This paper derives the theoretical price of nominal bonds and inflation-indexed bonds through extracting the factors, which are assumed that their stochastic property follows the…
Abstract
This paper derives the theoretical price of nominal bonds and inflation-indexed bonds through extracting the factors, which are assumed that their stochastic property follows the standard O-U process, in the term structure of nominal interest rates and yields of inflation-indexed bonds by the Principal Component Analysis (PCA). In particular, through reflecting the complex structure of inflation-indexed bonds by accurately applying theoretical price, it brought differentiation from other literatures, and applied this pricing model to Japanese Government Inflation-indexed Bond (JGB) data. The empirical results of above model show that explanation of time series and cross section of Janpan's real and nominal interest rates were outstanding and was found that Fisher hypothesis was rejected in further
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KOSPI 200 index option market is one of the markets which is perfectly liquid in the world. While ATM options and OTM options are liquid, ITM options are not. This paper derives…
Abstract
KOSPI 200 index option market is one of the markets which is perfectly liquid in the world. While ATM options and OTM options are liquid, ITM options are not. This paper derives LDV (liquidity discount value) from the ITM options by using the no-arbitrage condition of synthetic futures considering market friction.
In this paper, we show that theoretically derived LDV is related to trading volume as standard proxy of liquidity measure and LDV in ITM options exhibit a U-shaped pattern across moneyness. Other findings are that the expected returns from the synthetic futures arbitrage trading considering liquidity premium exhibit a U-shaped pattern across moneyness and it depends on the maturity. This means that the longer days remaining to expiration date, the greater the incentive for arbitrage trading.
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Sang Ho Kim and Yohan An
This paper aims to examine the effects of economic policy uncertainty (EPU) on accounting conservatism in Korean firms. An increase in EPU could widen information asymmetry…
Abstract
Purpose
This paper aims to examine the effects of economic policy uncertainty (EPU) on accounting conservatism in Korean firms. An increase in EPU could widen information asymmetry between insiders and outsiders, to the detriment of a firm’s investment decisions, stock price and cost of capital. This paper hypothesizes that Korean firms are likely to decrease accounting conservatism during high EPU due to inefficient institutional structure and weak corporate governance, together with the vulnerability of the Korean economy to exogenous shocks.
Design/methodology/approach
This study measures a firm’s level of conservatism using three accrual-based models proposed by Ball and Shivakumar (2006): 1) the cash flow model (CF model), 2) the Dechow and Dichev model (DD model) and 3) the Jones model. As a robustness test, this paper uses C-score model as an alternative measure of accounting conservatism. The data set used in this study is a total of 23,109 firm-year observations during the sample period from 2000 to 2018.
Findings
The test results show that an increase in EPU adversely affects Korean firms’ accounting conservatism, and that this adverse impact is more pronounced in financially distressed and non-manufacturing firms. This study’s findings highlight the importance of institutional structure during a period of high EPU, which can create incentives for either improving or deteriorating reporting quality.
Originality/value
This study adds new evidence to extant literature on the effects of EPU on managers’ choice of accounting policies and demonstrates that managers in emerging markets may have different incentives to cope with country-specific EPU fluctuations.
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Sang Won Lee, Su Bok Ryu, Tae Young Kim and Jin Q. Jeon
This paper examines how the macroeconomic environment affects the determinants of prepayment of mortgage loans from October 2004 to February 2020. For more accurate analysis, the…
Abstract
This paper examines how the macroeconomic environment affects the determinants of prepayment of mortgage loans from October 2004 to February 2020. For more accurate analysis, the authors define the timing of prepayment not only before the loan maturity but also at the time when 50% or more of the loan principal is repaid. The results show that, during the global financial crisis as well as the recent period of low interest rates, macroeconomic variables such as interest rate spreads and housing prices have a different effect compared to the normal situation. Also, significant explanatory variables, such as debt to income (DTI) ratio, loan amount ratio and poor credit score, have different effects depending on the macroenvironment. On the other hand, in all periods, the possibility of prepayment increases as comprehensive loan to value (CLTV) increases, and the younger the age, the shorter the loan maturity. The results suggest that, in the case of ultralong (40 years) mortgage loans recently introduced to support young people purchasing houses, the prepayment risk can be, at least partially, migrated by offsetting the increase in prepayment by young people and the decrease in prepayment due to long loan maturity. In addition, this study confirms that the accelerated time failure model compared to the logit model and COX proportional risk model has the potential to be more appropriate as a prepayment model for individual borrower analysis in terms of the explanatory power.
