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This study looks at the characteristics and current status of retail structured product market of Korea and tries to explain, in particular, issues related to issue price, cost of hedging, and overpricing. We also analyzed the perspective of the government and the related regulatory policies. We examined various performance measures for portfolios composed of the KOSPI200 Covered Call Index and other assets in order to change the viewpoint of the authorities that the trading of structured products, such as ELS (equity-linked securities) and DLS (debt-linked securities), is in fact not a zero-sum game between the issuers and investors. The empirical results show that the KOSPI200 Covered Call Index has a superior performance compared to the KOSPI200 Index and the others. In addition, from the perspective of certainty equivalent excess returns, the KOSPI200 Covered Call Index also displays the possibility of improving the utility level of risk-averse retail investors. However, it is difficult in reality for individual investors to construct efficient portfolios that employ covered call strategies using options. Hence, individual investors can form optimal portfolios that benefit indirectly from such covered call strategies via investment in financial derivative products issued by securities firms that are able to more easily utilize investment strategies that incorporate options to form optimum portfolios. This means that both the issuer and investor can profit from these financial derivative products and, therefore, it is not a zero-sum game.

The primary purpose of this paper is to develop a parsimonious Consumer Experience Index (CEI) and then identify and validate the dimensionality of the experience concept.

The study employed a four‐step methodology. After conducting a pre‐test and pilot test, data were collected from 397 adults via an online survey. A split‐sample technique was used for the data analysis. The first‐split sample (n=199) was used to conduct the exploratory factor analysis. Reliability, convergent validity, and discriminant validity were evaluated with a second‐half split sample (n=198) from confirmatory factor analysis.

Scale‐development procedures resulted in a seven‐factor model comprised of the following dimensions: environment, benefits, convenience, accessibility, utility, incentive, and trust. Overall, the 26‐item CEI is a reliable and valid measure to determine the underlying components of a consumer's experience.

This study concentrates on an experience based on the general service delivery system rather than a specific industry or business sector. Applicability of this experience measure should also be evaluated in specific, but diverse, business sectors. By understanding these seven dimensions, management can develop effective marketing strategies for providing memorable experience for consumers.

Consumer experience has gone largely unmeasured. Built on the old business axiom that you cannot manage what you cannot measure, this validated CEI tool can provide businesses with an effective new management tool.

The objective of this study was to confirm the dimensions of revenue managers’ proactive work behavior in the lodging setting and to examine the effect of organizational structure on the degree of proactivity in their work behavior.

The data (n = 280) collected from lodging revenue managers was analyzed, using exploratory factor analysis, confirmatory factor analyses and multivariate analysis of variance.

The four factor model was confirmed – Voice, Individual Innovation, Taking Charge and Problem Prevention. Revenue managers who manage multiple properties were found to have greater proactivity than their single property counterparts.

A future study can work exclusively with individual companies to better understand the demographics of the Revenue Manager within specific organizations.

This study enhances our understanding of revenue management activities and behaviors by focusing on the concept of proactive work behaviors, and the complexity of responsibility that revenue managers face. This study is to exhibit a greater measure of proactive work behavior.

The purpose of this study is to develop research theme categories, investigate thematic trends between 1998 and 2013 and present changes in event management research topics.

The coding instrument was developed for thematic analysis of 592 articles in four event management research journals and 106 event management articles in top-tier hospitality and tourism management (H&T) journals. Various intercoder reliability indices were calculated to ensure credibility of content analysis.

Major domains of research themes were identified across different periods and journals. Themes differed not only between the event management-focused journals and the hospitality and tourism (H&T) journals but also in different periods (1998-2003, 2004-2008 and 2009-2013).

First, this study analyzed all articles published in journals focusing on event management as well as event management research published in the H&T journals. Second, this paper improved the credibility of thematic analysis by developing a coding instrument of research themes and by reporting intercoder reliability. Third, this research captured changes in popularity of research themes of different periods and distinct research realms (event management journals versus H&T journals).

This study assessed the effect of photo themes to facilitate social media user engagement in Facebook brand pages and emphasized the important role of designing images for developing destination marketing strategies.

This study analyzed 8,900 posts that were published by official tourism destination marketers for each destination (Hong Kong, Japan, South Korea). Text mining analysis, image thematic coding analysis and two-way ANOVA were applied to examine the significant differences across proposed determinants for the following engagements: the numbers of likes, comments and shares.

The results indicated that photographs on social media of three tourism destinations can be explored based on 11 categories of image themes. The themes' significant and distinct effects on three indicators of social media engagement were verified.

This research presented methodological insights by integrating thematic and statistical analyses with social media analytics. The findings of this study provided theoretical evidence of the importance of image themes in the context of social media engagement marketing. Based on the implications of this study, practitioners would enhance the effectiveness of social media marketing.

