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Article
Publication date: 30 November 2011

Kang Min Ryu, Soo Hoon Park and Chang Moo Lee

People are starting to doubt business recovery in office market after global financial crisis in 2008. And most institutional and individual portfolios are undiversified…

Abstract

People are starting to doubt business recovery in office market after global financial crisis in 2008. And most institutional and individual portfolios are undiversified in real estate : incurring enormous transaction costs than other financial products. Especially office market has more risks than other real estate market for high transaction costs and many related industries. Although this stuff can lead to increase the risk of investment in office market, nor are there markets that would allow individuals and institutions to hedge their risks. The establishment of office price index future and option markets is likely to hedge away large risk in office market, and provides lowering transaction costs for trading in real estate. We estimate Office Price Index using S&P/Case-Shiller repeat sale estimator which is proposed by Robert. J. Shiller in 1991. The estimator is a sort of Feasible Generalized Two Stage Least Squares, which compute Value weighted Arithmetic Price Index.

Details

Journal of Derivatives and Quantitative Studies, vol. 19 no. 4
Type: Research Article
ISSN: 2713-6647

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Article
Publication date: 3 October 2016

Fahim Ullah, Min Kang, Lubna Hassan, Ninghui Li, Jun Yang, Xingsheng Wang and Mansoor Khan Khattak

The purpose of the study was to develop a performance flat-plate solar collector that would be used as a solar drier for fruit fig (Ficus carica L). This study proposes…

Abstract

Purpose

The purpose of the study was to develop a performance flat-plate solar collector that would be used as a solar drier for fruit fig (Ficus carica L). This study proposes how and why solar energy is important for drying the agricultural products. This study aims to expand the domain of solar collector for different purposes and, most important, for agricultural resource normally found in the literature.

Design/methodology/approach

The paper opted for an exploratory study using the flat-plate solar collector with drying chamber for drying purposes of agricultural products. During the experiment, the data were collected with moisture content, drying rate of the product and solar irradiation falls on the collector.

Findings

This paper describes that how flat-plate collector works for agricultural products and how to reduce the moisture content in the product (fig). Efficiency of collector was evaluated under the ambient temperatures of 24°C. Efficiency also significantly increased from 53 to 55 per cent with an increase in ambient temperature from 22 to 24 °C. Figs (Ficus carica L) were dried in the drying chamber of the flat-plate solar collector. The products were dried at temperature of 55-65°C and 15 to 20 per cent humidity.

Research limitations/implications

Because of this research chosen, the research results are beneficiary for agricultural users for drying purposes. Therefore, the researchers are encouraged to dry the agricultural product with flat-plate solar collector, because it reduced the moisture content of the product very fast.

Originality/value

This paper fulfills an identified need to study that how flat-plat solar collector can be used.

Details

World Journal of Engineering, vol. 13 no. 5
Type: Research Article
ISSN: 1708-5284

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Article
Publication date: 15 June 2020

Ming-Chang Huang, Min-Ping Kang and Jui-Kun Chiang

This paper aims to build and empirically test a multilevel framework integrating transaction cost economics and a resource-based view into a value co-creation ecosystem…

Abstract

Purpose

This paper aims to build and empirically test a multilevel framework integrating transaction cost economics and a resource-based view into a value co-creation ecosystem perspective to explain the chain- and firm-level effects of transaction-specific investments (TSIs) on supplier performance.

Design/methodology/approach

This paper investigates cross-level network effects using survey data from the List of Taiwanese Central Satellite Production Systems. A total of 34 buyers (hub firms) and 106 suppliers (satellite firms) from 34 supply chains responded to the survey.

Findings

Findings confirm that individual firms’ TSIs can foster co-specificity at the supply chain level, thereby improving supply chain integration (SCI). SCI can have a positive cross-level moderating effect on the TSI–performance relationship.

Research limitations/implications

These two key concepts, value co-creation and co-specificity, extend the theoretical application of transaction cost theory and the resource-based view to cross-level study by contributing to the research on the TSI–performance relationship.

Practical implications

This study’s framework is a counter to the buyer–supplier–supplier relationships in which each actor who may have different goals can create value jointly and share benefits from their TSIs.

Social implications

Owing to high co-specificity, being embedded in a well-integrated supply chain can be a threat when the environment is turbulent; for losing strategic flexibility, co-specificity and embeddedness may result in a collective adaptation concern. High degrees of SCI may slow the reaction to environmental turbulence for both buyers and suppliers.

