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The taxonomy of tail risk
Get PDFWe use tail events at different levels of severity to define an asset's tail risk and to decompose the latter into a systematic and an idiosyncratic component. The systematic component captures an asset's tendency to experience joint tail losses with the market and generalizes a classic tail dependence coefficient. However, the idiosyncratic component consists of two parts: idiosyncratic tail risk that leads to asset-specific tail losses and tail risk cushioning that dampens the tail losses emanating from the market. Tail risk cushioning is a novel concept that arises naturally in our framework, is consistent with the previous two and completes the taxonomy of tail risk. We examine the performance of our tail risk decomposition on a large dataset, confirming some previous results on tail risk and uncovering new theoretical and empirical findings
Inducing shoppers’ impulsive buying tendency in live-streaming: Integrating signaling theory with social exchange theory
Get PDFPurpose: The increasing popularity of live-streaming commerce has provided a new opportunity for e-retailers to boost sales. This study integrated signaling theory and social exchange theory to investigate how streamer- and product-centered signals influence customers’ likelihood of making an impulsive purchase in the live-streaming commerce context. Design/methodology/approach: An online survey was designed and distributed to the target respondents in China using purposive sampling. A total of 735 valid responses were analyzed with partial least square structural equation modeling (PLS-SEM). Findings: Both streamer-centered signals, i.e. streamer credibility and streamer interaction quality, were discovered to significantly influence product-centered signal, i.e. product information quality. Additionally, streamer interaction quality was found to have a significant impact on streamer credibility. Furthermore, it was observed that customer engagement played a significant mediating role in the relationship between product information quality and impulsive buying tendency. Moreover, the paths between product information quality and customer engagement, as well as the connection between engagement and impulsive buying tendency, were found to be moderated by guanxi orientation. Originality/value: Despite the prevalence of impulsive purchases in live-streaming commerce, few studies have empirically investigated the impact of streamer and product signals on influencing customers’ impulsive purchase decisions. Consequently, to the best of our knowledge, this study distinguishes itself by offering empirical insights into how streamers use reciprocating relationship mechanisms to communicate signals that facilitate impulsive purchase decisions
Algebraic types in Zilber's exponential field
Get PDFWe characterise the model-theoretic algebraic closure in Zilber's exponential field. A key step involves showing that certain algebraic varieties have finite intersections with certain finite-rank subgroups of the graph of exponentiation. Mordell-Lang for algebraic tori (a theorem of Laurent) plays a central role in our proof
Filling the weapons procurement gap in the Indo-Pacific: South Korean arms export to Indonesia and India
Get PDFHow do second-tier suppliers adapt to defense-industrial globalization and expand their weapons sales in different regions? We offer a demand-side explanation of arms procurement. As the first-tier suppliers focus on advanced power projection weapons, two types of qualitative structural gaps emerge in the global arms market either due to excessive superiority or utter neglect of certain platforms. Consequently, buyer states turn to weapon systems produced by second-tier suppliers as they are proximate to their qualitative needs in terms of strategic/technical and doctrinal requirements. Through case studies of South Korea’s weapons sales to India and Indonesia, we show how a second-tier supplier is able to outbid its first-tier counterparts on qualitative grounds to fill the structural gap left by global power disparity
Student (dis)satisfaction in UK Higher Education: Teaching-only contracts, esteem uncertainty and research intensity
Get PDFThis study investigates the impact of teaching-only contracts on student satisfaction in UK Higher Education, with a focus on esteem uncertainty through the lens of asset specificity. Utilising an institutional-level student dissatisfaction index, we analyse the combined effects of teaching-only contracts, faculty compensation and research intensity. The findings suggest that while teaching-only contracts can enhance student satisfaction by encouraging pedagogical innovation, their positive impacts are at risk of being diminished by issues of esteem uncertainty, especially due to limited opportunities for career advancement and institutional focus on research. Our study provides valuable insights for Higher Education policymakers, underlining the importance of addressing the esteem-related challenges academic staff face. By incorporating these factors into policy decisions, it’s possible to bolster educational quality and improve student experiences, ensuring that the advantages of teaching specialisation are not undermined by wider institutional practices
