteristics and networks, are minimized.

The author evaluate the research question by recording the job search processes of 90 British economics applicants from randomly selected universities. The key elements of the approach are as follows: third-year undergraduate students apply for early career jobs that are relevant to their studies. Applications are closely matched in terms of age, ethnicity, experience and other core characteristics. Differential treatment in the access to vacancies and entry-level annual salaries per university applicant are systematically measured.

By observing as much information as a firm does, the estimations suggest that both entry standards and Russell Group membership positively affect applicants’ labour market prospects. Although the firms cannot evaluate by themselves whether graduates from highly reputable universities are more or less capable and motivated than graduates from less reputable universities, it appears that the university attended affects firms’ recruitment policies. Importantly, valuable variables that capture firms’ and jobs’ heterogeneities, such as occupational variation, regions, workplace size, establishment age, and the existence of trade unions and human resources, are also considered and provide new results.

Understanding the impact of entry standards and university reputation on students’ labour market outcomes is critical to understanding the role of human capital and screening strategies. In addition, obtaining accurate estimates of the payoff of attending a university with a high entry threshold and reputation is of great importance not only to the parents of prospective students who foot tuition bills but also to the students themselves. Furthermore, universities will be interested in the patterns estimated by this study, which will allow recent UK economists to evaluate the current employment environment. In addition, universities should be keen to know how their own graduates have fared in the labour market compared with graduates of other universities.

In the current study, the author attempt to solve the problem of firms’ seeing more information than econometricians by looking at an outcome that is determined before firms see any unobservable characteristics. In the current study, ability, motivation, family characteristics and networks cannot affect applicants’ access to vacancies and entry-level salaries. The current study can estimate the effect of university enrolment on applicants’ occupational access and entry-level salaries, controlling for unobserved characteristics that would themselves affect subsequent outcomes in the labour market.

Recent years have witnessed an increasing number of cities develop strategies. The discourse of strategic management has become an obligatory point of passage for many city managers. This paper starts by posing an ostensibly simple question: why do cities need strategies? The commonsensical answer to the question is: because cities compete with each other. This paper aims to problematise the seemingly natural link between cities, competition and strategy. It also aims to explore the role that calculative practices play in creating city league tables that, in turn, function as the a priori condition that generates competition between cities.

This paper is interdisciplinary and draws on the related disciplines of accounting, organization theory and strategy. The argument unfolds in four steps: first, it briefly provides some theoretical background for analysis and relates it back to strategizing and accounting as a calculative practice; second, it scrutinizes league tables as an a priori of competition; third, it discusses the implications of the argument for city management and critical accounting; finally, it concludes with a discussion of the power effects of those calculative practices that shape strategizing in cities through the production of competition.

This paper argues that city strategizing is best understood as a set of complex responses to a new competitive arena, one rendered visible through calculative practices, manifested through city rankings. The paper makes five key contributions: one, league tables reduce qualities to a quantifiable form; two, league tables create an order amongst an heterogeneous ensemble of entities; three, league tables stimulate the very competition they claim to reflect; four, once competition is accepted, individual players need a strategy to play the game; and five, league tables have important power effects that may result in unintended consequences.

The paper contributes to understanding how calculative practices relate to strategy; it explores the organizational environment in which city managers strategize; in addition, it discusses the problem of civic schizophrenia.

The paper seeks to open up an agenda for studying city management, strategy and accounting.

This paper aims to develop a quality evaluation model for artificial intelligence (AI)-based products/services that is applicable to startups utilizing AI technology. Although AI-based service has risen dramatically and replaced many service offerings, in reality, startups are rarely to develop and evaluate AI services. The features of AI service are fundamentally different from the properties of existing services and have a great influence on the customer's service selection.

This paper reviews startups' development process, existing quality evaluation models and characteristics of services utilizing AI technology, and develops a quality evaluation model for AI-based services. A detailed analysis of a survey (application of the model) on customer satisfaction for AI speakers is provided.

This paper provides seven key features and 24 evaluation items for evaluating AI-based services.

This paper contributes to the growing need for methodologies that reflect the new era of AI-based products/services in quality evaluation research.