Search results

Motivated by the debate on the patterns and sources of commodity futures returns, this paper investigates the performance of three investment trading strategies, namely, the momentum strategy of Jegadeesh and Titman (1993), the 52-week high momentum strategy of George and Hwang (2004) and the pairs trading strategy of Gatev et al. (2006) in the commodity futures market.

The three strategies are those given by Jegadeesh and Titman (1993), George and Hwang (2004) and Gatev et al. (2006), respectively.

The authors find that there is no significant reversal profit across 189 formation-holding windows for all the three strategies. However, there are statistical and economically significant momentum profits, and the profitability increases with the rising of formation-holding periods. Momentum returns are quite sensitive to market conditions but the crash of momentum returns is partly predictable. Return seasonality, risk and herding also provide partial explanation of the momentum profits.

The authors are the first to compare the performances of the pairs trading strategy of Gatev et al. (2006), the conventional momentum of Jegadeesh and Titman (1993), and the 52-week high momentum of George and Hwang (2004) under 189 formation-holding windows. Also, the authors are the first to investigate the association between herding behaviour and momentum returns in the commodity futures market.

Mobile devices, through their capacity to enable anytime-anywhere learning as well as capture, annotate and share multimedia, offer entirely new ways for students to learn. This chapter provides review of mobile learning with a particular focus on learning design. First various definitions and characteristics of mobile learning are examined in order to establish a common understanding of its boundaries and meaning. Example uses of mobile learning in schools and higher education are described as a way to provide a more concrete understanding of design possibilities. Benefits of mobile learning are unpacked, as distilled from the literature, including the ability to provide flexible, accessible, authentic, personalized, ubiquitous and seamless learning. Mobile learning issues are also examined, including technical problems, cognitive load issues, distraction, equity and safety. A primary school science and a university pre-service teacher education vignette are described so as to offer a more in-depth illustration of what mobile learning can look like and achieve in practice. Finally, mobile learning research findings and observations are synthesized into recommendations, to inform and guide evidence-based mobile learning design practices. Opportunities for future research and investigation are also discussed.

The social sciences and institutional theory have seen the proliferation of the term actor and the profusion of its meanings. Despite the importance and ubiquity of actor in institutional theory, the term is largely taken-for-granted, which has stunted the development of institutional theories of actors. The authors aspire to spur theorization of actor in institutional theory in the hope of carving out institutional theories of actor in the collective research agenda. The authors first contextualize their interest in actor in institutional theory and discuss the intellectual context within which the authors put this agenda forward. The authors briefly sketch out the main themes that would provide fruitful areas of inquiry in this new agenda and bring together a variety of strands in institutional theory with a clear focus on the relationship between institutions and actors. The authors conclude by discussing the contributions included in the volume.

The growing interest in the microfoundations of institutions is a significant, yet surprising development given that the theoretical tradition’s original insight was to account for macro, institutional influences on lower-level units. The call for microfoundations has gone on without really clarifying what institutionalists mean by microfoundations. Some reflections on the usefulness or purpose of establishing the microfoundations of institutional theory are in order. The authors advocate for treating the micro as part of pluralistic and multi-level accounts of institutional processes. Central is the conceptualization of actors as more or less institutionalized identities and roles.

Charities in the United States contribute to the public good by delivering a broad range of services and by promoting civic engagement and social change. Though these dual roles are widely acknowledged, a relatively few studies explore advocacy among service-providing nonprofits. Analyzing a random sample of charities in the San Francisco Bay Area, the authors conceptualize nonprofits as institutionally embedded formal organizations and actors. The authors find that a majority of service providers blend advocacy and service provision. Organizational rationalization constructs nonprofits as goal-oriented actors working to benefit their constituents and society at large, increasing the likelihood that nonprofits will embrace advocacy. Moreover, collaboration embeds nonprofits in networks of mobilization and information for advocacy and facilitates engagement in political and social change activities. By contrast, embeddedness in the market is negatively associated with advocacy. These results reinforce the salient role of service-providing nonprofits in collective civic action and demonstrate how nonprofit embeddedness in multiple institutional influences affects engagement in advocacy.

The author develops and extends the asymptotic F- and t-test theory in linear regression models where the regressors could be deterministic trends, unit-root processes, near-unit-root processes, among others. The author considers both the exogenous case where the regressors and the regression error are independent and the endogenous case where they are correlated. In the former case, the author designs a new set of basis functions that are invariant to the parameter estimation uncertainty and uses them to construct a new series long-run variance estimator. The author shows that the F-test version of the Wald statistic and the t-statistic are asymptotically F and t distributed, respectively. In the latter case, the author shows that the asymptotic F and t theory is still possible, but one has to develop it in a pseudo-frequency domain. The F and t approximations are more accurate than the more commonly used chi-squared and normal approximations. The resulting F and t tests are also easy to implement – they can be implemented in exactly the same way as the F and t tests in a classical normal linear regression.

