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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 purpose of this study is to investigate hedging effectiveness of KOSPI200 index futures and options using three measures proposed by Fishburn (1977), Ederington (1979), and Howard and D’Antonio (1987). The comparison of hedging effectiveness is conducted based on the market prices of KOSPI200 index futures and options traded in Korea Exchange (KRX) between January of 2001 and January of 2011, during which bootstrapping method is utilized to make a dataset of 100,000 random samples with holding period of 1, 3, 6, and 12 months, respectively. We examine the hedging performance of hedge portfolios made of short futures, protective puts and covered calls respectively based on three hedging effectiveness measures.

One of our finding is that short futures hedging is better than options in minimizing total volatility risk as well as down-side risk, which is consistent to the previous researches. Also futures hedging is more effective in reducing the VaR than the others. Secondly, the optimal hedge ratios of futures in minimizing total risk and down-side risk are turned out to be 0.97~0.98 and 0.94~0.95 respectively. Third, OTM short call hedge is the best hedging instrument when hedgers would like to maximize the Sharpe ratio. Finally, protective put hedging strategy is in general inferior to the short futures and covered call hedge based on three hedging effectiveness measures.

This paper develops “Strategy Benchmark Index (SBI)” using KOSPI200 options data from January 2004 to March 2017, and then investigates their performances. The SBIs were constructed in the same way as those published daily by CBOE. To effectively analyze the performance of these SBIs, we classified them into four types : (1) Return enhancement SBIs (six indices), (2) Volatility trading SBIs (two indices), (3) Directional trading SBIs (two indices) and (4) Other SBIs (two indices). The return enchancement SBIs include bechmark indices tracking the performance of various covered call strategies and put writing strategies, which are generally used to increase investment returns. The volatility trading SBIs include benchmark indices tracking the performance of well-known volatility trading strategies such as butterfly spread and condor. Benchmark indices tracking the performance of various types of zero-cost collar strategies are classified into the directional trading SBIs. Our empirical results are as follows. First, the risk-adjusted performances of nine SBIs of the total twelve SBIs constructed from KOSPI200 index options has been shown to be great. Second, from a portfolio perspective, some SBIs can be helpful to improve the portfolio performance of CRRA (Constant Relative Risk Aversion) investors. These results imply that passive investment strategies with KOSPI200 index options can provide additional benefits that both equities and bonds do not provide. Third, even when we use the traditional mean-variance framework other than expected utility theory to verify the economic benefit of the SBIs, our empirical results are found to be still valid. In conclusion, our results suggest that some passive investment strategies using KOSPI200 index options would be beneficial to long term investors.

The purpose of this paper is to examine the argument that the put options traded in the exchanges are too high, compared to the asset prices based on the classical CAPM model, and thus the short position of the put option would make a significant profit from trading. In order to explore the earlier report, this paper, using the KOSPI 200 index options market price, estimates the historical rate of return on several option trading strategies such as naked option, protective put, covered call, straddle, and strangle. Secondly this paper compares the historical rates of return on the option trading strategies and Sharpe ratios with those generated by Monte-Carlo simulation and examines whether the historical option returns are inconsistent with Black-Scholes model, Jump-diffusion model, Stochastic Volatility model, or Stochastic Volatility with Jump model. Thirdly, this paper computes the optimal asset allocation ratio among the risk-free asset, risky assets, and option trading strategies in the viewpoint of rational investors who maximize the CRRA utility function.

The results show that the historical returns on short position of ATM and OTM puts are too high to explain based on the classical CAPM, and the optimal allocation ratios among put, risky asset, and the risk-free asset are different from those derived using Monte-Carlo simulation.

The purpose of this paper is to illustrate a profitable and original index options trading strategy.

The methodology is based on auto regressive integrated moving average (ARIMA) forecasting of the S&P 500 index and the strategy is tested on a large database of S&P 500 Composite index options and benchmarked to the generalized auto regressive conditional heteroscedastic (GARCH) model. The forecasts validate a set of criteria as follows: the first criterion checks if the forecasted index is greater or lower than the option strike price and the second criterion if the option premium is underpriced or overpriced. A buy or sell and hold strategy is finally implemented.

The paper demonstrates the valuable contribution of this option trading strategy when trading call and put index options. It especially demonstrates that the ARIMA forecasting method is a valid method for forecasting the S&P 500 Composite index and is superior to the GARCH model in the context of an application to index options trading.

The strategy was applied in the aftermath of the 2008 credit crisis over 60 months when the volatility index (VIX) was experiencing a downtrend. The strategy was successful with puts and calls traded on the USA market. The strategy may have a different outcome in a different economic and regional context.

This paper has two purposes. First, it aims to explore how Australian universities used calculative rhetoric and practices through accounting numbers to persuade employees and legitimize their financial recovery plans to alleviate the financial hardship caused by the COVID-19 pandemic. Second, it aims to analyze how the accounting-based solutions were legitimized through a well-blended pathos, logos and ethos rhetoric.

Building on a rhetorical theory of diffusion, we employed a qualitative research design within all 37 Australian public universities involving Internet-based documentary analysis.

This study finds that in an urgent crisis like the fiscal crisis caused by COVID-19, universities again found rescue in accounting tools, in particular budgets, as a rhetorical device to justify their operational and strategic choices such as job-cuts, programs closures and staff pay-cuts. However, in this crisis, the same old accounting-based solutions were even more quickly to be accepted by being delivered in management’s colorful blending of pathos–logos–ethos rhetoric.

While this study is constrained to Australian public universities’ financial responses, its findings have implications for university decision-makers and higher education policymakers across the globe when it comes to university management using calculative devices in persuading employees to work their way through financial hardship caused by an extreme health crisis-like COVID-19 pandemic.

