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In this paper, we examine the existence of the psychological barriers in three foreign exchange rate, won/dollar, euro/dollar, yen/dollar, and test that the psychological barriers effect to the implied volatilities of the FX options. For each exchange rate, the existence and spots of the psychological barriers are estimated from roughly 10 years data for each currency rate, and GARCH (1, 1) model was applied to observe the momentum effect about the mean and variance of the conditional returns, and the implied volatility of the FX-options for each currency rate near the psychological barriers. Since this effect is more clearly observed on the implied volatility data, this fact supports that psychological barriers affects to the price of the FX-options.

This study explores family firms' ex ante conflict management strategies to preserve their socioemotional wealth (SEW) under predictable conflict through the succession process. Specifically, the authors examine how family firms leverage the insurance-like benefits of corporate social responsibility (CSR) to mitigate the threat of foreseeable family feuds among the sons of firms' family heads.

The authors focus on the charitable donations pledged by Korean family business groups (chaebols). Using the data of 62 chaebols with generalized least squares (GLS) models, the authors analyze 711 observations from 2005 to 2017.

The authors find a positive relationship between the number of sons of a family firm's head and the firm's CSR activities such as spending on charitable donations. Furthermore, the number of daughters of heads in executive positions strengthens such a positive relationship, whereas the number of business and political marriage ties weakens this relationship.

Family heads of family businesses may leverage CSR activities and marriage ties to elite families interchangeably to ward off negative impacts from foreseeable family feuds and preserve their SEW. Thus, a policy-based incentive for CSR that encourages more family heads to use CSR as insurance would serve the public interest.

The authors contribute to the family business literature by suggesting that CSR activities can be used by family firms as an instrument to mitigate foreseeable damage to the SEW caused by family feuds. The authors also shed new light on CSR research by finding that marriage ties to elite families may reduce the strategic value of CSR activities.

The main objectives of this paper are to measure weather-risks in Korean city-gas industry, whose revenue is strongly correlated with temperature changes, and show how managing weather-related risks using weather derivatives (priced using a utility indifference pricing technique) affects Korean city-gas industry's volatility of cash-flow through computational tests.

Since the fluctuation in temperature is the major risk factor for Korean city-gas providers (who are mostly nongovernmental companies), they can considered as strong potential participants in weather-derivatives' market. Therefore, it is worthwhile to investigate the impact of temperature changes on city-gas demands and the effectiveness of the application of weather-derivatives to city-gas providers' revenue. Our tests indicate that hedging weather-risks using weather derivatives can not only reduce the volatility of cash-flow but also increase cash income for Korean city-gas providers.

What determines the level of acquisition premium? This paper aims to investigate the effect of acquirers’ social capital as reflected through their network position (structural holes and network density) on the level of acquisition premiums.

This study predicts acquisition premiums using a panel data set of 324 mergers and acquisition (M&A) transactions including 161 unique acquirers over a 21-year timeframe. M&A and alliance information are obtained from the securities data company platinum database; firm financial data are obtained from the COMPUSTAT database.

The results show that alliance network social capital provides acquiring firms with information benefits, thus, reducing the acquisition premium. However, such information benefits are also contingent on target valuation uncertainty and acquirers’ structure exploitation tendency.

Different types of network structures provide different social capital influences: managers should be aware of their advantages and pitfalls when engaging in M&As. The findings suggest that firms should pay close attention to social capital when making decisions regarding acquisition premiums.

Past research has indicated that acquiring firms tend to overestimate the value of target firms. Still, little attention has been paid to organizational-level social capital in analyzing the determinants of acquisition premiums. This study offers insight into the effect of network structure on M&A acquisition premiums.

Using the critical incident technique, this study aims to identify the attributes of a platform as a technology standard and to investigate their effects on platform-based repurchases.

Smartphone users’ personal experiences and levels of satisfaction or dissatisfaction were collected and categorized into technology standard attributes to estimate those factors affecting consumers’ intention to purchase platform-based products and services.

The study findings show the importance of understanding which attributes are important to promoting future platform-based purchases and maximizing positive experiences when using platform-based products and services.

Given the effect of the platform vendor on repurchases, and that various lock-in strategies are being implemented, firms attempting to be leaders in the information and communications technology (ICT) ecosystem should seek appropriate strategies to lock-in their installed base.

Including discussions on the competition in the ICT ecosystem, this study also provides some policy suggestions and contributions for applicability to an integrated approach.

The purpose of this paper is to analyze user behavior toward multi-screen services by employing neural networks to predict overall customer satisfaction and to prioritize the factors that influence customer intentions.

Multi-screen experiences require a new approach incorporating multiple methods. A proposed multi-state analytic approach in which the research model is tested using structural equation modeling was utilized. The results were then used as inputs for a neural network model to predict multi-screen adoption.

The findings indicate that multi-screen quality significantly influences usability, which subsequently affects the adoption of the technology.

The policy and managerial implications of multi-screen development are discussed based on the models of acceptance and diffusion.

