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This study examines the bid/ask spread and its components in the KOSPI200 options market under the framework of the cross-market model, which utilizes the order flow information of both KOSPI200 futures and options markets. We also compare the results by the single-market model (MRR model; Madhavan et al., 1997) and by the cross-market model (Ryu (2011)’s extension). This comparison suggests that the cross-market approach can mitigate the underestimation of the permanent spread component of OTM options and the overestimation of the component of ITM options, which are often detected when we directly apply the single market model into the KOSPI200 options market where the ITM options are relatively illiquid while the OTM options are extremely liquid. We also find that the effect of the order flow information of the futures market on the option spread and its permanent spread component will vary depending on the option moneyness and the intraday time period. This implies that the order flow of the futures market has more significant effects if the degree of informed trading is relatively high.

This paper examines how the macroeconomic environment affects the determinants of prepayment of mortgage loans from October 2004 to February 2020. For more accurate analysis, the authors define the timing of prepayment not only before the loan maturity but also at the time when 50% or more of the loan principal is repaid. The results show that, during the global financial crisis as well as the recent period of low interest rates, macroeconomic variables such as interest rate spreads and housing prices have a different effect compared to the normal situation. Also, significant explanatory variables, such as debt to income (DTI) ratio, loan amount ratio and poor credit score, have different effects depending on the macroenvironment. On the other hand, in all periods, the possibility of prepayment increases as comprehensive loan to value (CLTV) increases, and the younger the age, the shorter the loan maturity. The results suggest that, in the case of ultralong (40 years) mortgage loans recently introduced to support young people purchasing houses, the prepayment risk can be, at least partially, migrated by offsetting the increase in prepayment by young people and the decrease in prepayment due to long loan maturity. In addition, this study confirms that the accelerated time failure model compared to the logit model and COX proportional risk model has the potential to be more appropriate as a prepayment model for individual borrower analysis in terms of the explanatory power.

The purpose of this paper is to examine millennial customer perceptions of food trucks and to identify factors that can foster their behavioral intentions pertaining to food trucks.

The study is based on a sample of 247 millennial customers of various food truck vendors in the United States and was assessed using ordinary least squares regression analysis.

Food truck image and employee friendliness were found to impact both customer satisfaction and word of mouth behavior; however, the other hypotheses were not supported.

There were two limitations. The first was that one of the constructs did not achieve the minimum average variance extracted. The second was that data collection was done in a single city in the United States; therefore, future research could overcome these limitations through a refinement of the construct’s items and targeting more cities.

There has been limited academic research on the millennial customer perceptions of the food truck phenomenon. This research addresses that gap through a field study that examines factors that contributed to the growth and popularity of food trucks among millennials

The purpose of this paper is to analyse the individual’s experience during the use of Pinterest in a marketing learning process. This experience is a fundamental starting point from which to develop marketing learning processes that flow naturally. Thus, it is necessary to examine the components that determine the individual’s experience and to explore consequences such as collaborative learning and marketing learning performance.

To conceptualise the individual’s experience, this study focuses on her/his state of cognitive absorption (CA) and establishes a second-order formative structure made up of five components: heightened enjoyment, curiosity, control, temporal dissociation and focused immersion. The model is estimated with partial least squares modelling, using SmartPLS 2.0 software.

The results confirm the significant weights of the components, with the exception of focused immersion, and support the influence of overall CA on the proposed outcomes. They also confirm that collaborative learning exerts a positive influence on the individual’s performance.

This study makes three contributions. First, it holistically examines the individual’s experience during marketing learning and the importance of its constituent components. Second, it establishes what the consequences of the marketing learning experience are, taking into account both social and individual factors, that is, collaborative learning and individual performance. Third, Pinterest is proposed as a social network with great potential in marketing learning. It is a well-known network which includes very interesting features for learning contexts. Nevertheless, it has been little studied in research.

