Trading platform,market volatility and pricing efficiency in the floor-traded and E-mini index futures markets

This study examines the pricing efficiency of E-mini and floor-traded index futures under electronic versus open-outcry trading platforms. By using OLS and quantile regressions to control for changes in market characteristics, we find that pricing errors are smaller in the E-mini markets than the floor-traded markets, thereby confirming that electronic trading has special attractions for arbitrageurs and informed traders. However, during periods of higher volatility, the advantages of speedier execution, anonymity and information efficiency may be offset by arbitrage risks; as a result, larger pricing errors are observed in the E-mini markets. We provide new evidence confirming the important roles in pricing efficiency played by both traditional open-outcry systems and electronic trading systems.     

International ambidexterity and firm performance in small emerging economies

Conventional IB theories stress the importance and implications of a firm's exploitative strategy. However, the unprecedented competitive nature of contemporary business necessitates firm “ambidexterity” — the simultaneous execution of exploitation and exploration activities. Using balanced panel data of 207 Taiwanese firms spanning six years, this research examines the effects of international ambidexterity on firm performance. Findings reveal that ambidexterity promotes a firm's performance. For firms from small emerging economies, international ambidexterity is highly vulnerable to environmental complexity and sensitive to previous international experience and the firm's capability to conduct international business. These factors significantly moderate firm performance.     

What drives equity market non-participation?

This paper produces endogenous equity market non-participation in an economy with uninsurable labor income risk and heterogeneous skill levels. Prudence and impatience generate stationary household wealth levels that depend on income. Skill, and therefore labor income, heterogeneity leads to wealth heterogeneity, with high skill households accumulating high wealth and low skill households accumulating low wealth. A HARA class utility with subsistence consumption requirement generates decreasing RRA with respect to household wealth. Consequently, low skill households also have significantly higher local RRA. In addition low skill households have less human capital and therefore have lower diversification demand for stocks. Low wealth, high RRA and low diversification demand predicts that low skill households do not hold stocks in the face of a moderate ownership cost. In addition, the model predicts a humped lifecycle wealth accumulation pattern and a humped lifecycle stock allocation pattern. I also find that stockholders exhibit a greater aggregate willingness to supply risky capital during the expansion phase of a business cycle, despite the lower conditional equity premium.     

A Study on the application of 6-Sigma on the enhancement of service quality of fitness club

The service industry plays an essential role in economic globalization and a determining factor in strengthening industry’s competitiveness. Targeting fitness industry, this study intends to explore ways to minimize customer complaints, understand customer expectation, and enhance service quality by applying the five steps of 6-Sigma: (1) Definition; (2) Measurement; (3) Analysis; (4) Improvement; and (5) Control, to effectively solve the root causes of customer complaints, raise customer satisfaction and minimize possible future complaints.     

The relationship between the playfulness climate in the classroom and student creativity

The main purpose of this study was to determine whether the spontaneous playfulness that occurs in the classroom and contributes the class climate influences the creativity of students. The study found that the management and creation of fun-loving and happy class atmosphere was important to vocational high school students. Data collected to test the study hypothesis showed a positive correlation between the class climate related to playfulness and students’ graphic and linguistic creativity. The “cooperation and intimacy” feature of the class climate was able to directly predict student creativity.     

The impact of military technology transfer on economic growth: international evidence

The purpose of this article is to measure the impact of military technology transfer on economic growth for 67 selected countries during the period 2000 to 2005 through the application of the Malmquist productivity index, which is broken down into efficiency change and technical change. Our main findings are as follows. First, technology diffusion is all-pervading in half of the sampled countries due to pure efficiency and scale efficiency changes. Second, a higher-income level and an excess of arms imports lead to innovative activities. Third, middle-income countries have higher efficiency and pure efficiency changes; these contribute to higher total productivity change. Finally, after separating the impact of capital investment from that of arms imports, the diffusion of military technology has a more positive and substantial impact on economic growth, thereby revealing the presence of externalities between countries.     

Exploring the impact of trust and relational embeddedness in e-marketplaces: An empirical study in Taiwan

B2B transaction is a rapid growth section within e-commerce. However, despite the increase in the number of B2B transactions, only a few e-marketplaces have successfully attracted a large number of buyers and sellers. The purpose of this study is to investigate the underpinning forces that influence the organizational decision to adopt e-marketplaces and to improve competitiveness through continuous participation in e-marketplaces. This study applies the technology acceptance model, relational embeddedness, and the trust theory to explore the impact of perceived ease of use, perceived usefulness, and relational embeddedness on trust associated with e-marketplace providers. This study further tests the impact of relational embeddedness and trust on relationship performance in the context of e-marketplaces. Based on 284 active buyers and sellers in well-known public e-marketplaces, the empirical findings suggest that perceived ease of use positively influences perceived usefulness of e-marketplaces; perceived ease of use influences user trust of e-marketplaces via perceived usefulness; and relational embeddedness leads to enhanced trust in e-marketplace providers, which subsequently leads to better relationship performance. Both relational embeddedness and trust also influence relationship performance directly. This research reveals the importance of perceived usefulness and relational embeddedness on trust associated with e-marketplace providers.     

Resources as dual sources of advantage: Implications for valuing entrepreneurial‐firm patents

Why and how do resources provide sources of competitive advantage? This study sheds new light on this central question of resource‐based theory by allowing a single resource—entrepreneurial‐firm patents—to play distinctive roles in different competitive arenas. As rights to exclude others, patents serve a well‐known role as legal safeguards in product markets. As quality signals, patents also could improve access and the terms of trade in factor input markets. Based on the financing activities of 370 venture‐backed semiconductor start‐ups, we provide new evidence that patents confer dual advantages in strategic factor markets, improved access and terms of trade, above and beyond their added product‐market protection. The study has important implications for empirical tests of resource‐based theory and the measurement of resource value. Copyright © 2013 John Wiley & Sons, Ltd.     

An application of six sigma methodology to enhance leisure service quality

Thanks to flourishing development of the service industry for the past few years, its GDP output value is over 73%, which accounts for 58% of the employment population. The leisure service industry, in particular grows by multiple revealing its significant importance. As there is a feature of high homogeneity and substitution in the same trade, the core issue lies on enhancement of service quality in an environment of keen competition. As a result, six sigma (6σ) is applied in this research to improve service quality and increase competitiveness of the leisure industry. First, the service quality model proposed by Parasuraman, A., V. A. Zeithaml, and L. L. Berry (PZB model for short) is utilized to design the items in the service quality questionnaire. Importance and satisfaction of each service item perceived by customers are based for the scale, whose means are further converted to indexes. Thus, a scale-based service performance evaluation matrix with indices of importance as the Y-axis and those of satisfaction as the X-axis is defined. Then, service factors of high importance and low satisfaction are located and defined for improvement in accordance with the index location of each service factor. A measurement model based on the difference between customers’ importance and satisfaction is proposed and a measurement index is defined for an objective evaluation method and procedures. Next, factors of customer dissatisfaction are analyzed and improvement methods are devised. Finally, leisure service quality is monitored by the performance control model.     

Using Social Cognitive Theory to Investigate Green Consumer Behavior

Green consumer behavior can induce industries to develop green production methods and convert wasteful patterns of consumption into green consumption patterns. This study demonstrates that the practice of green consumption relies on the self‐sanction concept in individuals. The objective of this study was to develop a research model of green consumer behavior based on social cognitive theory. The results show that personal self‐concepts (the most significant of which is green consumption self‐efficacy), personal outcome expectation and social sanction all have a significant influence. On the other hand, the influences of the expected outcome of green consumer behavior, climate change and the mass media were not significant. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment.