• East Asian Economic Review
• /
• v.27 no.3
• /
• pp.213-242
• /
• 2023

This paper investigates whether the price of cryptocurrency is determined by the US dollar index, the price of investment assets such gold and oil, and the implied volatility of the KOSPI. Overall, the returns on cryptocurrencies are best predicted by the trading volume of the cryptocurrency both in-sample and out-of-sample. The estimates of gold and the dollar index are negative in the return prediction, though they are not significant. The dollar index, gold, and the cryptocurrencies seem to share characteristics which hedging instruments have in common. When investors take notice of the imminent market risks, they increase the demand for one of these assets and thereby increase the returns on the asset. The most notable result in the out-of-sample predictability is the predictability of the returns on value-weighted portfolio by gold. The empirical results show that the restricted model fails to encompass the unrestricted model. Therefore, the unrestricted model is significant in improving out-of-sample predictability of the portfolio returns using gold. From the empirical analyses, we can conclude that in-sample predictability cannot guarantee out-of-sample predictability and vice versa. This may shed light on the disparate results between in-sample and out-of-sample predictability in a large body of previous literature.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.4
• /
• pp.885-895
• /
• 2021

The purpose of this study is to examine the determinants of intention to borrow consumer credit of Vietnamese people by applying the Technology Acceptance Model (TAM) and extending it with several variables, including anxiety, perceived trust, and perceived financial costs extracted and adapted from the existing literature. A questionnaire survey was administered in the big cities of Vietnam to a total of 602 consumers. Structural equation modeling (SEM) techniques have been employed to investigate the relationship among intention determinants to borrow. Findings show that perceived usefulness mediates the impact of subjective norms on the intention to borrow consumer credit. At the same time, subjective norms also directly influence the intention to borrow. Notably, anxiety, perceived trust, perceived financial cost, perceived ease of use have no significant influence on intention to borrow. Meanwhile, education level is confirmed to have a moderate influence on intention to borrow consumer credit of Vietnamese people. However, there is not enough statistical evidence about the influence of gender and marital status on the intention to borrow consumer credit in Vietnam. Based on the findings of the Vietnamese consumer credit market, we proposed some suggestions to promote the growth of the market in the future.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.10
• /
• pp.909-918
• /
• 2020

This study, not only investigates the important role of lifelong learning in shaping young people's knowledge and in maximizing their potential, but also aims to shed light on the influencing factors of lifelong learning of young people in Vietnam. The author applied STATA and SPSS to analyze quantitative data collected from questionnaires with 332 respondents aged between 19 years old and 24 years old. Based on a holistic review of literature, this study concludes that four driver factors affect young people's lifelong learning ability, comprising: organizational culture, motivation, human resource development, and domestic private type of enterprise. The results emphasize the positivity of organizational culture, human resource development, and the nature of work, especially organizational culture and human resource development, which are dominant reasons for young people to maintain lifelong learning. The relationship between demographics and lifelong learning was tested and it indicated that male has a stronger interest in learning than female. The result of the study also shows the impact of different types of business sectors on employees' learning intentions. It points out that the domestic private type of enterprise is the most effective factor that has a positive relationship with the lifelong learning of the individual.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.3
• /
• pp.19-29
• /
• 2018

This research examined the alternatives of Jensen's alpha (α) estimation models in the Capital Asset Pricing Model, discussed by Treynor (1961), Sharpe (1964), and Lintner (1965), using the robust maximum likelihood type m-estimator (MM estimator) and Bayes estimator with conjugate prior. According to finance literature and practices, alpha has often been estimated using ordinary least square (OLS) regression method and monthly return data set. A sample of 50 securities is randomly selected from the list of the S&P 500 index. Their daily and monthly returns were collected over a period of the last five years. This research showed that the robust MM estimator performed well better than the OLS and Bayes estimators in terms of efficiency. The Bayes estimator did not perform better than the OLS estimator as expected. Interestingly, we also found that daily return data set would give more accurate alpha estimation than monthly return data set in all three MM, OLS, and Bayes estimators. We also proposed an alternative market efficiency test with the hypothesis testing Ho: α = 0 and was able to prove the S&P 500 index is efficient, but not perfect. More important, those findings above are checked with and validated by Jackknife resampling results.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.9
• /
• pp.201-208
• /
• 2020

Terms of trade is an important indicator of the welfare gains from international trade to the exporting country. Terms of trade of oil-exporting countries are hypothesized to depend primarily on oil prices. The study assesses the relation between oil prices and the terms of trade of Saudi Arabia. The study uses the Autoregressive Distributed Lag method to determine the cointegration between the country's terms of trade and oil prices for the period 2000-2018. The data for net barter terms of trade is taken from World Development Indicators and oil price is taken from Saudi Arabian Monetary Agency. The results show that oil prices and terms of trade are cointegrated and any disequilibrium between the two variables is corrected by 35% in a year. The study also reports a positive relationship between the two items, both in the short run and long run. Diagnostic tests indicate the model to be fit. The results suggest that, for a primarily oil-producing country like Saudi Arabia, the terms of trade depend on oil prices. The study fills the gap in the literature on the study of terms of trade for Saudi Arabia for the last few years, where there has been a high volatility in oil prices.

