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As of March 2021, the National Pension Service (NPS) is the world’s 3rd largest pension fund with 872.5tn won (KRW) in management. Recently, the NPS proposed a policy to gradually reduce the proportion of domestic stocks in the portfolio in the future. This change in the asset allocation strategy is related to the NPS’s exit strategy for domestic stocks. This study aims to examine the market impact cost asymmetry between buys and sells of the NPS and suggest a trading strategy for mitigating the market impact cost. The results are as follows. First, there is an asymmetry between buys and sells in the market impact cost of the NPS. The market impact cost of the NPS is gradually increasing over time. In particular, the market impact cost from selling has increased significantly in recent years. Second, past returns, volatility, liquidity and trading intensity can be found as external factors affecting the asymmetric market impact cost of the NPS. Although there is no difference between the buying and selling ratios of the NPS, the market impact cost from sells is relatively higher than that from buys. Third, after controlling for the order execution size of the NPS, the longer the trade execution period, the lower the market impact cost. This result implies that the strategy of splitting orders as a way to reduce the market impact cost is effective. The trading behavior of the NPS directly or indirectly affects other investors. If the sell of the NPS incurs excessive market impact cost, the negative impact on the stock price will be further exacerbated. Therefore, it is necessary for the NPS to reduce the market impact cost through split trading in executing orders in the domestic stock market. Findings of this study provide implications for countermeasures and long-term management strategies that can minimize the market impact cost of the NPS in the process of reducing the proportion of domestic stocks in the future.

The purpose of this study is to review and synthesize the literature on in-app advertising, identify gaps and propose future research directions.

The authors use a systematic literature review (SLR) approach, following the PRISMA guidelines, to investigate the current state of research in in-app advertising. The study uses 44 shortlisted articles from the Scopus and Web of Science databases. Using the Theory-Context-Characteristics-Methodology (TCCM) framework, the authors analyze the gaps in theory, context, characteristics and methods.

Using thematic analysis, the authors identify five main themes in the in-app advertising literature, namely, ad platform optimization; mobile app user psychology and behavior; ad effectiveness; ad fraud; and security, privacy and other user concerns. The findings show the need for empirical research, with a strong theoretical foundation in emerging ad formats of in-app advertising, user behavior and buy-side of in-app advertising.

This is a maiden study to conduct a domain-based SLR in the emerging field of in-app advertising using the TCCM framework. The authors highlight the key differences between in-app advertising and mobile web advertising. The authors propose theories in the advertising field that could be used in future empirical studies of in-app advertising.

El propósito de esta investigación es revisar y sintetizar la literatura sobre la publicidad en Apps, identificar lagunas y proponer futuras direcciones de investigación.

Utilizamos un enfoque de revisión sistemática de la literatura, siguiendo las directrices PRISMA, para investigar el estado actual de la investigación en publicidad en aplicaciones. El estudio utiliza 44 artículos preseleccionados de las bases de datos Scopus y Web of Science (WoS). Utilizando el marco Teoría-Contexto-Características-Metodología (TCCM), analizamos las lagunas en teoría, contexto, características y métodos.

Mediante un análisis temático, identificamos cinco temas principales en la literatura sobre publicidad en aplicaciones, a saber: optimización de plataformas publicitarias; psicología y comportamiento de los usuarios de aplicaciones móviles; eficacia publicitaria; fraude publicitario; seguridad, privacidad y otras preocupaciones de los usuarios. Nuestros hallazgos muestran la necesidad de investigación empírica, con una sólida base teórica en los formatos publicitarios emergentes de la publicidad en Apps, el comportamiento del usuario y el buy-side de la publicidad en Apps.

Se trata de un estudio pionero para realizar una revisión sistemática de la literatura basada en el dominio en el campo emergente de la publicidad en Apps utilizando el marco TCCM. Destacamos las principales diferencias entre la publicidad en aplicaciones y la publicidad en la web para móviles. Proponemos teorías en el campo de la publicidad que podrían utilizarse en futuros estudios empíricos sobre la publicidad en Apps.

