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This paper is concerned with the effects of weather uncertainty on the electricity future curve. Following the approach used by Lucia and Schwartz (2002), the behavior of the underlying spot price is assumed to consist of two components ‘ a totally predictable deterministic component that accounts for regularities in the evolution of prices and a stochastic component that accounts for the behavior of residuals from the deterministic part. The weather uncertainty is modeled consistently with seasonal outlook probabilities from the CPC (Climate Prediction Center) outlook. For a given realization of temperature, the electricity load can be predicted very accurately by a time series model using temperature and other explanatory variables. Furthermore, if temperature and electricity load are known, the spot price can be predicted as well using the regime switching model with time-varying transition probabilities. The electricity future price can be calculated for the given seasonal probabilities from the CPC outlook. Then the electricity future price can be obtained as the arithmetic average of the one-day electricity future price. The future price reflects clearly the response of the spot price to different weather patterns. As the summer gets warmer, the high price regime is more likely to be realized, and as a result, the future price increases.

Aims to examine a comprehensive approach to combine several simple multiple valuation, so as to improve the valuation, accuracy of the simple multiple valuation technique.

In order to combine several simple multiple valuations, the equity value is estimated by a weighted average of the valuation outcomes obtained from several simple multiple valuations. To calculate the weight of each valuation outcome, the out‐of‐sample price‐deflated regression of stock prices on several simple multiple valuation outcomes is conducted. Next, the alternative hypothesis of whether the composite approach yields a higher valuation accuracy than the simple multiple valuation is tested, using the actual stock price of the valued firm as the benchmark to measure the valuation accuracy under the assumption of market efficiency.

It was found that combining several simple multiple valuation outcomes of a firm, each of which is based on a stock price multiple to a historical accounting performance measure of the comparable firms (historical multiple), improves the valuation accuracy of the simple multiple valuation using a single historical multiple. However, further analysis shows that the combination of the simple multiple valuation outcomes based on a stock price multiple to analysts’ earnings forecasts of the comparable firms (forward earnings multiple) and several simple multiple valuation outcomes based on historical multiples does not improve the valuation accuracy of the simple multiple valuation using a forward earnings multiple.

One caveat of this study is that only the linear combination of the simple multiple valuation outcomes is considered. Non‐linear combination of the simple multiple valuation outcomes based on both forward earnings multiple and historical multiples may be able to improve the valuation accuracy of the simple multiple valuation using a forward earnings multiple. This possibility is still an open question.

The findings imply that a historical multiple contains incremental information not captured by other historical multiples, which is useful for the improvement of the valuation accuracy. However, the historical multiples may have no incremental information beyond a forward earnings multiple.

The forward earnings multiples as well as the historical multiples for the equity valuations of broader firms are considered. Given the previous finding that forward earnings multiple presents the highest valuation accuracy among the valuation multiples, it is further investigated whether the composite approach using forward earnings multiple and historical multiples can improve the valuation accuracy of the simple multiple valuation using a forward earnings multiple. In addition, the potential problem of selection bias in the previous study is addressed, which examines only the equity valuations in the tax court.

The maritime freight transportation industry has played an important role in the Korean economy. The Korean maritime freight transportation industry is faced with a period of transforming it competitively and efficiently in this global age. This paper, therefore, aims to identify the impact of the maritime freight transportation industry in the Korean national economy. Hence, this paper provides policy-makers with accessible and reliable information regarding the role of the Korean maritime freight transportation industry. This study employs input-output (I-O) analysis to examine the role of the maritime freight transportation industry in the national economy for the period 1995-2003, with specific application to Korea. This study pays particular attention to the maritime freight transportation industry by taking the industry as exogenous variable and then investigates its economic impacts. We identify inter-industry linkage effects in 20 sectors, production-inducing effects, added value-inducing effects, and supply-shortage effects of the maritime freight transportation industry.

The purpose of this paper is to investigate international variability in the pricing of accounting information using ex ante cost of equity capital estimates. Prior literature shows that financial statement amounts are relevant for investor decisions only when there is appropriate economic and legal infrastructure (Ball, 2001).

Accrual quality and accounting loss are focussed upon as indicators of firm risk in financial statements.

The evidence suggests that accounting information is factored into ex ante cost of equity capital in countries with strong economic and legal infrastructures but not in those with weak infrastructures. Findings support Ball’s notion that the role financial reporting plays in a capital market depends on the strength of economic and legal infrastructure.

Findings support Ball’s notion that the role financial reporting plays in a capital market depends on the strength of economic and legal infrastructure.

