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The purpose of this paper is to study the efficiency of different oil and gas markets. Most previous studies examined the issue using low frequency date sampled at monthly, weekly, or daily frequencies. In this study, 30-minute intraday data are used to explore efficiency in energy markets.

Sophisticated statistical analysis techniques such as Granger-causality regressions, augmented Dickey-Fuller tests, cointegration tests, vector autoregressions are used to explore the transmission of information between oil and gas energy markets.

This study provides evidence for efficiency in energy markets. The new information that arrives either to futures markets or spot markets is digested correctly, completely, and in a fast manner, and is propagated to the other market. The evidence indicates high efficiency.

This study is one of the first papers that uses 30-minute interval intraday data to investigate efficiency in oil and gas commodity markets.

As cryptocurrencies continue to gain viability as an asset class, institutional investors and publicly traded firms have started taking investment positions in digital currencies. What firms may not be considering, however, is the effect these assets may have on their risk profiles. This study aims to (1) measure the effect of cryptocurrencies on the risk and return characteristics of publicly traded companies; (2) decipher the motives behind holding cryptocurrencies as an asset class; and (3) determine whether one reason for holding is more effective than another. To conduct this research, the four largest publicly traded holders of cryptocurrency as well as four of the most prominent cryptocurrencies are explored.

The cross-sectional analysis approach has been used to analyze the daily returns, volatility, betas and Sharpe Ratios of firms during periods without cryptocurrency strategies and during periods with cryptocurrency strategies.

The impact of the cryptocurrency asset class on common stock performance and corporate disclosures are documented. The importance of risk disclosures on cryptocurrency holdings is emphasized: Firms must better inform their stakeholders through comprehensive disclosures in financial statements. Firms utilize cryptocurrencies for various reasons such as treasury management tools or as direct sources of income. Consequently, the impact on returns and risks varies substantially.

To the best of the authors’ knowledge, this is one of the first studies on cryptocurrency investments in the treasury departments of publicly traded companies. The study contributes to the literature by extracting relevant information regarding company risk reporting and cryptocurrency risk at firms. The conclusions also promote firm transparency with detailed reporting of cryptocurrency holding risks.

This study investigates the role of cryptocurrencies in enhancing the performance of portfolios constructed from traditional asset classes. Using a long sample period covering not only the large value increases but also the dramatic declines during the beginning of 2018, the purpose of this paper is to provide a more complete analysis of the dynamic nature of cryptocurrencies as individual investment opportunities, and as components of optimal portfolios.

The mean-variance optimization technique of Merton (1990) is applied to develop the risk and return characteristics of the efficient portfolios, along with the optimal weights of the asset class components in the portfolios.

The authors provide evidence that as a single investment, the best cryptocurrency is Ripple, followed by Bitcoin and Litecoin. Furthermore, cryptocurrencies have a useful role in the optimal portfolio construction and in investments, in addition to their original purposes for which they were created. Bitcoin is the best cryptocurrency enhancing the characteristics of the optimal portfolio. Ripple and Litecoin follow in terms of their usefulness in an optimal portfolio as single cryptocurrencies. Including all these cryptocurrencies in a portfolio generates the best (most optimal) results. Contributions of the cryptocurrencies to the optimal portfolio evolve over time. Therefore, the results and conclusions of this study have no guarantee for continuation in an exact manner in the future. However, the increasing popularity and the unique characteristics of cryptocurrencies will assist their future presence in investment portfolios.

This is one of the first studies that examine the role of popular cryptocurrencies in enhancing a portfolio composed of traditional asset classes. The sample period is the largest that has been used in this strand of the literature, and allows to compare optimal portfolios in early/recent subsamples, and during the pre-/post-cryptocurrency crisis periods.

Intraday volatility characteristics throughout the trading week are examined at the emerging Borsa Istanbul (BIST) stock exchange. Using five-minute (and 15-minute) intervals, accentuated intraday volatility patterns at the microstructure level are examined during the stock market open and close in the morning and in the afternoon sessions. Volatility is highest when markets open in the morning. The second highest is during the afternoon open. The third highest is before the market closes for the day. Volatility before the market close has increased in recent years. These characteristics are seen every trading day. There are also differences: Monday returns are lowest, Friday returns are highest, and Monday morning volatility is highest of the entire trading week. Day-of-the-week and intraday accentuated volatility smile anomalies are jointly investigated using the longest intraday sample period in the emerging country stock exchange literature. Investment companies and professionals can utilize the results for risk management and hedging by avoiding highly volatile opening and closing periods. Arbitrageurs, speculators, and risk takers should trade during these highly volatile periods. Heightened volatility is increased difficulty in price discovery, thus inefficiency. Market participants, exchanges, and public prefer efficient markets. The research presents evidence of trading days, and periods during the trading day, when the exchange becomes more efficient. This is the first research that explores day-of-the-week effect from intraday volatility perspective in an emerging market, and provides useful recommendations in designing risk management strategies at market microstructure level.

The purpose of this paper is to use the local correlation technique to measure flight to quality, which is defined as a pronounced and generally rapid increase in risk aversion. Flight to quality between American, British, German, Japanese, and Hong Kong spot equity indices and index futures is examined.

The technique of non‐linear local correlation is employed to detect flight to quality in both spot and futures markets. The use of this methodology allows us to properly process both normally or non‐normally distributed time series. In addition, the estimation of local correlation minimizes the theoretical restrictions resulting from the selection of conditional events and the use of linear regression.

As market risk grows, an increase in flight to quality is documented. For example, a crash in the US stock market results in the flight of capital to the Treasury bond market. Evidence of flight to quality from domestic and foreign spot equity markets to US Treasury bonds is provided. Furthermore, flights to quality from domestic and foreign index futures to US bond futures are revealed. The strength of the reaction from one market to the other is measured and reported. Surprisingly, the authors observe that when market risk becomes extremely high, flight to quality diminishes.

To the best of the authors' knowledge, this is the first study that examines flight to quality in the futures markets by applying local correlation analysis. This study broadens the application of local polynomial regression and local correlation analysis.

The purpose of this paper is to emphasize passive energy refurbishment of vernacular building heritages and propose new application principles of sustainability from these vernacular heritages into contemporary architecture.

This paper is based on a research project (The Creation of a Prototype Project within the Application of Traditional Methods in Kastamonu, Küre Rural Settlements, 2017), through which vernacular architecture examples were analyzed, projecting for future interpretations for rural environments. Defining vernacular rural design principles is centrally important for the purposes of this project. As a case study from the Black Sea Region in Turkey, this example is investigated, and the outcomes of the analysis are used to reproduce in contemporary architectural terms the energy efficiency and rural patterns of the flexible rural house experience.

The research provides design principles for developing a new living experience in rural environments. The overall planning and architectural analysis are made in five neighborhoods in Küre, and three of unique vernacular architecture examples are chosen according to several criteria defined in “Kastamonu-Küre Ersizlerdere Village Design Guideline Project, 2014” to get the optimum data. Materials, orientation, form, spatial organization and building's indoor-outdoor relationship were analyzed by Autodesk's “Ecotect Analysis” simulation program.

Results of the proposed design principles of rural housing will be useful for new housing interpretations related to better rural development.

While defining energy efficiency criteria of vernacular itself, the results of this paper suggest new local solutions to ecological building design and engage with critical regionalism principles referring to the potentials of what traditional dwellings can teach contemporary design.

The purpose of the study is to examine the effect of value co-destruction on customer citizenship and negative electronic word of mouth (e-WOM) behaviors. In addition, the study aims to determine the mediating role of tourist citizenship between value co-destruction and negative e-WOM behaviors.

By using a convenience sampling method, data were collected from 704 customers, who purchased their touristic products through co-creation. The exploratory and confirmatory factor analyses were applied to the data obtained to determine the factors that make up the dimensions in the research model. The partial least squares-structural equation modeling (PLS-SEM) was used to evaluate the relationship in the research model proposed in the study.

The results of the study indicated that value co-destruction had an effect on customer citizenship behavior and negative e-WOM. While the helping behavior of customer citizenship had an effect on negative e-WOM, the advocacy behavior of customer citizenship had no effect on negative e-WOM. However, this study found only an indirect mediation effect of helping behavior in the relationship between value co-destruction and negative e-WOM.

The research examined the antecedent behaviors that cause value co-destruction and the effects of these behaviors on the outcomes of the holiday experience. This information then was combined in a model and evaluated in a holistic framework. Theoretically, the research helps us understand the impact of value co-destruction behavior on citizenship behavior and on tourists’ negative e-WOM tendency. The research examines value co-destruction behavior and its effect on holiday-experience outcomes simultaneously.

The research provides a framework that tourism enterprises can use to produce and offer value-attributing services for their customers and to manage dysfunctional and disruptive business processes and behaviors to reduce value co-destruction. The research also provides a new way for practitioners in the tourism sector to understand and generalize the behavioral changes of tourists caused by value co-destruction during and after their experience.

The paper contributes to an understanding of value co-destruction antecedents and outputs from the customer perspective. Further, the research provides information to tourism businesses to effectively and efficiently manage the value co-creation process and prevent value co-destruction. The findings of the study will provide useful suggestions that will contribute to researchers and sectoral representatives.

价值共毁和负面的电子口碑行为：游客公民身份的中介作用

摘要

本论文研究价值共毁对于顾客公民行为和负面网络口碑行为的影响。此外, 本论文还将指明游客公民行为在价值共毁与负面网络口碑行为的中介作用。

本论文采用便利抽样法, 研究样本为704名顾客, 他们曾通过价值共创过程来购买旅游产品。本论文使用了探索性数据分析和验证性数据分析法, 以分析研究模型中的各种变量和维度。通过偏最小平方-方程结构模型(PLS-SEM)数据分析, 本论文验证了研究模型中的各种假设变量关系。

本论文研究结果表明, 价值共毁对顾客公民行为和负面网络口碑行为有显着影响。顾客公民行为中的帮助行为对负面网络口碑行为有显着影响, 然而, 顾客公民行为中的拥护行为并未对负面口碑传播行为有显着影响。此外, 本论文发现了一条中介因子的间接效应：帮助行为对于价值共毁和负面网络口碑行为之间的中介效应。

