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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.

This study investigates the influence of theoretical determinants on the Korea sovereign CDS spreads from January 2007 to September 2009 based on structural credit risk model. For the analysis of determinants on the sovereign CDS spread, this study adopts interest swap rate as reference interest rate, and decomposes yields curve into two components, ie, interest level and slope. Considering multivariate regression in level and difference variables, Stock returns and Interest rates have a significant effect on the CDS spreads among the theoretical determinants of structural credit risk models. CDS spreads may behave quite differently during volatile regime compared with their behavior in tranquil regime. We therefore apply Markov switching model to investigate the possibility that the influence of theoretical determinants of CDS spread has a regime dependent behavior. In all regimes Korean sovereign CDS spreads are highly sensitive to stock market returns, whereas in tranquil regime interest rates also have influence on CDS spreads. We conclude that for the efficient hedging of CDS exposure trader should adjust equity hedge ratio to the relevant regime.

This paper investigates the price discovery, volatility spillover, and asymmetric volatility spillover effects between the KOSPI 200 market and its futures contracts market. The investigation was performed using the VECM-DCC-GARCH approach. In the case of returns, we found a significant unidirectional information flow from the futures market to the spot market; this implies that the KOSPI 200 futures market plays an important role on the price discovery in the spot market. In addition, we found a strong bi-directional casualty involving the volatility interaction between the spot and futures markets; this implies that market volatility originating in the spot market will influence the volatility of the futures market and vice versa. We also found strong asymmetric volatility spillover effects between the two markets.

Motivated by the news media and a lack of comprehensive research on the USA, the purpose of this paper is to examine the relationship between changes in road fatalities and gasoline prices, per capita disposable personal income, alcohol consumption per adult, blood alcohol concentration (BAC) limits and gender.

This study employs both static and dynamic panel data models, making use of annual data over the 2000–2013 period collected from the 50 states of the USA and the consistent system GMM estimators of the parameters, to estimate the impact of these variables on fatalities per 100,000 persons and per 100,000 vehicles.

The results highlight the importance of gasoline prices in determining the level of road fatalities, underscoring that a 10 percent decrease in gasoline prices leads to a 248 increase in the total number of road fatalities, but with many more injuries. Increases in the female-to-total driver ratio have a greater significant positive impact on road fatalities where a 10 percent increase in this ratio increases road fatalities by 1,008 deaths. Increases in registered vehicles per capita also increase the number of fatalities. Other variables such as alcohol consumption per adult and BAC limits are not as important. Policy implications are also provided.

The results of this study highlight the importance of gasoline prices in determining the number of road fatalities. This factor can be an effective policy measure by which policymakers can offset increases in fatalities due to further drastic declines in future gasoline prices. But the effects of the gasoline prices in determining the number of road fatalities are not as strong as the media would lead us to believe. The media ignores the impact of other factors on fatalities, which results in an overestimation of the impact of gasoline prices.

This study uses the panel data of 50 US states and the dynamic panel data model. In addition to gasoline price effects on the road fatalities, this study also considers other factors such as gender, gasoline taxes, per capita disposable personal income, per capita alcohol consumption, BAC limits and number of registered vehicles.

This study aims to examine the impact of self-efficacy and reciprocity in predicting the organizational citizenship behavior (OCB) of hospitality employees and the moderating role of cultural values in the hypothesized relationship.

The proposed model of this study has been tested on the basis of the responses from 432 full-time employees who work at hospitality fields in South Korea. This study has conducted frequency, reliability, confirmatory factor, correlation analyses and structural equation modeling (SEM).

The empirical results indicate not only that self-efficacy significantly influenced reciprocity, consideration, civic virtue and sportsmanship but also that reciprocity had positive influences on the same virtues as well as conscientiousness. The moderating role of cultural values has also been investigated resulting in significant differences in six of the nine cultural values measured (i.e. power distance, uncertainty avoidance, collectivism I and II, assertiveness and gender egalitarianism).

From a practical perspective, the findings of this study yield several strategies relevant to hospitality employee development and training. Especially, the management in hospitality organizations needs to look at multicultural management and leadership styles within their own particular context.

Findings of this study suggest that both self-efficacy and reciprocity are important determinants of OCBs, and indicate the fundamental embeddedness of employment relations within the wider cultural value setting in non-Western contexts.

Seeking to build a deeper understanding of a higher level of hospitality in terms of employee task performance, this study aimed to explore different person–environment (P–E) fit types and the corresponding effects on hotel employees’ emotions and task performance, evaluated by both the employees themselves and their supervisors.

Frequency analysis, reliability analysis, confirmatory factor analysis, correlation analysis and structural equation modeling method.

The results indicated that person–organization fit was associated with emotions toward the organization, the team and the job. However, this study did not provide empirical support for hypotheses that person-team fit affected emotions. Person–job fit was also associated with positive emotions toward the organization and the job, unlike with the team. Organization emotion had positive effects on both task performances, whereas no effect was reported between team emotion and task performances.

The study suggests that hotels’ human resource administrators may want to focus on developing and strengthening P–E fit and emotional responses.

This research illustrates the impact of three types of P–E fit on self-rated and supervisor-rated performance and examines the significant mediating role of three types of emotion.