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This study aims to examine the effect of social influence, environmental concerns and altruism on consumer purchase intention of eco-fashion (PIEF). In addition, this study, exploring the essential behavioral outcomes influenced in marketing, seeks to deepen the existing insight in this area.

To obtain the required data, the authors surveyed a group of people with previous experience in the purchase of eco-friendly apparel. The research hypotheses were tested using the structural equation modeling technique.

According to the results, social influence had the most significant impact on PIEF. Also, environmental concerns and altruism had a significant effect on PIEF. The results further indicated that eco-fashion purchase intention, in turn, influenced consumer willingness to engage in eWOM and pay a price premium.

The results of the present study guide marketing practitioners for the segmentation of target consumers, as the information on consumers’ natural needs and desires in a socio-cultural context is of significant use to fashion managers to understand their customers deeply. This information also helps them discover better ways of designing their marketing campaigns.

This paper contributes to research by advancing an understanding of how consumers make eco-fashion consumption decisions in purchasing apparel and provides businesses with managerial insights into devising marketing strategies to promote eco-fashion consumption, which facilitates fashion companies’ development of a sustainable fashion supply chain.

Este estudio examina el efecto de los factores influencia social, preocupación medioambiental y altruismo en la intención de compra de moda ecológica (PIEF) por parte de los consumidores. Además, este estudio, que explora los importantes resultados conductuales influenciados en el área del marketing, pretende profundizar en los conocimientos existentes en esta área.

Se encuesto a un grupo de personas con experiencia previa en la compra de ropa ecológica. Las hipótesis de la investigación se contrastaron con SEM.

La influencia social fue la que más influyó en el PIEF. Asimismo, la preocupación por el medio ambiente y el altruismo tuvieron un efecto significativo en el PIEF. Los resultados indicaron además que la intención de compra de moda ecológica, a su vez, influía en la disposición del consumidor a participar en el eWOM y a pagar un sobreprecio.

Los resultados del presente estudio orientan a los profesionales del marketing en la segmentación de los consumidores objetivo, ya que la información sobre las necesidades y deseos naturales de los consumidores en un contexto sociocultural es de gran utilidad para que los gestores de la moda conozcan en profundidad a sus clientes. Esta información también les ayuda a descubrir mejores formas de diseñar sus campañas de marketing.

El artículo contribuye a la investigación al avanzar en la comprensión de cómo los consumidores toman decisiones de consumo de moda ecológica en la compra de prendas de vestir y proporciona a las empresas ideas de gestión para diseñar estrategias de marketing que promuevan el consumo de moda ecológica, lo que facilita a las empresas de moda el desarrollo de una cadena de suministro de moda sostenible.

环境关注和利他主义等因素对消费者购买环保时装意向（PIEF）的影响。此外, 这项研究探讨了在营销领域有影响的重要行为结果, 试图深化这一领域的现有见解。

我们调查了一组有购买生态友好服装经验的人使用结构方程模型（SEM）方法对研究假设进行了检验。

社会影响对PIEF的影响最大。此外, 对环境的关注和利他主义对PIEF也有重大影响。结果进一步表明, 环保时装的购买意向反向影响了消费者参与eWOM和支付价格溢价的意愿。

且结果只限于环保时装消费。

本研究的结果为营销从业者提供了关于细分目标消费群体的指导。消费者在特定社会文化背景下的自然需求和欲望等信息对于时尚经理人深入了解他们的顾客来说有重要作用, 而这些信息也有助于他们探索更好地设计营销活动的方法。

为企业提供了设计促进环保时装消费的营销策略的管理建议。这促进了时尚公司发展可持续时尚供应链, 为该领域研究做出了贡献。

This study empirically documents the effect of ambiguity on stock returns in a major emerging market along with the ambiguity attitudes under various market conditions.

Ambiguity is measured as the volatility of return probability distributions extracted from high frequency intraday data via a method developed by Brenner and Izhakian (2018). The impact of ambiguity is then tested on stock market returns.

