Search results

This paper shows that for a large class of single and multi‐factor term structure models, including the affine class, the market price of risk is directly related to the parameters of the stochastic processes of the underlying factors of the economy. It is shown that the market price of risk is proportional to the limit of the volatility of zero coupon bond returns. This means that the market price of risk is not entirely arbitrary. Not only it must be consistent with no arbitrage conditions, also it must be consistent with the parameters of stochastic processes of the factors that describe the economy. If the market price of risk is not correctly specified, then it could lead to profit opportunities of the type discussed in Backus et al (1996). Another consequence of our result is that in empirical tests of interest rate processes, the market price of risk should not be specified exogenously since its value is a function of the parameters of the model. We extend our result to forward processes. The market price of risk is shown to be a function of the volatility of the forward rate processes.

This paper reviews the history of OCIO (outsourced chief investment officer) and surveys the critical success factors of OCIO business in Korea. The market size of OCIO business in Korea has rapidly grown up, and the asset management for the retirement pension fund is expected to be the blue ocean for OCIO business. Survey study for OCIO business shows that the main interest of incumbent OCIOs and the potential candidates of Korea is the profitability, although OCIOs in the major foreign financial markets have their main interest in the risk management and/or the effectiveness of in-house supports. This result suggests that the potential OCIOs who prepare the entrance to the OCIO business should consider the needs and/or the purpose of the OCIO adopters and their practical constraints. OCIOs should develop their own unique professional field rather than the general expertise. Also, the Korean financial regulator is supposed to introduce the financial institutions specialized in OCIO business only.

To examine whether indigenous critiques of globalization and critical theories of modernity are compatible, and how they can complement each other so as to engender more realistic theories of modern society as inherently constructive and destructive, along with practical strategies to strengthen modernity as a culturally transformative project, as opposed to the formal modernization processes that rely on and reinforce modern societies as structures of social inequality.

Comparison and assessment of the foundations, orientations, and implications of indigenous critiques of globalization and the Frankfurt School’s critical theory of modern society, for furthering our understanding of challenges facing human civilization in the twenty-first century, and for opportunities to promote social justice.

Modern societies maintain order by compelling individuals to subscribe to propositions about their own and their society’s purportedly “superior” nature, especially when compared to indigenous cultures, to override observations about the de facto logic of modern societies that are in conflict with their purported logic.

Social theorists need to make consistent efforts to critically reflect on how their own society, in terms of socio-historical circumstances as well as various types of implied biases, translates into research agendas and propositions that are highly problematic when applied to those who belong to or come from different socio-historical contexts.

An effort to engender a process of reciprocal engagement between one of the early traditions of critiquing modern societies and a more recent development originating in populations and parts of the world that historically have been the subject of both constructive and destructive modernization processes.

This chapter analyzes how institutional pressures have allowed for continuities as well as brought about changes in modern police organizations in Korea. When facing a legitimacy crisis, the Korean law enforcement system has typically responded with organizational restructuring. Strong myth-building patterns compensate for the lack of moral legitimacy of the police, particularly under authoritarian-military regimes that suppress democratization movements in Korea. Even after seemingly radical organizational changes aimed at placing the police under democratic control, highly institutionalized core structures of the police remain in place. Performance reform after the economic crisis, which was proceeded from reformers’ shared belief in the market-driven solutions, diagnosed the Korean police as a big, inefficient, and self-serving bureaucracy, a diagnosis that eventually caused gradual deterioration in the taken-for-grantedness of policing activities. The internet and social media made the Korean police even more vulnerable to external challenges and a questioning of its legitimacy.

