Do gender and age impact the time‐varying Okun's law? Evidence from South Korea

This study investigates the time‐varying Okun's law for different age and gender cohorts in South Korea over the 1980–2014 period. We found that the absolute value of the estimated Okun coefficients for all age cohorts and both genders become larger in a recession than in an expansion. We also found that the youth cohort (15–24 years old) for both genders is more sensitive to a negative economic impact than are older cohorts. These differences imply that when policymakers try to find a way of reducing the unemployment rate, they should consider differences in behaviour among these groups. Furthermore, the policies should be combined with age‐specific policies.     

Examining futures price changes and volatility on the trading day after a limit‐lock day

This paper examines the effect that price limits have on futures prices by testing what happens to price changes and volatility on the trading day following a limit‐lock day. The results show evidence that prices continue to rise on average the day after an up‐limit day. In addition, limits appear to influence price volatility for some but not all of the futures contracts. However, since the findings vary across the different commodity futures contracts, it is likely that limits do not directly impact price volatility. © 2000 John Wiley & Sons, Inc. Jrl Fut Mark 20:445–466, 2000     

Price Run-up in Housing Markets,Access to Bank Lending and House Prices in Korea

This paper studies the causal relationship between house prices and the access to bank lending in Kangnam, the hottest submarket in Seoul and four ‘cold’ markets which have shown relatively modest price increases. In response to the rapid escalation of house prices in Seoul, primarily in Kangnam in recent years, the Korean government implemented a number of policies to stabilize house prices. In particular, it introduced more strict limits on loan-to-value ratio and debt-to-income ratio as part of the mortgage loan qualification process in order to restrict the availability of bank lending for the housing market. The short-run influence of the bank lending on the apartment prices is clearly present in ‘cold’ markets, while it is not in Kangnam, the ‘hot’ market, even though the long-run influence is stronger in Kangnam than in the other markets. This result holds for the entire sample period (1999–2006) as well as for the subperiods before and after the introduction of lending restrictions in August, 2005. It also holds for Kangnam and Kangbuk for an extended period of 1988 to 2006. Our results suggest that in the short run the lending restriction may cause a disruption in untargeted housing markets while it has little influence on the apartment prices in the targeted market. We also find that banks have adjusted the bank lending in response to changes in the house prices in Kangnam as well as in the other markets.     

Corporate Hedging Policy and Equity Mispricing

We show that firms’ use of derivatives is negatively associated with stock mispricing. This result is consistent with the notion that hedging improves the transparency and predictability of firms’ cash flows resulting in less misvaluation. Furthermore, we show that the negative relationship between mispricing and hedging is particularly strong when market value is below fundamental value, which is consistent with prior evidence that hedging has a positive impact on firm valuation. Finally, we provide evidence that a “spread‐out” hedging policy that entails the use of a variety of derivative contracts can be more effective in reducing mispricing.     

The Impact of Foreign Direct Investments (FDIs) from Market Economies to Centrally Planned Countries

Despite the recent economic slump and subsequent reductions and fluctuations of investment ­activities undertaken by multinational enterprises (MNEs) in host markets, the overall volume of foreign direct investment (FDI) has significantly grown over the past three decades. The major proportion of the FDI flows from market economies to centrally planned countries, with the latter currently receiving huge amounts of inward FDI from the West. A representative example of this flow is China. China is often referred to as the factory of the world and/or the black hole of inward FDI. © 2016 Wiley Periodicals, Inc.     

Calibration Estimation in Survey Sampling

Calibration estimation, where the sampling weights are adjusted to make certain estimators match known population totals, is commonly used in survey sampling. The generalized regression estimator is an example of a calibration estimator. Given the functional form of the calibration adjustment term, we establish the asymptotic equivalence between the functional-form calibration estimator and an instrumental variable calibration estimator where the instrumental variable is directly determined from the functional form in the calibration equation. Variance estimation based on linearization is discussed and applied to some recently proposed calibration estimators. The results are extended to the estimator that is a solution to the calibrated estimating equation. Results from a limited simulation study are presented.     

Two-sided effects of customer participation: roles of relationships and social-interaction values in social services

This research aims to extend customer participation and value co-creation theory to the social-services sector, where consumer choice is restricted. This study examines the relationship between the value creation of participation and customer satisfaction in social services. The perceived value corresponding to different types of relationships was divided into company–customer (relationship value) and customer–customer (social-interaction value). To test hypotheses, data were collected via an online survey of customers using child-care centers in Korea. The participating customers had children who attended day-care centers, and the proposed hypotheses were tested using structural equation modeling. Empirical result shows that customer participation as information resource and customer participation as co-developer affect the relationship and social-interaction values. The most important and interesting result is that the relationship value has a positive effect, but the social-interaction value has a negative one on customer satisfaction. These results suggest that customer participation in social services has both positive and negative outcomes, which means that the social-interaction value of co-creation does not always lead to customer satisfaction in a choice-limited service such as child care. This study explains a counterintuitive and interesting relationship between the social-interaction value and customer satisfaction by validating the moderating role of social network service-based interaction intensity in child-care services.     

Abusive Supervision,Psychological Distress,and Silence: The Effects of Gender Dissimilarity Between Supervisors and Subordinates

Previous research has shed light on the detrimental effects of abusive supervision. To extend this area of research, we draw upon conservation of resources theory to propose (a) a causal relationship between abusive supervision and psychological distress, (b) a mediating role of psychological distress on the relationship between abusive supervision and employee silence, and (c) a moderating effect of the supervisor–subordinate relational context (i.e., gender dissimilarity) on the mediating effect of abusive supervision on silence. Through an experimental study (Study 1), we found the causal path linking abusive supervision and psychological distress. Results of both the experimental study and a field study (Study 2) provided evidence that psychological distress mediated the relationship between abusive supervision and silence. Lastly, we found support that this mediation effect was contingent upon the relational context in Study 2 but not in Study 1. We discuss implications for theory and practice.     

What happened to complex product systems literature over the last two decades: progresses so far and path ahead

Complex product systems (CoPS) industries largely contribute to industrial development, economic growth and creation of national wealth in both developed and developing economies. CoPS also show a number of specific characteristics as a distinctive category of industrial products in comparison with mass-produced consumer goods. These aspects have attracted the attention of scholars to study CoPS over the last two decades, resulting in a fairly extensive body of literature on the subject. However, there is a further need to connect research findings in this area, to illustrate a macro view of the development in the field, explore common themes, and identify possible paths into the future. This study aims to contribute to these ends by: (i) exploring the quantitative aspects of the CoPS literature; (ii) illustrating topical classification of CoPS studies and their findings; and (iii) suggesting opportunities for future research through examining common trends and unresolved issues in the literature.