The results show that ambiguity is a priced factor in Turkish stock market with a positive premium that is distinct from risk premium. In contrast with the findings in the US market, the investors in Turkey show an increasing level of ambiguity aversion as expected probability of favorable returns deviate from the mean value. The investors are effectively ambiguity neutral in lateral markets. The results are robust to testing with higher moments, sentiment measures and under recession conditions.

This study contributes to empirically documenting ambiguity and ambiguity aversion in a major emerging market along with the opportunity to observe international differences in ambiguity attitudes.

The purpose of this study is to examine the transmission of volatility between business confidence index and stock market indices in Greece. The country remains the riskiest project in European Union (EU) and previous studies fail to reach an accurate conclusion regarding the direction of this transmission.

The study covers the period from January 2013 to August 2022 in monthly basis where important economic events occur. Considering that these economic events derive strong volatility moments, the authors adopt a new methodology that measures the transmission of volatility with higher precision. This is the generalized spillover analysis by Diebold and Yilmaz (2009, 2012).

The results indicate that Business Confidence Index (BCI) is the main receiver of volatility spillovers in Greece under all aspects of the used methodology. The specificity of the results shows that business activity through a green growth model is what drives investor confidence and then their activities.

Although a handful of studies have considered the transmission of volatility between BCI and stock market indices, this study contributes in several ways. This study focuses on one country (Greece), avoiding the dispersion of the results from the examination of the relationship in several countries. The used country remains the riskiest project in EU even nowadays, while other studies fail to confirm the main direction of volatility spillovers from business confidence to stock returns. This study covers a period that is ignored by previous studies and includes important economic events. In addition, considering that these economic events derive strong volatility moments, a new methodology is adopted in this field of research that measures the transmission of volatility with higher accuracy.

The purpose of this study is to analyse and compile the literature on various option pricing models (OPM) or methodologies. The report highlights the gaps in the existing literature review and builds recommendations for potential scholars interested in the subject area.

In this study, the researchers used a systematic literature review procedure to collect data from Scopus. Bibliometric and structured network analyses were used to examine the bibliometric properties of 864 research documents.

As per the findings of the study, publication in the field has been increasing at a rate of 6% on average. This study also includes a list of the most influential and productive researchers, frequently used keywords and primary publications in this subject area. In particular, Thematic map and Sankey’s diagram for conceptual structure and for intellectual structure co-citation analysis and bibliographic coupling were used.

Based on the conclusion presented in this paper, there are several potential implications for research, practice and society.

This study provides useful insights for future research in the area of OPM in financial derivatives. Researchers can focus on impactful authors, significant work and productive countries and identify potential collaborators. The study also highlights the commonly used OPMs and emerging themes like machine learning and deep neural network models, which can inform practitioners about new developments in the field and guide the development of new models to address existing limitations.

The accurate pricing of financial derivatives has significant implications for society, as it can impact the stability of financial markets and the wider economy. The findings of this study, which identify the most commonly used OPMs and emerging themes, can help improve the accuracy of pricing and risk management in the financial derivatives sector, which can ultimately benefit society as a whole.

It is possibly the initial effort to consolidate the literature on calibration on option price by evaluating and analysing alternative OPM applied by researchers to guide future research in the right direction.

This study aims to advance knowledge on the direct impact of the investor’s protection level on the stock market volatility, that is, whether investor’s protection is an important stock market volatility determinant.

A panel data was estimated using a sample of 48 countries, from 2006 to 2018, totalizing 31,808 observations. To measure stock market volatility and the investor protection level, a generalized autoregressive conditional heteroskedasticity model and the World Bank Doing Business investor protection index were used, respectively.

The results evidence that the protection of investors’ rights reduces the stock market volatility. This result indicates that a high level of investor protection, which is the result of a better quality of laws and policies in place that protect investor’s rights, promotes the country as a “safe haven.”

