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The impact of volatility crush can be devastating to an option buyer and results in a substantial capital loss, even with a directionally correct strategy. As a result, most volatility plays are for option sellers, but the profit they can achieve is limited and the sellers carry unlimited risk. This paper aims to demonstrate the dynamics of implied volatility (IV) as being influenced by effects of persistence, leverage, market sentiment and liquidity. From the exploratory factor analysis (EFA), they extract four constructs and the results from the confirmatory factor analysis (CFA) indicated a good model fit for the constructs.

This section describes the methodology used for conducting the study. This includes the study area, study approach, sources of data, sampling technique and the method of data analysis.

Although there is extensive literature on methods for estimating IV dynamics during earnings announcement, few researchers have looked at the impact of expected market maker move, IV differential and IV Rank on the IV path after the earnings announcement. One reason for this research gap is because of the recent introduction of weekly options for equities by the Chicago Board of Options Exchange (CBOE) back in late 2010. Even then, the CBOE only released weekly options four individual equities – Bank of America (BAC.N), Apple (AAPL.O), Citigroup (C.N) and US-listed shares of BP (BP.L) (BP.N). The introduction of weekly options provided more trading flexibility and precision timing from shorter durations. This automatically expanded expiration choices, which in turned offered greater access and flexibility from the perspective of trading volatility during earnings announcement. This study has demonstrated the impact of including market sentiment and liquidity into the forecasting model for IV during earnings. This understanding in turn helps traders to formulate strategies that can circumvent the undefined risk associated with trading options strategies such as writing strangles.

The first limitation of the study is that the firms included in the study are relatively large, and the results of the study can therefore not be generalized to medium sized and small firms. The second limitation lies in the current sample size, which in many cases was not enough to be able to draw reliable conclusions on. Scaling the sample size up is only a function of time and effort. This is easily overcome and should not be a limitation in the future. The third limitation concerns the measurement of the variables. Under the assumption of a normal distribution of returns (i.e. stock prices follow a random walk process), which means that the distribution of returns is symmetrical, one can estimate the probabilities of potential gains or losses associated with each amount. This means the standard deviation of securities returns, which is called historical volatility and is usually calculated as a moving average, can be used as a risk indicator. The prices used for the calculations are usually the closing prices, but Parkinson (1980) suggests that the day’s high and low prices would provide a better estimate of real volatility. One can also refine the analysis with high-frequency data. Such data enable the avoidance of the bias stemming from the use of closing (or opening) prices, but they have only been available for a relatively short time. The length of the observation period is another topic that is still under debate. There are no criteria that enable one to conclude that volatility calculated in relation to mean returns over 20 trading days (or one month) and then annualized is any more or less representative than volatility calculated over 130 trading days (or six months) and then annualized, or even than volatility measured directly over 260 trading days (one year). Nonetheless, the guidelines adopted in this study represent the best practices of researchers thus far.

This study has indicated that an earnings announcement can provide a volatility mispricing opportunity to allow an investor to profit from a sudden, sharp drop in IV. More specifically, the methodology developed by Tan and Bing is now well supported both empirically and theoretically in terms of qualifying opportunities that can be profitable because of the volatility crush. Conventionally, the option strategy of shorting strangles carries unlimited theoretical risk; however, the methodology has demonstrated that this risk can be substantially reduced if followed judiciously. This profitable strategy relies on a set of qualifying parameters including liquidity, premium collection, volatility differential, expected market move and market sentiment. Building upon this framework, the understanding of the effects of persistence and leverage resulted in further reducing the risk associated with trading options during earnings announcements. As a guideline, the sentiment and liquidity variables help to qualify a trade and the effects of persistence and leverage help to close the qualified trade.

The authors find a positive association between the effects of market sentiment, liquidity, persistence and leverage in the dynamics of IV during earnings announcement. These findings substantiate further the four factors that influence IV dynamics during earnings announcement and conclude that just looking at persistence and leverage alone will not generate profitable trading opportunities.

The impact of volatility crush can be devastating to the option buyer with substantial capital loss, even for a directionally correct strategy. As a result, most volatility plays are for option sellers; however, the profit is limited and the sellers carry unlimited risk. The authors demonstrate the dynamics of IV as being influenced by effects of persistence, leverage, market sentiment and liquidity. From the EFA, they extracted four constructs and the results from the CFA indicated a good model fit for the constructs. Using EFA, CFA and Bayesian analysis, how this model can help investors formulate the right strategy to achieve the best risk/reward mix is demonstrated. Using Bayesian estimation and IV differential to proxy for differences of opinion about term structures in option pricing, the authors find a positive association among the effects of market sentiment, liquidity, persistence and leverage in the dynamics of IV during earnings announcement.