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Previous scholars have assumed that multinational enterprises (MNEs) can reduce the liability of foreignness and increase profitability by investing in corporate social…
Abstract
Purpose
Previous scholars have assumed that multinational enterprises (MNEs) can reduce the liability of foreignness and increase profitability by investing in corporate social responsibility (CSR). However, empirical validation of this assumption has rarely been attempted. This study aims to provide empirical evidence that the adoption of multi-stakeholder initiatives, which are globally recognized as signals of CSR, helps MNEs increase profits from internationalization.
Design/methodology/approach
Fixed effect models, which address model misspecification problems, and instrumental variable estimation, which controls for the endogeneity in firms’ choice of internationalization, offer empirical evidence supporting the moderating effects of global multi-stakeholder initiatives on the relationship between internationalization and firm performance.
Findings
This study examines the moderating role of multi-stakeholder initiatives in the relationship between internationalization and firm performance, drawing on signaling and stakeholder theories. The results suggest that the signaling effect of multi-stakeholder initiatives can help MNEs overcome the liability of foreignness and, therefore, profit from overseas markets.
Originality/value
Although the internationalization–firm performance relationship has been a subject of debate in the field of international business, the role of firms’ stakeholder engagement in this relationship has been largely overlooked in previous studies. In this study, the authors explore the impact of multi-stakeholder initiatives on the internationalization–firm performance relationship. Our primary contention is that multi-stakeholder initiatives have moderating effects on this relationship by reducing the liability of foreignness experienced by MNEs in host countries. Furthermore, the findings suggest that active engagement in multi-stakeholder initiatives significantly contributes to the financial success of MNEs as they internationalize.
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Gi-Su Kim, Sung-Woo Lee, Chang-Soo Kim and Young-Joon Seo
The role of logistics service provider (LSP) is essential for efficient logistics service quality (LSQ) and supply chain management, especially in multimodal transport. Multimodal…
Abstract
The role of logistics service provider (LSP) is essential for efficient logistics service quality (LSQ) and supply chain management, especially in multimodal transport. Multimodal transport routes that use the Trans-Siberian Railway (TSR) play an important role in the supply chains of Northeast Asia. This paper aims to identify current conditions of TSR LSQ and propose improvements to enhance the competitiveness of traditional routes. Therefore, this study sheds light on and provides recommendations for various managerial strategies to LSPs in the context of the TSR. This study utilizes Importance-Performance Analysis (IPA) to measure levels of importance and performance of the logistics service of LSPs that provide multimodal transport services via the TSR from South Korea to Europe. This study identifies capabilities on the basis of five criteria (price, timeliness, reliability, equipment systems, and customer service) from a customers’ perspective. The results of the research indicate that operational improvements should be considered to activate TSR multimodal transport for northern logistics routes from the perspective of Korean shippers. Specific findings show that balanced development strategies are needed for logistics routes that have not yet been significantly activated, while implying that logistics costs could be reduced initially to satisfy shippers. This study presents an operational strategy for LSPs using the TSR in northern logistics through IPA methods. Furthermore, this research can help policymakers propose specific policies to revitalize the northern logistics of Korean logistics companies and to provide incentive supports for shippers.
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Phuong Kim Thi Tran, Hue Kim Thi Nguyen, Loc Thi Nguyen, Hong Thi Nguyen, Thanh Ba Truong and Vinh Trung Tran
This study aims to identify how perceived destination social responsibility (DSR) drives destination brand loyalty through a jointly and independently mediated mechanism of…
Abstract
Purpose
This study aims to identify how perceived destination social responsibility (DSR) drives destination brand loyalty through a jointly and independently mediated mechanism of cognitive and affective components (e.g. tourist-destination identification, cognitive image, affective image and tourist satisfaction) and to examine the moderating role of individual-level collectivist values in linking perceived DSR and tourist behaviors.
Design/methodology/approach
An online survey is conducted to collect the data of 351 domestic tourists visiting an urban tourism destination (e.g. Danang City) in Vietnam. A serial multiple mediation model and moderation model were examined by applying covariance-based structural equation modeling.
Findings
This research’s results highlight the leading factors of perceived DSR in the process of forming destination brand loyalty and confirm the vital role of the intermediary mechanism of tourists' cognition and affect during this process. The chain of causal relationships DSR → TDI → CI → AI → TS → DBL confirms the role of perceived DSR as an essential prerequisite factor of DBL, creating a close connection to tourists' cognition and affect and contributing to improving destination brand loyalty. Individual-level collectivist values were found to positively moderate the links between perceived DSR and tourist-destination identification, affective image and destination brand loyalty.