El objetivo de la presente investigación es analizar la experiencia del individuo durante el uso de Pinterest en un proceso de aprendizaje de marketing. Este experiencia es un punto de partida fundamental para que el proceso de aprendizaje de marketing se desarrolle de manera fluída. Así, es preciso examinar los componentes que determinan la experiencia del individuo y explorar las consecuencias, como por ejemplo, el aprendizaje colaborativo y los resultados del aprendizaje de marketing.

Con el objeto de conceptualizar la experiencia del individuo, este studio centra su atención en la absorción cognitiva (AC) y propone una estructura formativa de segundo orden compuesta por cinco componentes: mayor disfrute, curiosidad, control, disociación temporal e inmersión enfocada. El modelo es estimado mediante el uso de Modelización de Mínimos Cuadrados Parciales, empleando el software SmartPLS 2.0.

Los resultados confirman el significativo peso de los componentes, con la excepción de la inmensión enfocada, y apoya la influencia de la AC general sobre las consecuencias propuestas. Estos resultados también confirman que el aprendizaje colaborativo tiene una influencia positiva sobre los resultados del individuo.

Este estudio ofrece tres contribuciones. En primer lugar, se examina de manera holística la experiencia del individuo durante el aprendizaje de marketing y la importancia de sus componentes. En segundo lugar, se establece cuales son las consecuencias de la experiencia de aprendizaje de marketing, teniendo en cuenta factores sociales e individuales, es decir, aprendizaje colaborativo y resultados individuales. En tercer lugar, se propone a Pinterest como una red social con un gran potencial en el aprendizaje de marketing. Se trata de una conocida red que incluye interesantes características para los contextos de aprendizaje. A pesar de ello, ha sido escasamente estudiada por los investigadores.

Experiencia, Absorción cognitiva, Pinterest, Resultados de aprendizaje de marketing, Redes sociales

Artículo de investigación

The purpose of this study is to investigate the robotic restaurant experience of travellers around the world and understand the components of robotic restaurant experience.

Travellers who had experienced a robotic restaurant were purposefully selected as a sample group for the study. As the robotic restaurants are limited around the world, multiple case study method has been chosen to gather richer data. A user-generated content technique which is a form of qualitative case study method has been benefited to gather data from travellers’ reviews.

The results reveal a model of components of robotic restaurant experience that include six main themes: attraction for kids, robotic system, memorable experience, ambience related attributes, food related attributes (economic value and gastronomic aspects) and deficiencies (in robotic system, in ambience related attributes and in food related attributes).

This paper is one of the first to investigate the robotic restaurant experience of travellers around the world. Moreover, it contributes to the research on restaurant experience and offers a model of components of the robotic restaurant experience.

Hong Kong has a global reputation as an entrepreneurial hub. The Japanese restaurant community has grown and evolved over the last three decades into what many consider as a natural secondary market for Japanese food. As such, several Japanese restaurateurs have come to Hong Kong to enter Hong Kong’s premium Japanese restaurant market. The purpose of this paper is to explore this market of Japanese restaurateurship in Hong Kong.

One of the closest methodologies within the topic and discipline from Baldwin (2017) focuses on Japaneseness as a measurement of culinary authenticity examining Hong Kong’s Michelin rated restaurants. Here, the qualitative approach using semi-structured interviews with the chefs of two sets of premium Japanese restaurants from Japan that expanded in Hong Kong, Sushi Iwa and Sushi Yoshitake. As this paper focuses on the premium and high-end market of Japanese chefs and restaurateurs in Hong Kong, the researcher combined the approaches of Kawahara & Speece and Baldwin to pursue a qualitative methodology using semi-structured interviews.

For this research, the interview process had to be divided into two stages. The first was to speak with long standing members of Hong Kong’s Japanese restaurant community. The common thread amongst the restaurateurs was that they were either the sole proprietor or a partner who was financially vested within the company not a form of sweat equity. To respect the privacy of the interviews, questions about exact monetary amounts, number of shares and equity or anything regarding holdings were not asked. The idea was to only examine their responses within the criteria of the research objectives.

