• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.243-254
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• 2020

Purpose - This paper explores whether overnight returns measured from the last closing price to today's opening price explain the cross-section of stock returns. Design/methodology/approach - This study is conducted using the Korean stock market data from 1998 to 2018, obtained from DataGuide database. The analysis begins with portfolio-level tests, followed by firm-level cross-sectional regressions. Findings - First, when decile portfolios sorted on the daily average of overnight returns in the previous months, the highest decile portfolio exhibits a significant negative risk-adjusted return. This suggests that stocks with higher average overnight returns are temporarily overvalued due to buying pressure from investors. Second, at least 6 months of persistence exists in average overnight returns, which is in line with the results reported by Barber, Odean and Zhu (2009) that investor sentiment persists over several weeks. Finally, Fama-MacBeth cross-sectional regression of expected returns after controlling for a variety of firm characteristic variables such as firm size, book-to-market ratio, market beta, momentum, liquidity, short-term reversal, the slope coefficient for overnight returns remains negative and statistically significant. Research implications or Originality - Overall, the evidence consistently suggests that overnight return is considered as a new priced factor in the cross-section of expected returns. The findings of this paper not only adds to finance literature, but also could be useful to practitioners in making stock investment decision.

• The Journal of Fisheries Business Administration
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• v.26 no.1
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• pp.1-8
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• 1995

This paper tries to estimate price and quality effects in US cross - sectional fisheries demand analysis using 1987-88 Nationwide Food Consumption Survey Data. The estimated results support to the hypothesis of quality effects in cross - sectional prices, which had been already proven by Cox and Wohlgenant(1986). But Since all zero observations for the respective incomes, expenditures and quantities are eliminated for the ease of computation, it may yield inconsistent estimates from selectivity bias.

• Journal of Digital Convergence
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• v.13 no.1
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• pp.125-134
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• 2015

Cross-border M&A brings positive benefits to corporations and social economic development which can not been given by any investment ways, having greatly reduced the investment risks and costs to enter the host country market, resulting in the rapid development of the Cross-border M&A in china. This study examines the factors affecting firm performance of Cross-border merger and acquisition on Chinese manufacturing industry. This study chooses a sample of 31 Cross-border M&A in the manufacturing industry in China and the relevant data were collected during the period 2001 to 2007. The data were analyzed using a multiple regression analysis to identify the factors that affect Firm performance. It is found that the Firm performance is significantly affected by the oversea investment experience, cultural distance between countries, cost in M&A transaction and the number of transaction shares.

• Korean Business Review
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• v.11
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• pp.83-100
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• 1998

The objective of our study is to build a theoretical framework for the examination of impacts of cross-functional integration upon new product development performance(NPDP). For this purpose, we have concentrated our efforts on systematically delving into how cross-functional integration factors affect upon the interdepartmental cooperation and upon the NPDP while dividing those critical integration factors into the structural and the infra-structural ones. We have selected interdepartmental job-rotation, consigning of papers, and cross-functional teem meeting as structural cross-functional integration factors. On the other hand, we have chosen Quality Functional Deployment(QFD), Concurrent Engineering(CE), and Evaluation and Reward Systems as those infra-structural cross-functional integration factors. After identifying those integration factors, we have carefully searched the relationship between those integration factors and those cooperation variables (interdepartmental common goal, interdepartmental interactions, and common sharing of ideas and informations) to look into how they affect upon the NPDP. Among cross-functional integration and NPDP related studies, our study is the first to show systematically how strongly infra-structural integration factors affect upon the achievement of interdepartmental cooperation and the improvement of NPDP. Considering the limitation of our resources and time available for this research, we have limited our study to building only a theoretical framework for future empirical studies to look into how cross-functional integration variables are related with NPDP.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.1
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• pp.735-743
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• 2015

The service oriented architecture assures flexibility of enterprise application development, so it supports agile reaction to business change. On the other hand, considerable effort is needed to develop a service by combining business and constraint consumes because the entire combination logic should be changed according to the change in business rule. To improve the current method, this paper applied an aspect oriented approach to service system development. In this paper, the rule concern is proposed in addition to the core concern and cross cutting concern of aspect oriented approach. The rule concern is extracted from business rules included in the business processes and services. The rule concern is classified into the process rule aspect and service rule aspect according to the level of the rule. In the proposed approach, system is modularized into the core concern, cross cutting concern and rule concern through separation of concern, and they are maintained independently. Therefore, the adaptability, reusability, and maintainability of a service system will be enhanced.

