When analysing the behavior of investors, the emphasis is usually on positive feedback and herding behavior, and the existing literature abounds with studies on the domestic strategy of mutual funds or on their impact. Due to the advantages in terms of the data, many studies investigate US data. However, with the increased flows of capital into emerging markets, studying the behavior of international mutual funds in emerging markets has become more and more important. Nevertheless, studies involving emerging markets are relatively rare. This study examines whether the positive feedback effect and herding behavior exist in Asian markets based on mutual fund data covering the period from 1996 to 2004. The long period enables us to test the sensitivities under the following four conditions, namely the capital volatility (volatile vs. stable), the degree of suffering during the Asian crisis (more suffering vs. less suffering), and the timing of the Asian crisis (pre-, during, and post-crisis), using the exchange rate regime. It was found in this study that mutual fund inflows into the Asian market were attracted by positive stock returns and currency appreciation. Furthermore, it was found that the positive feedback effect and herding behavior did exist in the Asian markets. However, the extent of the above behavior is not the same under different conditions. 相似文献
We examine the relationship between the directly observable indicator of new technology, information and communication technology (ICT) investment intensity, and skill upgrading by analyzing changes in employment and wage structure of 25 Korean industrial sectors over the 1993–1999 period. The estimation results indicate the following implications. First, although ICT expenditure and investment have increased sharply since 1993, it appears that ICT investment has begun to be complementarily combined with skilled labor only since 1996. Second, our results support the ‘limited substitution hypothesis’. ICT has substituted low-skilled non-production workers, whereas the increased demand for high-skilled workers is driven by ICT diffusion in the second sub-period. This asymmetric trend between high-skilled and low-skilled non-production workers in Korea reveals significant differences in comparison with the experiences of other OECD countries. Third, the existence of substitutability between ICT diffusion and low-skilled non-production workers in Korea may cast doubt on the appropriateness of the non-production workers' category, a category regarded as a proxy variable of high-skilled workers in most previous studies. 相似文献
This paper empirically tests the liquidity-adjusted capital asset pricing model of Acharya and Pedersen (2005) on a global level. Consistent with the model, I find evidence that liquidity risks are priced independently of market risk in international financial markets. That is, a security’s required rate of return depends on the covariance of its own liquidity with aggregate local market liquidity, as well as the covariance of its own liquidity with local and global market returns. I also show that the US market is an important driving force of global liquidity risk. Furthermore, I find that the pricing of liquidity risk varies across countries according to geographic, economic, and political environments. The findings show that the systematic dimension of liquidity provides implications for international portfolio diversification. 相似文献
The paper analyzes the stylized features of historical crisis episodes for 21 developing Asian economies over 1961–2007. The paper finds that while there is substantial diversity, on average, recessions and financial downturns are more frequent, longer lasting, and more severe in Asia than in the Organisation for Economic Co-operation and Development countries. The paper also finds that the likelihood and severity of a recession tends to increase when it is associated with credit crunches or stock market crashes. Severe financial downturns or recessions in the global economy are often coupled with financial crises or recessions in Asia. In view of the current global crisis and severe financial downturns, Asian economies are expected to experience a severe recession in 2009. 相似文献
This study empirically examined not only the relationship between perceived value and customer loyalty, but also the moderating role of service quality, environment, image, and food quality at a water park, a segment of the tourism industry. In particular, the current study, using hierarchical regression analyses, examined the direct effects of perceived value on customer loyalties—loyalty and behavioral loyalty—as well as the moderating effect of four elements. As anticipated, this study showed that perceived value has significant and positive effect on both types of loyalty. In addition, the result of the interaction effects showed that service quality and food quality acted as moderators on the relationship between perceived value and attitudinal loyalty; however, water park image acted as a moderator on the relationship between perceived value and behavioral loyalty only. Finally, these results indicated that three elements—service quality, water park image, and food quality—have significant interaction on the relationship between perceived value and attitudinal/behavioral loyalty. These findings may provide water park operators with useful and detailed guidelines for satisfying customer loyalty levels, both attitudinally and behaviorally. More detailed findings and implications are also discussed. 相似文献
Under inflation targeting, S. Cho and J. Lee (2014, Inflation targeting and predictive power of term spreads. Seoul Journal of Economics, 27, 391–419), A. Estrella (2005, Why does the yield curve predict output and inflation? The Economic Journal, 115, 722–744) and P.L. Siklos (2000, Inflation targets and the yield curve: New Zealand and Australia versus the US. International Journal of Finance &; Economics, 5, 15–32) have reported that the predictive power of yield spreads for future inflation decreases in inflation targeting countries. In this paper, we decompose the yield spread into the expectations hypothesis component and the term premium, and find that the decrease in the predictability is mostly due to the deterioration of information embedded in the expectations hypothesis component. Our finding reveals that if inflation targeting is successful in achieving its main goal, then the expectations for future inflation are anchored at the target inflation rate (or range), and thereby the predictive contents of the term spreads regarding future inflation decrease. 相似文献
Prior research suggests that material goods (e.g., electronic gadgets) often provide less happiness than do experiences (e.g., movies). As a boundary condition, the present research proposes a theory-based yet actionable solution to overcome the happiness disadvantage of material goods. Three studies show that when material goods are anthropomorphized (i.e., imbued with humanlike characteristics), consumers gain enhanced feelings of consumption sociality and, in turn, derive a boost in happiness such that they gain as much happiness from these material goods as from experiences. With mediation and moderation approaches, we provide process evidence for these enhanced feelings of consumption sociality that are typically lacking with material purchases, which are prone to being consumed alone rather than with other people. Thus, the present research suggests that even in the absence of other people, consumers can gain greater happiness from their material goods by perceiving them as human.