The moderating effect of collectivistic orientation in psychological empowerment and job satisfaction relationship

This study examines the moderating effect of collectivistic value on the relationship between psychological empowerment and job satisfaction. Specifically, we propose that the multi-dimensional psychological effects of empowerment (i.e., meaning, competence, self-determination, and impact) on job satisfaction differ between high and low collectivistic employees. Data collected from hotel employees in Canada (n = 193) and China (n = 371) revealed that collectivistic orientation elevated (attenuated) the effect of self-determination (impact) on job satisfaction. However, no significant results were found with respect to meaning and competence. Research and practical implications for the findings as well as directions for future research are suggested.     

Informed momentum trading versus uninformed “naive” investors strategies

We construct a zero net-worth uninformed “naive investor” who uses a random portfolio allocation strategy. We then compare the returns of the momentum strategist to the return distribution of naive investors. For this purpose we reward momentum profits relative to the return percentiles of the naive investors with scores that are symmetric around the median. The score function thus constructed is invariant and robust to risk factor models. We find that the average scores of the momentum strategies are close to zero (the score of the median) and statistically insignificant over the sample period between 1926 and 2005, various sub-sample periods including the periods examined in [Jegadeesh and Titman, 1993] and [Jegadeesh and Titman, 2001] . The findings are robust with respect to sampling or period-specific effects, tightened score intervals, and the imposition of maximum-weight restrictions on the naive strategies to mitigate market friction considerations.     

Determinants of Remittances: Recent Evidence Using Data on Internal Migrants in Vietnam*

The present paper examines the determinants of remittance behavior for Vietnam using data from the 2004 Vietnam Migration Survey on internal migrants. It considers how, among other things, the vulnerability of a migrant's life at the destination, their link to relatives back home, and the time spent at the destination affect remittances. The paper finds that migrants act as risk‐averse economic agents and send remittances back to the household of origin as part of an insurance exercise in the face of economic uncertainty. Remittances are also found to be driven by a migrant's labor market earnings level. The paper highlights the important role of remittances in providing an effective means of risk‐coping and mutual support within the family.     

Tourists' Perceptions of Aboriginal Heritage Souvenirs

Heritage souvenirs are an indispensable part of indigenous tourism and the authenticity of indigenous heritage is a vital aspect of such tourism. This study adopts a mixed methods approach to explore the perceived authenticity of glass bead souvenirs of the Paiwan Tribe in Pintung County, Taiwan. The study explores differences in the evaluations of authenticity among stakeholders and the factors that influence perceptions of authenticity. An understanding of tourists' perceptions of indigenous heritage offers valuable information for the creation of indigenous souvenirs and for reviving the promotion of indigenous culture.     

Managerial Overconfidence and Share Repurchases

Following prior studies, we use keywords in press portrayals to gauge managerial overconfidence. We hypothesize that managerial overconfidence is related to a manager's perception that the firm is undervalued. Results from 2744 share repurchase programs launched by 783 listed firms in Taiwan confirm this hypothesis. We find that managerial overconfidence is positively correlated with the intensity of share repurchasing, which is measured by scale, execution, frequency, and the difference between the announced price and post‐execution price. Moreover, the programs launched by overconfident managers were not undervalued and therefore were associated with reduced post‐announcement returns.     

How Different Types of Traders Behave in the Taiwan Futures Market

This paper examines the heterogeneity of the disposition effect and its impact on profitability among three different types of traders, using complete trading data from Taiwan's futures market. More than 70% of the trading volume on this market comes from retail traders (RTs), with an additional 15% from foreign institutional traders (FIs) and proprietary traders (PTs). Both FIs and RTs exhibit the disposition effect whereas PTs do not, and FIs with a weaker disposition effect outperform RTs. This study provides evidence that RTs with the disposition effect tend to lessen the effect in the next period, exhibiting the phenomenon of mean reversion. While previous studies focus only on the static relationship between the disposition effect and profitability, ours explores the dynamic rather than the static behavior of RTs, providing a more complete and objective idea of their trading behavior. In addition, the positive relationship between the current disposition effect and prior profits suggests that the degree of the disposition effect increases when RTs have prior profits. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 33:1097–1117, 2013     

Measuring the alignment of websites and organisational critical activities

Organisational critical activities (OCAs) are activities which must receive constant and ongoing management attention in order for that organisation to be successful in its industry. These activities may not be well supported by an organisation's website, or the website not well aligned to the organisation's OCAs. This research first develops the notion of OCAs and then reports on the development of an evaluation methodology to measure the alignment of websites with an organisation's OCAs. The methodology was tested across the university sector in New Zealand which comprises eight separate organisations. The results of the research found that measuring the alignment of OCAs elicited from key executives against an evaluation of the organisation's website is an effective way to determine what action needs to be taken to improve website support for OCAs.     

On the rate of convergence of binomial Greeks

This study investigates the convergence patterns and the rates of convergence of binomial Greeks for the CRR model and several smooth price convergence models in the literature, including the binomial Black–Scholes (BBS) model of Broadie M and Detemple J ( 1996 ), the flexible binomial model (FB) of Tian YS ( 1999 ), the smoothed payoff (SPF) approach of Heston S and Zhou G ( 2000 ), the GCRR‐XPC models of Chung SL and Shih PT ( 2007 ), the modified FB‐XPC model, and the modified GCRR‐FT model. We prove that the rate of convergence of the CRR model for computing deltas and gammas is of order O(1/n), with a quadratic error term relating to the position of the final nodes around the strike price. Moreover, most smooth price convergence models generate deltas and gammas with monotonic and smooth convergence with order O(1/n). Thus, one can apply an extrapolation formula to enhance their accuracy. The numerical results show that placing the strike price at the center of the tree seems to enhance the accuracy substantially. Among all the binomial models considered in this study, the FB‐XPC and the GCRR‐XPC model with a two‐point extrapolation are the most efficient methods to compute Greeks. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark