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Article
Publication date: 10 September 2018

Muneer Shaik and Maheswaran S.

The purpose of this paper is twofold: first, to propose a new robust volatility ratio (RVR) that compares the intraday high–low volatility with that of the intraday…

Abstract

Purpose

The purpose of this paper is twofold: first, to propose a new robust volatility ratio (RVR) that compares the intraday high–low volatility with that of the intraday open–close volatility estimator; and second, to empirically test the proposed RVR on the cross-sectional (CS) average of the constituent stocks of India’s BSE Sensex and US’s Dow Jones Industrial Average index to find the evidence of “excess volatility.”

Design/methodology/approach

The authors model the proposed RVR by assuming the logarithm of the price process to follow the Brownian motion. The authors have theoretically shown that the RVR is unbiased in the case of zero drift parameter. Moreover, the RVR is found to be an even function of the non-zero drift parameter.

Findings

The empirical results show that the analysis based on the RVR supports the existence of “excess volatility” in the CS average of the constituent stocks of India’s BSE Sensex and US’s Dow Jones index. In particular, the authors have observed that the CS average of individual constituent stocks of BSE Sensex is found to be more excessively volatile than the US’s Dow Jones index during the period of the study from January 2008 to September 2016, based on multiple k-day time window analysis.

Practical implications

The study has implications for the policy makers and practitioners who would like to understand the volatility behavior in the asset returns based on the RVR of this study. In general, the proposed model can be used as a specification tool to find whether the stock prices follow the random walk behavior or excessively volatile.

Originality/value

The authors contribute to the existing volatility literature in finance by proposing a new RVR based on extreme values of asset prices and absolute returns. The authors implement the bootstrap technique on RVR to find the estimates of mean and standard error for multiple k-day time windows. The RVR can capture the excess volatility by comparing two independent volatility estimators. This is possibly the first study to find the CS average of all the constituent stocks of BSE Sensex based on the RVR.

Details

Journal of Economic Studies, vol. 45 no. 4
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 30 March 2020

Rebecca Page-Tickell, Jude Ritchie and Therese Page-Tickell

This chapter aims to identify the impact of misbelief and heuristics on the engagement of giggers and customers with gigging organisations. This is of value due to the…

Abstract

This chapter aims to identify the impact of misbelief and heuristics on the engagement of giggers and customers with gigging organisations. This is of value due to the plethora of gigging opportunities and our lack of knowledge about how and why people choose to take up these opportunities. In addition, the gigs may frequently go unrecorded with payments made through systems such as PayPal which can allow international payments to be made without remittances. This chapter utilises some of the primary evolutionary theories to explore the efficacy and conflict in communications between gigging organisations, their customers and providers (giggers). Those selected are: misbelief in the conscious mind; and heuristics, such as the availability and confirmatory heuristics in the unconscious mind. Misbelief is addressed as a spandrel, and heuristics are discussed through the lens of fast and frugal approaches. Through a text analysis of 77 international gigging organisations, the messages conveyed are assessed against both evolutionary theory and prior research into the gig economy. The findings are that evolutionary psychology provides a useful framework for analysing these messages, as well as aiding understanding of gigging behaviours. HRM practitioners could make use of this form of analysis to support their design of interactions with giggers to ensure clarity on both sides.

Details

Conflict and Shifting Boundaries in the Gig Economy: An Interdisciplinary Analysis
Type: Book
ISBN: 978-1-83867-604-9

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Article
Publication date: 31 August 2020

Taejun (David) Lee, Bruce A. Huhmann and TaiWoong Yun

Government policy mandates information disclosure in financial communications to protect consumer welfare. Unfortunately, low readability can hamper information…

Abstract

Purpose

Government policy mandates information disclosure in financial communications to protect consumer welfare. Unfortunately, low readability can hamper information disclosures’ meaningful benefits to financial decision making. Thus, this experiment tests the product evaluation and decision satisfaction of Korean consumers with less or more subjective knowledge and with or without personal finance education.

Design/methodology/approach

A between-subjects experiment examined responses of a nationally representative sample of 400 Korean consumers toward a Korean-language credit card advertisement.

Findings

Financial knowledge improves financial product evaluation and decision satisfaction. More readable disclosures improved evaluation and satisfaction among less knowledgeable consumers. Less readable disclosures did not. Consumers without financial education exhibited lower evaluations and decision satisfaction regardless of readability. More knowledgeable consumers and those with financial education performed equally well regardless of disclosure readability.

Practical implications

Financial service providers seeking more accurate evaluations and better decision satisfaction among their customers should use easier-to-read disclosures when targeting consumers with less prior financial knowledge.

Social implications

One-size-fits-all financial communications are unlikely to achieve public policy or consumer well-being goals. Government-mandated information should be complemented by augmenting financial knowledge and providing personal finance training.

Originality/value

Although almost a quarter of the world’s population lives in East Asia, this is the first examination of readability in disclosures written in East Asian characters rather than a Western alphabet. Previous readability research on Asian-originating financial disclosures has been conducted on English-language texts. This study extends knowledge of readability effects to growing East Asian markets.

