Search results

The purpose of this paper is to investigate the impact of Federal Open Market Committee (FOMC) meetings and the changes of the target rates on stock market uncertainty.

Multivariate regression analysis is applied to the historical data of VIX, FOMC meetings and target rates. Subtle relations are revealed by further categorizing the FOMC meetings into being scheduled and unscheduled and distinguishing the signs of the changes in VIX and target rates. CPI and the prime rate are used for robustness test.

The authors first examine the relation between FOMC meetings and target surprises; the results indicate that unscheduled FOMC meetings heavily impact the target surprises. Then, the authors investigate the relation between FOMC meetings and VIX changes; the results show that both unscheduled and scheduled FOMC meetings impact VIX, where the impacts of scheduled FOMC meetings are more substantial. The authors also analyze the responses of VIX to the target surprises, and the results reveal that there is an asymmetric effect of target surprises on VIX, where the influences of the scheduled positive target surprises are more significant. Finally, by examining the relation between the FOMC meeting and the risk-neutral density of the VIX option, the authors conclude that both KURT and SKEW are more affected by unscheduled FOMC meetings.

Deeper dimensions of the relations between VIX, FOMC meetings and target rates are analyzed and more insightful understandings of such relations are gained.

Although brand alliance has become quite ubiquitous in the marketplace and attracted considerable interest amongst researchers, little research has investigated its effects on the brand equity of partners. The purpose of this paper is to demonstrate why and how brand alliance affects the brand equity of the partners in an alliance.

The hypotheses were tested by analysing the data of 260 participants in China, which were collected from an experiment.

This research draws five conclusions: the brand equity of a pre-alliance partner has a positive effect on brand alliance evaluation; product fit and brand fit amongst partners also have a positive effect on brand alliance evaluation; alliance brand evaluation has a positive impact on the brand equity of a post-alliance brand; the brand equity of a pre-alliance partner exerts a positive effect on the brand equity of a post-alliance partner; and the spillover effect of brand alliance for a weak brand is stronger than that of a strong brand in an asymmetrical brand alliance.

This research introduces brand equity into the field of brand alliance. From the perspective of consumer perception, the authors measure brand equity and provide insights for a company to effectively enhance brand equity through brand alliance. The authors explore ways to increase the brand equity of partners through brand alliance. Additionally, the authors discuss the spillover effects of the brand equity of partners in symmetric and asymmetric brand alliances.

The purpose of this paper is to empirically analyze whether and how managerial overconfidence affects stock price crash risk.

Based on a large sample of Chinese non-state-owned firms from 2000 to 2012, this study employs methods including multiple linear regression model, Heckman two-stage treatment effect procedure, firm fixed effects model and event study to clarify the causality relationship between managerial overconfidence and crash risk.

The authors find that firms with overconfident managers (chief executive officer or board chairs) are more likely to experience future stock price crashes than firms with non-overconfident managers. The effect of overconfidence on crash risk is more pronounced for firms with low transparency, suggesting that firm opacity facilitates overconfident managers’ bad news hoarding activities, which, in turn, increases stock price crash risk. The authors also show evidence that overconfident managers tend to disclose good news in a timely manner.

The authors add to the growing literature on stock price crash risk. Specifically, the authors find that the cognitive bias of board chair plays an important role in the bad news hoarding activities, thereby increasing the likelihood of stock price crash. This study also contributes to the literature that addresses the effects of managerial overconfidence on corporate finance issues.

This study aims to investigate the effectiveness of library services according to user experiences (UXs). The study discusses underlying internal problems existing in libraries that affect user satisfaction. Furthermore, it seeks to identify ways to improve the UX.

The methodology comprised a questionnaire administered at Nanjing University Library, China. The survey examined users’ satisfaction with the online public access catalogue, locating books on the shelves, and users’ participation in the organization of library resources. This study used the annual reading quantity of users system, a new system of measurement that distinguishes between informal and avid library users.

The data analysis indicated poor user satisfaction. The problems were mainly associated with the libraries’ resource organization, such as descriptive cataloguing, subject headings and classification, which is controlled by library administration. Moreover, users’ feedback is not integrated within the library system. Because of the process-oriented architecture of the current integrated library system, librarians and users do not communicate effectively. These barriers between users and the library staff members are difficult to overcome.

The study describes that the results relate to user satisfaction with searching and locating books based on the patron’s reading level. Differences were observed between light and avid readers in terms of satisfaction with the ease of searching and finding books. This demonstrates the internal connections of these results with library procedures. Furthermore, this study identifies improvement measures to resolve these problems.

The purpose of this paper is to gain an understanding of the current research on Internet-plus.

The authors collected scholarly publications from the scientific databases Web of Science, Core Collection, Inspec and Compendex (Ei Village 2) and performed statistical analysis of the retrieved data from five perspectives.

The research on Internet-plus has obtained increasing attention in China. The top three research fields were social science, education and management.

The study will help researchers understand the current trends on Internet-plus.

This study aims to compare the entrepreneurial activity in China and Pakistan based on these factors: fear of failure, perceived capabilities, perceived opportunities, and knowledge of other entrepreneurs.

The authors use the data from global entrepreneurship monitor (GEM). In this study, the authors use the cross-sectional data for survey year 2010, both for China and Pakistan. The authors employed the sequential logistic regression model in order to predict the likelihood of involvement in entrepreneurial activity.