本研究旨在回顾和总结有关应用内广告的文献, 找出差距并提出未来的研究方向。

我们采用系统性文献综述方法, 遵循 PRISMA 指南, 调查应用内广告的研究现状。研究使用了 Scopus 和 Web of Science (WoS) 数据库中的 44 篇入围文章。利用理论-背景-特征-方法（TCCM）框架, 我们分析了理论、背景、特征和方法方面的差距。

通过主题分析, 我们确定了应用内广告文献的五大主题, 即广告平台优化; 移动应用用户心理和行为; 广告效果; 广告欺诈; 安全、隐私和其他用户关注点。我们的研究结果表明, 有必要在应用内广告的新兴广告形式、用户行为和应用内广告买方等方面开展实证研究, 并奠定坚实的理论基础。

这是一项首次使用 TCCM 框架对新兴的应用内广告领域进行基于领域的系统性文献综述的研究。我们强调了应用内广告与移动网络广告的主要区别。我们提出了广告领域的理论, 可用于未来的应用内广告实证研究。

The purpose of this multi-voiced paper is to propose a prosocial paradigm for the field of performance management and management control systems. This new paradigm suggests cultivating prosocial behaviour and prosocial groups in organizations to simultaneously achieve the objectives of economic performance and sustainability.

The authors share a common concern about the future of humanity and nature. The authors challenge the influential assumption of economic man from neoclassical economic theory and build on evolutionary science and the core design principles of prosocial groups to develop a prosocial paradigm.

Findings are based on the premise of the prosocial paradigm that self-interested behaviour may outperform prosocial behaviour within a group but that prosocial groups outperform groups dominated by self-interest. The authors explore various dimensions of performance management from the prosocial perspective in the private and public sectors.

The authors call for theoretical, conceptual and empirical research that explores the prosocial paradigm. They invite any approach, including positivist, interpretive and critical research, as well as those using qualitative, quantitative and interventionist methods.

This paper offers implications from the prosocial paradigm for practitioners, particularly for executives and managers, policymakers and educators.

Adoption of the prosocial paradigm in research and practice shapes what the authors call the prosocial market economy. This is an aspired cultural evolution that functions with market competition yet systematically strengthens prosociality as a cultural norm in organizations, markets and society at large.

This study aims to facilitate consistency of information in building information modelling (BIM) and address the current BIM gaps through the perspectives of the productization concept and product structure (PS).

The study follows a conceptual research approach in conjunction with a single case study. First, the previous studies on BIM implementation, productization and PS are reviewed. Further, a case study is used to analyse the current state of productization in the construction sector and develop a functional PS for construction.

A Part-Phase-Elements Matrix is proposed as a construction-specific PS to facilitate consistency in information and to enhance BIM. The proposed matrix provides new avenues to facilitate consistent information exchange through the interconnection between conceptual PS and standard building objects library, and encourage collaborative communication between stakeholders.

This study explores the core of the productization concept and PS as means to facilitate consistency of information and thus address the current gaps in BIM. This as building projects progressively move towards systematic modular and prefabricated construction where the flow of reliable information about product and construction offerings becomes increasingly important.

The purpose of this study is to provide an in-depth understanding of the B2B customers’ perspective regarding salespeople’s social media use.

The study adopts a qualitative approach based on semi-structured interviews with 26 key informants performing their job in customer role in various industries.

The authors inductively identify five themes regarding the B2B customers’ perspective of social media use in B2B selling. These themes allow for valuable implications for social selling activities and expected outcomes.

Against a growing body of literature on drivers, best practices and outcomes of social media use by B2B salespeople, less attention has been paid to the customer’s side. The authors extend current research by providing a more complete picture of social selling activities and expected outcomes.