Details

International Journal of Bank Marketing, vol. 38 no. 7
Type: Research Article
ISSN: 0265-2323

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Book part
Publication date: 13 June 2013

Durairaj Maheswaran, Cathy Yi Chen and Junhong He

Purpose – Extensive research in the area of consumer behavior has documented the “Country of Origin Effect,” which identifies country of origin as an important decision…

Abstract

Purpose – Extensive research in the area of consumer behavior has documented the “Country of Origin Effect,” which identifies country of origin as an important decision variable in evaluating products and services. Past research has mostly assumed that country of origin effect is driven by the performance of the products originating in that country. However, consumers can also form opinions about countries based on exposure to information that is unrelated to the product and may have roots in macro factors such as history, culture, and politics. These emotions, while extraneous to the product, can also influence product evaluations along with performance-related country information.Design/methodology/approach – This review examines research addressing both performance and emotional perceptions related to country of origin.Findings – This review presents an integrating framework termed “Nation Equity” to systematically understand and examine the influence of various dimensions of country of origin on consumer decision making.

Details

Review of Marketing Research
Type: Book
ISBN: 978-1-78190-761-0

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Article
Publication date: 2 October 2017

Dilip Kumar and Srinivasan Maheswaran

This paper aims to propose a framework based on the unbiased extreme value volatility estimator (namely, the AddRS estimator) to compute and predict the long position and…

Abstract

Purpose

This paper aims to propose a framework based on the unbiased extreme value volatility estimator (namely, the AddRS estimator) to compute and predict the long position and the short position value-at-risk (VaR) and stressed expected shortfall (ES). The precise prediction of VaR and ES measures has important implications toward financial institutions, fund managers, portfolio managers, regulators and business practitioners.

Design/methodology/approach

The proposed framework is based on the Giot and Laurent (2004) approach and incorporates characteristics like long memory, fat tails and skewness. The authors evaluate its VaR and ES forecasting performance using various backtesting approaches for both long and short positions on four global indices (S&P 500, CAC 40, Indice BOVESPA [IBOVESPA] and S&P CNX Nifty) and compare the results with that of various alternative models.

Findings

The findings indicate that the proposed framework outperforms the alternative models in predicting the long and the short position VaR and stressed ES. The findings also indicate that the VaR forecasts based on the proposed framework provide the least total loss for various long and short position VaR, and this supports the superior properties of the proposed framework in forecasting VaR more accurately.

Originality/value

The study contributes by providing a framework to predict more accurate VaR and stressed ES measures based on the unbiased extreme value volatility estimator.

Details

Studies in Economics and Finance, vol. 34 no. 4
Type: Research Article
ISSN: 1086-7376

Keywords

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Book part
Publication date: 1 August 2017

Burcu Genç and Ayşe Gül Bayraktaroğlu

This study is set out to assess the country of origin effect on Turkish consumption practices in order to provide a richer context for its formation process.

Abstract

Purpose

This study is set out to assess the country of origin effect on Turkish consumption practices in order to provide a richer context for its formation process.

Methodology/approach

The research is exploratory and interpretative in nature. It follows a qualitative design with in-depth analysis of consumption experiences by utilizing semi-structured interviews.

Findings

The research shows that country of origin effect is product specific, and when it exists, it has an essential effect on product evaluations. It reveals that the country of origin effect is intrinsically constituted with the individual perceptions of and attitudes toward brands, countries, and past experiences, and it is extrinsically constituted with socially created perceptions by media, marketplace myths, and popularity.

Originality/value

This research investigated country of origin effect in a specific context of a developing country with a qualitative methodology. Unlike the existing literature, this study analyzes consumers’ actual purchase decisions in different product categories. Country of origin effect is found to be formed by individual and societal factors.

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Article
Publication date: 16 May 2018

Chunxiao Yin, Yongqiang Sun, Yulin Fang and Kai Lim

Although microblogs have become an important information source, the credibility of their postings is still a critical concern due to the open and unregulated nature. To…

Abstract

Purpose

Although microblogs have become an important information source, the credibility of their postings is still a critical concern due to the open and unregulated nature. To understand the antecedents of microblog information credibility, the purpose of this paper is to investigate the dual-role of cognitive heuristics (i.e. the additivity and bias roles) and the effect of gender differences.

Design/methodology/approach

This study collected data via an online field survey of active microblog users, and a total of 204 valid responses was received.

Findings

This study demonstrates the dual-role of source credibility and vividness, the additivity role of microblog platform credibility, and the bias role of social endorsement. Furthermore, this study also found out gender difference that the additivity role of cognitive heuristics was stronger for men while bias role was stronger for women.

Research limitations/implications

This research enriches the microblog literature by examining the cognitive heuristic determinants as key predictors of microblog information credibility, and contributes to the information credibility literature by identifying and analyzing the dual-role effect of cognitive heuristics and corresponding gender differences.

Practical implications

This study can help organizations better manage their reputation, especially during the reputation crises, and also serves as a reminder to microblog platform operators of the importance of their microblog platform credibility.