4D printing of shape-memory polymer-based floating tablets via fused deposition modelling: Transformable helical structure to tablet-like form
Get PDFThe integration of four-dimensional (4D) printing technology into pharmaceutical manufacturing has introduced a transformative approach to drug delivery systems, offering flexible alternatives to improve drug bioavailability. This study advanced the field by developing an innovative 4D-printed floating drug delivery system using Fused Deposition Modelling (FDM) and a temperature-responsive polymer, polylactic acid (PLA). Unlike traditional methods and previous literature that relied on external devices or encapsulation, our approach utilised the shape-memory properties of PLA to create helical structures that transform into tablet-like forms when heated and subjected to an external force. Under gastric conditions, these structures reverted to their original shape, allowing them to float and release drugs over an extended period. In this work, eight helical models (M1 to M8), were designed and fabricated with varying geometric parameters, including helix diameter, number of helical turns, and top/base height, to assess their geometric accuracy, shape-memory performance, drug-loading efficiency, floatability, and release behaviour. Results showed that models with smaller helix diameters and fewer turns exhibited superior shape recovery, with the highest observed at 79.5% for Model M1 (1.0 mm helix diameter, two helical turns, and 0.5 mm top/base height). Meanwhile, models with larger diameters showed higher drug-loading capacities. Additionally, the drug-loaded models demonstrated significant shape-recovery and floating performances, suggesting the potential for prolonging drug release for up to 12 h. These findings highlight the potential of 4D printing in developing advanced drug delivery systems, providing new insights into how this technology can improve drug administration and drug delivery through shape-changing tailored systems
From virtual trainers to companions? Examining how digital agency types, anthropomorphism, and support shape para-social relationships in online fitness
Get PDFThe role of virtual trainers in online fitness has increasingly captured the attention of consumers and brands as digital technology becomes more interwoven with daily life. This study extends the para‐social relationship theory by developing and testing a research model through five studies that simulate online fitness interactions. In Study 1, we examine the model and find that three characteristics (interactivity, authenticity, and companionship) positively influence consumers' social perceptions (perceived warmth and competence), para‐social relationship building, and intentions to continue using the service. Our findings also reveal that the moderating roles of coach types (human vs. avatar vs. agent) in Study 2, anthropomorphic appearance levels (high vs. low) in Study 3, and the nature of support provided (emotional vs. technical) in Study 4 significantly affect users' social perceptions and their intentions to continue using the service. Interestingly, compared to humans and avatars, using agent coaches requires greater authenticity to strengthen the para‐social relationship. When using lowanthropomorphic digital agents and avatars, building para‐social relationships more effectively promotes consumers' continued usage intentions. Additionally, the relationship between para‐social relationship building and continued usage intentions was stronger in the emotional support group than in the technical support group. In Study 5, we found that continued usage intention positively affects online fitness subscription behaviors. These findings have implications for integrating digital agencies to enhance consumer experience and engagement in health‐focused digital environments, especially for physical fitness service providers and platform course designers
Te Tangata Whai Rawa o Weniti/The Maori Merchant of Venice (The Merchant of Venice, film, dir Don C. Selwyn, Aotearoa/New Zealand 2002)
No full textTe Tangata Whai Rawa o Weniti/The Maori Merchant of Venice (2002) is Aotearoa/New Zealand’s first Shakespeare feature film and the first film ever with dialogue solely in te reo Māori, the indigenous language of Aotearoa/New Zealand. Don C Selwyn, the film’s director, adapted the screenplay from Dr Pei Te Hurinui Jones’s 1946 translation of The Merchant of Venice. The film followed Selwyn’s 1991 staged production of Jones’s translation. Te Tangata Whai Rawa o Weniti attempts to reclaim Shakespeare for te Ao Māori (the Māori world). At the same time, the film draws attention to less easily resolved dilemmas of colonisation behind its idyllic surface
