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Much debate was brought forth during the South Korean credit card companies' liquidity crisis in 2003. This paper is an in-depth analysis of those credit card issuers' option embedded commercial paper (mentioned as ‘option CP’ henceforth). The main purpose of this paper is in evaluating the ‘option CP's fair value, with the decomposition and analysis on ‘option CP’.

Option CP is stipulated as a CP joined by an OTC credit derivative product. The structure is set so that anyone of the two options, put options and call options, will be executed.

Therefore, the price of option CP excluding the credit option portion will be equal to that of the standard coupon bond at the same maturity.

However, empirical evidence shows otherwise. The evidence clearly states that the option CP yield rates were generally quoted lower than the fair-value rates, even if option premium of credit option portion was included in calculating the value. This evidence has an implication that ‘option CP’s rates are generally issued and traded with unfair value. This paper has significance that it made valuation model of ‘option CP’ and evaluated its fairness, by way of the in-depth analysis of option CP which has not been before.

The review examines the existing literature on blockchain-based small and medium enterprise (SME) finance and highlights its trend, themes, opportunities and challenges. Based on these factors, the authors create a framework for the existing literature on blockchain-based SME financing and lay down future research paths.

The review follows a systematic approach. It includes 53 articles encompassing multiple dimensions of blockchain-based SME finance, including peer-to-peer lending platforms, supply chain finance (SCF), decentralized lending protocols and tokenization of assets. The review critically evaluates these approaches' theoretical underpinnings, empirical evidence and practical implementations.

The review demonstrates that blockchain-based SME finance holds significant promise in addressing the credit gap by leveraging blockchain technology's decentralized and transparent nature. Benefits identified include reduced information asymmetry, improved access to financing, enhanced credit assessment processes and increased financial inclusion. However, the literature acknowledges several challenges and limitations, such as regulatory uncertainties, scalability issues, operational complexities and potential security risks.

The article contributes to the growing knowledge of blockchain-based SME finance by synthesizing and evaluating the existing literature. It also provides a framework for the existing literature in the area and future research paths. The study offers insights for researchers, policymakers and practitioners seeking to understand the potential of blockchain technology in filling the SME credit gap and fostering economic development through improved access to finance for SMEs.

This study explores the arbitrage profitability of box spread strategies to test the KOSPI200 options market efficiency. using minute-by-minute data for the December 2003 - June 2004 period. The sample consists of 39.445 and 38.318 observations for small discrepancy and large discrepancy in exercise prices. respectively.

In the case of credit box spreads, there were 681 (2%) and 2.293 (6%) arbitrage observations for small and large discrepancies, while debit box spreads showed 831 (2%) and 3.098 (8%) observations for small and large discrepancies. In general, mean profit and median profit were different, and the arbitrage profit varied over time. The time to option expiration did not impact the arbitrage profit.

Also, the arbitrage profit of box spreads was significantly higher on Fridays for large discrepancy, and it varied across weekdays except the case of small-discrepancy debit box spread. Both arbitrage opportunities and profits substantially decreased as execution time increased. Our overall results suggest that the KOSPI200 options market has been efficient.

The influence of website quality on online compulsive buying behavior (OCBB) in the context of online shopping based on the usage of a credit card (UCC) and online impulsive buying behavior (OIBB) was investigated in this study.

The authors used a research model to examine the relationships between the study components as per the prescription. For this investigation, the authors used an online survey form to obtain primary data from 350 respondents on social media. A covariance-based structural equation modeling approach was used to evaluate the structural research model and data.

The findings reveal that the quality of online shopping websites positively affects consumers' UCC and OIBB, and these in turn positively influence their OCBB.

The study emphasized impacting elements on consumer behavior and gave advice for future research based on the results. Using several dimensions of website quality, this study bridges the knowledge gap between UCC, OIBB and OCBB.

Based on UCC and OIBB, the authors developed a new model to investigate the link between website quality and OCBB. To the best of the authors' knowledge, it is the first experimental result that assesses the impact of website quality on OCBB.

This study aims to investigate the existence of contagion between liquid and illiquid assets in the credit default swap (CDS) market around the recent financial crisis. The authors perform analyses based on vector autoregression model and the dynamic conditional correlation model. The estimation of vector autoregression models reveals that changes in liquid CDS (LCDS) spreads lead to changes in illiquid CDS spreads at least one week ahead during the financial crisis period, whereas the leading direction is reversed during the post-crisis period. Moreover, the results are robust after controlling for structural variables which are proven as determinants of CDS spreads and are empirically supported. This study interprets that information was incorporated first into the LCDSs because of the flight-to-liquidity during the recent crisis period but there is a default contagion effect by reflecting illiquidity-induced credit risk after the crisis. Finally, the dynamic conditional correlation analysis also confirms the main results.

As higher education institutions (HEIs) have increasingly turned to consider sustainability over the last decade, education for sustainable development (ESD) has emerged as a way of imbuing students with the skills, values, knowledge, and attributes to live, work, and create change in societies facing complex and cross-cutting sustainability challenges. However, the question of how HEIs can actively embed ESD more broadly in and across curricula is one that continues to challenge institutions and the HE sector as a whole. While traditional teaching practices and methods associated with subject-based learning may be suitable for educating students about sustainable development, a re-orientation towards more transformational, experiential and action-oriented methods is required to educate for sustainable development. The need for educators to share their practices and learn lessons from each other is essential in this transformation.

