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This paper aims to replicate 148 anomalies and to examine whether the performance of the Korean market anomalies is statistically and economically significant. First, the authors observe that only 37.8% anomalies in the universe of the KOSPI and the KOSDAQ and value-weighted portfolios have t-statistics that exceed 1.96. When the authors impose a higher threshold (an absolute value of t-statistics of 2.78), only 27.7% of the 148 anomalies survive. Second, microcaps have large impacts. The results vary significantly depending on whether the sample included stocks in the KOSDAQ and whether value-weighted or equal-weighted portfolios are used. The results suggest that data mining explains large portion of abnormal returns. Any tactical asset allocation strategies based on market anomalies should be applied very cautiously.

This paper aims to explore how and why salespeople enhance or hinder long-term business-to-business (B2B) customer relationships at the interpersonal level by considering self-disclosure and relational cost and reward evaluations.

Data from interviews (N = 47) with B2B sales professionals were analyzed, focusing on the shift of the phases in long-term B2B customer relationships.

Long-term B2B customer relationships evolve at the interpersonal level through a process of continuous relational cost and reward evaluation, self-disclosure and business disclosure in three phases: becoming business partners, collaborative partners and collaborative and personal partners. The reward evaluations progress from being business related to including even more relational benefits. Disclosure progresses through general business disclosure and general self-disclosure; strategic business disclosure and personal life self-disclosure; and synergistic business disclosure and private self-disclosure.

The long-term B2B customer relationships could be studied at the interpersonal level from the customer’s perspective. Self-disclosure could be studied in cross-cultural settings as well as gender differences should be considered in future studies. Business and social penetration theory could be applied to investigate different types of relationships and other professional relationships, such as those between employers and employees. It would be important to test whether the business-related and self-disclosure subtypes apply to the development of other types of professional relationships or whether other disclosure subtypes exist. The authors recommend exploring salespeople’s and customers’ privacy management strategies in multiple communication channels.

Managers may apply the results of this study in their customer relationship management and sales training.

The findings outline a contextual extension of social penetration theory.