Turan G. Bali, Stephen J. Brown and Yi Tang
This paper investigates the role of economic disagreement in the cross-sectional pricing of individual stocks. Economic disagreement is quantified with ex ante measures of…
Abstract
Purpose
This paper investigates the role of economic disagreement in the cross-sectional pricing of individual stocks. Economic disagreement is quantified with ex ante measures of cross-sectional dispersion in economic forecasts from the Survey of Professional Forecasters (SPF), determining the degree of disagreement among professional forecasters over changes in economic fundamentals.
Design/methodology/approach
The authors introduce a broad index of economic disagreement based on the innovations in the cross-sectional dispersion of economic forecasts for output, inflation and unemployment so that the index is a shock measure that captures different aspects of disagreement over economic fundamentals and also reflects unexpected news or surprise about the state of the aggregate economy. After building the broad index of economic disagreement, the authors test out-of-sample performance of the index in predicting the cross-sectional variation in future stock returns.
Findings
Univariate portfolio analyses indicate that decile portfolios that are long in stocks with the lowest disagreement beta and short in stocks with the highest disagreement beta yield a risk-adjusted annual return of 7.2%. The results remain robust after controlling for well-known pricing effects. The results are consistent with a preference-based explanation that ambiguity-averse investors demand extra compensation to hold stocks with high disagreement risk and the investors are willing to pay high prices for stocks with large hedging benefits. The results also support the mispricing hypothesis that the high disagreement beta provides an indirect way to measure dispersed opinion and overpricing.
Originality/value
Most literature measures disagreement about individual stocks with the standard deviation of earnings forecasts made by financial analysts and examines the cross-sectional relation between this measure and individual stock returns. Unlike prior studies, the authors focus on disagreement about the economy instead of disagreement about earnings growth. The authors' argument is that disagreement about the economy is a major factor that would explain disagreement about stock fundamentals. The authors find that disagreement in economic forecasts does indeed have a significant impact on the cross-sectional pricing of individual stocks.
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Muhammed Akin and Muhammed Ali Yetgin
Introduction: The difficulties and restrictions faced during the pandemic have led various organizations to offer online services. Organizations with the necessary infrastructure…
Abstract
Introduction: The difficulties and restrictions faced during the pandemic have led various organizations to offer online services. Organizations with the necessary infrastructure have adapted more seamlessly to this shift, while unprepared organizations have faced significant challenges. Recognizing the increasing importance of digital transformation, the banking sector, as a critical player in this process, has been widely examined in the literature.
Purpose: The digitization of banking has enabled faster and more convenient access to banking services. It is crucial to investigate how customer experience, shaped by the services provided by customer-centric banking institutions, impacts customer loyalty and satisfaction. This study focuses on data collected in Ankara, the capital city of Turkiye.
Methodology: Data were collected from 564 participants through a face-to-face, online survey. Fifty-four participants were excluded from the study due to non-use of digital banking or being under 18.
Findings: We found that money transfer was the most frequent digital banking transaction. As a result of the research, we understood that there is a statistically significant relationship between customer experience and customer loyalty and satisfaction, and there was no statistically significant relationship between gender and these values.
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Zhongjun Tang and Bo He
The purpose of this paper is to explore how the number and quality of games that publishers have released, popularity of game genre, age rating and package size are configured to…
Abstract
Purpose
The purpose of this paper is to explore how the number and quality of games that publishers have released, popularity of game genre, age rating and package size are configured to determine the mobile game takeoff in a short time.
Design/methodology/approach
Based on the signaling theory, the authors present a conceptual model. Using actual data about 170 mobile games at their initial stage in the Apple App store, the authors test the conceptual model by applying fuzzy qualitative comparative analysis (fsQCA).
Findings
The findings identify four solutions that explain Mobile game takeoff in a short time. The authors highlight the role of the number and quality of games released by publishers, as well as that of popular game genres, which are always core factors when present.
Originality/value
This paper complements the previous research on the diffusion of mobile games by exploring which information combinations can lead to mobile games takeoff in a short time from the perspective of configuration. FsQCA serves as a better tool for explaining the complex relationships among variables than a regression analysis approach does. The authors extend existing knowledge on how the number and quality of games that publishers have released, popularity of game genre, age rating and package size combine to lead to takeoff of mobile games in a short time.
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Thomas Li‐Ping Tang, David Shin‐Hsiung Tang and Cindy Shin‐Yi Tang
This research employs institutional characteristics and market‐related factors to predict undergraduate students' tuition at 190 private colleges and universities in the USA…
Abstract
This research employs institutional characteristics and market‐related factors to predict undergraduate students' tuition at 190 private colleges and universities in the USA. Results showed that the strongest correlations among variables for college tuition were reputation ranking and SAT scores. Results of a hierarchical multiple regression revealed that the type of institution, academic reputation ranking, the annual expenditures, geographic region, the existence of professional schools, the size of the faculty and the undergraduate student body, and university presidents' pay and benefits are all significant predictors of college tuition. After controlling all other variables, the unique contribution made by reputation ranking is still a significant predictor of college tuition. Research institutions charged their students more than liberal arts colleges, which, in turn, charged more than doctoral granting I institutions. Implications for parents and students, private colleges and universities, human resource management, and the Matthew effect are discussed.
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Yi Tang, Xue Li, Yongli Fang and Hao Liu
Significant amount of harmonics and inter-harmonics are being injected into the power system because of the increasing use of power electronics and large non-liner loads…
Abstract
Purpose
Significant amount of harmonics and inter-harmonics are being injected into the power system because of the increasing use of power electronics and large non-liner loads. Therefore, analyzing their contents in real time is necessary.