This paper covers the development of a multidimensional contract administration performance model (CAPM) for construction projects. The proposed CAPM is intended to be used by the industry stakeholders to measure the construction contract administration (CCA) performance and identify the strengths and weaknesses of the CCA system for running or completed projects.

The research design follows a sequential mixed methodology of qualitative and quantitative data collection and analysis. In the first phase, contract administration indicators were collected from relevant literature. In the second phase, an online questionnaire was prepared, and data were collected and analyzed using the crisp value of fuzzy membership function, and structural equation modeling (SEM). The fuzzy set was chosen for this study due to the presence of uncertainty and fuzziness associated with the importance of several key indicators affecting the CCA performance. Finally, SEM was used to test and analyze interrelationships among constructs of CCA performance.

The data collected from 336 construction professionals worldwide through an online survey was utilized to develop the fuzzy structural equation model. The goodness-of-fit and reliability tests validated the model. The study concluded a significant correlation between CCA performance, CCA operational indicators, and the process groups.

The contribution of this paper to the existing knowledge is the development of a fuzzy structural equation model that serves as a measurement tool for the contract administration performance. This is the first quantitative structural equation model to capture contract administration performance. The model consists of 93 Construction Contract Administration(CCA) performance indicators categorized into 11 project management process groups namely: project governance and start-up; team management; communication and relationship management; quality and acceptance management; performance monitoring and reporting management; document and record management; financial management; changes and control management; claims and dispute resolution management; contract risk management and contract closeout management.

There is much debate in the literature about how the performance of Islamic banks (IBs) should be measured. Basically, IBs’ business models are different from that of conventional banks; thus, the performance of IBs should be measured by using a Sharīʿah-based approach. This paper considers zakat (Islamic tax) as an alternative indicator to measure the performance of IBs. This paper aims to examine whether zakat ratios can be used as Islamic performance (ISPER) indicators for IBs besides the conventional performance (COPER) indicators.

The investigation covered a sample of 214 yearly observations of 37 IBs located in Indonesia, Malaysia, Bahrain, Saudi Arabia and the United Arab Emirates for the period 2007–2015. This study used a single-factor congeneric model and confirmatory factor analysis, performed using the AMOS 23.0 software.

The findings assert that the discriminant validity of multi-bank performance, as measured by ISPER [zakat on assets (ZOA) and zakat on equity (ZOE)] and COPER indicators (return on assets, return on equity and operational efficiency in terms of assets), is very high. Hence, ISPER and COPER measurements are valid, either together to measure the multi-performance of IBs from both the Islamic and conventional perspectives, or independently as each measurement is valid to measure the Islamic and conventional performance if it is used separately.

This paper does not investigate whether the findings are constant across time. This represents one of the limitations of this study.

It is strongly recommended that IBs calculate and disclose zakat ratios, particularly ZOA and ZOE, in their annual reports. Researchers and academicians should use these ratios for measuring the ISPER of IBs, either along with COPER or separately.

Empirical evidence is provided in this paper on the development and validity of zakat ratios as ISPER indicators in the Islamic banking industry. Zakat ratios are suitable indicators that can measure IBs’ performance and achieve the goals of IBs as well as those of Islamic economics. Technically, zakat has a dynamic ability to reflect the profitability of IBs. The more the IBs generate profit, the more they pay zakat. Furthermore, the greater the total assets of IBs, the higher the amount of zakat that they should pay. Thus, zakat ratios can be used as profitability measurements as in the case of tax ratios.

Upholding assessment ethics are common concerns during annual public examination performance appraisal. Previous studies have focused more on examination stakeholder: testees outside proctors however, assessment ethics cannot be studied excluding proctors variables therefore, the study investigated consistency of a structural equation modelling of security, environment, professionalism, testing and assessment ethics.

Ex-post facto design was adopted. Simple random sampling technique was employed to choose 90 proctors drawn from 45 colleges. Proctors Examination Ethics Questionnaire (reliability = 0.86) was used to collect data for the study. Data collected were analysed using path analysis at 0.05 significant levels.

Out of the six hypothesised paths significantly explaining the consistency of the causal model. Test security, environment and professionalism accounted for both direct and indirect effects on assessment ethics. All model fit indices were established to explain testing and assessment model.

