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The empirical studies of the options market efficiency have reported contradictory results, which sometimes confuse practitioners and academicians. The aim of this study was to clarify several aspects of options market efficiency by exploring the answers to two main questions: Under what conditions is the options market more efficient? Are the discrepancies in the estimated efficiency due to the reality of efficiency or mismeasurement?

Using a meta-analysis approach, 54 studies have been analyzed, which included 1,315 tests. The sum of the observations for all of the tests is 3.7 m observation sets. The effect size (type r) has been used to compare the different statistics in different studies. The cumulative effect size and its diversification have been calculated by the random effects model and Q statistic, respectively.

The most interesting finding of the study was that the options market, in all circumstances, is significantly inefficient. Another important finding was that the heterogeneity of options market efficiency is due to the complexity of pricing relations, test time, violation index and price type. To overcome this heterogeneity and accuracy, future studies should test the no-arbitrage options pricing relations at different times and by different price types, using complex and simple pricing relations and either mean violation or violation ratio efficiency measures.

Public disagreement about the options market efficiency in past studies means that this variable is heterogeneous in different conditions. As a significant contribution, this study develops the literature by proposing the causes of options market efficiency heterogeneity.

Because of the various advantages of reinforcement learning (RL) mentioned above, this study uses RL to train unmanned aerial vehicles to perform two tasks: target search and cooperative obstacle avoidance.

This study draws inspiration from the recurrent state-space model and recurrent models (RPM) to propose a simpler yet highly effective model called the unmanned aerial vehicles prediction model (UAVPM). The main objective is to assist in training the UAV representation model with a recurrent neural network, using the soft actor-critic algorithm.

This study proposes a generalized actor-critic framework consisting of three modules: representation, policy and value. This architecture serves as the foundation for training UAVPM. This study proposes the UAVPM, which is designed to aid in training the recurrent representation using the transition model, reward recovery model and observation recovery model. Unlike traditional approaches reliant solely on reward signals, RPM incorporates temporal information. In addition, it allows the inclusion of extra knowledge or information from virtual training environments. This study designs UAV target search and UAV cooperative obstacle avoidance tasks. The algorithm outperforms baselines in these two environments.

It is important to note that UAVPM does not play a role in the inference phase. This means that the representation model and policy remain independent of UAVPM. Consequently, this study can introduce additional “cheating” information from virtual training environments to guide the UAV representation without concerns about its real-world existence. By leveraging historical information more effectively, this study enhances UAVs’ decision-making abilities, thus improving the performance of both tasks at hand.

The qualitative approach was applied the discover the optimum answers to the research objectives, which are (1) to understand the cultural and hedonistic characteristics of the (Lanna) Songkran festival; and (2) to examine the dilemma between cultural rituals and hedonistic activity for tourism.

This study used a case study of the Songkran festival in Chiang Mai to examine the dilemma between cultural rituals and hedonism for tourism, which brings lost or misperceived cultural values and identities. The semi-structured interview (SSI) with senior locals and participant observation during the festival was conducted in Chiang Mai, Thailand, to obtain the in-depth phenomena of the existing celebration pattern at the festival.

The study findings show three crucial phenomena that explain characteristics of unsynchronized cultural rituals and hedonistic activities for tourism: (1) the parallel phenomenon between cultural values and celebration practice, (2) the movement of local culture and(3) the hedonistic characteristics of the festival.

The study extends the knowledge on the interplay phenomena between cultural festivals and tourism; also, the involved stakeholders, such as local communities, public sectors and private sectors, can use the study findings in creating policies for using cultural festivals to promote a destination and urban economic development that will minimise cultural values distort while increase tourism economic values.

This study was conducted qualitatively, including SSIs and participant observation at the Songkran festival in Chiang Mai. The study findings were analysed, based on the empirical data, into significant themes representing the characteristics of dilemma phenomena within the festival.

The first-aid courses organized by the Youth Red Cross Carinthia (Austria) had a quality problem, necessitating a professionalization in teaching and time structure. This research aimed to enhance the quality and effectiveness of these courses by implementing modified lesson studies with non-professional trainers. The paper presents the realization process, empirical research and results obtained by applying the first-aid curriculum.