本论文从顾客角度, 解释了价值共毁的前因后果。此外, 本论文研究结果建议旅游业如何有效率和效能地管理价值共创过程, 防止价值共毁情况出现。本论文研究结果还为其他研究学者和行业代表提供了有用的建议。

本论文研究了价值共创的影响因素, 以及其对于度假体验的影响。本论文创立了一个整体研究模型, 概括了价值共创的前因后果, 并且提供了模型实证结果。理论上, 本论文帮助认知了价值共毁行为对于公民行为和游客负面网络口碑意愿的影响。本论文研究了价值共毁行为, 以及同时其对于度假体验的影响。

本论文中的模型可作为商业模型, 供旅游企业使用, 以向其顾客提供高价值服务, 同时能够管理失效和破坏性的商业服务流程和行为, 以减少价值共毁。本论文还为旅游行业人士提供了一条新思路, 以了解和总结在旅游度假中和度假后的价值共毁所造成的游客行为的种种改变。

本论文有几项限制以供未来研究考虑。本论文的样本为曾通过价值共创以购买旅游体验的顾客。因此, 本论文结果可能无法适用于其他类型的游客。本论文还只从需求方面来研究价值共毁。此外, 本论文提供了一些初级验证结果, 解释了旅游业中的价值共毁行为的前因后果, 未来研究应该拓展这个研究, 加入其他因素, 管理价值共毁和价值共毁的后果, 避免企业受到价值共毁的影响。

Co-destrucción de valor y comportamiento negativo de e-wom: el papel mediador de la ciudadanía de los turistas

Resumen

La investigación ha examinado el efecto de la destrucción conjunta de valor en la ciudadanía del cliente y en los comportamientos negativos de e-WOM. Además, la investigación tuvo como objetivo determinar el papel mediador de la ciudadanía turística entre la co-destrucción de valor y los comportamientos negativos de e-WOM.

Utilizando un método de muestreo por conveniencia, se recopilaron datos de 704 clientes que compraron sus productos turísticos a través de un proceso de cocreación. Se aplicaron análisis factoriales exploratorios y confirmatorios a los datos para determinar los factores que componen las dimensiones en el modelo de investigación. Se utilizó el modelo de ecuaciones estructurales de mínimos cuadrados parciales (PLS-SEM) para evaluar la relación en el modelo de investigación propuesto en la investigación.

Los resultados de la investigación indicaron que la co-destrucción de valor afectó el comportamiento de ciudadanía del cliente y el e-WOM negativo. Mientras que el comportamiento de ayuda de la ciudadanía del cliente afectó al e-WOM negativo, el comportamiento de defensa de la ciudadanía del cliente no afectó al e-WOM negativo. La investigación, sin embargo, encontró un efecto de mediación solo indirecto: un comportamiento de ayuda en la relación entre la co-destrucción de valor y el e-WOM negativo.

El documento ayuda a explicar los antecedentes y los resultados de la co-destrucción de valor desde la perspectiva del cliente. Además, su información puede permitir a las empresas turísticas gestionar de forma eficaz y eficiente el proceso de creación conjunta de valor y evitar la destrucción conjunta de valor. Los datos de la investigación también proporcionarán sugerencias útiles a otros investigadores y representantes del sector.

La investigación ha examinado los comportamientos antecedentes que causan la destrucción conjunta de valores y los efectos de estos comportamientos en los resultados de la experiencia vacacional. Esta información luego se combinó en un modelo y se evaluó en un marco holístico. Teóricamente, la investigación nos ayuda a comprender el impacto del comportamiento de co-destrucción de valor en el comportamiento de la ciudadanía y en la tendencia negativa de e-WOM de los turistas. La investigación examina el comportamiento de co-destrucción de valor y su efecto en los resultados de la experiencia vacacional simultáneamente.

La investigación proporciona un marco que las empresas turísticas pueden usar para producir y ofrecer servicios que atribuyan valor a sus clientes y para gestionar procesos y comportamientos comerciales disfuncionales y disruptivos para reducir la co-destrucción de valor. La investigación también proporciona una nueva forma para que los profesionales del sector turístico comprendan y generalicen los cambios de comportamiento de los turistas causados por la destrucción conjunta de valor durante y después de su experiencia.

Esta investigación tiene varias limitaciones que podrían sugerir direcciones para investigaciones futuras. Se seleccionó como escenario de investigación a los clientes que compran experiencias turísticas a través de un proceso de co-creación. Por esta razón, los resultados de esta investigación podrían no aplicarse a otros turistas. Esta investigación también examinó la co-destrucción de valor solo desde el lado de la demanda. Además, la investigación proporcionó evidencia preliminar sobre las premisas y los resultados de los comportamientos de co-destrucción de valor en el contexto del turismo. Además, la investigación futura podría intentar ampliar el presente trabajo mediante la identificación de factores adicionales que pueden gestionar la destrucción conjunta de valor y otros resultados de la destrucción conjunta de valor para las empresas.