Few proctor variables were studied, therefore assessment ethics may not be explained other than through proctor variables considered in this study.

Assessment ethics may not be violated if test security, testing environment and professionalism are not cared for during test administration as shown in the study.

It added to knowledge base in ethical areas of assessment, a 21st-century proctors in upholding testing and assessment ethics, security, environment and professionalism are to be considered.

There was a positive causal effect of security, environment and professionalism on testing and assessment ethics among proctors in public examinations.

This present study sheds light on how these issues affect police officers’ personal and professional lives. This research looks at how family support (FS) and workplace pressures affect police effectiveness.

The analysis of the measurement and structural model was conducted using AMOS version 26. To ensure the accuracy of the results, a two-stage analysis methodology (Anderson and Gerbing, 1988) was used. The first stage involved testing the measurement model using various validity indicators such as confirmatory factor analysis, comparative fit index, goodness of fit index and Tucker–Lewis index to evaluate the incremental compatibility of the model. Root-mean-square approximation error and CMIN/DF were also used to further assess the model’s validity. In the second stage of the analysis, the structural model was estimated using structural equation modeling technique (Hair et al., 1998). The data obtained from the measurement model was then used to determine the fit indices. Because the values were consistent with the criterion values, the model was deemed to be a good fit.

The study conducted sheds light on the crucial role that work stressors (WS) and FS play in determining job satisfaction (JS) among nongazetted officers (NGOs) and other ranks (ORs) police officials in the state of Punjab, India. The findings suggest that there exists a complex interdependence between WS and FS, and their correlation with regards to work, family and children’s evaluations. The first hypothesis (H1, Table 4) was found to be true (0.440, p = 0.001), indicating that more than 44 % of the job performance of police officials in Punjab is affected by stressors related to work. The study also identified eight WS that have a significant impact on the performance of police officials on the job. On the other hand, FS was found to have no influence on the job performance of police officials in Punjab, and hence, the second hypothesis was rejected. Further analysis showed that FS was more prevalent among NGOs as compared to ORs police personnel, but it did not directly influence their job performance. The benefits of FS may be moderated by the nature of the job; hence, FS may be more critical in stressful jobs such as police work than in less stressful jobs. The study emphasizes the importance of balancing work and family demands and highlights the need for family-friendly policies to achieve this balance. Future research should focus on the types of policies that should be offered to lessen stress and conflict and examine the benefits of merely offering programs versus requiring or encouraging their usage. The findings of this study could be useful for policymakers and organizations in designing policies that promote employee well-being and JS while balancing work and family demands.

As with any research endeavor, it is essential to interpret the findings of this study while considering its limitations. First, the study relied on a convenience sample drawn solely from one nation, namely, India, which may restrict the generalizability of the results to other countries or cultural contexts. Furthermore, it is important to note that this study exclusively explored the causal relationship between monetary compensation, intrinsic motivation and employee performance, without delving into the nuances of various forms or qualities of FS (e.g. emotional support, instrumental support, perceived vs actual support) and their impact on job performance among police officers. Additionally, the research did not investigate whether the influence of FS on job performance varies based on the specific WS encountered by police officers. These limitations highlight potential avenues for future research to explore in greater depth.

To enhance the well-being and JS of police officers and their families, a comprehensive set of tailored interventions and support programs can be implemented. Recognizing the unique stressors faced by officers and introducing critical incident debriefing sessions and counseling services to provide a confidential space for emotional processing. Offering flexible scheduling, exploring remote work options and developing workshops and resource programs to address the needs of officers’ families, including stress management and communication skills. Strengthening parental leave policies, incorporating extended paid leave and clear communication, to alleviate stress during significant family events. Establishing peer support networks within police departments to provide officers with a valuable avenue for sharing experiences and coping strategies. Collectively, these interventions aim to create a supportive and family-friendly environment within the police force, ultimately fostering improved work-family balance and enhanced well-being for police personnel. To enhance the well-being and JS of police officers and their families, a comprehensive set of tailored interventions and support programs can be implemented. Recognizing the unique stressors faced by officers, critical incident debriefing sessions and counseling services should be introduced to provide a confidential space for emotional processing. Given the demanding nature of police work, exploring flexible schedules and remote work options can assist officers in achieving a better work-life balance, particularly when dealing with family-related challenges. Workshops and resource programs specifically addressing the needs of officers’ families, including stress management and communication skills, can be developed to strengthen family connections. Strengthening parental leave policies, incorporating extended paid leave and clear communication, can alleviate stress during significant family events. Establishing peer support networks within police departments provides officers with a valuable avenue for sharing experiences and coping strategies. Regular mental health check-ins and screenings, as well as financial education workshops, acknowledge and address the unique challenges faced by officers and their families. Community engagement and recognition initiatives, along with specialized training on work-family balance, can foster positive morale. Finally, the establishment of a crisis intervention and FS hotline serves as a vital lifeline during critical situations, ensuring immediate assistance and resources for officers and their families in times of need. Collectively, these interventions aim to create a supportive and family-friendly environment within the police force.