With the ability of linking distant partners and diverse bodies of students and faculty, virtual design studios provide unique opportunities for examining cultural, contextual, and methodological differences in design and design collaboration. However, most evaluations of virtual design studio in the recent literature have focused primarily on technical and operational issues. In contrast, the social and cultural dimensions of virtual design studio and their pedagogical implications have not been adequately examined. To address this gap, this article examines the experience and outcomes of a recent virtual design studio involving international collaboration between faculty and student partners. Specifically, it looks at how presence of differences and process of dialogic learning create pedagogical opportunities in a collaborative 'virtual' environment. Based on the case study, this article argues that through dialogues, collaboration, and negotiation of cultural, contextual and methodological differences, collaborative virtual design studio offers an alternative to traditional design studio based on the primacy of individual practice and the master-apprentice model of learning. By creatively utilizing the collaborative environment involving diverse partners, virtual design studio can foster a critical understanding of cross-cultural design process and the significance of dialogues and negotiation in design.

This study aims to examine how buying environment characteristics, which are not directly associated with price or product information, are related to overall e‐satisfaction; and how e‐satisfaction and e‐loyalty are interrelated.

A convenience sample of 366 female and male college students from three universities (East coast, Midwest and West coast) participated. Exploratory factor analysis, confirmatory factor analysis and structural equation modeling via LISREL 8.0 were conducted.

The findings showed that, of the six dimensions of buying environment characteristics, convenience, web appearance and entertainment value had a direct effect on e‐satisfaction. In addition, the study found a significant positive relationship between e‐satisfaction and e‐loyalty.

Generalizing the results is limited by the use of a convenience sample of college students. To generalize the findings, more diversified random samples across gender and age are suggested.

The research provides useful implications to online retailers concerning which attributes should be given closer attention to improve customer satisfaction and e‐loyalty.

The study provides useful, practical information to online retailers by showing how customer‐centered e‐service attributes have an impact on e‐satisfaction, which in turn influences consumer e‐loyalty.

Companies increasingly rely on online communities for social customer support, to develop and nurture relationships with customers, and to generate product and service development ideas. As yet, few studies have established the relationship between online communities and branding strategies. Therefore, the impact of online communities on branding requires investigation. The purpose of this paper is to examine the factors that influence brand relationships developed through online communities.

A theoretical model was developed based on marketing literature and tested using structural equation modeling with a sample size of 253 respondents.

Findings present the underlying reasons why and how online communities build stronger brand relationships with consumers. Online communities have been found to cultivate consumers’ sense of collectiveness with shared values conveyed through brand engagement; enhance consumers’ trust, leading to the establishment of a trustworthy image of the brand; and increase enjoyment and enrich consumers’ experience with the brand through participation and engagement.

This study provides insights to understand the direct relationship between online communities and brand performance. The findings of the study provide practical implications for brand relationship management and online community design.

公司越来越依靠网上社区来提供社交式的消费者服务支持, 以建立和巩固与消费者的关系, 并且以获得产品、服务研发的新想法。至今为止, 很少的著作致力于研究网上社区与品牌战略的关系。因此, 网上社区对于品牌扩展的影响作用值得研究。本论文的研究目的即是研究通过网上社区建立起来的消费者品牌关系的诸多因素。.

本论文的理论模型是以营销理论为基础而建立的。本论文采用结构方程模型, 253份样本数据, 来验证建立的理论模型。.

各种通过网上社区建立更强消费者品牌关系的因素得以分析和整理。网上社区能够通过使消费者与品牌更贴近的各种活动, 以培养消费者对于品牌的认知和集体意识, 从而使消费者与品牌有一致的价值认知。此外, 网上社区还能增强消费者对于品牌的信任, 增强了消费者与品牌互动过程的愉悦感和体验感。.

本论文对于网上社区和品牌表现之间的直接关系进行梳理和研究。其研究结果对于品牌关系管理和网上社区设计等方面有着很深的实际启示作用。.

This study aims to focus on inter-firm collaboration, exploring the main capabilities that can make a business more or less open to collaboration; it also considers the role of both firm-specific and relationship-specific capabilities. The paper proposes a model that can be used to study how the combination of the two categories of capabilities determines a firm’s approach to collaboration.