Around 22 lesson study first-aid courses (14 classes with 2 cycles, 8 with 3 cycles) were conducted and evaluated in different Austrian school types. An observation sheet was created to evaluate attention and competencies. Interviews were conducted with both teachers and students to validate the results.

The research findings demonstrate that lesson studies can significantly enhance the quality and effectiveness of first-aid courses. Inexperienced and experienced first-aid teachers significantly improved their teaching skills. Newly educated first-aid teachers showed substantial improvement, leading to the introduction of an induction period and coaching opportunity within the Youth Red Cross Carinthia.

This is the first lesson study conducted in a non-academic context. It highlights the adaptation process of Carinthian first-aid courses. It illustrates how lesson studies impact lesson clarity, instructional variety, student engagement in the learning process, student outcome, student feedback and teaching effectiveness in a non-academic context. It contributes to the literature on the application of lesson study in first-aid education and provides insight into the benefits of this approach in enhancing the quality of first-aid training.

This paper aims to investigate the relationship between corporate tax avoidance and environmental, social and governance (ESG) performance and the moderating effect of financial constraints on the relationship between corporate tax avoidance and ESG performance.

The sample consists of a global data set involving 24,259 firm-year observations from 49 countries for the years 2011–2020. Corporate ESG performance was extracted from the Thomson Reuters database. The book-tax difference model was used for measuring corporate tax avoidance, while financially constrained firms were identified using the Kaplan and Zingales (1997) index.

The results show that firms with higher tax avoidance are associated with higher ESG performance, but lower ESG performance is shown for firms with higher financial constraints. The results further indicate that the positive impact of corporate tax avoidance on ESG performance becomes weaker for firms with higher financial constraints.

The findings imply that policymakers and regulators should focus on mechanisms to promote more internal funds to assist firms in pursuing ESG-related initiatives, such as through tax incentives. Investors should understand the “smokescreen” effect of corporate tax avoidance on ESG performance, especially for firms with financial constraints.

This analysis provides international evidence on the link between tax avoidance and ESG and considers the joint effect of pressures for internal funds, through tax and financing constraints, on corporate ESG performance.

This paper aims to examine the specific findings on the level of technical compliance and operational effectiveness of the national financial intelligence units (FIUs) in 55 members of the Asian Development Bank (ADB) under the mutual evaluations carried out by the Financial Action Task Force (FATF) and its regional bodies (also referred to as FATF-style regional bodies) in connection with the current international standard for combating money laundering and terrorism financing (i.e. the FATF recommendations). It also provides three observations for enhancing the use of financial information and intelligence.

Review of published reports on country mutual evaluations from the FATF and its regional bodies.

A majority of the FIUs from these 55 members of the ADB were rated around the “mid-range” under the FATF methodology used for the mutual evaluations (i.e. “compliant and substantially effective”, “largely compliant and substantially effective”, “compliant and moderately effective” and “largely compliant and moderately effective”). Observations were also provided on cross-cutting areas for enhancing the use of financial information and intelligence.

FIU operations are key to combating money laundering and terrorism financing, and this examination of the level of technical compliance with the international standard and related operational effectiveness provides an useful account of current developments in this space and suggestions for further actions by relevant national authorities and provision of country technical assistance and support by donor partners.

This study aims to investigate how companies’ understanding of the business network influences the creation of value in business-to-business relationships. The authors do this by analysing dimensions in actors’ “network pictures” and illustrating how value perception and network understanding influence actors’ mutual effort to create value. Approaching relationship value from the point of actors’ cognitive understanding of their business network has so far been largely overlooked in relationship value research.

This study applies a qualitative case study methodology whereby dyadic data from a well-established business-to-business relationship is collected from 18 company representatives through personal interviews and group interviews supplemented by participant observations and company data.

The findings contribute with new insight into how companies’ understanding of their surrounding network influence (facilitates or limits) relationship value creation. The authors find that companies continuously reflect on changes in their networks and the related changes in partners’ value perceptions. Through value articulations, companies seek to explicitly express their value perception. Value reflections and value articulations create a dynamic process formed not only by the individual actor but also through their relationship and engagement in their network environment. This requires companies to develop their networking capabilities.

This paper presents findings, insights and contributions limited to a case study of a particular business relationship within an industrial setting. Although the findings and contributions are valid and in line with the criteria for rigorous qualitative research, the authors advocate and call for additional studies that investigate relationships value creation and address the interplay between actors’ network understanding and their actions and behaviour. One way to approach this would be to test the four propositions derived and presented as part of the present study.

The findings imply that management needs to be aware not only of the value created and delivered to a specific partner but also of how the partner’s understanding of the wider network will influence the value delivering and capturing process.

This study contributes to the growing literature on relationship value creation by outlining a dynamic process where relationship partners reflect upon and articulate value. Such activities are influenced by the partners’ network understanding and form the basis of the mutual relationship value creation effort. The findings also contribute to the network pictures literature by emphasizing insights into the formation of value perceptions through actors’ understanding of their surrounding networks.

As part of a national plan to govern professional and organizational development in Norwegian specialist healthcare, the country’s hospital clinics are tasked with constructing development plans. Using the development plan as a case, the paper analyzes how managers navigate and legitimize the planning process among central actors and deals with the contingency of decisions in such strategy work.

This study applies a qualitative research design using a case study method. The material consists of public documents, observations and single interviews, covering the process of constructing a development plan at the clinical level.

The findings suggest that the development plan was shaped through a multilevel translation process consisting of different contending rationalities. At the clinical level, the management had difficulties in legitimizing the process. The underlying tension between top-down and bottom-up steering challenged involvement and made it difficult to manage the contingency of decisions.

The findings are relevant to public sector managers working on strategy documents and policymakers identifying challenges that might hinder the fulfillment of political intentions.

This paper draws on a case from Norway; however, the findings are of general interest. The study contributes to the academic discussion on how to consider both the health authorities’ perspective and the organizational perspective to understand the manager’s role in handling the contingency of decisions and managing paradoxes in the decision-making process.

The purpose of this study was to examine the boundary conditions of Kanter's (1977) tokenism theory as applied to the gender wage gap. The authors aimed to discover if there was a point where the relationship between the percentage of women in a job category and the gender wage gap changed, and, if so, where the threshold was located and what was the nature of the shift in relationship.

The authors used the Andrews’ (1993) threshold effects technique. Using 22 separate years of publicly available Canadian wage data, they examined the relationship between the percentage of females in 40 unique occupational categories and the female-to-male earnings ratio (for a total of 880 observations).

The results showed the existence of a threshold point, and that early gains in percent female within an occupation, up to approximately 14% female in the occupation, associate with strong gains in the female-to-male wage ratio. However, beyond that point, further gains in percent female associate with smaller improvements in the female-to-male wage ratio.

The findings are useful in understanding the dynamics of occupational group gender composition, potential theoretical reasons for the nuances in relationship, as well as opportunities that may facilitate more equitable outcomes.

The results show that, though improvements were made above and below the threshold point, enhancements in the wage gap are actually larger when there are less women in the job category (e.g. tokens).

This research aimed to measure the influence of resource dependency (trading and/or shareholder's dependencies) squad age structure by building archetypes to identify strategic dominant schemes.

Based on the Ligue 1 football clubs from the 2009/2010 season to the 2018/2019 data, the authors use the k-means classification to build archetypes of resource dependency and squad structure variables. The influence of resource dependency on squad structure is then analysed through a table of contingency.

Firstly, the authors identify archetypes of resource dependency with some clubs that are dependent on the transfer market and others that do not count on sales to balance their account. Secondly, they provide different archetypes of squad structure choices. The contingency between those archetypes allows to identify three main strategic schemes (avoidance, shaping and adaptation).

The research tests an original relationship between resource dependency of clubs and their human resource strategy to respond to it. This paper can help to provide detailed profiles for big clubs looking for affiliate clubs to know which clubs have efficient academy or player development capacities.