The primary objective of this study is to assess the impact of occupational demands and familial support on the overall happiness levels of police officers stationed in Punjab, India. The research underscores the crucial importance of implementing family-friendly policies aimed at achieving a harmonious equilibrium between professional responsibilities and family life commitments. The findings unveil a multifaceted interconnection between occupational stress, familial support systems and individual assessments concerning career fulfillment, domestic life and parental responsibilities. Moreover, the study sheds light on various family-friendly initiatives, such as empowerment strategies and recognition programs, that have the potential to augment JS among police personnel. Furthermore, it suggests that future investigations delve deeper into the efficacy of implementing voluntary programs rather than mandating or promoting their usage in mitigating stress and resolving familial conflicts. The study establishes a clear correlation between JS, overall well-being and the interplay between occupational demands and familial encouragement. Policymakers and corporate entities are urged to take cognizance of these factors while formulating strategies aimed at enhancing the health and contentment levels of employees in the workplace. Additionally, the study underscores the significance of cultural factors, emphasizing the need to consider them in future research endeavors and policy formulations. Cultural factors such as societal norms, values and expectations can influence the way that police personnel perceive and use FS, as well as the impact that FS has on their job performance. By conducting cross-cultural studies, researchers can gain insights into how the relationship between FS and job performance may vary across different cultural contexts. This can help to identify universal factors as well as culturally specific influences on the interplay between FS and job performance among police personnel. Furthermore, investigating the impact of FS on job performance in diverse cultural contexts can contribute to the development of culturally sensitive support programs and policies for police officers. Understanding how cultural factors shape the experiences of police personnel and their families can inform the design of interventions that are tailored to the specific needs and challenges present in different cultural settings. In summary, expanding the research scope to include diverse cultural contexts can enhance the generalizability of the findings and contribute to the development of culturally sensitive support programs and policies for police officers.

The content of this paper is entirely original and has not been derived from any other published or unpublished documents. It has been created solely for the purpose of providing new and unique information for the readers.

Understanding the reasons that lead civil servants to abandon their offices is an important step towards qualifying personnel management in the Federal Administration. The purpose of this study is to present an initial approach to the subject and to investigate variables that favor or reduce the turnover intention among civil servants in the Federal Executive Branch.

To fulfill the objective stated, the study resorted to variables of values, expectations and affective commitment to the organization. Variables were tested in a model of structural equations capable of verifying if these are antecedent or not of the turnover intention levels in a sample comprising 228 civil servants.

The validation of a model of structural equations unveiled a statistically relevant relation of dependence among values, expectations and the affective commitment to the organization. Moreover, engagement proved to be a mediator of the relation between the other variables and the turnover intention.

The work contributed to literature by presenting evidence that low expectations among civil servants bring low affective commitment which, in turn, leads to higher willingness to quit organizations. On the other hand, the same model showed that self-transcendent values, typical to the public career (serve the public), prevail among civil servants and positively impact commitment. This scenario shows that in people management all these elements of values and expectations must be worked on to reduce the number of civil servants that quit the government every year, as well as the high costs associated with quitting.

The purpose of this study is to examine the impact of the characteristics and competencies of entrepreneurs on business performance within the creative industry in Indonesia. By creative industry, is refer to market-oriented enterprises that use creativity and intellectual capital to create, produce, distribute and disseminate creative goods and services through media channels.

This study measured six entrepreneurial characteristics: creative and innovative, risk-taking, need for achievement, leadership, autonomy and proactiveness. In addition, it measured five entrepreneurial competencies: opportunity, strategy, relationship, organization and learning. Data collection was conducted using a questionnaire administered to 294 entrepreneurs operating businesses within the creative industry in Java, Sumatra and Kalimantan, Indonesia.