The relationship that the authors intend to analyze becomes important, given that investor protection will give outsiders guarantees on the materialization of their investments. This study contributes important knowledge for investors and for the establishment of government policies as a way of attracting investment.

Although there have been a few studies addressing this relationship, to the knowledge, none of them directly analyses the influence of investor protection on the stock market volatility.

This paper aims to investigate the key characteristics of parent brands and the relationships among customer perceived value (a second-order construct containing financial, functional, individual and social attributes), parent brand loyalty and the willingness to pay for a premium extended brand. Moreover, the moderating effect of self–brand integration on the influences in the model is examined.

Data were collected in two countries, the USA (n = 535) and China (n = 511), through an online survey. Structural equation modeling and a multi-group analysis were used to analyze the data.

The results show that perceived quality and premium brand authenticity are two important predictors of perceived value. The relationships among perceived value, parent brand loyalty and willingness to pay for an extended premium brand were significantly supported. In addition, self–brand integration was found to moderate the relationship between perceived value and loyalty to the parent brand.

Wine marketers and managers can use recommendations to establish effective brand extension strategies to help the industry know what essential characteristics of a parent brand to focus on and maintain sustainable development through the customer–extended brand relationship.

Previous researchers have discussed wine consumption behaviors or branding strategies. By limiting combining two theories (flow theory and the theory of planned behavior), this paper proposes a chain of behaviors to optimize customer experience to develop a brand extension strategy based on key characteristics of the parent brand.

A stylized fact in finance literature is the belief in positive relationship between ex ante return and risk. Hence, a rational investor, by utility preference axiom can only consider committing fund in asset which promises commensurate higher return for higher risk. Questions have been asked as to whether this holds true across securities, sectors and markets. Empirical evidence appears less convincing, especially in developing markets. Accordingly, the author investigates the nature of reward for taking risk in the Nigerian Capital Market within the context of individual assets and markets.

The author employed ex post design to collect weekly stock prices of firms listed on the Premium Board of Nigerian Stock Exchange for period 2014–2022 to attempt to answer research questions. Data were analyzed using a unique M Vec TGarch-in-Mean model considered to be robust in handling many assets, and hence portfolio management.

The study found that idea of risk-expected return trade-off is perhaps more general than as depicted by traditional finance literature. The regression revealed that conditional variance and covariance risks reveal minimal or no differences in sign and sizes of coefficients. However, standard errors were also found to be large suggesting somewhat inconclusive evidence of existence of defined incentive structure for taking additional risk in the market.

In terms of choice of methodology and outcomes, this research adds substantial value to body of knowledge. The adapted multivariate model used in this paper is a rare approach especially for management of portfolios in developing markets. Remarkably, the research found empirical evidence that positive risk-expected return trade-off, as known in mainstream literature, is not supported especially using a typical developing country data.

This study examines the relationship between environmental building certification Building Research Establishment Environmental Assessment Method (BREEAM-NL) and office rents in the Dutch office market.

A hedonic price model was used to assess the impact of BREEAM certification on office rents. The study is based on 4,355 rent transactions in the period 2015 to mid-2022, in which 331 transactions took place in certified office buildings and 4,024 transactions in non-certified office buildings.

The results provide empirical evidence on quantitative economic benefits of BREEAM-certified offices in the Netherlands. After controlling for all important office rent determinants, the results show a rental premium for certified office buildings of 10.3% on average. The green premiums highly differ across submarkets and vary between 5.1 and 12.6% in the five largest Dutch cities. Additionally, the results show significant positive correlation between BREEAM-NL label score and rents, whereby better performing buildings generally command higher rents.

The study contributes to the current literature on green building economics by providing, as one of the first, empirical evidence on the existence of financial benefits for BREEAM-certified office buildings in the Dutch office market.

The purpose of this paper is to narrow the research gap by examining the relationship between new ecological paradigm (NEP), consideration of future consequences (CFC), the intention to buy and the intention to pay a premium in the context of electric car (EC) purchase in India.

