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The purpose of this study was to examine the influence of para-sport spectator motivation on spectator revisit intentions and the mediating effect of attitude on motivation and revisit intentions.

This study was conducted in the context of the 2018 PyeongChang Winter Paralympic Games. A total of 350 respondents completed a survey. Confirmatory factor analysis (CFA) and structural equation modeling (SEM) were used to analyze the data.

Inspiration, supercrip image, physical skill/aesthetics, and social interaction had strong influences on attitudes toward Winter Paralympics, and attitude was also shown to have a strong impact on revisit intentions. The results also revealed the mediating effect of attitude on para-sports motivation factors (inspiration, supercrip image, physical skill/aesthetics, and social interaction) and revisit intentions.

This study extends the literature on para-sport spectator motivation. Although there are a few studies examining spectators' motivation to attend para-sport events, there is limited research on the relationships among motivation, attitude, and revisit intention based on consumer attitude theories. The results are valuable to sport managers in increasing the propensity of para-sports events by understanding the factors that lead to changes in attitudes and increases in future attendance.

This paper focuses on the strategic application based on the empirical results of risk-return relationship against the classical concept. Empirical analysis from domestic data, we verify that the traditional concept-‘high risk, high return’ relationship are maintained, however, we confirm the falling pattern in the highest total volatility group. Even though we implies double sorting method to control the well known systematic factor such as BM and size, we still confirm such abnormal risk-return relationship. Furthermore, we perform sub-period analysis before and after the liberalization of Korean capital market and we find such abnormal risk-return relationship is appeared after the liberalization. Based on our empirical results, we establish and verify the new benchmark that evenly allocate highest volatility portfolio to sub-volatility portfolio. Under the new benchmark, we confirm the expansion of the efficient frontier and the improvement of Sharpe ratio. We believe that our results provide an applicability research of smart beta strategy and new benchmark based on such strategy. We expect our research to be used as preliminary study to overcome the era of “new normal” and to reform the investment strategies correspond to segmentation of benchmark.