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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.

This study aims to empirically analyze the asset allocation capabilities of Outsourced Chief Investment Officers (OCIOs) in Korea. The empirical analysis used data from 35 funds that were evaluated by the Ministry of Strategy and Finance from 2012 to 2020. The results of the analysis are summarized as follows. First, this study found that funds that adopted OCIO improved their asset allocation performance. Second, the sensitivity between risk-taking and performance decreased for funds that adopted OCIO. Third, it is found that OCIO adoption improves a fund's asset management execution (tactical capabilities). This study has methodological limitations in which the methodology used in this study is not based on theoretical prior research, but on practical applications. However, considering the need to clearly analyze the capabilities of OCIO and the timeliness of the topic, this study is valuable and can provide meaningful information to funders who are considering adopting OCIO in the future.

This study analyzes small-sized asset owners’ optimal choice problems in selecting an outsourced chief investment officer (OCIO). While large-sized asset owners can select OCIOs through procurement auctions, it is difficult for small-sized asset owners to use this method. Instead, they access OCIO services by participating in an investment pool or utilizing OCIO funds. In this study, the authors compare the two OCIO selection methods. The authors construct an agent-based model for OCIO selection to reflect the heterogeneity in production efficiency and preferences. The results of this study imply that when the market has enough investment pools, the utility of all small-sized asset owners increases. To enhance the growth in the OCIO market, the investment pool should represent the preferences of small-sized asset owners and enable individual owners to find an appropriate OCIO.

Given the importance of style allocation strategy under the outsourced chief investment officer (OCIO) structure, the authors examine the validity of style allocation strategies in the Korean stock market. The authors find that external investment agencies can improve performance by using newly suggested investment styles such as high dividend yield and low volatility as well as traditional styles. In addition, the authors find that the style combination strategies create economically large and statistically significant returns. Finally, empirical results indicate that factor timing strategies suggested in this study can improve the reward-to-risk ratio. In sum, the empirical findings indicate that external investment agencies under the OCIO structure can improve performance using active style allocation strategies.

The Geography of Tourism in Spain is now at a par in terms of its scientific production with other European countries. Since the middle of the '80s the quality and volume of contributions is analogous to the rest of the European Union, although as a part of University Geography in Spain it has not achieved the level of dedication reached by other subjects considering the importance of tourist activities to the economy, the society and the territory of Spain. It could be said that the Geography of Tourism in Spain is in the international vanguard in dealing with Mediterranean coastal tourism, with the relationships between the residential real estate and tourism sectors and with aspects related to tourism and leisure in rural and protected areas.

The purpose of this study is to analyse the effect of health risk perceptions on the degree of decisiveness of a person towards e-commerce (e-commerce acceptance), self-awareness towards leisure and self-awareness towards socialisation in pandemic contexts. The identified gap was related to the COVID-19 pandemic, where the development of studies inherent to this context is becoming urgent. Thus, it was necessary to understand how the health risks perceived by individuals influenced their choice regarding online shopping and, simultaneously, socialising and leisure activities.

To reach this goal, a conceptual model was developed based on the self-determination theory, and data were collected from two countries (Portugal and Croatia). The model was estimated using the structural equation modelling (SEM).

The results showed that the perceptions regarding health risks have a positive effect on the degree of decisiveness of a person towards e-commerce acceptance and self-awareness towards socialisation. In turn, the perceptions of health risks have a positive effect on self-awareness towards leisure, not supporting the model conceptualisation.

The paper contributes to fill a gap in literature by analysing the simultaneous effect of individuals’ e-commerce motivations for leisure and socialising activities within a pandemic context. These results have significant managerial implications for several stakeholders that must communicate to the specific public regarding this type of events.

El propósito de este estudio es analizar el efecto de las percepciones de riesgo para la salud sobre i) el grado de decisión de una persona hacia el comercio electrónico (aceptación del comercio electrónico); ii) la autoconciencia hacia el ocio; y iii) la autoconciencia hacia la socialización en contextos de pandemia. La laguna identificada estaba relacionada con la pandemia de COVID-19, donde era urgente desarrollar estudios inherentes a este contexto. Así, era necesario comprender cómo los riesgos para la salud percibidos por los individuos influían en su elección respecto a las compras en línea y, simultáneamente, a las actividades de socialización y ocio.

Para alcanzar este objetivo, se desarrolló un modelo conceptual, basado en la teoría de la autodeterminación y se recogieron datos de dos países (Portugal y Croacia). El modelo se estimó mediante un modelo de ecuaciones estructurales (SEM).

Los resultados mostraron que las percepciones sobre los riesgos para la salud tienen un efecto positivo en el grado de decisión de una persona hacia la aceptación del comercio electrónico y la autoconciencia hacia la socialización. A su vez, las percepciones sobre los riesgos para la salud tienen efectos positivos sobre la autoconciencia hacia el ocio no suportando la conceptualización del modelo.

El artículo contribuye a llenar un vacío en la literatura al analizar el efecto simultáneo de las motivaciones de comercio electrónico de los individuos para actividades de ocio y socialización en un contexto de pandemia. Estos resultados tienen importantes implicaciones de gestión para varios actores que deben comunicar al público específico sobre el tipo de eventos.