This study used a structured questionnaire to measure the variables of the research. The study successfully obtained useable data from a sample of 491 consumers residing in India. The analysis of the variables and their relationships was done using structural equation modelling using SMARTPLS4 software.

The relationship between the values of NEP and CFC was observed in the context of electric cars that has a significant impact on the intention to buy and pay a premium. It also highlights the role of CFC future and CFC immediate on the intention to buy and between NEP and the intention to pay a premium.

The study only covers electric cars, and therefore further testing of these relationships is required in the context of other forms of environmentally friendly transportation. The results are generalizable across the potential consumers of EC but are even more pertinent to higher-income millennial consumers.

Potential buyers of electric cars, having a positive orientation towards the environment and also consideration for future consequence, were observed to have a stronger intention to buy EC. The study finds a way in increasing the intention to buy an EC by catalyzing environmental concern of consumers through CFC future.

This is the first study that has examined the NEP-CFC relationship, and provides evidence that the intention to buy an electric car is not only NEP (environmental concern)-dependent but also considers CFC's future orientation. This study adds the CFC aspect as another important variable regarding the purchase of EC, and proves that environmental concern is not the only moderating factor to buy an EC.

The authors consider the mutual benefits of the ceding company and reinsurance company in the design of reinsurance contracts. Two objective functions to maximize social expected utilities are established, which are to maximize the sum of the expected utilities of both the ceding company and reinsurance company, and to maximize their products. The first objective function, additive, emphasizes the total gains of both parties, while the second, multiplicative, accounts for the degree of substitution of gains of one party through the loss of the other party. The optimal price and retention of reinsurance are found by a grid search method, and numerical analysis is conducted. The results indicate that the optimal solutions for two objective functions are quite different. However, optimal solutions are sensitive to the change of the means and volatilities of the claim loss for both objective functions. The results are potentially valuable to insurance regulators and government entities acting as reinsurers of last resort.

In this paper, the authors apply relatively simple, but in the view significant, methods and models to discuss the optimization of excess loss reinsurance strategy. The authors only consider the influence of loss distribution on optimal retention and reinsurance price but neglect the investment factor. The authors also consider the benefits of both ceding company and reinsurance company to determine optimal premium and retention of reinsurance jointly based on maximizing social utility: the sum (or the product) of expected utilities of reinsurance company and ceding company. The authors solve for optimal solutions numerically, applying simulation.

This paper establishes two optimization models of excess-of-loss reinsurance contract against catastrophic losses to determine optimal premium and retention. One model considers the sum of the expected utilities of a ceding company and a reinsurance company's expected utility; another considers the product of them. With an example, the authors find the optimal solutions of premium and retention of excess loss reinsurance. Finally, the authors carry out the sensitivity analysis. The results show that increasing the means and the volatilities of claim loss will increase the optimal retention and premium. For objective function I, increasing the coefficients of risk aversion of or reducing the coefficients of risk aversion of will make the optimal retention reduced but the optimal premium increased, and vice versa. However, for objective function 2, the change of coefficient of risk aversion has no effect on optimal solutions.

Utility of the two partners: The ceding company and the reinsurance company, may have different weights and different significance. The authors have not studied their relative significance. The simulation approach in numerical methods limits us to the probability distributions and stochastic processes the authors use, based on, generally speaking, lognormal models of rates of return. This may need to be generalized to other returns, including possible models of shocks through jump processes.

In the recent two decades, reinsurance companies have played a great role in hedging mega-catastrophic losses. For example, reinsurance companies (and special loss sharing arrangements) paid as much as two-thirds of the insured losses for the September 11, 2001 tragedy. Furthermore, large catastrophic events have increased the role of governments and regulators as reinsurers of last resort. The authors hope that the authors provide guidance for possible balancing of the needs of two counterparties to reinsurance contracts.

Nearly all governments around the world are engaged in regulation of insurance and reinsurance, and some are reinsurers themselves. The authors provide guidance for them in these activities.