Research limitations/implications
Future research would provide insights into the links between perceived DSR and tourist behaviors by considering moderating variables (e.g. cultural distance and tourist types) and uncovering specific insights into each destination stakeholder's DSR activities.
Originality/value
A new integrated model of destination brand loyalty development is proposed to explore a new path for destination brand loyalty formation through cognitive, affective and cognitive-affective pathways. This moderating stream of examining individual-level collectivist values can make a significant contribution to the extant tourism literature by promoting a more positive tourist perception of DSR, thereby increasing tourists' knowledge, beliefs and emotions and enhancing destination brand loyalty.
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Chankon Kim, Hanjoon Lee and Sang-Lin Han
The purpose of this study is to examine the impact of family communication patterns (FCP) on adolescents’ choice of influence strategies and parents’ choice of response strategies…
Abstract
Purpose
The purpose of this study is to examine the impact of family communication patterns (FCP) on adolescents’ choice of influence strategies and parents’ choice of response strategies in situations of parent–child purchase decision disagreement.
Design/methodology/approach
This study uses family triadic (mother–father–child) survey data collected from 294 Korean families. The study develops classifications of adolescent influence strategies and parental response strategies in the initial stage and subsequently investigates the impact of FCP on the adolescent child’s use of influence strategies and each parent’s use of response strategies. The final stage of the study involved an exploratory investigation aimed at discovering the adolescent influence strategies and parental response strategies that are likely used in conjunction.
Findings
Results show an overall significant impact of FCP on both adolescents’ use of influence strategies and parents’ use of response strategies. They further reveal that Korean mothers tended to encounter their children’s persistent influence attempts with unyielding, strict response strategies. The types of response strategies used by Korean fathers were not linked to particular types of influence strategies used by their children but linked to their level of education attained and household income.
Practical implications
Findings of this study may help marketers formulate an appropriate marketing communication strategy that can be effective in resolving parent–child purchase disagreement.
Originality/value
With its focus on the adolescent influence strategies, parental response strategies, and FCP as a factor influencing the strategy choice by adolescents and parents, this study provides new insights into the parent–child interaction taking place in situations of parent–child disagreement about a purchase decision.
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Mark Anthony Camilleri and Loredana Falzon
The outbreak of the Coronavirus (COVID-19) pandemic and its preventative social distancing measures have led to a dramatic increase in subscriptions to paid streaming services…
Abstract
Purpose
The outbreak of the Coronavirus (COVID-19) pandemic and its preventative social distancing measures have led to a dramatic increase in subscriptions to paid streaming services. Online users are increasingly accessing live broadcasts, as well as recorded video content and digital music services through internet and mobile devices. In this context, this study aims to explore the individuals’ uses and gratifications from online streaming technologies during COVID-19.
Design/methodology/approach
This research has adapted key measures from the “technology acceptance model” (TAM) and from the “uses and gratifications theory” (UGT) to better understand the individuals’ intentions to use online streaming technologies. A structural equations partial least squares’ confirmatory composite approach was used to analyze the gathered data.
Findings
The individuals’ perceived usefulness and ease of use of online streaming services were significant antecedents of their intentions to use the mentioned technologies. Moreover, this study suggests that the research participants sought emotional gratifications from online streaming technologies, as they allowed them to distract themselves into a better mood and to relax in their leisure time. Evidently, they were using them to satisfy their needs for information and entertainment.
Research limitations/implications
This study contributes to the academic literature by generating new knowledge about the individuals’ perceptions, motivations and intentions to use online streaming technologies to watch recorded movies, series and live broadcasts.
Practical implications
The findings imply that there is scope for the providers of online streaming services to improve their customer-centric marketing by refining the quality and content of their recorded programs and through regular interactions with subscribers and personalized recommender systems.
Originality/value
This study integrates the TAM and UGT frameworks to better understand the effects of the users’ perceptions, ritualized and instrumental motivations on their intentions to continue watching movies, series and broadcasts through online streaming technologies, during COVID-19.
Propósito
El distanciamiento social durante la pandemia del coronavirus (COVID-19) ha llevado a un aumento dramático en las suscripciones a los servicios de transmisión de pago. Los usuarios en línea acceden cada vez más a transmisiones en vivo, así como a contenido de video grabado y servicios de música digital. En este contexto, este estudio explora los usos y las gratificaciones buscadas por las personas con las tecnologías de transmisión en línea durante la COVID-19.