O objetivo deste estudo é analisar o efeito da perceção dos riscos para a saúde sobre i) o grau de decisão de uma pessoa em relação ao comércio eletrónico (aceitação do comércio eletrónico); ii) a auto-consciencialização em relação ao lazer; e iii) a auto-consciencialização em relação à socialização em contextos pandémicos. A lacuna identificada estava relacionada com a pandemia da COVID-19, onde era urgente desenvolver estudos inerentes a este contexto. Assim, foi necessário compreender como os riscos de saúde percebidos pelos indivíduos influenciaram a sua escolha relativamente às compras on-line e, simultaneamente, às atividades de socialização e lazer.

Para atingir este objetivo, foi desenvolvido um modelo concetual, com base na teoria da autodeterminação e foram recolhidos dados de dois países (Portugal e Croácia). O modelo foi estimado utilizando a modelação de equações estruturais (SEM).

Os resultados mostraram que as perceções relativas aos riscos de saúde têm um efeito positivo sobre o grau de decisão de uma pessoa em relação à aceitação do comércio eletrónico e de auto-consciencialização em relação à socialização. Por sua vez, as perceções dos riscos de saúde têm efeitos positivos sobre a auto-consciencialização em relação ao lazer não suportando o modelo concetual.

O artigo contribui para preencher uma lacuna na literatura ao analisar o efeito simultâneo das motivações do comércio eletrónico dos indivíduos para atividades de lazer e socialização em um contexto de pandemia. Estes resultados têm implicações de gestão significativas para vários intervenientes que devem comunicar ao público específico sobre o tipo de eventos.

This article investigates the effect of the performance evaluation period on the long-term investment portfolio choice and the agency problem of outsourced investments. Though investors with the prospect utility are required to raise the portfolio weight on risky assets such as stocks for a long investment horizon, institutional investors and professional fund managers cannot help lowering the portfolio weight on risky assets to minimize the loss and to avoid disappointing clients with a short evaluation period. We find empirical evidence in the Korean capital market that stocks and bonds are indifferent to investors with the prospect utility for an evaluation period with 16 months and the optimal portfolio weight of stocks and bonds is 30% to 70%. Therefore there exists the agency problem between investors (principal) and managers (agent) due to frequent performance evaluations, which is able to explain current excessive investment in fixed income markets of most national pension funds. Our result implies that we need to consider extending the evaluation period of the investment performance to achieve the goal of asset and liability management (ALM) of national long-term funds in this low-interest-rate environment.

This chapter reflects upon the trajectory of research in the geography of tourism in Spain. It begins with a review, including the evolution of the main topics present in the subdiscipline, with a special focus on developments since the 1990s. This is followed by an analysis of the current role and potential impact of academic tourism geography and a discussion on the recent growth in the publication of research results in international journals. Of importance are the institutional factors that explain the increasing recognition of research on the geography of tourism in Spain. Finally, the chapter discusses the hegemony of positivist approaches pivoting on land use, local and regional development, impact analysis, and landscape transformation, as well as the emerging links between Spanish tourism geography and the international mainstream schools of thought.

To the best of the author's knowledge, this study, among the first of its kind, aims to offer a preliminary exploration of the “city walk” travel model in the context of China.

By conducting phenomenological research, it endeavors to comprehend the motivations driving individuals to engage in “city walk” activities through the lens of social psychology, specifically focusing on labeling theory.

The immersive “city walk” establishes a deeper connection with the urban environment. Participants attach greater significance to their travel experiences, seeking a profound understanding of the city and its way of life, thus pursuing the essence of tourism and leisure.

This study outlines potential opportunities and future prospects for the “city walk” concept within the cultural tourism industry.

本研究是在中国背景下首次对“城市漫步”旅游模式进行初步探讨的研究之一。

通过现象学研究, 试图从社会心理学的视角, 尤其是关注“标签理论”, 来理解驱使个体参与“城市漫步”活动的动机。

沉浸式的“城市漫步”建立了与城市环境更深层次的联系。参与者赋予他们的旅行经历更大的重要性, 寻求对城市及其生活方式的深刻理解, 从而追求旅游与休闲的本质。

本研究概述了在文化旅游行业应用“城市漫步”概念的潜在机会和未来前景。

Este estudio es uno de los primeros en ofrecer una exploración preliminar del modelo de viaje de “paseo urbano” en el contexto de China.

Mediante la realización de una investigación fenomenológica, se esfuerza por comprender las motivaciones que impulsan a las personas a participar en actividades de “paseo urbano” a través de la lente de la psicología social, centrándose específicamente en la teoría de etiquetado.

El “paseo urbano” inmersivo establece una conexión más profunda con el entorno urbano. Los participantes atribuyen una mayor importancia a sus experiencias de viaje, buscando una comprensión profunda de la ciudad y su estilo de vida, persiguiendo así la esencia del turismo y el ocio.

Este estudio esboza oportunidades potenciales y perspectivas futuras para el concepto de “paseo urbano” dentro de la industria del turismo cultural.