In social networks or, more specifically, online communities on tech-products, opinion leaders are important sources of advice for other consumers in the adoption and diffusion of new products. However, possibilities for potential users to exert their influence on opinion leadership are ignored. This study determines whether and how lead users may serve as opinion leaders in social networks and advise other consumers in the adoption and diffusion of new products. Our survey with 308 users in the Xiaomi and Huawei communities suggests that higher lead userness is positively and significantly associated with the likelihood of opinion giving and passing. Product-possessing innovativeness has a higher impact compared with information-possessing innovativeness. Product involvement does not enhance the effect of information-possessing innovativeness. The findings provide a better understanding of the formation of opinion leadership in social networks for an accelerated diffusion of new products. 相似文献
This study investigates the effect of international coproduction on the performance of cultural products in the global markets. As a result of institutional barriers and cultural distances, coproduction, which allows a foreign producer to partner with the local firms, has emerged as a way of increasing cultural product performance in the global markets. Using the data on the Chinese movie market from 2012 to 2018, the authors find that international coproduction can promote movie performance and that the coproduction effect is mainly explained by the institutional variables. They further examine the heterogeneous effects and find that coproduction effect is stronger for culturally sensitive movies, and that the magnitude of the coproduction effect increases with the level of cooperation. They also confirm that the results are robust to different measurements of performance.
We investigate the role of investors’ net hedging strategy (factor) in predicting stock returns and pricing the cross-section of individual stocks and equity portfolios. We estimate stock exposure to changes in the hedging factor and show that the hedging premium is driven by outperformance of stocks with large positive net hedging betas, which explains their higher average returns. We find the positive hedging premium indicates risk-averse investors demand extra compensation to hold stocks with higher equity risk premiums, and they are themselves willing to pay higher prices for stocks with positive hedging betas. 相似文献
This study investigates the influential energy stocks in the China stock market between 2005.1.4 and 2018.4.3. The influential energy stock is defined as a stock whose fluctuations could lead to the rises and falls of many other stocks in the energy sector, which have attracted much attention from investors and policymakers. To achieve this objective, the BEKK-GARCH model is used to capture the volatility spillover among energy stocks, the more spillover correlations a stock has the more influential it is. Furthermore, complex network theory is introduced to give more specific and precise quantifications of the stock influence. Validity testing of the methods shows that the PageRank algorithm is the most suitable method for identifying influential energy stocks. The results reveal the time-varying features of influential energy stocks, which indicate the weak momentum effect and strong reversal effect of the China stock market. Furthermore, most of the top-10 influential energy stocks are belong to the industry of power and utilities, and the investors are suggested to make reverse trading strategies around the influential electricity stocks. Moreover, petroleum exploitation and petroleum processing are the most two influential subindustries, and the policymakers are suggested to pay much attention to prevent the aggregate risks of the oil stocks which belong to these two subindustries. 相似文献