Diseño/Metodología/Enfoque
En la operacionalización de las variables se utilizaron las medidas del “Modelo de Aceptación de Tecnología” (TAM) y la “Teoría de Usos y Gratificaciones” (UGT). Además, se utilizó SEM-PLS 3 para analizar los datos recopilados de las encuestas.
Hallazgos
La utilidad percibida y la facilidad de uso de los servicios de transmisión en línea son antecedentes significativos de la intención de utilizarlos. Además, las personas buscan gratificaciones emocionales de tales tecnologías, ya que les permiten distraerse, estar de mejor humor y relajarse en su tiempo libre. Además, las utilizan para obtener información y entretenimiento.
Implicaciones teóricas
Este estudio contribuye a la literatura académica generando nuevos conocimientos sobre las percepciones, motivaciones e intenciones de los individuos de utilizar tecnologías de transmisión en línea para ver películas grabadas, series y transmisiones en vivo.
Implicaciones prácticas
Los hallazgos implican que hay margen para que los proveedores de servicios de transmisión en línea mejoren su marketing centrado en el cliente reforzando la calidad y el contenido de sus programas grabados y la publicidad intermitente.
Originalidad/Valor
Este estudio integra las teorías TAM y UGT para comprender mejor el creciente uso de las tecnologías de transmisión para ver películas grabadas, series y transmisiones en vivo.
目的
新型冠状病毒(COVID-19)大流行的爆发及其预防性的社会隔离措施,导致付费流媒体服务订阅量大幅增加。越来越多的在线用户通过互联网和移动设备访问直播、录制视频内容和数字音乐服务。在此背景下,本研究旨在探讨COVID-19疫情期间个人对在线流媒体技术的使用和满意度。
研究设计/研究方法
为了更好地理解个体使用在线流媒体技术的意图,本研究采用了“技术接受模型”(TAM)和“使用与满足理论”(UGT)的主要测量方法。另外,作者采用了结构方程偏最小二乘验证组合方法对采集的数据进行分析。
研究结果
个人对在线流媒体服务的感知有用性和易用性是他们使用上述技术的意图的重要先行因素。此外,这项研究表明,研究中的参与者从在线流媒体技术中寻求情感满足,让自己得到一个好心情,并在闲暇时间放松。显然,他们是在用手机来满足他们对信息和娱乐的需求。
研究局限性/意义
本研究对个人使用在线流媒体技术观看电影、电视剧和直播的认知、动机和意图产生了新的认识,对学术文献的贡献。
实际意义
研究结果表明,在线流媒体服务提供商可以通过改进其录制节目的质量和内容、定期与订阅者互动以及个性化推荐系统来改善其以客户为中心的营销。
本文独创性/价值
本研究整合了TAM和UGT框架,以更好地了解COVID-19期间用户的认知、仪式化和工具动机对他们通过在线流媒体技术继续观看电影、电视剧和广播的意图的影响。
Details
Keywords
- Uses and gratifications theory
- TAM
- Technology acceptance model
- COVID-19
- UGT
- Online streaming
- Broadcast media
- SEM-PLS
- Streaming video
- COVID-19
- Online streaming
- Modelo de aceptación tecnológica (TAM)
- Teoría de usos y gratificaciones (UGT)
- COVID-19
- UGT
- 使用与满足理论
- TAM
- 技术接受模型
- COVID-19
- 在线流媒体
- 广播媒体
- SEM-PLS
- 视频流
This paper analyzes the communal fund of a school alumni association in South Korea and attempts to expand the understanding of money's social role in maintaining its network. The…
Abstract
This paper analyzes the communal fund of a school alumni association in South Korea and attempts to expand the understanding of money's social role in maintaining its network. The analysis concentrates on the account book of the 1974 alumni association of Hani High School in Seoul and follows the expenditure traces of its communal fund since 1987. Over the last 30 years, money for the communal fund has been regularly collected at the alumni reunions and distributed on various ceremonial occasions, such as member weddings and funerals. By defining the alumni association as a type of kye, this study explores the correlation between the communal fund's operation and the members' belongingness in the association. Most of them have actively engaged in operating their communal fund. They have applied flexible management regulations, reflecting members' respective financial conditions and life events. In the distribution of their fund, not only economic principles but also moral and normative standards are manifested. The 1974 alumni association and their communal fund demonstrate the symbolic meaning of money and its active role in a community. It also challenges the widespread belief that money is an alienating object in the market society. Indeed, money has morality and the potential to help maintain social ties in the long run.