Korea’s Institute for Basic Science (IBS), the first research institute dedicated to basic science in Korea, started ten years ago as part of a science policy called the Science Belt. It is noteworthy that Korea, with a short history of basic science, established such a research institute exclusively for basic science within a short period of time and made it one of the representative institutions of basic science in Korea. This paper aims to uncover the impetuses and constraints surrounding the policy of Science Belt, centering on the IBS.

Kingdon’s stream theory is used to clarify the factors that acted as impetuses or constraints for the Science Belt. For the analysis, in-depth interviews with the active policy participants were conducted in addition to the thorough literature review. The interviews enabled an in-depth understanding of the underlying factors for the Science Belt and the actual procedures of the policy decision.

This study found that the most powerful impetus in the Science Belt policymaking process was the President and a small group composed of a few scientists who played a leading role in the political stream. The constraint of the Science Belt was that the participation of scientist experts and governmental officials, the so-called invisible participants of Kingdon, was insignificant. In particular, there was no system in place to select policy alternatives for basic science through discussion between scientists and governmental officials.

The temporal scope of this study was limited to policy formation, that is, until the establishment of IBS. Therefore, future studies shall conduct a research on the implementation of the actual policy, IBS’s achievements and IBS’s impact of Korea’s basic science community.

This study applied both a theoretical framework and in-depth interviews along with the literature overview to understand a policymaking process from various angles.

The purpose of this paper is to use Twitter analysis to explore diner perceptions of four types of Asian restaurants (Chinese, Japanese, Korean and Thai).

Using 86,015 tweets referring to Asian restaurants, this research used text mining and sentiment analysis to find meaningful patterns, popular words and emotional states in opinions.

Twitter users held mingled perceptions of different types of Asian restaurants. Sentiment analysis and ANOVA showed that the average sentiment scores for Chinese restaurants was significantly lower than the other three Asian restaurants. While most positive tweets referred to food quality, many negative tweets suggested problems associated with service quality or food culture.

This research provides a methodology that future researchers can use in applying social media analytics to explore major issues and extract sentiment information from text messages.

Limited research has been conducted applying social media analysis in hospitality research. This study fills a gap by using social media analytics with Twitter data to examine the Twitter users’ thoughts and emotions for four different types of Asian restaurants.

This study investigates the effects of vertical direction and rotation of English loan brand names in East Asian languages (Chinese and Korean) on processing fluency, perceived product quality and purchase intention.

Four experiments were conducted in China and Korea, employing a 2 (vertical direction: downward vs upward) X 3 (rotation: 0°/marquee vs 90° clockwise vs 90° counterclockwise) between-subjects factorial design.

The findings showed that when the English loan Chinese brand name was displayed downward, the marquee format was preferred, while counterclockwise rotation was favored when displayed upward. In Korean, clockwise rotation was preferred for downward presentation, while counterclockwise rotation was favored for upward presentation. The effects on purchase intention were mediated by processing fluency and perceived product quality.

This research provides practical implications for global manufacturers and retailers, offering guidance on presenting brand names in East Asian languages and optimizing product packaging designs. For Chinese consumers, the marquee format is recommended for downward-oriented brand names, while counterclockwise rotation is effective for upward orientation. For Korean consumers, clockwise rotation is favored for downward presentation and counterclockwise rotation is preferred for upward presentation. Understanding linguistic habits allows the tailoring of brand presentations, enhancing brand perception and consumer responses.

This study contributes to understanding the role of cultural and linguistic influences on consumer information processing and product perception in vertical presentations of brand names.

This article aims to provide a critical review of the articles included in this special issue and highlight their findings and contribution to events, festivals and destination management research.

The article critically reviews methodologies, findings, themes and conclusions offered by each article included in this special issue.

The articles in the special issue identify the latest thematic trends in events, festivals and destination management research and propose conceptual frameworks for event and festival life cycle trajectories. They build on previous research confirming how accessible tourism and a balanced event portfolio can increase the sustainability and competitiveness of the destination. Based on sound methodologies, they offer specific theoretical and practical implication for the successful planning, marketing and management of events, festivals and destinations. They provide suggestions on how event innovation, participatory sport events, mega sport events, food and wine festivals and meetings, incentives, conferences and events (MICE) can assist in the marketing and branding of the tourism destination.

The articles in this special issue lay the foundation for future research in events, festivals and destination management. Articles in this special issue apply various research methods and analysis, indicating the growth of event and festival research. Research methods and analysis techniques used in the special issue include content/theme analysis, case studies, qualitative studies and questionnaires. The research articles and methodologies used in this issue should help both researchers and industry practitioners.

This study highlights key findings, theoretical and practical implications and contributions of the articles included in this special issue. It provides a holistic view of events, festivals and destination management research and suggests areas for future research.