Originality/value

Individual firms’ TSIs can foster co-specificity at the supply chain level, subsequently enhancing SCI. An integrated supply chain can be a collective asset that facilitates value co-creation. Individual firms can benefit from the sharing of collective value. SCI can also increase switching costs, thus reducing the likelihood of individual firm engaging in opportunistic behavior and cost safeguarding.

Details

Supply Chain Management: An International Journal, vol. 25 no. 6
Type: Research Article
ISSN: 1359-8546

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Article
Publication date: 1 September 2006

Jeffrey Hou and Min-Jay Kang

With the ability of linking distant partners and diverse bodies of students and faculty, virtual design studios provide unique opportunities for examining cultural…

Abstract

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.

Details

Open House International, vol. 31 no. 3
Type: Research Article
ISSN: 0168-2601

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Article
Publication date: 25 June 2018

Wein-Hong Chen, Min-Ping Kang and Bella Butler

Penrose’s argument regarding the managerial constraint on continual expansion over two consecutive periods is termed the “Penrose effect,” a relatively less investigated…

Abstract

Purpose

Penrose’s argument regarding the managerial constraint on continual expansion over two consecutive periods is termed the “Penrose effect,” a relatively less investigated premise in Penrose’s growth theory. The purpose of this paper is to empirically re-examine the Penrose effect from the perspective of upper echelons theory and investigated how top management team (TMT) composition influences the continual growth of a firm.

Design/methodology/approach

This study empirically tested the hypotheses based on a sample of listed manufacturing firms operating in Taiwan, a newly industrialized economy in the Asia–Pacific region. Moderated hierarchical regression analyses were applied to test hypotheses.

Findings

The empirical results suggest that low TMT diversity (in terms of educational, functional and team tenure diversity) is likely to engender a situation in which the Penrose effect might occur. Additionally, the results indicate that the proportion of functional executives plays a significant role in influencing the growth trend over two consecutive periods and may soften the impact of the Penrose effect.

Practical implications

This paper suggests that appropriate structuring of TMTs and appropriate management of their members’ backgrounds and team tenure diversity can help firms overcome the Penrose effect and grow continually. Furthermore, the proportion of functional executives in a TMT is influential.

Originality/value

This paper uniquely contributes to the theoretical and empirical development of Penrose’s growth theory, upper echelons theory and resource-based view concerning managerial resources.

Details

Management Decision, vol. 57 no. 1
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 29 June 2020

Jianguo Zhuo, Yuwei Hu and Min Kang

Due to the rapid development and innovation in the Internet-based technology, conventional banks are under pressure and have to compete with Internet-based finance. This…

Abstract

Purpose

Due to the rapid development and innovation in the Internet-based technology, conventional banks are under pressure and have to compete with Internet-based finance. This has made banks adopt measures to improve operational efficiency and reduce input and increase output.

Design/methodology/approach

The authors had proposed a two-stage fairness concern efficiency model based on the classical theory of data envelopment analysis (DEA) and performed an empirical study to measure agricultural loan efficiency in the 20 major Chinese banks.

Findings

The findings of the empirical analysis are as follows: (1) peer-induced fairness concern has no impact on deposit efficiency in a centralized bank supply chain; (2) The China Merchants Bank (CMB) has the third lowest deposit efficiency; (3) monotonicity of loan efficiency with input allocation depends on a bank's ownership structure; (4) efficiency ranks are strongly affected by the fairness concern; (5) most Chinese banks show a low agricultural loan efficiency.

Originality/value

This paper contributes to the literature in several ways. First, to the best of the authors’ knowledge, this is the first attempt to analyze agricultural loan efficiency for a bank supply chain system with the fairness concern. This work reveals the hidden factor that restricts loan efficiency of Chinese banks. Second, the proposed fairness concern two-stage DEA model has shown good ability for full ranking. It can provide a new perspective to the classical DEA literature for ranking decision-making units (DMUs). Third, the authors have demonstrated empirical bank efficiency for the 20 major Chinese banks.

Details

Industrial Management & Data Systems, vol. 121 no. 4
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 11 July 2016

Lu-Ming Tseng, Yue-Min Kang and Chi-Erh Chung

This case study aim to investigate the impacts of insurance agents’ positive attitude toward inappropriate product recommendations on the insurance agents’ intention to…

Abstract

Purpose

This case study aim to investigate the impacts of insurance agents’ positive attitude toward inappropriate product recommendations on the insurance agents’ intention to make the inappropriate product recommendations. This study further checks how the attitude and intention could be enhanced by the insurer’s manipulation of sales compensations, the agents’ perception of information asymmetry between customers and insurance agents and the insurer’s sales orientation.

