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Informed traders may prefer the options market to the stock market for reasons including the leverage effect, transaction costs, restrictions on short sale. Many studies try to predict future returns of stocks using informed traders' behavior in the options market. In this study, we examine whether the trading volume ratios of single stock options have the predictive power for future returns of the underlying stock. By analyzing the stock price responses to the “preliminary announcement of performance” of 36 underlying stocks on the Korea Exchange from November 2014 to March 2021 and the trading volume of options written on those stocks, we investigate the relation between the option ratios, which are the call option volume to put option volume ratio (C/P ratio) and the option volume to stock volume ratio (O/S ratio), and the future returns of the underlying stock. We also examine which ratio is better in predicting the future returns. The authors found that both option ratios showed the statistically significant predictability about future returns of the underlying stock and that the return predictability of the O/S ratio is more robust than that of the C/P ratio. This study shows that indicators generated in the options market can be used to predict future underlying stock returns. Further, the findings of this study contributed to a dearth of literature pertaining to single stock options. The results suggest that the single stock options market is efficient and influences the price discovery in the stock market.

This paper explores how learning processes supported by intensive use of design can favour absorptive capacity in open innovation contexts characterised by the interaction of a high number of diverse stakeholders.

The paper combines the insights from theory with the empirical evidence gathered by adopting a case study approach.

Findings provide evidence about the role of design-based learning to facilitate intra- and inter-organisational knowledge flows and to sustain absorptive capacity through processes of recognition, internalisation and adoption.

The study integrates currently distinct research streams focussing on (1) design research, particularly on how design can support knowledge processes and specific learning processes and (2) open innovation, particularly regarding how to enhance absorptive capacity in those contexts in which a high number of diverse stakeholders interact.

This study can help companies, research institutions and other organisations leveraging open innovation to reflect on the potential of design-based learning processes and on how to deliberately facilitate such processes in their projects.

The original contribution provided by this study is to explore open innovation through some analytical categories elaborated in design research concerning materially grounded forms of design-based learning. In particular, the study investigates how design supports knowledge transfer, sharing, translation and creation.

This paper aims to describe a case study of the open and affordable educational resources (OAER) initiatives led by Penn State University Libraries (UL) and implemented at its many campuses which are designed to address the challenges students experience accessing and funding their course materials.

This case study will show how a broad administrative mandate for high-level OAER initiatives created the environment for Penn State (PSU) to evolve from individual pioneering units into coordinated university-wide initiatives. This shift, spearheaded by administration with strong UL involvement, allowed for customized and targeted initiatives at its many campuses. By using UL’s centralized, but geographically dispersed, structure, library faculty and staff have been supported in their efforts to expand OAER from the ground up to meet individual contexts and campus needs.

As a result of its many open and affordable initiatives, PSUL has been able to demonstrate both savings and increased access for students across PSU’s many campuses and World Campus. Broad administrative support has created an environment which enabled UL faculty and staff to lead various initiatives.

UL has long been a leader and partner in open and affordability initiatives at PSU because of its core mission of providing access. By sharing the processes and logistics of how a large research institution with many campuses of various sizes implemented a wide variety of library-driven open and affordability initiatives through a centralized but geographically dispersed structure, academic libraries will be able to replicate similar initiatives in their unique contexts.

This paper aims to review recent developments and projects of academic interlibrary loan and document supply in France – particularly the Science, Technology and Medicine sector.

The paper is based on a literature survey, conferences and interviews.

Recent laws and court decisions in France tend to strengthen the position of publishers; but a new shift to more realism and to mutual agreements can also be observed. The institutional landscape is undergoing a profound transformation towards (probably) greater coherence between research entities, resource‐sharing projects and task sharing. Academic interlibrary loan and document supply activity has decreased steadily since 1997, with an annual average downward trend of 8 per cent to 10 per cent. To survive as a document supplier, INIST has reinforced its position as a “one‐stop shop”, steadily moving from a library to a broker strategy; in 2010, INIST launched a new platform called Refdoc. Open archives have undergone significant development but are not integrated into traditional interlending and document supply services and as yet do not offer a real alternative.

The paper presents the results of a five‐year follow‐up study. It is the only synthetic overview of the specific scientific and technical information market sector in France.

This study aims to understand the impacts of Covid-19 on the progression of digitalization of banks in an emerging market. For this purpose, business model canvas (BMC) is used as a theoretical framework to explore these effects on each business elements of Turkish Banks’ business strategies.

Data are collected through structured interviews with the top managers of seven diversified banks. Interview questions are designed based on BMC.

The results show that the onset of the Covid-19 is a shock that has made digitalization a strategic issue that necessitates an urgent change in many business elements of banks such as customer relationships, communication channels, resource allocation, partnerships and financing. Further, it has stimulated redefining value proposition and collaboration/interaction among all financial institutions through digital platforms.

BMC can be used to explain decision-making and business processes of banks for exploring the effect of recent and/or unexpected developments in the business environment of an emerging economy. The results provide insights and recommendations to managers of financial institutions into the impacts of Covid-19 on banks’ operational and strategic processes. That allows financial institutions, including Fintechs, to use this information for taking precautions and proactive actions against shocks.

This study is an initial attempt to explore the impacts of the Covid-19 on banks in an emerging economy by using BMC. With that, this study contributes to the literature by explaining the effect of progression of digitalization in banking from a strategic business model perspective using a qualitative research method.

The purpose of this paper is to provide an exploratory look at facilities and estates management help desks in four different case study organisations.