This research examines stock traders' disposition effects and contrarian/momentum behavior in the Taiwan Stock Exchange (TWSE). Specifically, we first investigate disposition effects across all trader types and then examine the relationships between disposition effects, trader types, and order characteristics. Next, we explore contrarian and/or momentum behavior and analyze the relationships among the contrarian/momentum behavior, investor type, and order characteristics. Finally, the links among trader types, order characteristics, and investment performance are detected. This chapter yields the following findings. (1) Individual investors exhibit the strongest disposition effects compared to other investors. (2) Foreign investors, investment trusts, and individual investors tend to use large orders to sell loser stocks. (3) Investment trusts are inclined to be momentum traders, while individual investors tend to perform contrarian strategies. (4) Institutional aggressive and large orders perform better than individuals' orders. (5) The performance of foreign investors' selling decisions is better than that of retail investors.

The paper aims to investigate differences in non-professional and professional stock investors’ trust in and tendency to follow financial analysts’ buy and sell recommendations.

Online experiment conducted in Sweden in March 2022 comparing non-professional private investors (n = 80), professional investors (n = 33), and master students in finance (n = 28). Information was presented about four company stocks listed on the New York stock exchange. Two stocks were buy-recommended and two stocks sell-recommended by financial analysts. For one stock of each type, the recommendation was presented to participants. Dependent variables were predictions of the stock price after three months, ratings of confidence in the predictions and choices of holding, buying or selling the stock. Ratings were also made of the importance of presented stock-related information as well as trust in analysts’ skill and integrity.

More positive return predictions were made of buy-recommended than sell-recommended stocks. Non-professionals and to some degree finance students tended to trust financial analysts more than professional investors did and they were more influenced by the presentation of the buy recommendations. All groups made too optimistic return predictions, but the professionals were less confident in their predictions, more likely to sell the stocks and lost less on their investments.

A new finding is that non-professional stock investors are more likely than professional stock investors to trust financial analysts and follow their recommendations. It suggests that financial analysts’ recommendations influence non-professional investors to take unmotivated investment risks. Non-professionals in the stock market should hence be advised to exercise more caution in following analysts’ recommendations.

The purpose of this paper is to present an overview of the flash crash, and explain why and how it happened.

The author summarizes several studies suggesting various perspectives on the flash crash and its causes. Furthermore, the author highlights recently proposed and introduced improvements and regulations to reduce the risk of having similar market collapses in the future.

It is an overview paper that highlights the state of the art on the subject.

Paper does not report any research findings of the author.

High-frequency trading (HFT) along with its pros and cons is the new normal for most of the current electronic trading activity in the markets. It is well recognized by the experts that HFT may have its important shortcomings whenever the rules and regulations are not up to date to match the technological progress offering faster computational and execution capabilities.

HFT has created a societal discussion about its benefits and potential deficiencies as the common practice for trading due to potentially unequal access to market data by various categories of participants. Such arguments help the regulators to develop improvements to reduce the market risk and nurture more robust and fair markets for all.

The paper has a tutorial value and summarizes the current state of HFT. The readers of more interest are guided to the most relevant literature for further reading.

The aim of this paper is to identify ways and motives of application of e-commerce in the foreign expansion of small and medium enterprises (SMEs) fashion brands.

A multiple case study was used as the research method. Data were obtained from primarily in-depth interviews with managers of four Polish SMEs –fashion brands owners, whose products are sold in the foreign markets using e-commerce, and secondary sources.

Through this study the authors identified both strategic-proactive and market-reactive motives of e-commerce applications in SMEs’ fashion brands in the internet-enabled foreign expansion and three different models of usage of e-commerce in the foreign expansion of SMEs.

The research was based on the multiple case study of only Polish SMEs in the fashion industry. The conclusions of this study can be applied by fashion companies in their internet-based foreign expansion.

This study contributes to the existing body of literature on the internationalization process of SMEs, and particularly on the application of cross-border e-commerce in the foreign internet-enabled expansion of fashion SMEs by identifying three various models of applying e-commerce, in the internet-enabled foreign expansion and their both proactive and reactive motives.