The authors believe this paper to be a completely new and original contribution in the area, by providing models for balancing the utility to the ceding insurance company and the reinsurance company.

我們探討分出公司和再保險公司在再保險合約的設計上、如何能達至互利互惠。研究確立了兩個目標函數，分別為把分出公司和再保險公司兩者之預期效用的總和最大化，以及把它們的產品最佳化。第一個目標函數是加法的，強調兩個參與方的總增益;而第二個目標函數則是乘法的，這個目標函數，闡釋參與方因另一方虧損而有所收益之取代度。再保險的最佳價格和自留額是利用網格搜索法找出的，數值分析也予以進行。研究結果顯示，兩個目標函數的最佳解決方案甚為不同。唯最佳解決方案會對就這兩個目標函數而言的追討損失的波動、以及其平均值之改變產生敏感反應。研究結果將會見其價值於作為在萬不得已的時候的再保險人的保險業規管機構和政府實體。

在這學術論文裡，我們採用了相對簡單、但我們認為是重要的方法和模型，來探討超額賠款再保險策略的優化課題。我們只考慮虧損分佈對最佳自留額和再保險價格的影響，而不去檢視投資因素。我們亦考慮對分出公司和再保險公司兩者的利益，來釐定最佳保費和再保險的自留額，而這兩者則共同建基於把社會效益最大化之上：再保險公司和分出公司的預期效益的總和 (或其積數) 。 我們採用類比模仿方法、來解決尋求在數字上最佳解決方案的問題。

本研究建立了就應對嚴重虧損而設的兩個超額賠款再保險合約的優化模型，來釐定最佳的保費和自留額。其中一個模型考慮了分出公司和再保險公司兩者各自的預期效益的總和。另外的一個模型則考慮了兩者的預期效益的積數。透過例子，我們找到了保費和超額虧損再保險自留額的最佳解決方案。最後，我們進行了敏感度分析。研究結果顯示、若增加追討損失的平均值和波動，則最佳自留額和保費也會隨之而增加。就第一個目標函數而言，若增加風險規避係數、或減少這個係數，則最佳自留額會隨之而減少，但最佳保費卻會隨之而增加，反之亦然。唯就第二個目標函數而言，風險規避係數的改變，對最佳解決方案是沒有影響的。

• – 有關的兩個夥伴之效用性：分出公司和再保險公司或有不同的份量和重要性。我們沒有探討兩者的相對重要性。

• – 我們以數值方法為核心的類比模仿研究法、使我們局限於機率分配和一般而言建基於投資報酬率對數常態模型之隨機過程的使用。我們或許需要調節研究法。以能概括其它回報收益，包括透過跳躍過程而可能達至之沖擊模型。

– 有關的兩個夥伴之效用性：分出公司和再保險公司或有不同的份量和重要性。我們沒有探討兩者的相對重要性。

– 我們以數值方法為核心的類比模仿研究法、使我們局限於機率分配和一般而言建基於投資報酬率對數常態模型之隨機過程的使用。我們或許需要調節研究法。以能概括其它回報收益，包括透過跳躍過程而可能達至之沖擊模型。

在過去20年裡，再保險公司在控制極嚴重災難性的損失上曾扮演重要的角色。例如、再保險公司 (以及特殊的損失分擔安排) 為了2001年9月11日的災難事件而支付多至保險損失的三分之二的費用。而且，重大的災難性事件使政府及作為最後出路再保險人的調控者得扮演更重要的角色。我們希望研究結果能為再保險合約兩對手提供指導，以平衡雙方的需要。

全球差不多每個政府都參與保險和再保險的管理工作，有部份更加本身就是再保險人。研究結果為他們的管理工作提供了指導。

我們相信本學術論文、提供了平衡分出保險公司和再保險公司效用性的模型，就此而言，本論文在相關的領域上作出了全新和獨創性的貢獻。