Day-of-the-week effect in the Taiwan foreign exchange market

This study uses stochastic dominance with and without risk-free assets to examine whether trading days can affect patterns of the day-of-the-week effect in the Taiwan foreign exchange market. Our results generally indicate that higher returns appear on the first three days of the week across different trading-day regimes in the Taiwan foreign exchange market, confirming day-of-the-week effect. Allocating part of investors’ assets in risk-free assets is useful in distinguishing returns among weekdays for all currencies.     

BOND REFUNDING IN EFFICIENT MARKETS: A DYNAMIC ANALYSIS WITH TAX EFFECTS

This paper provides a dynamic analysis of the bond refunding problem in an efficient market setting with corporate taxes and transaction costs. A new methodology is developed to analyze the optimal exercise problem in the presence of imperfections. This analysis enables prediction of the effect of changes in corporate tax laws on the refunding decision. It also explains the empirical observation that bonds are often called when the bond price is below the call price.     

FORECASTING THE TREASURY BILL RATE: A TIME-VARYING COEFFICIENT APPROACH

In this paper a time-varying coefficient model is developed using a Kalman filter methodology to test the term structure of interest rates. Since the model is characterized by continuing revision of the estimates when new information arrives, it is capable of capturing the dynamic interest rate behavior, thereby increasing the forecasting accuracy of the future spot rates. With the constant expectations hypothesis rejected, the forecasting accuracy is substantially increased.     

Targeting Teaching Lecture Capture Learning: Do Students Perform Better Compared to Face‐to‐Face Classes?

Online learning has become more prevalent in colleges and universities as new technology is introduced. One such technology is lecture capture, which allows a live lecture to be recorded and packaged with classroom media and delivered online to many more students than a traditional face‐to‐face class. This article studies the selection process and educational outcome differences between students enrolled in a lecture capture and a face‐to‐face course in economic principles. Students could select either course format, both with the same instructor and course requirements, without capacity restrictions. We find that students’ attitudes toward online learning are the chief determinant of their choice of class over demographics, opportunity cost measures, or past online experiences. Additionally, our findings suggest that lecture capture students perform as well as those who take a face‐to‐face course when not accounting for self‐selection. When selection is taken into account, lecture capture is not significantly worse than face‐to‐face.     

Toward Sustainable Livelihoods: Investigating the Drivers of Purchase Behavior for Green Products

Green consumption involves comprehensive concerns that address the broad scope of sustainability, ecosystem balance, profit‐generation and people. Identifying the factors that influence consumers' purchase behavior enables manufacturers to understand consumers' decision‐making processes and can help them develop more environmentally beneficial products. However, scholars have recently found that a gap exists between environmental concern and consumers' actual purchase behavior. The purpose of this paper is to use cognitive behavior theory to investigate the drivers of green consumption behavior and the missing link in the concern–behavior gap. After collecting 375 valid questionnaires, this study validated the proposed conceptual model using structural equation modeling. The revised model indicates that environmental involvement, informational utility, green advertising skepticism and green trust are antecedent variables of consumer attitudes toward green products. Additionally, this study also provides a possible explanation of and remedies for the concern–behavior gap. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Team control mode,workers' creativity,and new product innovativeness

Scholars of creativity and innovation argue that successful innovations originate from the creative ideas of workers. However, few studies have empirically examined how management mechanisms, such as the control mode adopted by the new product development team, may work together with workers' creativity to deliver a successful new product. Drawing on the theory of opposing action strategies of team innovation, we propose that different team control modes may work together with team members' creativity to jointly influence the innovativeness of teamwork outcomes. With survey data collected from different sources in new product development teams, we find that restrictive control can effectively help teams composed of very creative members to successfully develop innovative new products. Conversely, promotive control can effectively help teams composed of less creative members to deliver innovative new products.     

Exploring the roles of self-concept and future memory at consumer events: the application of an extended Mehrabian–Russell model

This study aimed to extend Mehrabian and Russell’s stimulus–organism–response (S-O-R) framework to consumer events. Physical environment and staff interaction were evaluated as stimuli which impact event attendees’ self-concept and memory (organism), and lead to behavioral intention (response). Data were collected from the surveys completed by 449 attendees of Armada event. The findings confirmed the impact of physical environment on self-concept and memory, as well as the mediation effect of memory between self-concept and behavioral intention. The study is a pioneer in the application of an extended S-O-R framework with the inclusion of memory.     

An expectancy theory model for hotel employee motivation

The purpose of this study is to apply expectancy theory to employee motivation in the hotel setting and confirm the validity of expectancy theory. The proposed expectancy theory model for motivation was tested using data from 289 hotel employees. The results show that a modified expectancy theory with five components (expectancy, extrinsic instrumentality, intrinsic instrumentality, extrinsic valence, and intrinsic valence) best explains the process of motivating hotel employees. This study also indicates that intrinsic motivation factors are more influential than extrinsic factors for hotel employees, suggesting that hotel managers need to focus more on intrinsic factors to better motivate employees.     

Perceived organizational change in the hotel industry: An implication of change schema

A schema, first proposed by Fiske and Taylor (1984), is a cognitive structure that represents organized knowledge on a given concept or type of stimulus. Lau and Woodman (1995) further explained that when an organization experiences changes, its members have various interpretations of and expectations for those changes. The cognitive understanding of change is guided by a mental map that represents the knowledge structures of the attributes of change and relationships between different events of change. This mental map refers to the so-called change schema (Lau and Woodman, 1995). The objectives of this study are to apply this change schema to organizational change in hotels, and to examine the antecedents and consequences of organizational change.