The emergence of multi-screen services as well as the simultaneous and sequential engagement of users with multiple devices throughout the day challenges the ability of marketers to develop effective communication strategies.

This study provides an in-depth analysis and heuristic data regarding user drivers, market dynamics, and policy implications in the one-source multi-use ecosystem.

The purpose of this paper is to investigate the impact of Crime Prevention Through Environmental Design (CPTED), a crime prevention tool, on reducing rates of sexual assault. In addition, the study attempts to understand if CPTED results in crime displacement in non-target areas.

This research utilizes a Weighted Displacement Quotient (WDQ) model to analyze the effects of CPTED, which is an appropriate tool in fields of regional-scale crime prevention and on sexual assault prevention. WDQ is capable of analyzing policy effectiveness while controlling for geographical crime displacement, a known side effect of CPTED in the literature.

The analysis results show that CPTED is an effective tool to prevent sexual assaults in South Korea. The sexual assault occurrence rate decreased in the CPTED implementation zone of Yeomri-dong Mapo-gu. WDQ showed that crime displacement occurred in adjacent areas in Daeheung-dong and Ahyun-dong. But, crime displacement was lower than the policy effectiveness in the target zone.

The policy implications of this research are immense. First, CPTED for the prevention of sexual assaults should be considered as a pre-control tool. Second, a strategic method for more effectively implementing CPTED is required. Third, because CPTED is a policy done on a regional scale, provisions need to be in place to manage crime displacement.

The purpose of this paper is to help understand consumer acceptance of online health information services by integrating the health belief model and extended valence framework.

A laboratory-based, experimental-scenarios research design is used to collect data, and the structural equation modeling technique is used to test the research model.

The model explains 47.6 percent of the variance in intentions to use online health information services. Trust appeared to have the strongest effect on acceptance. Perceived risk also had a significant impact on acceptance. Furthermore, health belief variables are confirmed as important factors for consumer acceptance. Self-efficacy was found to moderate the effect of perceived severity on acceptance.

This study helped identify the relative salience of the health belief model and extended valence framework in consumer acceptance of online health information services.

This study can help practitioners better understand the development of trust and the profiles of consumers who may browse their sites. When online health service providers promote their information to encourage potential online health information seekers, they should use countermeasures against risk perceptions.

This study attempted to extend the valence framework to the non-commercial service context. Moreover, health beliefs and the valence framework are two fundamental aspects that health information seekers consider when making decisions about online health services.

During the 1920s and 1930s in the colonial city of Seoul, a group of women called the New Women and the Modern Girls expressed their modern identities by wearing different clothing, hairstyles and make-up; visiting cafés; viewing Western movies; and consuming other foreign merchandise. While these women were admired by many women as being pioneers of modernity, they were severely criticized by others under the pretext that they indulged their vanity without considering the economy of their families and their colonized nation. These criticisms continue in twenty-first century Korea. Based on the striking similarity between the two eras, an understanding of the consumption and the criticisms of the Modern Girls could provide a historical context for understanding women's experiences in the consumer culture of twenty-first century Korea. The paper aims to discuss these issues.

As secondary sources, literature published in both English and Korean was included. Primary data were obtained from articles in Korean newspapers, magazines and print advertisements from the 1920s and 1930s.

The New Women and Modern Girls expressed their modern identities by consuming various fashion goods, including Western-style clothes, make-up and various accessories, adopting Western hairstyles and frequenting modern cafés, theaters and department stores. However, their behaviors escaped the boundaries of the “wise mother, good wife” ideology, and they were severely criticized by those adhering to the neo-Confucianism and Korean nationalist ideology that was deeply rooted in Korean society. Thus, the reputations of the Modern Girls were tainted and the individuals were stigmatized.

This research illuminates the negative aspects of self-expressive consumption, showing how individualistic, identity-driven consumption can be stigmatized in the collectivistic culture of Korea that is rooted in neo-Confucian nationalism.

This paper investigates the asymmetric volatility between conditional volatility and initial margin using daily market return of TOPIX and Nikkei225 over 1970 to 1990. In prior studies, generally, it has been known that margin is regard as a main discipline to control volatility with respect to a policy tool. Our empirical test provides the following results. First, this paper shows that there is significantly positive relation between return of stock market and margin, implying that as margin increases, also return increases. Thus we conclude that the trade-off of risk and return is found. Second, our result suggests that in normal state, margin affects to conditional volatility negatively and significantly, indicating that margin policy could control the conditional volatility. Third, this paper finds that in recession state, there is little bit evidence of discipline action in controlling volatility. Fourth, our paper also finds that in boom state, there is adversely evidence of margin on conditional volatility. As a result, government has motivation to decrease the volatility in bull market state, whereas it also has motivation to increase the volatility in bear market state. Our paper finds the evidence that the motive for changing the margin is fitted to normal and boom state. Therefore, our result suggests that government has to adjust the change of margin policy adequately to fit the market conditions.