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Article
Publication date: 31 May 2014

Dong-Hoon Shin, Seonhyeon Kim, Hojoon Kim and Daehwi Jung

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…

Abstract

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.

Details

Journal of Derivatives and Quantitative Studies, vol. 22 no. 2
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 30 November 2012

Changhui Choi, Dong-Hoon Shin and Changki Kim

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…

Abstract

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.

Details

Journal of Derivatives and Quantitative Studies, vol. 20 no. 4
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 5 January 2021

Huy Will Nguyen, Zhu Zhu, Young Hoon Jung and Dong Shin Kim

What determines the level of acquisition premium? This paper aims to investigate the effect of acquirers’ social capital as reflected through their network position…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Practical implications

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.

Originality/value

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.

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Competitiveness Review: An International Business Journal , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1059-5422

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Article
Publication date: 13 March 2017

Hongbum Kim and Dong-Hee Shin

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Originality/value

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

Details

Digital Policy, Regulation and Governance, vol. 19 no. 2
Type: Research Article
ISSN: 2398-5038

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Article
Publication date: 3 April 2017

Dong-Hee Shin and Frank Biocca

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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

Practical implications

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

Social implications

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.

Originality/value

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.

Details

Internet Research, vol. 27 no. 2
Type: Research Article
ISSN: 1066-2243

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Article
Publication date: 12 February 2018

Il-Hyoung Cho and Kyujin Jung

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

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Article
Publication date: 7 November 2016

Jian Mou, Dong-Hee Shin and Jason Cohen

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.

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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

Practical implications

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.

Originality/value

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.

Details

Information Technology & People, vol. 29 no. 4
Type: Research Article
ISSN: 0959-3845

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Article
Publication date: 4 November 2013

Hyun Jeong Min

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

Journal of Historical Research in Marketing, vol. 5 no. 4
Type: Research Article
ISSN: 1755-750X

Keywords

Content available
Article
Publication date: 30 November 2010

Pan-Do Sohn, Sung-Shin Kim and Jung-Soon Shin

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…

Abstract

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.

Details

Journal of Derivatives and Quantitative Studies, vol. 18 no. 4
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 6 February 2017

B. Brian Lee, Haeyoung Shin, William Vetter and Dong Wuk Kim

Charting the earnings numbers reported by Korean firms produces a bell curve, but for a sharp discontinuity in the area surrounding zero. The purpose of this paper is to…

Abstract

Purpose

Charting the earnings numbers reported by Korean firms produces a bell curve, but for a sharp discontinuity in the area surrounding zero. The purpose of this paper is to investigate if and how a large segment of Korean managers might manage accounting numbers to produce the observed result.

Design/methodology/approach

This study adopts an empirical research method using Korean listed firms as a sample. The primary focus of investigation is on major income statement variables that might produce the observed results in earnings from operations and net income.

Findings

Managers of Korean firms opportunistically use almost all income statement variables to influence earnings numbers. They manage revenues and selling, general & administrative expenses to report small positive earnings from operations, but manage non-operating gains (losses) to report small positive net income.

Research limitations/implications

This paper does not answer several questions related to loss avoidance. First, the paper did not examine which actions, such as discretionary accruals, opportunistic business decisions, or bogus transactions, were employed to affect line items on the income statement. Second, the paper did not investigate what specific incentives trigger Korean managers to report small positive earnings. Korean firms have traditionally raised capital by borrowing funds from creditors and governmental agencies. Thus, they may be concerned that reporting losses would reduce their borrowing capacity. Finally, corporate governance, such as CEO tenure and option grants may influence the extent of earnings management to avoid losses, but most corporate governance data for Korean companies must be manually collected. Accordingly, these subjects are left for future studies as well.

Originality/value

This study contributes to accounting literature by reporting how managers of Korean firms artificially coordinate major income statement variables and report small positive earnings figures, noting the differences between earnings management investigating methodology and ones used in previous studies.

Details

Asian Review of Accounting, vol. 25 no. 1
Type: Research Article
ISSN: 1321-7348

Keywords

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