Through a survey of high-end hotels in tourist destinations in Italy and the USA, this paper tests variable connected with firm-specific and relationship-specific aspects, using confirmatory factor analysis.

Firms with greater capabilities are less open to cooperation; weaker firms with fewer resources appear to be more inclined to cooperate, probably to gain access to resources and competencies they do not possess.

From a scientific perspective, this paper suggests an analysis based on both individual and relational capabilities when deciding whether to collaborate, while most studies based on a relational view just consider relational capabilities. The study could be enlarged to other countries and contexts.

From a practical perspective, it indicates the importance of accounting for different and sometimes diverging aspects when deciding to cooperate.

In terms of social implications, it shows that, apart from the relational capabilities they have, potential partners can decide not to collaborate.

The paper suggests a method of analyzing both individual and relational capabilities when deciding whether to engage in a collaboration. It shows that firms’ behavior does not necessarily depend on the firm’s relational capabilities.

The current study uses an advanced machine learning method and aims to investigate whether auditors perceive financial statements that are principles-based as less risky. More specifically, this study aims to explore the association between principles-based accounting standards and audit pricing and between principles-based accounting standards and the likelihood of receiving a going concern opinion.

The study uses an advanced machine-learning method to understand the role of principles-based accounting standards in predicting audit fees and going concern opinion. The study also uses multiple regression models defining audit fees and the probability of receiving going concern opinion. The analyses are complemented by additional tests such as economic significance, firm fixed effects, propensity score matching, entropy balancing, change analysis, yearly regression results and controlling for managerial risk-taking incentives and governance variables.

The paper provides empirical evidence that auditors charge less audit fees to clients whose financial statements are more principles-based. The finding suggests that auditors perceive financial statements that are principles-based less risky. The study also provides evidence that the probability of receiving a going-concern opinion reduces as firms rely more on principles-based standards. The finding further suggests that auditors discount the financial numbers supplied by the managers using rules-based standards. The study also reveals that the degree of reliance by a US firm on principles-based accounting standards has a negative impact on accounting conservatism, the risk of financial statement misstatement, accruals and the difficulty in predicting future earnings. This suggests potential mechanisms through which principles-based accounting standards influence auditors’ risk assessments.

The authors recognize the limitation of this study regarding the sample period. Prior studies compare rules vs principles-based standards by focusing on the differences between US generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) or pre- and post-IFRS adoption, which raises questions about differences in cross-country settings and institutional environment and other confounding factors such as transition costs. This study addresses these issues by comparing rules vs principles-based standards within the US GAAP setting. However, this limits the sample period to the year 2006 because the measure of the relative extent to which a US firm is reliant upon principles-based standards is available until 2006.

The study has major public policy suggestions as it responds to the call by Jay Clayton and Mary Jo White, the former Chairs of the US Securities and Exchange Commission (SEC), to pursue high-quality, globally accepted accounting standards to ensure that investors continue to receive clear and reliable financial information globally. The study also recognizes the notable public policy implications, particularly in light of the current Chair of the International Accounting Standards Board (IASB) Andreas Barckow’s recent public statement, which emphasizes the importance of principles-based standards and their ability to address sustainability concerns, including emerging risks such as climate change.

The study has major public policy suggestions because it demonstrates the value of principles-based standards. The study responds to the call by Jay Clayton and Mary Jo White, the former Chairs of the US SEC, to pursue high-quality, globally accepted accounting standards to ensure that investors continue to receive clear and reliable financial information as business transactions and investor needs continue to evolve globally. The study also recognizes the notable public policy implications, particularly in light of the current Chair of the IASB Andreas Barckow’s recent public statement, which emphasizes the importance of principles-based standards and their ability to address sustainability concerns, including emerging risks like climate change. The study fills the gap in the literature that auditors perceive principles-based financial statements as less risky and further expands the literature by providing empirical evidence that the likelihood of receiving a going concern opinion is increasing in the degree of rules-based standards.