This paper presents a selection of practical examples of how to embed a range of interactive, exploratory, action-oriented, problem-based, experiential and transformative ESD offerings into HE teaching practice and curricula. Presented by a group of academics and professional services staff at the University of Strathclyde who lead key modules and programmes in the institution’s ESD provision, this paper reflects on five approaches taken across the four faculties at Strathclyde (Humanities and Social Sciences, Science, Engineering and the Strathclyde Business School) and examines the challenges, practicalities and opportunities involved in establishing a collaborative programme of ESD.

The purpose of this article is to determine the factors in the context of entrepreneurship that are evident in Ecuador, a country that has the highest rate of female entrepreneurship worldwide with 34% according to the Global Entrepreneurship Monitor (GEM) (2019).

A qualitative study was carried out with 39 cases, applying in-depth personal interviews and focus groups to selected cases in the main cities of Ecuador.

The results suggest that “mumpreneurship”, copreneurship and sustainable thinking arise in response to the environment. Deepening then in the perspective of the 5M proposes by Brush et al. (2009) that give us a framework of the macroenvironment of women entrepreneurship and offers a holistic understanding of women's entrepreneurship, adding a sixth “M” which is “Environmental Thinking” or the environmental thinking that is present in the current context.

This article is one of the first to analyse the context of female entrepreneurship in Ecuador and determine the context factors that influence the identification of opportunities and the exploitation of entrepreneurial opportunities. It also presents the expectations and challenges of the women who shape the authors’ case studies and give voice to Ecuadorian women. Consequently, this research will support the configuration of policies that supports each of the stages of women's entrepreneurial processes.

Este artículo pretende determinar los factores del contexto del emprendimiento que se evidencian en el Ecuador, país que ostenta la tasa más alta de emprendimiento femenino a nivel mundial con un 34% de acuerdo al GEM (2019).

Se realizó un estudio cualitativo con 39 casos, aplicando entrevistas personales a profundidad y grupos focales a casos seleccionados en las principales ciudades del Ecuador.

Los resultados sugieren que el “mumpreneurship”, el copreneurship y el pensamiento sostenible surgen como respuesta al entorno. Profundizando entonces en la perspectiva de las 5Ms propuesta por Brush et al. (2009) que ofrece una comprensión holística del emprendimiento de mujeres, añadiendo una sexta “M” que es el “Medioambiental Thinking” o el pensamiento ambiental que está presente en el contexto estudiado.

Este artículo es uno de los primeros en analizar el contexto del emprendimiento femenino en Ecuador y determinar los factores del contexto que influyen en la identificación y en la explotación de oportunidades emprendedoras. Además presenta las expectativas y retos de las mujeres que configuran nuestros casos de estudio y dan voz a las mujeres ecuatorianas. En consecuencia nuestra investigación servirá de apoyo para la configuración de políticas que apoyen cada una de las etapas del proceso emprendedor de las mujeres.

This research aims to explore the significance of cooperative efforts in promoting financial participation to enhance the socio-economic empowerment of the rural Muslims.

The primary study with a structured questionnaire has been conducted taking a sample of 398 rural Muslim respondents from various rural regions of south India through proportionate stratified sampling techniques. Regression analysis, paired sample t-test and structural equation modelling (SEM) through statistical package for social sciences (SPSS) 26 & SPSS analysis of moment structures (AMOS) 23 software have been implemented to test the relationship.

The research outcome demonstrated a remarkable difference in the rural Muslim’s socio-economic conditions before and after availing the loans from cooperatives. Consequently, an extension of cooperative efforts widens the scope of financial participation which again has positively enhanced rural Muslim’s socio-economic empowerment.

This study will help various policymakers, academicians and communities to take necessary action for the upliftment of a particular community. The research further adds on to the existing research on the need and importance of cooperative efforts as an alternative finance for marginalised community in developing and emerging countries.

The result of this study is only confined to south India, posing a limitation for the study. Apart from the geographical restriction, the study solemnly covers the rural Muslim community extracting other sections of the society. Hence, for more generalisable pictures of the current results, further research is recommended from other stakeholders’ perspectives.

This paper aims to empirically verify the impact of the mandatory dividend law on the investment of publicly traded companies.

The sample includes 212,595 observations from publicly traded companies from 47 different countries over the period from 2000 to 2016. The authors estimated a regression model by panel data methods to show the impact of the mandatory dividend on firm’s investment, more specifically in their sensitivities of investment to cash flow and to growth opportunities. In addition, the average treatment effect on the treated was estimated through sample matching.

The results indicate that the mandatory dividend have a direct and indirect impact on corporate investment.

Legislators and economic agents can use the results of the present research to evaluate the continuity or implementation of this legal mechanism (mandatory dividend) to evaluate economic moments favorable to its use or to create different legal rules to smooth the impact of this mechanism on the investment of companies.