Chinese are not significantly influenced by their fear of failure to engage in entrepreneurial activity. Gender is also not a significant predictor of entrepreneurial activity in China. In Pakistan, perception of opportunities does not significantly predict whether to involve in entrepreneurial activity or not, while other factors do. Gender is a significant predictor of entrepreneurial activity in Pakistan.

Previously literature is lacking in this kind of a unique comparison based upon GEM data evidence. There are many lessons for Pakistan in this study. There is a need to create awareness among people about the fruits of self-employment. Government should create a conducive environment for doing business. Efforts should be made to enhance the women participation in business.

Customer referral programs (CRPs) are popular; however, they often generate low referral rates. The authors propose that certain CRP referral tasks may hinder consumers’ referral likelihood. This study aims to explore the effects of referral tasks (communication content and approach) on customers’ referral likelihood on social platforms and the role of self-construal.

This study establishes a theoretical model based on online social platforms and conducts three scenario-based experiments. The authors obtain data from consumers on Sojump platform and test the hypotheses using analysis of variance (ANOVA) analysis and mediation analysis in SPSS. The valid sample sizes for these three experiments are 288, 203 and 214, respectively.

Three experimental studies indicate that communication content and approach have a significant effect on referral likelihood. Furthermore, the effect of communication content on referral likelihood depends on the communication approach. Self-construal plays a moderating role in the effect of communication content and approach on perceived social costs.

CRPs typically involve tasks and rewards; consumers are asked to complete a referral task and then receive a reward. Both tasks and rewards can affect an individual’s willingness to participate; however, existing studies on CRP focus primarily on the reward component. To the best of the authors’ knowledge, this is the first study to systematically investigate the role of referral tasks (communication content and approach) in CRPs. The authors extend the related research by examining the impact of referral tasks on consumers’ willingness to recommend. In addition, this study introduces self-construal into CRPs research.

Dunhuang murals are rich in cultural and artistic value. The purpose of this paper is to construct a novel mobile visual search (MVS) framework for Dunhuang murals, enabling users to efficiently search for similar, relevant and diversified images.

The convolutional neural network (CNN) model is fine-tuned in the data set of Dunhuang murals. Image features are extracted through the fine-tuned CNN model, and the similarities between different candidate images and the query image are calculated by the dot product. Then, the candidate images are sorted by similarity, and semantic labels are extracted from the most similar image. Ontology semantic distance (OSD) is proposed to match relevant images using semantic labels. Furthermore, the improved DivScore is introduced to diversify search results.

The results illustrate that the fine-tuned ResNet152 is the best choice to search for similar images at the visual feature level, and OSD is the effective method to search for the relevant images at the semantic level. After re-ranking based on DivScore, the diversification of search results is improved.

This study collects and builds the Dunhuang mural data set and proposes an effective MVS framework for Dunhuang murals to protect and inherit Dunhuang cultural heritage. Similar, relevant and diversified Dunhuang murals are searched to meet different demands.

This paper aims to examine whether and how ownership structure and corporate governance have bearings on the investment efficiency of Chinese listed firms.

The authors measure the investment efficiency by following the work of Richardson (2006) and classify listed firms into two categories: state-owned enterprises (SOEs) and private firms. OLS regressions with both industry and year fixed effects are used to investigate the effect of ownership structure and governance mechanisms on the listed firms’ investment efficiency.

The authors find that ownership concentration has a negative impact on investment efficiency, and this effect is more pronounced in SOEs than in private firms. In addition, adoption of incentive-based compensation helps improve investment efficiency. Compared with other types of institutional investors, mutual funds are more likely to exert a positive effect on the investment efficiency of investee companies.

This paper examines the monitoring effect of governance mechanisms in China from a new perspective, which is the investment efficiency. Furthermore, previous studies provide minimal evidence indicating any effect of incentive-based compensation on firm performance in China. This study provides empirical evidence on this effect by using incentive-based compensation (whether CEOs have been granted stock options) as an explanatory variable in the regression models.

The purpose of this study is to explore how hotels evolve their dynamic capabilities to adjust their technology-based strategy to improve performance and to gain competitive productivity (CP) during the COVID-19 pandemic and in the aftermath.

In-depth interviews with hoteliers were conducted to unveil their dynamic capabilities amid the pandemic as regard adjustments and performance of self-service technology (SST)-based strategies. Thematic analysis was used to analyze the data.

Data analysis revealed four types of dynamic capabilities (i.e. sensing, learning, integrating and coordinating capabilities). Equipped with these capabilities, hotels made minor adjustments to their SST strategies. In general, during an economic downturn, hotels refrained from introducing new SSTs. SSTs introduced before the pandemic were used more frequently and received enhanced customer feedback. The findings further revealed that the factors influencing hotels’ application of SSTs before and after the outbreak of COVID-19 remained similar.

This is the first research integrating CP, dynamic capabilities and strategic management process to explain how hotels adjust technological strategies to recover in a suddenly changed environment. Such a framework enables scholars and practitioners from content-oriented and process-oriented perspectives to make quick but sound strategic management decisions in adapting to turbulent environments. This timely study enriches the expertise of using technology as a recovery strategy and contributes to future research on the practical application of SSTs and crisis management.