Design/methodology/approach

Full-time insurance agents from the life insurance industry in Taiwan were surveyed. To test the hypotheses, hierarchical regression analyses were used in the study.

Findings

The main results showed that the respondents’ positive attitude toward inappropriate product recommendations was the influential predictor of the respondents’ behavioral intention. Nevertheless, the positive attitude was enhanced by the manipulation of sales compensations and the insurer’s sales orientation.

Originality/value

Very few studies have investigated the relationships among information asymmetry between customers and agents, management’s sales orientation, management’s manipulation of sales compensations and the problems of selling unsuitable insurance products to customers. This study may contribute to the relevant literature by discussing these issues.

Details

Journal of Financial Regulation and Compliance, vol. 24 no. 3
Type: Research Article
ISSN: 1358-1988

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Book part
Publication date: 11 August 2016

Knut F. Lindaas and Prodosh Simlai

We examine the incremental cross-sectional role of several common risk factors related to size, book-to-market, and momentum in size-and-momentum-sorted portfolios. Unlike…

Abstract

We examine the incremental cross-sectional role of several common risk factors related to size, book-to-market, and momentum in size-and-momentum-sorted portfolios. Unlike the existing literature, which focuses on the conditional mean specification only, we evaluate the common risk factors’ incremental explanatory power in the cross-sectional characterization of both average return and conditional volatility. We also investigate the role of ex-ante market risk in the cross-section. The empirical results demonstrate that the size-and-momentum-based risk factors explain a significant portion of the cross-sectional average returns and cross-sectional conditional volatility of the benchmark equity portfolios. We find that the Fama–French (1993) factors and the ex-ante market risk are priced in the cross-sectional conditional volatility. We conclude that the size-and-momentum-based factors provide a source of risk that is independent of the Fama–French factors as well as ex-post and ex-ante market risk. Our results bolster the risk-based explanation of the size and momentum effects.

Details

The Spread of Financial Sophistication through Emerging Markets Worldwide
Type: Book
ISBN: 978-1-78635-155-5

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Book part
Publication date: 27 November 2017

Steven A. Dennis, Prodosh Simlai and Wm. Steven Smith

Previous studies have shown that stock returns bear a premium for downside risk versus upside potential. We develop a new risk measure which scales the traditional CAPM…

Abstract

Previous studies have shown that stock returns bear a premium for downside risk versus upside potential. We develop a new risk measure which scales the traditional CAPM beta by the ratio of the upside beta to the downside beta, thereby incorporating the effects of both upside potential and downside risk. This “modified” beta has substantial explanatory power in standard asset pricing tests, outperforming existing measures, and it is robust to various alternative modeling and estimation techniques.

Details

Growing Presence of Real Options in Global Financial Markets
Type: Book
ISBN: 978-1-78714-838-3

Keywords

Content available
Article
Publication date: 29 February 2016

Sang Hoon Kang and Seong-Min Yoon

This paper investigates the impact of structural breaks on volatility spillovers between Asian stock markets (China, Hong Kong, India, Indonesia, Japan, Korea, Singapore…

Abstract

This paper investigates the impact of structural breaks on volatility spillovers between Asian stock markets (China, Hong Kong, India, Indonesia, Japan, Korea, Singapore, and Taiwan) and the oil futures market. To this end, we apply the bivariate DCC-GARCH model to weekly spot indices during the period 1998-2015. The results reveal significant volatility transmission for the pairs between the Asian stock and oil futures markets. Moreover, we find a significant variability in the time-varying conditional correlations between the considered markets during both bullish and bearish markets, particularly from early 2007 to the summer of 2008. Using the modified ICSS algorithm, we find several sudden changes in these markets with a common break date centred on September 15, 2008. This date corresponds to the collapse of Lehman Brothers which is considered as our breakpoint to define the global financial crisis. Also, we analyse the optimal portfolio weights and time-varying hedge ratios based on the estimates of the multivariate DCC-GARCH model. The results emphasize the importance of overweighting optimal portfolios between Asian stock and the oil futures markets.

Details

Journal of Derivatives and Quantitative Studies, vol. 24 no. 1
Type: Research Article
ISSN: 2713-6647

Keywords

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