Empirical analysis of real and financial volatilities on stock excess returns: evidence from Taiwan industrial data

This paper tests the relation between stock excess returns and risk factors measured by volatility. The sources of the volatility are based on the volatility of macroeconomic factors and time-series volatility. To model the macroeconomic fundamentals, we divide the risk into real and financial volatilities pertinent to Taiwan's economic environment. By examining the data of indusry excess returns and market excess returns, we find evidence to reject the hypothesis that the stock excess returns are independent of the real and financial volatilities.     

An Initial Investigation of Integrating Innovation Diffusion Models for Drawing First‐time Visitors

Prior studies in the existing tourism literature have frequently emphasized the relatively expensive costs for drawing first‐time visitors. These studies, however, have largely failed to explain how to draw first‐time visitors to a destination. In other words, little was known regarding what destinations should do to attract first‐time visitors in an effective way. To provide more insights, this research investigated the impact of three diffusion models on attracting first‐time visitors. These models included an external influence model for impact of mass media, an internal influence model for impact of interpersonal communications, and a mixed model for impacts of both mass media and interpersonal communications. Assessing the model impact in a macroapproach for first‐time visitors to Hong Kong, empirical findings indicated that the mixed influence model provided the highest explanatory quality, with word‐of‐mouth being a dominant factor.     

Are social,financial, and human capital value enhancing? Evidence from Taiwanese firms

This study examines the effects of social, financial, and human capital on the financial performance (i.e., Tobin's q) of Taiwanese firms in 2007. We find that social capital, as measured by total lending and borrowing among related-party transactions, has a positive effect on a firm's value. Human capital, such as employee productivity and research and development (R&D), also has significant positive effects on financial performance. In addition, a higher firm value is found to be associated with a better credit rating for the firm.     

An Examination of the Determinants of In‐Flight Duty‐Free Shopping: Hedonic and Utilitarian Motivations

This research note presents the findings of a study that empirically examined air passengers' in‐flight duty‐free shopping behaviors in the perspectives of utilitarian and hedonic motivations. On the basis of the primary data collected from 212 air passengers in Taiwan, empirical findings revealed that both utilitarian and hedonic motivations affect air passengers' intentions to browse in‐flight duty‐free shopping catalogues. Findings also showed that hedonic motivation does not directly influence air passengers' in‐flight purchase intentions. Instead, a higher utilitarian motivation can directly enhance passengers' in‐flight purchase intentions. Copyright © 2012 John Wiley & Sons, Ltd.     

Consumers' intentions to remain loyal to online reputation systems

The implications of recent consumer research for information system usage in the e‐marketplace are still poorly understood. However, understanding consumers' intentions to continue to use these systems remains a priority in practical marketing management, as leading marketplaces such as Amazon.com have widely embraced online reputation systems as a useful tactic in online marketing. The re‐ported study proposes an approach that differs from past research on this theme by incorporating Foxall's style/involvement model, which relates innovative behavior to cognitive style and involve‐ment in the product area. Based on a sample of 387 buyers from a top e‐marketplace in Taiwan, the findings indicate that consumers' underlying style/involvement levels significantly shape their continuance use intentions toward online reputation systems. The paper argues that consumers' cognitive styles and involvement levels should be adopted by researchers as major influences on system users' decision making in virtual purchase environments. © 2010 Wiley Periodicals, Inc.     

Empirical Analysis of Stock Returns and Volatility: Evidence from Seven Asian Stock Markets Based on TAR-GARCH Model

This paper investigates the time-series behavior of stock returns for seven Asian stock markets. In most cases, higher average returns appear to be associated with a higher level of volatility. Testing the relationship between stock returns and unexpected volatility, the evidence shows that four out of seven Asian stock markets have significant results. Further analyzing the relationship between stock returns and time-varying volatility by using Threshold Autoregressive GARCH(1,1)-in-mean specification indicates that the null hypothesis of no asymmetric effect on the conditional volatility is rejected for the daily data. However, the null cannot be rejected for the monthly data.     

Negotiators' Communication, Perception of Their Counterparts, and Performance in Dyadic E-negotiations

The aim of this study was to improve our understanding of negotiation strategies, behaviors, and outcomes, and the relationships between these factors based on data collected from questionnaires, actual behavior during the negotiation process implemented using e-negotiation system, and the negotiation outcomes. This study clustered the negotiators based on either the negotiators' own strategies or their thoughts about those of their partners. This resulted in a division into cooperative and noncooperative clusters. We found that the negotiators whose own strategies are less cooperative tend to submit more offers but fewer messages. However, these people consIDer that they have less control over the negotiation process compared with those who adopt a more cooperative strategy, who make fewer offers but send more messages. Those in the cooperative cluster consistently feel friendlier about the negotiation and more satisfied with the outcome and their performance. Further, there is a correlation not only between self-strategies and the thoughts about partners' strategies, but also between strategies and final agreements. Finally, the proportion of negotiations reaching agreement is larger for the cooperative cluster than for the noncooperative cluster.     

Exploring usage continuance of e-negotiation systems: expectation and disconfirmation approach

Online negotiation is becoming increasingly popular and important due to the rapid growth of global e-business, with the factors determining the continuance of e-negotiation systems (ENSs) usage––rather than the mere acceptance of their use––receiving more attention. This study used the expectation-disconfirmation theory to investigate the factors influencing the intention of ENS usage continuance. Using two Web-based ENSs, data were collected from 170 negotiators who participated in an e-negotiation experiment lasting 17 days. A structural-equation modeling technique was adopted to examine the research model and hypotheses. The obtained research results provide novel insights into ENS usage continuance for ENS researchers, developers, and managers. They indicate that positive disconfirmation (i.e., where the actual experience or perceived performance is better than the expectation) plays a crucial role in shaping the intentions of users to continue using an ENS. Therefore, researchers should consider postusage factors when attempting to elucidate the decision-making processes that underlie the continued use of an ENS. Similarly, the development of a successful ENS requires its developers to consider the expectations of users when designing the system specification. To ensure ENS usage continuance, IS managers should continuously monitor the users’ expectation-disconfirmation status to ensure their satisfaction with the ENS.