The Asymmetric Overnight Return Anomaly in the Chinese Stock Market

Traditional asset pricing theory suggests that to compensate for the uncertainty that investors bear, risky assets should generate considerably higher rates of return than the risk-free rate. However, the overnight return anomaly in the Chinese stock market, which refers to the anomaly that overnight return is significantly negative, contradicts the risk–return trade-off. We find that this anomaly is asymmetrical, as the overnight return is significantly negative after a negative daytime return, whereas the anomaly does not occur following a positive daytime return. We explain this anomaly from the perspective of investor attention. We show that the attention of individual investors behaves asymmetrically such that they draw more attention on negative daytime returns, and play an essential role in explaining the overnight return puzzle

Animosity within borders: The mediating roles of regional identification and perceived discrimination on regional media preference

Purpose – The purpose of this paper is to examine the effect of parental and peer norms on idol worship as well as the effect of idol worship on the intention to purchase and obtain the idol’s music products legally and illegally. Purpose – The purpose of this paper is to identify and examine the antecedents and consequence of regional animosity and their impacts on regional media preference. Design/methodology/approach – Computer-assisted telephone interviews were conducted with randomly selected adult residents in Northern (206) and Southern (201) Taiwan. The data were analyzed using structural equation modeling in LISERAL and fuzzy-set qualitative comparative analysis. Findings – The findings reveal that perceived economic threat, economic hardship and dissatisfaction with government economic policy increase home region identification and perceived discrimination, which in turn lead to heightened animosity toward the opposite foreign region. This increasing animosity then affects consumer choice over home region media compared to media originated from the other region. Research limitations/implications – The findings suggest that military and political tensions alone cannot explain why consumers would harbor animosity between one region and another within the same country due to social and economic reasons. The constructs chosen in this research should be seen only as a snapshot but other variables such as a region’s natural environment and its human factors are not taken into account. Future studies would benefit from inclusion of these variables and a wider geographical scope. Practical implications – Several implications are extracted to help marketing and branding personnel better shape their marketing, communication and media strategies, as well as to help government policy makers and political parties revise existing policy to reduce the animosity. Originality/value – By investigating animosity within borders, this study provides fresh insights to help explain how economic factors contribute to increased regional animosity through the mediating effect of regional identification and perceived discrimination. The findings broaden existing understanding about the concept of animosity and its impact on consumer behavior

How Do Virtual Teams Work- A Social Relationship Model By SEM

Virtual teams have been brought the need for organizations to improve the performance of virtual teams. Among these key issues to be successful, social dimensions have been catching researchers and mangers’ attentions. Hence, this study derives a preliminary social relationship model from Powell et al’s (2004) virtual team framework and conduct an experiment to validate it by SEM. The results reveal: (1) Communication has a positive impact on relationship building; (2) Relationship building has a positive impact on cohesion; (3) Relationship building has a positive impact on trust; (4) cohesion and trust have positive impacts on performance

Evaluation Issues in Managing and Realizing Benefits in B2BEC/IT Investments

Organizations have invested substantial amount of financial resources in information technology (IT) over the last few decades. However, there is still a lack of understanding of the impact of IT investment evaluation processes and practices in these organizations. This study extends the Limits-to-Value model to examine the relationship between the levels of IT maturity and the adoption of IT investment evaluation and benefits realization methodologies as well as their effects on B2BEC benefits. The study has found that IT maturity has a direct positive relationship with the adoption of these evaluation methodologies. A number of issues and problems have also emerged from the analysis of the data collected. These findings will assist organizations in making better evaluation of B2BEC/IT investment

General approach of causal mediation analysis with causally ordered multiple mediators and survival outcome

Causal mediation analysis with multiple mediators (causal multi-mediation analysis) is critical in understanding why an intervention works, especially in medical research. Deriving the path-specific effects (PSEs) of exposure on the outcome through a certain set of mediators can detail the causal mechanism of interest. However, the existing models of causal multi-mediation analysis are usually restricted to partial decomposition, which can only evaluate the cumulative effect of several paths. Moreover, the general form of PSEs for an arbitrary number of mediators has not been proposed. In this study, we provide a generalized definition of PSE for partial decomposition (partPSE) and for complete decomposition, which are extended to the survival outcome. We apply the interventional analogues of PSE (iPSE) for complete decomposition to address the difficulty of non-identifiability. Based on Aalen’s additive hazards model and Cox’s proportional hazards model, we derive the generalized analytic forms and illustrate asymptotic property for both iPSEs and partPSEs for survival outcome. The simulation is conducted to evaluate the performance of estimation in several scenarios. We apply the new methodology to investigate the mechanism of methylation signals on mortality mediated through the expression of three nested genes among lung cancer patients

Silicon nitride and silica quarter-wave stacks for low-thermal-noise mirror coatings

This study investigates a multilayer high reflector with new coating materials for next-generation laser interferometer gravitational wave detectors operated at cryogenic temperatures. We use the plasma-enhanced chemical vapor deposition method to deposit amorphous silicon nitride and silica quarter-wave high-reflector stacks and studied the properties pertinent to the coating thermal noise. Room- and cryogenic-temperature mechanical loss angles of the silicon nitride and silica quarter-wave bilayers are measured using the cantilever ring-down method. We show, for the first time, that the bulk and shear loss angles of the coatings can be obtained from the cantilever ring-down measurement, and we use the bulk and shear losses to calculate the coating thermal noise of silicon nitride and silica high-reflector coatings. The mechanical loss angle of the silicon nitride and silica bilayer is dispersive with a linear weakly positive frequency dependence, and, hence, the coating thermal noise of the high reflectors show a weakly positive frequency dependence in addition to the normal 1/ vf dependence. The coating thermal noise of the silicon nitride and silica high-reflector stack is compared to the lower limit of the coating thermal noise of the end test mirrors of ET-LF, KAGRA, LIGO Voyager, and the directly measured coating thermal noise of the current coatings of Advanced LIGO. The optical absorption of the silicon nitride and silica high reflector at 1550 nm is 45.9 ppm. Using a multimaterial system composed of seven pairs of ion-beam-sputter deposited Ti∶Ta2O5 and silica and nine pairs of silicon nitride and silica on a silicon substrate, the optical absorption can be reduced to 2 ppm, which meets the specification of LIGO Voyager