Gadjah Mada International Journal of Business
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Efficiency of S&P CNX Nifty Index Option of the National Stock Exchange (NSE), India, using Box Spread Arbitrage Strategy
Get PDFBox spread is a trading strategy in which one simultaneously buys and sells options having the same underlying asset and time to expiration, but different exercise prices. This study examined the efficiency of European style S&P CNX Nifty Index options of National Stock Exchange, (NSE) India by making use of high-frequency data on put and call options written on Nifty (Time-stamped transactions data) for the time period between 1st January 2002 and 31st December 2005 using box-spread arbitrage strategy. The advantages of box-spreads include reduced joint hypothesis problem since there is no consideration of pricing model or market equilibrium, no consideration of inter-market non-synchronicity since trading box spreads involve only one market, computational simplicity with less chances of mis-specification error, estimation error and the fact that buying and selling box spreads more or less replicates risk-free lending and borrowing. One thousand three hundreds and fifty eight exercisable box-spreads were found for the time period considered of which 78 Box spreads were found to be profitable after incorporating transaction costs (32 profitable box spreads were identified for the year 2002, 19 in 2003, 14 in 2004 and 13 in 2005) The results of our study suggest that internal option market efficiency has improved over the years for S&P CNX Nifty Index options of NSE India.
Who Are Better Informed Before Analysts’ Forecast Changes?
Get PDFUsing Korean data, we investigate information asymmetry among investors before analysts change their stock recommendations. By comparing trading activities between individuals, institutions, and foreign investors, we find that there is information asymmetry before analysts change their recommendations. Institutional investors buy/sell the stock before recommendation upgrades/downgrades, but individuals and foreign investors do not anticipate the upcoming news. We also document that the trade imbalance of institutional investors are associated with stock returns upon the announcements of recommendation changes. This result indicates that institutions take advantage of their superior information around the recommendation changes.
Stock Market Integration: Are Risk Premiums of International Assets Equal?
Get PDFThis paper studies previous research on capital market integration and applies a simple international capital asset pricing model by considering the incompleteness in market integration and heteroscedasticity of the market returns. When we disregarded those two factors, we found that stock markets were integrated and the law of one price on risk premiums prevails. However, when the factors were considered, the markets were just partially integrated.
The Impact of Message Framing and Source Credibility on Breastfeeding Intention: A Social Marketing Approach
Get PDFoai:jurnal.ugm.ac.id:article/5352Though highly recommended by health organizations worldwide, breastfeeding an infant from birth for a period of several months is not universal. There is thus a need to investigate appropriate and effective means to promote this breastfeeding behavior. This study, rooted in a social marketing perspective, tests the impact of message framing and source credibility on the behavioral intention to breastfeed. A 2 x 2 factorial experiment was conducted in Indonesia, an especially relevant setting given that the percentage of Indonesian women who breastfeed is low compared to other countries. Two hundred and seventy nine pregnant women participated in this study. The findings of this study indicate that the interaction between message framing and source credibility has a significant effect on a person’s attitude and intention to provide exclusive breastfeeding. In addition, this study finds that attitude is an essential determinant of intention.
Dynamic Marketing and Service Innovation for Service Excellence
Get PDFThis study aims at creating a framework describing how the interaction capabilities between dynamic marketing and service innovation can influence service excellence. In this study market sensing, market learning, market targeting or positioning are classified as dynamic marketing capabilities (DMC), while sensing, seizing, and transformi ng are classified as service innovation capabilities (SIC). Hence, the drivers of service excellence for the framework being developed are divided into three main categories: dynamic marketing capability, service innovation capability, and their interaction. The findings of the study on three hotels, ranging from 4-star to 5-star hotels and operating in Indonesia, suggest that both capabilities and their interaction play their roles in achieving service excellence.Abstrak: Riset ini bertujuan untuk menciptakan kerangka yang menggambarkan bagaimana kapabilitas interaksi antara pemasaran dinamik dan inovasi jasa dapat mempengaruhi keunggulan layanan. Dalam riset ini, penginderaan pasar, pembelajaran pasar, target pasar serta positioning diklasifikasikan sebagai kapabilitas pemasaran dinamik (DMC), sementara penginderaan (sensing), merebut (seizing), dan transforming diklasifikasikan sebagai kapabilitas inovasi jasa (SIC). Oleh karena itu, penggerak keunggulan layanan untuk kerangka yang dikembangkan dibagi menjadi tiga kategori utama: kapabilitas pemasaran dinamik, kapabilitas inovasi jasa, dan interaksi diantara kedua kapabilitas. Temuan studi pada tiga hotel yang dijadikan sebagai studi kasus di hotel bintang 4 (empat) dan 5 (lima) yang beroperasi di Indonesia, menunjukkan bahwa kedua kapabilitas dan interaksinya memainkan peran mereka dalam mencapai keunggulan layanan.
Service Quality and the Mediating Effect of Corporate Image on the Relationship between Customer Satisfaction and Customer Loyalty in the Malaysian Hotel Industry
Get PDFService quality is vital to the success of any service organization. The rapid growth of the Malaysian hotel industry in the 2000’s forced hotel operators to seriously recognize the importance of service improvement in order to gain competitive advantage. This study aims to examine the impact of service quality on customer satisfaction, and how customer satisfaction subsequently affects customer loyalty in the hotel industry in Malaysia. This study also investigates the mediating effect of corporate image on the relationship between customer satisfaction and customer loyalty. A systematic sampling approach was adopted to collect data through self-administered questionnaires from 500 hotel guests. Preliminary data analysis, descriptive analysis, reliability test and regression analysis were adopted to ana-lyze the reliability of items and the hypothesized relationships in the proposed research model. The findings revealed that perception of service quality is significantly related to customer satisfaction, which in turn generates positive customer loyalty in the hotel industry. Besides, corporate image is found to be a partial mediator in the relationship between customer satisfaction and customer loyalty. Overall, the find-ings of this study would help hotel operators to formulate and implement effective marketing manage-ment strategies to cope with the keen competition in the hotel service industry.
THE RELATIONSHIPS AMONG DIFFERENT PERFORMANCE MEASURES IN INDONESIAN RETAIL CONTEXT
Get PDFDespite research into the links between market orientation and firm performance, research into the detail different measures of performance has been limited. This study develops different measures of performance in retail business and examines their relationship with market orientation. The results suggest that market orientation positively relate to nonfinancial indicators. Also, indirect nonfinancial indicator can be treated as dominant mediator for the relationship between market orientation and financial indicator. Further, the findings suggest that different types of performance measurement affect the magnitude of market orientation and performance association
Is Scissoring a Metaphor for Disconnecting a Relationship?
Get PDFA great deal of attention has surrounded the role of embodied cognition in human judgments; however, it has received very little research attention, especially in the marketing field. This research is based on the idea that the act of cutting can activate perceptions of severing relationships, as well as eliciting a sense of independence. Study 1 showed that consumers are less likely to adopt a close friend’s opinion when they engage in the act of cutting an object with scissors. Study 2 demonstrated that people are less likely to trust the reviews of online communities while cutting a piece of string with scissors. These lowered intentions to adopt others’ opinions appeared to be mediated by increased psychological distances between the self and the information provider. In other words, people who engage in the act of scissoring unconsciously weaken or disconnect themselves from the information providers, thereby choosing not to adopt others’ opinions. This research identifies the link between the physical activity of cutting and the mental disconnection concerning social relationships. The results provide implications in setting up an integrative framework of the consumer decision-making process involving embodied cognition.