Social implications

This study can help organizations better manage their reputation, especially during the reputation crises, and serves as a reminder to the microblog platform operators of the importance of their microblog platform credibility.

Originality/value

This study investigates the dual-role effect of cognitive heuristics (i.e. the additivity role and bias role) and corresponding gender differences that are less touched on before, and thus provides a more nuanced understanding of the more complex effects of cognitive heuristics.

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Article
Publication date: 1 August 2008

Jodie L. Ferguson, Kofi Q. Dadzie and Wesley J. Johnston

The purpose of this paper is to explore country‐of‐origin (COO) effects on service evaluation in an emerging market.

Abstract

Purpose

The purpose of this paper is to explore country‐of‐origin (COO) effects on service evaluation in an emerging market.

Design/methodology/approach

To gain insight, 24 in‐depth interviews were conducted with stakeholders in five West African countries. A conjoint analysis was also conducted to further explore COO effects.

Findings

Propositions were developed based on findings from the qualitative study and conjoint analysis. Situational personal characteristics, such as motivation and ability to process information, may influence use of COO attributes in evaluating a service. Individual characteristics, such as ethnocentrism and culture orientation, may influence COO preference in service evaluation.

Practical implications

Propositions and findings will assist firms considering entering a market in terms of service offerings and positioning strategies.

Originality/value

While COO and consumer products have been widely studied in the literature, mostly within the contexts of industrialized nations, the paper examines COO effects with a service within the context of an emerging market.

Details

Journal of Business & Industrial Marketing, vol. 23 no. 6
Type: Research Article
ISSN: 0885-8624

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Article
Publication date: 15 February 2021

Devika Vashisht, HFO Surindar Mohan, Abhishek Chauhan and Raveesh Vashisht

The purpose of this study is to investigate the effect of game-product fit on brand advocacy and mediating role of thought favorability in fit and brand advocacy…

Abstract

Purpose

The purpose of this study is to investigate the effect of game-product fit on brand advocacy and mediating role of thought favorability in fit and brand advocacy relationship in the context of in-game advertising (IGA) using congruity theory and heuristic systematic model. This expounds the conditions under which in-game brand placements form favorable or unfavorable thoughts about the game and the advertised brand, and following brand advocacy.

Design/methodology/approach

A total of 144 student-gamers participated in the study. One-way ANOVA and a path analysis were used for hypotheses testing.

Findings

Results showed that the high-fit game resulted in higher thought favorability and greater levels of brand advocacy than the low-fit game. Furthermore, results also revealed that thought favorability mediated the relationship of game-product fit and brand advocacy among players.

Research limitations/implications

Research on IGA is still in its relative infancy, and how gamers respond to brand placements in games has yet to be fully established. This paper’s theoretical implications are primarily in the context of in-game advertising and explain the role played by game-product fit as an originator to thought favorability that further adds value to thought favorability and brand advocacy relationship.

Practical implications

The study offers important implications for marketers, advertisers, policy-makers in terms of effective game-designing and IGA execution.

Originality

Since very little research has been done focusing on mediating role of thought favorability in game-product fit and brand advocacy relationship in the context of IGA from attention and elaboration perspectives, this paper scores as a pioneering study of its kind in India.

Details

Arts and the Market, vol. 11 no. 1
Type: Research Article
ISSN: 2056-4945

Keywords

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Article
Publication date: 8 May 2018

Devika Vashisht and Surinder Mohan

The purpose of this paper is to investigate the effect of game-speed on brand attitude and mediating role of thought favorability in the speed-attitude relationship in the…

Abstract

Purpose

The purpose of this paper is to investigate the effect of game-speed on brand attitude and mediating role of thought favorability in the speed-attitude relationship in the context of in-game advertising (IGA). Specifically, this investigation employs the Limited Capacity Model of Attention and the heuristic-systematic model to explain the conditions under which in-game brand placements form favorable or unfavorable thoughts about the game and the embedded brand, and subsequent brand attitude.

Design/methodology/approach

In total, 78 student-gamers participated in the study. One-tailed independent-samples t-tests and a path analysis were used for hypothesis testing.

Findings

Results revealed that fast-paced games resulted in higher thought favorability and more favorable brand attitude than the slow-paced games. Furthermore, the results also showed that thought favorability mediated the relationship of game-speed and brand attitude among Indian gamers.

Research limitations/implications

This paper adds to advertising literature from a non-traditional advertising perspective, primarily in the context of IGA, and explains the role played by game-speed as an antecedent to thought favorability that adds value to thought favorability and brand attitude relationship. Also, the study provides an important implication for the marketers that to generate more positive brand attitudes and high favorable thoughts, advertisers and game-developers must focus on high-speed games.

Originality/value

This study is the first in its stream toward understanding the mediating role of thought favorability in determining the persuasion effect on Indian gamers’ brand attitude in the context of online advertising from attention and elaboration perspectives.

Details

Arts and the Market, vol. 8 no. 1
Type: Research Article
ISSN: 2056-4945

Keywords

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