A case study methodology was adopted, with semi‐structured interviews and observations as the principal methods to collect data.

The findings suggest that the key factors for the success of a facilities management (FM) help desk include mapping out all customer requirements, recruiting the correct operating staff, ensuring an appropriate working environment and client communication once the help desk is operational.

At the time of the study there had been relatively little research completed focusing specifically on FM help desks. The paper will be of value to facilities and property managers who are considering implementing a help desk service.

This paper aims to explore and demonstrate how the meme of aspiration can help guide human cultures through an epochal transformation triggered by a global megacrisis and leading to sustainable maturation of human cultures.

Aspirational futures process, intuition-based visioning and “Type II” thinking that has high credibility for knowledgeable experts but low credibility to most others.

Megacrisis is a Type II wild card needing anticipatory mitigation via strategies such as are suggested. While descent paths may be a suitable meme for technical professionals, ascent paths to higher levels of civilizational maturity are a better guiding image for the public. Aspirational methods whose core involves intuition-based creativity, wisdom and co-creative emergence are a vital complement to rational/analytic futures methods, especially in times of epochal change and uncertainty when a new “regime” of guiding world views, institutional processes and innovative technologies may emerge.

Results represent a high degree of uncertainly as well as “fringe” thinking needing to be more widely considered.

Strategic suggestions based on Type II thinking are a unique category for “leading edge” funding and application.

The Type II perspective offered here is unique and offers a promising approach for transformative megacrisis mitigation.

Within digital innovation, there are two significant consequences of the pervasiveness of digital technology: (1) the increasing connectivity is enabling a wider reach and scope of innovation structures, such as innovation networks and (2) the unprecedented availability of digital data is creating new opportunities for innovation. Accordingly, there is a growing domain for studying data-driven innovation (DDI), especially in contemporary contexts of innovation networks. The purpose of this study is to explore how DDI processes take form in a specific type of innovation networks, namely federated networks.

A multiple case study design is applied in this paper. We draw our analysis from data collected over six months from four cases of DDI. The within-analysis is aimed at constructing the DDI process instance in each case, while the crosscase analysis focuses on pattern matching and cross-case synthesis of common and unique characteristics in the constructed processes.

Evidence from the crosscase analysis suggests that the widely accepted four-phase digital innovation process (including discovery, development, diffusion and post-diffusion) does not account for the explorative nature of data analytics and DDI. We propose an extended process comprising an explicit exploration phase before development, where refinement of the innovation concept and exploring social relationships are essential. Our analysis also suggests two modes of DDI: (1) asynchronous, i.e. data acquired before development and (2) synchronous, i.e. data acquired after (or during) development. We discuss the implications of these modes on the DDI process and the participants in the innovation network.

The paper proposes an extended version of the digital innovation process that is more specifically suited for DDI. We also provide an early explanation to the variation in DDI process complexities by highlighting the different modes of DDI processes. To the best of our knowledge, this is the first empirical investigation of DDI following the process from early stages of discovery till postdiffusion.

The purpose of this paper is to evaluate investor behaviour related to the timing of selling financial assets based on an intuitive evaluation of the current market trend and growth expectation.

The experiment involved 1,052 volunteer participants who made decisions about stock sales in an environment that simulated a home broker platform to negotiate stocks. Zero-inflated regression models were used.

The results show that investors’ attitudes, or beliefs, determine whether they will buy or keep risky assets in their investment portfolios; they may decide to sell such assets, even though market shows an upward trend. Such results make a new contribution to behavioural finance within the context of prospect theory and the disposition effect.

The originality of this paper lies in the use of new and innovative techniques (zero-inflated Poisson and negative binomial regression models) applied to real data obtained experimentally.

Este artigo estuda o comportamento de investidores relacionado ao momento da venda de ativos financeiros com base em uma avaliação intuitiva da tendência atual do mercado e da expectativa de crescimento.

Nosso experimento envolveu 1,052 participantes voluntários que tomaram decisões sobre a venda de ações em um ambiente que simulava uma plataforma de corretagem para negociação. Foram utilizados modelos de regressão inflacionados de zeros.

Os resultados mostram que as atitudes ou crenças dos investidores determinam se eles comprarão ou manterão ativos de risco em suas carteiras de investimento; eles podem decidir vender esses ativos, mesmo que o mercado mostre uma tendência ascendente. Tais resultados constituem uma nova contribuição para o campo das finanças comportamentais, dentro do contexto da teoria do prospecto e do efeito disposição.

A originalidade deste artigo reside no uso de técnicas novas e inovadoras (modelos de regressão Poisson e binomial negativo inflacionados de zeros) aplicadas a dados reais obtidos experimentalmente.

The purpose of this paper is to report on an action research project with two emergent micro-businesses that explored how their business model connected with the principles of open source.

The authors first gained initial qualitative data to establish the core values of each micro-business, which the authors then explored in the context of open source and business models in two design workshops with each organisation.

The authors developed the open source guild business model, which has the elements of: building a focal micro-business with resources secured through the guild, promoting learning and development through apprenticeship, promoting shared values through a commons of experience and capturing value by protecting key intellectual property.

This research was undertaken with two emergent micro-businesses in the North West of England. Further research will be needed to establish the wider applicability of the open source guild model.

The open source guild model can be a mechanism for an emergent micro-business to create a community around their values and grow their business without conventional external investment of resources.

This research contributes to the literature on business models based on open source and how these models can be sustainable in terms of the quadruple bottom line, which extends the triple bottom line to include personal values and meaning.