The findings of this study demonstrated that entrepreneurial characteristics and competencies had a significantly positive effect on business performance. Creativity and innovation emerged as the most influential characteristics, whereas strategy stood out as the most influential competency.

This study aimed to examine whether the personal qualities of entrepreneurs as identified within conventional industries − specifically their entrepreneurial characteristics and competencies − had an impact on business performance in the creative industry in Indonesia. Conventional industries, unlike creative industries, are characterized by the production and distribution of physical goods or basic services, with less emphasis on creative innovation as the core driver.

There has been a huge fluctuation in online marketplace that suggests inconsistencies of m-commerce usage. The study investigates user behaviour to continued patronage of m-commerce and the mediating role of perceived value.

The study aimed to use adapted questionnaire and online version to pool data from respondents that has internet profile and conducts m-commerce. The hypotheses were proven through the use of structural equation model.

In this paper performance expectancy and user satisfaction are major determinants of continuance intention to use m-commerce in African context while perceived value partially mediate the relationship between the variables.

Cross-sectional survey and the small sample size that was used calls for caution in generalisation.

With the mediating influence of perceived value, attention is directed to the role of value perception of m-commerce users. Keeping and increasing continuance usage requires pleasurable offerings and value indices that influence their subjective perceptions.

The significance of the mediating variable highlights the social value dimension of users' value perception given that it can help to deepen the continuous usage of m-commerce.

The predictive power of 78.5% continuance intention demonstrates inclusion of factors with better predictive accuracy. Importantly, the significance of perceived value as a mediator demonstrates the importance of valuing not only the direct impacts of the variables but also the indirect roles that impacts continuance intention of m-commerce in African context.

The purpose of this research is to develop a generic framework of a digital twin (DT)-based automated construction progress monitoring through reality capture to extended reality (RC-to-XR).

IDEF0 data modeling method has been designed to establish an integration of reality capturing technologies by using BIM, DTs and XR for automated construction progress monitoring. Structural equation modeling (SEM) method has been used to test the proposed hypotheses and develop the skill model to examine the reliability, validity and contribution of the framework to understand the DRX model's effectiveness if implemented in real practice.

The research findings validate the positive impact and importance of utilizing technology integration in a logical framework such as DRX, which provides trustable, real-time, transparent and digital construction progress monitoring.

DRX system captures accurate, real-time and comprehensive data at construction stage, analyses data and information precisely and quickly, visualizes information and reports in a real scale environment, facilitates information flows and communication, learns from itself, historical data and accessible online data to predict future actions, provides semantic and digitalize construction information with analytical capabilities and optimizes decision-making process.

The research presents a framework of an automated construction progress monitoring system that integrates BIM, various reality capturing technologies, DT and XR technologies (VR, AR and MR), arraying the steps on how these technologies work collaboratively to create, capture, generate, analyze, manage and visualize construction progress data, information and reports.

Virtual regional service provider is a key management mechanism created to realize the health service system development plans and a mechanism established to bring about integration of all elements of the health system. However, a virtual service provider office (VSPO) to support the work of the executive has not yet been formally established, and there are no operations practitioners deployed yet, who are necessary to develop the competency of regional operating officer (ROO) in each province. The purpose of this paper is to analyze training program factors to develop the competency of ROO in the VSPO in Thailand.

This is a descriptive research that used structural equation model. The research sample consisted of 274 executives and 664 practitioners in the Vice Chief of the provincial health office under the 12 regions; executives’ questionnaire and a VSPO questionnaire were used as tools for this study; data were statistically analyzed by three methods, namely, exploratory factor analysis (EFA), second-order confirmatory factor analysis (second-order CFA), and path analysis (PA).

The variable model was composed of ten factors, selected from 40 variables, which are as follows: service plan and personal administration, summary to present for administrators in the VSPO, network management and team building, summary to adjust strategies, key performance indicator (KPI) and action plan, new management skills, system thinking, analytical thinking, synthesis thinking, conflict management style, and leadership; presentation of methods and data for monitoring, presentation skill, conference management skill; researching, learning skill, communication skill exercise, action plan workshop, preparation to study in the fields workshop; fiscal and monetary, internal control and risk management; project management, monitoring, and data definition; and positive thinking, conflict management process, negotiation skill contingency management.

Ten factors of the variable model of training program factors to develop the competency of ROO in the VSPO in Thailand had high construct validity and they were analyzed using three methods, i.e. EFA, second-order CFA and PA, that were appropriate to be used for developing a training program.