This study adds more evidence that the use of budgets as a calculative tool continues to play a key role in organizations in the construction, mobilization and preservation of certain strategic and operational choices during volatilities. Especially, the same way of creating calculative-based solutions can be communicated via the colorful blending of different rhetoric to make it acceptable.

This paper aims to review the existing literature about consumers’ evaluation of products in virtual reality (VR), provide an accurate overview of this field, systematise the knowledge developed so far, identify the research gaps and propose a future research agenda.

A systematic literature review was performed on Scopus and Web of Science, resulting in a final pool of 31 articles.

Four main themes were identified, and a detailed research agenda is proposed based on the findings and following the theory, context, characteristics, methodology framework.

The provision of formal inclusion and exclusion criteria may have resulted in additional potentially relevant articles not indexed in the data set under consideration.

The paper highlights how products are perceived in VR, the consumers’ responses, the peculiarities of VR compared to other conditions and VR as a product test environment. To the best of the authors’ knowledge, this paper seems to represent the first systemic review that focusses solely on how consumers assess products in VR. The results lead to a broad proposal of directions for future research that can expand knowledge on VR in marketing. Practical implications concern the use of VR to design product strategies and as a testing and prototyping environment.

Este artículo revisa la literatura existente sobre la evaluación de los consumidores de productos en Realidad Virtual, proporciona una visión precisa de este campo, sistematiza el conocimiento desarrollado hasta el momento, identifica las lagunas en la investigación y propone una agenda de investigación futura.

Se realizó una revisión sistemática de la literatura en Scopus y Web of Science, que dio como resultado un conjunto final de 31 artículos.

Se identificaron cuatro temas principales y se propone una agenda de investigación detallada basada en las conclusiones y siguiendo el marco Teoría, Contexto, Características, Metodología.

La provisión de criterios formales de inclusión y exclusión puede haber dado lugar a artículos adicionales potencialmente relevantes no indexados en el conjunto de datos considerado.

El artículo destaca cómo se perciben los productos en la Realidad Virtual, las respuestas de los consumidores, las peculiaridades de la Realidad Virtual en comparación con otras condiciones y la Realidad Virtual como entorno de prueba de productos. Esta parece representar la primera revisión sistémica que se centra exclusivamente en cómo los consumidores evalúan los productos en la Realidad Virtual. Los resultados conducen a una amplia propuesta de direcciones para futuras investigaciones que puedan ampliar los conocimientos sobre la Realidad Virtual en el marketing. Las implicaciones prácticas se refieren al uso de la Realidad Virtual para diseñar estrategias de producto y como entorno de prueba y creación de prototipos.

本文回顾了现有的关于消费者对虚拟现实产品评价的文献, 提供了这个领域的准确概述, 系统化了迄今为止的知识, 确定了研究差距, 并提出了一个未来的研究议程。

在Scopus和Web of Science上进行了系统的文献综述, 最终形成了31篇文章的资料库。

确定了四个主要的主题, 并根据研究结果, 按照理论、背景、特征、方法框架提出了详细的研究议程。

提供正式的纳入和排除标准可能会导致更多潜在的相关文章没有被收录到所考虑的数据集中。

文章强调了产品在虚拟现实中是如何被感知的, 消费者的反应, 与其他条件相比虚拟现实的特殊性, 以及虚拟现实作为产品测试环境。这似乎代表了第一个只关注消费者如何在虚拟现实中评估产品的系统性评论。研究结果为未来的研究方向提出了一个广泛的建议, 可以扩展营销中的虚拟现实知识。实际意义在于使用虚拟现实技术来设计产品策略, 并作为测试和原型设计环境。

The purpose of this paper is to present a review of the student managed investment fund at the School of Business, University of Connecticut.

The authors trace the history and growth of the fund and identify the special features and dimensions that have contributed to its success.

The operation of the fund is a constantly evolving program and the authors discuss the important changes and improvements made in the program since its inception in the early 2000s in response to growth in the number of finance majors, new career opportunities in the field of investments and most importantly, the strength of capital markets and the development of new instruments in the capital markets. The authors also discuss the common features of over 300 student funds in the USA. The authors close with a discussion of the limitations and constraints the fund advisors at, and possibly, at other schools, face in the management and administration of the fund, and also what developments and adjustments the authors expect to see in these funds in the future.

The authors combine extensive analyses of fund history and performance. The authors also provide some suggestions for the future direction and priorities for student funds.

Like other European countries, Germany is facing regional physician shortages, which have several consequences on patient care. This study analyzes how hospitals perceive physician shortages and which strategies they adopt to address them. As a theoretical framework, the resource dependency theory is chosen.

The authors conducted 20 semi-structured expert interviews with human resource officers, human resource directors, and executive directors from hospitals in the northwest of Germany. Hospitals of different ownership types, of varying sizes and from rural and urban locations were included in the sample. The interviews were analyzed by using qualitative content analysis.

The interviewees reported that human resource departments in hospitals expand their recruiting activities and no longer rely on one single recruiting instrument. In addition, they try to adapt their retaining measures to physicians' needs and offer a broad range of employment benefits (e.g. childcare) to increase attractiveness. The study also reveals that interviewees from small and rural hospitals report more difficulties with attracting new staff and therefore focus on recruiting physicians from abroad.

Since the staffing situation in German hospitals will not change in the short term, the study provides suggestions for hospital managers and health policy decision-makers in dealing with physician shortages.

This study uses the resource dependency theory to explain hospitals' strategies for dealing with healthcare staff shortages for the first time.