• International Journal of Costume and Fashion
• /
• v.16 no.2
• /
• pp.67-79
• /
• 2016

The Oroqen (鄂伦春) traditional costume refers to what the nomadic Oroqen people used to wear before they settled into fixed communities. With very limited contact with the outside world and with limited resources, the clothing material was virtually entirely animal hide. With settlement, especially after 1996, animal hide clothing has declined among the Oroqen. As an important part of Oroqen tradition and culture, the Oroqen people keep endevoring to promote costume design through competition and exhibitions. Therefore, this paper seeks to present an insightful understanding of Oroqen culture and the formative features of their general clothing. We explored the formative features of Oroqen animal hide clothing based on an analysis of actual artifacts and literature. As a result, the characteristics of Oroqen hide clothing were found in five types - coats, trousers, hats, shoes, gloves. For the decoration, embroidery and applique were their way of decoration, and Mother Nature was their source of pattern design.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.1
• /
• pp.11-16
• /
• 2018

This research examines the alternative ways of estimating the coefficient of non-diversifiable risk, namely beta coefficient, in Capital Asset Pricing Model (CAPM) introduced by Sharpe (1964) that is an essential element of assessing the value of diverse assets. The non-parametric methods used in this research are the robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator). The Jackknife, the resampling technique, is also employed to validate the results. According to finance literature and common practices, these coecients have often been estimated using Ordinary Least Square (LS) regression method and monthly return data set. The empirical results of this research pointed out that the robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator) performed much better than Ordinary Least Square (LS) in terms of eciency for large-cap stocks trading actively in the United States markets. Interestingly, the empirical results also showed that daily return data would give more accurate estimation than monthly return data in both Ordinary Least Square (LS) and robust Least Trimmed Square (LTS) and Maximum likelihood type of M-estimator (MM-estimator) regressions.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.2
• /
• pp.943-952
• /
• 2021

The purpose of this study is to evaluate the effect of COVID-19 on corporate governance attributes and firm performance association. This research used a sample of 188 non-financial firms from the Malaysian market for the years 2019-2020. We found that the COVID-19 has affected all firm characteristics including firm performance, governance structure, dividend, liquidity, and leverage level, yet, the difference between prior and post COVID-19 pandemic is not significant. Also, the investigation revealed that board size exerts a significant positive impact on firm performance. After splitting the sample based on year, however, we found that board size does not matter in the uncertain time of the current crisis, while board diversity appeared to be significantly enhancing firm performance in the crisis time compared to the prior year where it has an inverse association with firm performance in both indicators. Board meetings and audit committee meetings seemed to have a significant negative influence on firm performance pre and post-COVID-19. This study contributes to the limited literature by providing the first empirical evidence on the impact of Coronavirus on the firm performance and corporate governance association.

• The Journal of Asian Finance, Economics and Business
• /
• v.4 no.3
• /
• pp.75-83
• /
• 2017

This paper examines key determinants and the effect of country-of-origin on customer's purchase intention of functional food and dietary supplement product in Vietnam. Exploratory study was identified to evaluate personal and social factors on customer's buying behavior. Twenty-eight reflective constructs were adapted from literature and designed by using a seven-point Likert scale to facilitate measurement. By using non-probability convenience sampling, data was collected from a survey of 242 Vietnamese who have experienced in buying functional and supplement food. This paper employed partial least square structural equation modeling (PLS-SEM) as a technique employed to analyze the measurement and structural models. The findings provide evidence that social prestige customer perceives and their positive attitude toward functional food which are main factors influencing on consumers' purchase intention. Customer's perceived prestige plays an important role in decision-making process to purchase. The higher social prestige taken up in consumers' mind, the higher consumers' purchase intention is. Moreover, the more positive attitude customer holds toward functional food, the higher consumers' purchase intention. The research results provide useful information in current understanding of what antecedents determine factors influencing customer's intention to purchase functional food and lead to managerial implications for business strategies.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.1
• /
• pp.471-478
• /
• 2021

This study aims to investigate the determinants of turnover intention among company managers in Indonesia. Based on the literature, this research hypothesizes that job satisfaction is a mediator in the relationship between compensation, career and turnover intention of companies in Indonesia. Respondents as research samples are grouped into middle managers from two industries, namely, manufacturing and services. A total of 215 questionnaires were returned from middle managers. Data analysis used Structural Equation Model - Linear Structural Relationship (SEM LISREL). The research results prove that compensation and career have a positive effect on job satisfaction. Compensation, career, and job satisfaction have a negative impact on turnover intention. Compensation is known to be one of the motivating drivers of workers around the world. From this study it can be said that, if middle manager teachers are well compensated, they will be encouraged, persuaded and will have positive feelings toward their work, and this will result in staying put. It works also with career and job satisfaction. If both variables are considered carefully, intention to move tends to be low. These findings provide new insights into the field of international human resources in developing multinational companies and service businesses.