• The Journal of Industrial Distribution & Business
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• v.12 no.6
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• pp.37-46
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• 2021

Purpose: The international business is affected by significant cultural factors that may impediment the operation and the ultimate performance of a business organization. The current study aims to investigate prior literatures works to find cross-cultural discrepancies such as the cultural distance that impacts international companies' operations and management and develop appropriate strategies for realizing high performance while overcoming these challenges. Research design, data and methodology: To find the required sources, the study employed the use of secondary data. Different search strategies were used to find the necessary materials from various sources. The data composed of an extensive review from multiple peer-reviewed journals and other existing research. Results: Based on literature analysis, the current study suggests novel seven strategies for multinational organizations. As a result, this study provides various pieces of literature to deduce meaningful information on the appropriate business strategies that a company can use to bridge the gap of the limitations of cross-cultural impacts on international businesses. Conclusion: An organization moving into a new cultural environment faces challenges including tastes and preferences, norms, language barriers, and beliefs. Organizations, therefore, have to devise the best strategies to align themselves with the prevailing cultural conditions to reap the benefits of internationalization.

• The Korean Nurse
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• v.13 no.6 s.74
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• pp.8-9
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• 1974

• Asia-Pacific Journal of Business
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• v.12 no.1
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• pp.121-134
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• 2021

Purpose - This study examines whether flight-to-liquidity (FTL) explains the dynamic liquidity risk on stock returns, and whether it has a significant influence on determinants the cross-section of stock returns. Design/methodology/approach - This study suggests a new risk factor, dynamic liquidity hedge portfolio (DLP), to reflect the dynamic impact of liquidity risk on stock returns and the Fama-MacBeth 2 stage regression analysis is employed in order to analyze the data. Findings - First, the DLP factor shows more positive and significant beta for the small or illiquidity stocks. Second, the DLP shows a different influence than SMB (size risk factor), HML (value risk factor), NMP (liquidity risk factor), FTVOL (total volatility factor) in determining the cross-section of stock returns. In addition, the DLP has a statistically significant risk premium of around 5%, which is relatively larger than other risk factors. Research implications or Originality - This study has academic value in terms of newly confirming that the DLP factor has a more significant impact on cross-sectional determination of stock returns than other risk factors by proposing a conditional liquidity factor that can explain the FTL phenomenon.

• Journal of the Korea Society of Computer and Information
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• v.28 no.11
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• pp.209-226
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• 2023

Cross-border e-commerce has emerged as a crucial force in stabilizing China's foreign trade, driving the transformation and upgrade of China's foreign trade, and contributing to global economic development and stability. As a result, promoting the high-quality development of cross-border e-commerce has become a common challenge within the Chinese industry. However, with the rapid growth of cross-border e-commerce, it faces new phenomena and challenges, such as a mix of quality, fierce competition, and price competition. Brands serve as distinguishing markers for identifying entities, and brand building is a prudent choice for achieving high-quality development in cross-border e-commerce. This article utilizes brand theory, employing a combined qualitative and quantitative approach, with a specific focus on key elements within the operations of cross-border e-commerce enterprises. Through an analysis of the key elements influencing the formation and development of brands within the internal operations of Chinese cross-border e-commerce enterprises, it investigates their internal formation mechanisms and assesses the significance of these critical factors in influencing brand formation. The research process is based on data from overseas consumers, conducting empirical analysis, ultimately providing certain guidance for brand development in cross-border e-commerce enterprises.

• Journal of Fashion Business
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• v.11 no.6
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• pp.115-124
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• 2007

The cross-section of the polyester filament yarn has been modified to have a variety of shape for aesthetic, added functions and sensitivities, and other purposes. Transparent polyester filament of trilobal cross-section has unique optical properties with high anisotropic reflectivity and transmissivity. The monofilament yarns may be utilized to impart to the fabrics lustrous appearance along with unique color change in case differently dyed yarns are woven together. The color changes of the fabric specimens according to the changes in observation and lighting conditions were analyzed using a CCD camera and an image analysis software. The changes of color/luster of the fabric specimens were measured and analyzed based on RGB, $L^*a^*b^*,\;L^*C^*h,$ and the color distribution within a three-dimensional color space.