The purpose of this study is to investigate Koreans' preferences for FCDM versus SDM and explored the influence of Asian cultural values on decision-making in the context of managing chronic illnesses, such as type 2 diabetes mellitus (T2DM). Shared decision-making (SDM) emphasizes collaboration between providers and service recipients to decide on the best treatment options. However, it may not fully account for the role of families in managing chronic illness, particularly for people from Eastern cultural backgrounds who value active participation from their families in decisions. In response, family-centered decision-making (FCDM) has been proposed as an alternative approach. Using a vignette experiment design, data (n = 316) were collected from Koreans in the US and in Korea who were randomly presented with either SDM or FCDM processes for reaching T2DM treatment decisions. In addition to demographic information, participants reported on three dimensions of their decision-making experience: satisfaction, perceived effectiveness, and perspective-taking. They also rated their Asian cultural values and familiarity with T2DM. Results show better satisfaction, perceived effectiveness, and perspective taking for FCDM compared to SDM when examined in context of treatment types and perceived illness severity. Moderation effects were found for familiarity of illness, with familiarity effects varying by perceived severity. Study findings provided some evidence in favor of FCDM in Asian communities addressing the disabilities and chronic illness of a family member. Although the current study investigated treatment decisions for T2DM during doctor's visits, FCDM has shown potential to be applied in other service settings.

Social network theory emphasizes that, to acquire needed resources, new ventures should cultivate industrial connections (intra-industry ties and extra-industry ties). In the meanwhile human capital theory focuses on entrepreneurs' employment experience, especially with respect to its breadth and depth. This study examines ties and experience to determine whether, in combination, they have positive or negative effects on resource acquisition in new ventures.

This study tests research hypotheses using questionnaire survey data with a sample of entrepreneurs in new ventures. Multivariate regression analysis is used to analyze the data.

Combining intra-industry ties and experience breadth or extra-industry ties and experience depth affects resource acquisition positively, whereas combining intra-industry ties and experience depth or extra-industry ties and experience breadth affects resource acquisition negatively.

Conclusions may be constrained by the limited sample size and source. Rather, the impact of the study lies in its identification of the effects of interaction between network ties and entrepreneurs' experience on resource acquisition. Future research can explore the effects of interaction between other dimensions of network ties and a range of entrepreneurs' experience characteristics on resource acquisition.

Entrepreneurs are provided with effective strategies to make use of their ventures' network ties and their personal accumulated experience in the process of obtaining resources.

The findings enrich the entrepreneurship literature by providing a more nuanced understanding of how and when new ventures' industry ties and entrepreneurs' employment experience together influence resource acquisition.

The purpose of this paper is to address a long-standing gap in current research on intercultural service encounters, by exploring the direct and indirect roles of four personal cultural orientations (PCOs) [independence, interdependence (INT), risk aversion (RSK) and ambiguity intolerance (AMB)].

A 2 × 2 between-subjects experimental design with customers in two countries (Australia and China) using scenarios to manipulate service outcome (failure or success) and photos of foreigners as customer or employee to prime perceived cultural distance (PCD).

Customers with higher (vs lower) independence perceive greater interaction comfort, service quality and satisfaction (SAT) and are affected to a lesser extent by PCD and service outcome, but those with higher (vs lower) RSK or AMB perceive lower interaction comfort, service quality and SAT and are affected more strongly by PCD and service outcome.

The authors used an “experimental” design with “imaginary” service scenarios to collect data in “two” countries using “four” PCOs for greater control in this paper, but all of these choices may restrict the generalizability of the findings.

Service managers need to look beyond visible cultural differences, such as ethnicity, nationality and language, and focus more on the invisible cultural differences in customs, values and norms, as reflected by the four PCOs in this paper.

The authors extend prior research on intercultural service encounters by exploring the moderating effects of PCOs on the influence of service outcome and PCD on interaction comfort, service quality and SAT.

The purpose of this paper is to identify sexual health information needs and the cognitive and affective factors correlated with the best answer chosen by social Q&A users.

The study collected questions and answers regarding sexual health information on a social Q&A site, and analyzed the questions and a paired sample composed of best and non-best answers (n=480).

The main information needs of consumers are human development, sexual behavior, and sexual health. Best answers are more likely to include both cognitive (higher level of readability, risky information, social norms) and affective factors (empathy, positive/negative feelings, and optimistic information) than non-best answers.

The study illuminates the roles of social Q&A as a unique platform to discuss sensitive health topics due to the fact that consumers use such social media sites as critical complementary health information sources.

If health information providers develop information with the factors that the study suggests, not only will it be more adopted by consumers, but it will also ameliorate the quality concerns about online health information.

Previous studies only investigated the most prevalent factors, rather than the most effective ones, which have a greater influence on best answer selection. This study compares the best answers and the non-best answers to overcome the limitations of the previous studies. Above all, the study applied the persuasion concepts to address the cognitive and affective perspectives to the answer evaluations of social Q&A.