As the Michelin and premium market of Japanese cuisine is so small, this research can only represent a certain part of the market. Future research could examine other Japanese restaurateurs outside of this market that could be examined to gain a wider perspective of the entrepreneurial strategies they used to start-up their business in Hong Kong.

As research in this area is very limited, this paper helps bring restaurateurship in Hong Kong into the academic front. Restaurants are one of the most common entry points for new entrepreneurs in hospitality. This paper may help shed some light on how foreign investment entrepreneurship has been achieved in Asia.

The purpose of this paper is to investigate whether guests’ tipping motivations (i.e. server quality, social norm and food quality) and demographic characteristics (i.e. gender, age and income) influence loyalty to the server in a restaurant.

Based on a national online survey consumer panel comprised of 468 participants, the authors utilized decision tree using R statistical software. Predictor variables were tipping motivations and demographic characteristics (age, gender and income). Target variable was loyalty to the server.

The findings suggest that social norm, food quality and income influence customers’ loyalty toward the same server on future visits. Social norm turned out to be the strongest predictor. If consumers did not have high social norm on tipping, their loyalty toward a particular server was affected by the combination of determinants such as server quality, social norm, income and food quality.

Future research can identify or develop scales of tipping motivations with stronger reliabilities in the context of restaurants. Future research can also explore other demographic differences (e.g. ethnicity and sexual orientation) in tipping motivations and server loyalty.

Servers are indeed the primary contact point and they are in the most influential position with consumers. Overall, results of this study provide an interesting insight in that restaurant guests’ experience can be ruined by bad quality of food or can be mitigated by server quality. Thus, this research highlights a step-by-step process as to the actions that a server may perform and manage in order to enhance server loyalty.

Loyalty has been examined in the context of products, brands or service providers. This study focuses on loyalty toward a specific server, because the consideration of server–guest relationship provides both a compelling and timely area of study in that restaurants continue to look for unique ways to drive server–guest rapport and customer loyalty.

The purpose of this paper is to investigate the effect of consumer sustainability attitudes and quick service restaurants (QSRs) practices along with the willingness of consumers to pay a premium for sustainability efforts.

A random sample of QSR customers in Germany resulted in 428 completed surveys. First, common factor analysis was conducted to assess the summated scales related to the sustainable behavior of customers, the importance attached by them to the different dimensions of sustainability and the extent to which customers perceive that QSR implement such practices. Second, the effect of these summated scales on the willingness to pay a premium (WTPP) for sustainability practices were assessed by means of a logistic regression.

The findings indicated that WTPP for sustainability efforts is primarily driven by internal beliefs and behaviors of consumers themselves rather than actions by QSR firms. Furthermore, when comparing five major QSRs, QSR brands did not appear to create a strong point of differentiation in their sustainability practices in the minds of frequent QSR consumers in the context of this study.

Implications of these results suggest that a growing number of consumers place high importance on sustainability and engage in personal sustainability practices that impact behaviors such as QSR selection and a WTPP for QSR brands and products that are perceived as implementing sustainable practices.

This paper addresses a gap by assessing drivers of willingness of QSR customers to pay a premium for sustainable practices and if QSR brands sustainability practices differ in the minds of consumers.

The purpose of this paper is to consider the key findings of a yearlong collaborative research project focusing on the London Symphony Orchestra’s development, implementation and testing of a branded smartphone app. This app was designed to primarily sell discounted tickets, engage and inform a student audience.

A mixed-method approach including an analysis of the technology, focus groups and interviews was used.

Though the aims of app developers and marketers are often to provide customers with more choice and interactivity, this research suggests that though the app proved a useful mechanism for selling discounted tickets, it indicates that existing customers were mostly enroled and mobilised via a limited and focused functionality for the app.

This paper is significant as mobile phone use remains comparatively under-researched, in particular there is still a relatively small literature on the growing phenomena of apps, and even less on their use in brand marketing. Also importantly, though this paper offers a consideration of one case, the app has since been expanded to include the ticketing for ten major orchestras in London, and moreover, many of the lessons learnt from this study will be of relevance to other arts organisations.