Local institutional investors,information asymmetries,and equity returns

We examine the informational role of geographically proximate institutions in stock markets. We find that both the level of and change in local institutional ownership predict future stock returns, particularly for firms with high information asymmetry; in contrast, such predictive abilities are relatively weak for nonlocal institutional ownership. The local advantage is especially evident for local investment advisors, high local ownership institutions, and high local turnover institutions. We also find that the stocks that local institutional investors hold (trade) earn higher excess returns around future earnings announcements than those that nonlocal institutional investors hold (trade).     

Hedging securities and Silicon Valley Bank idiosyncrasies

Hedging requires adequacy and timing. This paper finds that banks did not systematically ignore balance-sheet risks like Silicon Valley Bank (SVB), and instead exercised risk management by asymmetrically increasing hedging activity when security losses increase and scaling back hedging activity as security losses reverse. Banks also hedge against bank runs when risk increases due to a combination of security losses and funding risks from unsecured deposits. Findings suggest SVB's mistakes are idiosyncratic. Results suggest that nonstress test banks target balance-sheet risks when hedging, stabilizing themselves from interest rate shocks transmitted through fixed-income securities. Scrutiny of rules-based outliers like SVB is preferable to increased regulatory burden for all nonstress test banks.     

The nexus between firm-supply-chain relationships and the potential for tourism development: A case study approach

This exploratory study examines the importance of firm-supply chain relationships for tourism development. Based upon prior observations, two firms seeking to boost their tourism offerings and operating in a popular Vietnamese tourist destination were selected. Semi-structured face-to-face and online interviews were conducted and complemented by on-site visits, and firm information. Various salient dimensions emerged from the data analysis. The ‘performance catalyst’ and ‘detectable value adding’ dimensions underscore the supply chain's benefits, while the ‘discerning relations’ dimension highlights deeper relationships through mutual support, building trust, or demonstrating care. Conceptually, the study proposes a framework with associated theoretical and practical implications.     

How do leisure activities impact leisure domain and life domain satisfaction and subjective well-being?

This study examines the impact of leisure activities on leisure domain and life domain satisfactions and subjective well-being (SWB) and explores the differences between genders in these associations, using data from 316 middle-aged adults. The results suggest that sports and travel & outdoor activities have the greatest impact on physiological, psychological, and relaxing satisfactions. Social activities are key ingredients in social, psychological, and physiological satisfactions as seen by men, whereas cultural activities and hobbies are important in women's psychological satisfaction. While relaxing and social satisfactions are important in men's SWB, psychological satisfaction is the most important factor in women's SWB.     

The effect of job stress on the quality of life of commercial pilots: Testing the mediating effects of mindfulness and job satisfaction

The commercial pilots responsible for aircraft and passenger safety are exposed to various environmental job stresses. This study investigates the relationship between job stress and the quality of life of commercial pilots, and examines the mediating effects of mindfulness and job satisfaction in the relationship between job stress and quality of life. The results show that the job stress aced by commercial pilots has a negative impact on quality of life, and that mindfulness and job satisfaction partially mediates this stress. However, despite the mediating effects of mindfulness and job satisfaction, there is a need for a way to reduce job stress more directly. These results indicate the need for various strategies, including direct and indirect methods, to reduce job stress among commercial pilots, as this is directly related to safety.     

Chinese international students’ psychological adaptation process in Korea: the role of tourism experience in the host country

This study aims to shed light on the effect of international students’ lifelong learning and dining experience during the trip in a host country on their psychological adaptation, place attachment, and sharing of tourism experience. Employing responses from 247 Chinese students in South Korea, a SEM (Structural Equation Modeling) technique was used for the analysis. The study found that lifelong learning positively influences dining-out flow experience, which in turn placed positive effects on psychological adaptation, place attachment, and sharing of tourism experience, whereas place attachment mediates the relationship between flow experience and both sharing of tourism experience and psychological adaptation.     

Technology convergence capability and firm innovation in the manufacturing sector: an approach based on patent network analysis

As a consequence of the convergence between manufacturing technology and the foundation technologies of Industry 4.0, it is becoming more important for firms to formulate an innovation strategy for their technological capabilities. In this context, the present study measures firm‐level technology convergence (TC) capability using patent network analysis. A firm’s TC capabilities are measured using three centrality indices pertaining to a patent network, which is constructed based on the relationship between patents and their international patent classification. For the empirical analysis, panel regression is conducted to observe the effect of TC capabilities on innovation for the top 30 firms in four manufacturing industries. We find that the TC degree positively influences the firms’ overall innovation, namely their total number of patents, and negatively influences their convergent innovation, calculated as the ratio between the number of TC patents and the total number of patents, while the effect of TC betweenness is the opposite. These findings imply that while concentrating on similar technologies may promote quick technology application, it could hamper the enhancement of a TC’s potential. To promote TC, a firm should thus develop technologies more likely to be involved in TC.     

Examining design cognition coding schemes for P-12 engineering/technology education

Cultivating students’ design abilities can be highly beneficial for the learning of science, technology, engineering, and mathematics (STEM) concepts, and development of higher-order thinking capabilities (National Academy of Engineering and National Research Council in STEM integration in k-12 education: status, prospects, and an agenda for research, The National Academies Press, Washington, 2014). Therefore, examining students’ strategies, how they distribute their cognitive effort, and confront STEM concepts during design experiences, can help educators identify effective and developmentally appropriate methods for teaching and scaffolding design activities for students (National Research Council in standards for k-12 engineering education? The National Academies Press, Washington, 2010). Yet, educational researchers have only recently begun examining students’ engineering design cognition at the P-12 level, despite reports such as Standards for K-12 Engineering Education? (National Research Council 2010) designating this area of research as lackluster. Of the recent studies that have investigated engineering design cognition at the P-12 level, the primary method of investigation has been verbal protocol analysis using a think-aloud method (Grubbs in further characterization of high school pre- and non-engineering students’ cognitive activity during engineering design, 2016). This methodology captures participants’ verbalization of their thought process as they solve a design challenge. Analysis is typically conducted by applying a pre-determined coding scheme, or one that emerges, to determine the distribution of a group’s or an individual’s cognition. Consequently, researchers have employed a variety of coding schemes to examine and describe students’ design cognition. Given the steady increase of explorations into connections between P-12 engineering design cognition and development of student cognitive competencies, it becomes increasingly important to understand and choose the most appropriate coding schemes available, as each has its own intent and characteristics. Therefore, this article presents an examination of recent P-12 design cognition coding schemes with the purpose of providing a background for selecting and applying a scheme for a specific outcome, which can better enable the synthesis and comparison of findings across studies. Ultimately, the aim is to aid others in choosing an appropriate coding scheme, with cognizance of research analysis intent and characteristics of research design, while improving the intentional scaffolding and support of design challenges.     

Do strained bilateral relations affect tourists’ desire to visit a country that is a target of animosity?

ABSTRACT

This study examines the attractiveness of destination tourism offerings when the destination country and the source market country are engaged in ongoing political and economic conflict. The study is set in the Russia–United States (US) context, where Russia is the tourism-generating region and the US are the vacation destination. Specifically, the study investigates how the desire of Russian tourists to vacation in the US is affected by perceptions of the US as a country and as a vacation destination, animosity toward the US, and Russian tourists? level of national attachment and ethnocentric tendencies. The study found that country image, destination image, and general animosity have a direct effect on intention to visit. The effects of consumer ethnocentrism and national situational animosity on intention to visit are mediated by destination image and country image respectively.