The purpose of this paper is to improve the online monitoring level of low-frequency oscillation in the power system. A modal identification method of discrete Fourier transform (DFT) curve fitting based on ambient data is proposed in this study.

An autoregressive moving average mathematical model of ambient data was established, parameters of low-frequency oscillation were designed and parameters of low-frequency oscillation were estimated via DFT curve fitting. The variational modal decomposition method is used to filter direct current components in ambient data signals to improve the accuracy of identification. Simulation phasor measurement unit data and measured data of the power grid proved the correctness of this method.

Compared with the modified extended Yule-Walker method, the proposed approach demonstrates the advantages of fast calculation speed and high accuracy.

Modal identification method of low-frequency oscillation based on ambient data demonstrated high precision and short running time for small interference patterns. This study provides a new research idea for low-frequency oscillation analysis and early warning of power systems.

Luxury tourism is an emerging area of research and deserves consideration for its implications for tourism and hospitality management and policy development. This chapter reviews the phenomena of luxury tourism in the academic literature and in particular, its links to the concepts of high yield, sustainability and tourist experiences. The global hiatus caused by the COVID-19 pandemic has presented an opportunity for tourism policymakers and industry stakeholders to reconsider how luxury tourism can contribute to optimal economic, social and environmental outcomes with desired yield and sustainability aspirations. A renewed understanding of luxury tourism in terms of its production and consumption processes, as well as the associated value, emotion and narrative, is therefore of critical importance. The value of this chapter lies in synthesising a number of strands of inquiry across disparate bodies of literature to identify a research agenda. Areas that are proposed for further research include the conceptualisation of luxury tourism, the evolving nature of luxury experiences; value co-creation across all stages of luxury tourism; and the nexus between luxury tourism and destination image. Managerial implications of luxury tourism are also discussed, including the necessary conditions for cultivating luxury tourism; the need to measure the social and environmental impact of luxury tourism; and the important relationships between luxury tourism, innovation and market leadership.

This study attempts to identify and explicate the unique segmentation of the increasingly growing virtual reality (VR) user market based on the user experience. Consequently, it collects five hundred forty-five online survey questionnaires through the Prolific platform and deploys cluster analysis to identify mutually exclusive groups of VR users. The research variable, user experience, contains 16 indicators explained by four dimensions. As a result, this study is able to unveil three mutually exclusive markets which are labeled as (1) beginner, (2) aficionado, and (3) utilitarian. The unique features of these three groups are further compared based on their VR tour behaviors. In the conclusion section, it offers managerial implications for devising novel marketing strategies.

Citizens are substantial stakeholders in every e-government system, thus their willingness to use and ability to access the system are critical. Unequal access and information and communication technology usage, which is known as digital divide, however has been identified as one of the major obstacles to the implementation of e-government system. As digital divide inhibits citizen’s acceptance to e-government, it should be overcome despite the lack of deep theoretical understanding on this issue. This research aimed to investigate the digital divide and its direct impact on e-government system success of local governments in Indonesia as well as indirect impact through the mediation role of trust. In order to get a comprehensive understanding of digital divide, this study introduced a new type of digital divide, the innovativeness divide.

The research problems were approached by applying two-stage sequential mixed method research approach comprising of both qualitative and quantitative studies. In the first phase, an initial research model was proposed based on a literature review. Semi-structured interview with 12 users of e-government systems was then conducted to explore and enhance this initial research model. Data collected in this phase were analyzed with a two-stage content analysis approach and the initial model was then amended based on the findings. As a result, a comprehensive research model with 16 hypotheses was proposed for examination in the second phase.

In the second phase, quantitative method was applied. A questionnaire was developed based on findings in the first phase. A pilot study was conducted to refine the questionnaire, which was then distributed in a national survey resulting in 237 useable responses. Data collected in this phase were analyzed using Partial Least Square based Structural Equation Modeling.

The results of quantitative analysis confirmed 13 hypotheses. All direct influences of the variables of digital divide on e-government system success were supported. The mediating effects of trust in e-government in the relationship between capability divide and e-government system success as well as in the relationship between innovativeness divide and e-government system success were supported, but was rejected in the relationship between access divide and e-government system success. Furthermore, the results supported the moderating effects of demographic variables of age, residential place, and education.

This research has both theoretical and practical contributions. The study contributes to the developments of literature on digital divide and e-government by providing a more comprehensive framework, and also to the implementation of e-government by local governments and the improvement of e-government Readiness Index of Indonesia.