Design/methodology/approach
The frequency and phase of an electric power harmonic or inter-harmonic can be estimated by using the discrete spectrum energy center of symmetric windows, the amplitude calculation of an electric power harmonic or inter-harmonic can be calculated by using the Pasival theorem, and their relative estimation error is only decided by the distribution of windows’ energy in the frequency domain, which equals the proportion of the spectrum energy occupied in the side lobe to the whole.
Findings
The results of the digital simulation and experimental tests show that the method proposed in this paper has the same measurement precision as and more advantages in computational complexity and burden over other methods, which are based on multipoint interpolation or interpolation polynomial windowed.
Originality/value
The method is very suitable to be used to real-time measurement in a single chip DSP micro-processor.
Yun‐Sheng Chung, D. Frank Hsu, Chun‐Yi Liu and Chun‐Yi Tang
Multiple classifier systems have been used widely in computing, communications, and informatics. Combining multiple classifier systems (MCS) has been shown to outperform a single…
Abstract
Purpose
Multiple classifier systems have been used widely in computing, communications, and informatics. Combining multiple classifier systems (MCS) has been shown to outperform a single classifier system. It has been demonstrated that improvement in ensemble performance depends on either the diversity among or the performance of individual systems. A variety of diversity measures and ensemble methods have been proposed and studied. However, it remains a challenging problem to estimate the ensemble performance in terms of the performance of and the diversity among individual systems. The purpose of this paper is to study the general problem of estimating ensemble performance for various combination methods using the concept of a performance distribution pattern (PDP).
Design/methodology/approach
In particular, the paper establishes upper and lower bounds for majority voting ensemble performance with disagreement diversity measure Dis, weighted majority voting performance in terms of weighted average performance and weighted disagreement diversity, and plurality voting ensemble performance with entropy diversity measure D.
Findings
Bounds for these three cases are shown to be tight using the PDP for the input set.
Originality/value
As a consequence of the authors' previous results on diversity equivalence, the results of majority voting ensemble performance can be extended to several other diversity measures. Moreover, the paper showed in the case of majority voting ensemble performance that when the average of individual systems performance P is big enough, the ensemble performance Pm resulting from a maximum (information‐theoretic) entropy PDP is an increasing function with respect to the disagreement diversity Dis. Eight experiments using data sets from various application domains are conducted to demonstrate the complexity, richness, and diverseness of the problem in estimating the ensemble performance.
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Stavros Sindakis and Sakshi Aggarwal
The purpose of this chapter is to analyse the theoretical work conducted in the fields of e-business adoption by small businesses in the UK. This chapter aims to explore the…
Abstract
Chapter Contribution
The purpose of this chapter is to analyse the theoretical work conducted in the fields of e-business adoption by small businesses in the UK. This chapter aims to explore the benefits and drawbacks that influence small businesses in adopting Internet-based e-business. We are thus responding to a need to recognise and measure the perceived importance of driving forces and barriers in the adoption of e-business solutions among small businesses. Currently, adoption of e-business is rapidly growing among business organisations throughout the world. Crucially, it is often seen as an essential strategic tool that attracts many companies in turning their traditional business strategy to e-business and as a more complex concept of interfirm cooperation.
A structured work was applied to synthesise a theoretical model. A meticulous search of available literature was conducted, focussing on key terms such as e-business adoption, benefits, drawbacks and small businesses in the UK. We identify that e-business adoption within small businesses is affected by perceived relative advantage, perceived compatibility, CEO’s innovativeness, information intensity, buyer/supplier pressure, support from technology vendors and competition. Furthermore, the value of such adoption depends on how, in the face of rapid growth, small businesses can effectively expand IT resources, strategic planning and business partnerships to develop e-business capability and business process competence. These are the key areas of activity which help adopting companies to achieve outstanding business performance. The findings of this study to date are presented within the limiting parameters of methodology based upon use of self-report scales to measure the constructs of the theoretical model. The main orientation of the work of this study is theoretical and sectional which provides a static picture of e-business adoption by small businesses – offering guiding practical insight and providing foundations for subsequent empirical study.
This chapter offers researchers a broader and more comprehensive view of the benefits and drawbacks that influence small businesses in adopting Internet-based e-business. Educators, researchers and practitioners will be all benefitted. In recent years, e-business has been adopted by many corporations to improve operational efficiency and profitability and to strengthen their competitive position and potential for survival in the new economic era (the information era).
Customer co-creation behaviors significantly affect a firm's performance and sustainable growth. This study tested the mediating role of corporate reputation in the relationship…
Abstract
Purpose
Customer co-creation behaviors significantly affect a firm's performance and sustainable growth. This study tested the mediating role of corporate reputation in the relationship between corporate hypocrisy and two types of customer co-creation behaviors: customer citizenship behavior and customer participation behavior. The study also investigated the moderating effect of self-corporate brand connection on the corporate hypocrisy–corporate reputation relationship and the indirect relationship between corporate hypocrisy and customer co-creation behavior through corporate reputation.
Design/methodology/approach
The authors conducted a two-wave research survey with 346 Korean bank customers and tested our hypotheses using PROCESS Macro.
Findings
Corporate reputation mediated the relationship between corporate hypocrisy and customer citizenship/participant behavior. The negative effect of corporate hypocrisy on corporate reputation was more pronounced when self-corporate brand connection was high. Self-corporate brand connection further moderated the indirect effect of corporate hypocrisy on customer citizenship/participant behavior through corporate reputation.
Originality/value
The results clearly explain how corporate hypocrisy affects customer co-creation behavior. This study advances corporate hypocrisy and corporate reputation research by proposing and verifying a moderated mediation model.