bluuebunny/crossref_metadata_2025 huggingface dataset:
Human skeletal muscle organoids model fetal myogenesis and sustain uncommitted PAX7 myogenic progenitors
Authors: Mavrommatis Lampros , Jeong Hyun-Woo , Kindler Urs , Gomez-Giro Gemma , Kienitz Marie-Cécile , Stehling Martin , Psathaki Olympia E. , Zeuschner Dagmar , Gabriele Bixel M. , Han Dong , Morosan-Puopolo Gabriela , Gerovska Daniela , Yang Ji Hun , Kim Jeong Beom , Araúzo-Bravo Marcos J. , Schwamborn Jens C. , Hahn Stephan A. , Adams Ralf H. , Schöler Hans R. , Vorgerd Matthias , Brand-Saberi Beate , Zaehres Holm
Published: September 2020

In vitro culture systems that structurally model human myogenesis and promote PAX7+myogenic progenitor maturation have not been established. Here we report that human skeletal muscle organoids can be differentiated from induced pluripotent stem cell lines to contain paraxial mesoderm and neuromesodermal progenitors and develop into organized structures reassembling neural plate border and dermomyotome. Culture conditions instigate neural lineage arrest and promote fetal hypaxial myogenesis towards limb axial anatomical identity, with generation of sustainable uncommitted PAX7 myogenic progenitors and fibroadipogenic (PDGFRa+) progenitor populations equivalent to those from the second trimester of human gestation. Single cell comparison to human fetal and adult myogenic progenitors reveals distinct molecular signatures for non-dividing myogenic progenitors in activated (CD44High/CD98+/MYOD1+) and dormant (PAX7High/FBN1High/SPRY1High) states. Our approach provides a robust 3D in vitro developmental system for investigating muscle tissue morphogenesis and homeostasis.
Third-order aberration of soft X-ray optical systems with orthogonal and coplanar arrangement of the main planes of elements
Authors: Cao Yiqing , Shen Zhijuan , Xie Haihe
Published: September 2020

A third-order aberration analytical analysis method of soft X-ray optical systems with orthogonal and coplanar arrangement of the main planes of elements is proposed. Firstly, the transfer equations of the aperture ray and the principle ray are derived; then, based on the third-order aberration theory with the aperture-ray coordinates on the reference exit wavefront of a plane-symmetric optical system, the aberration expressions contributed by the wave aberration and defocus of this kind of optical system are studied in detail. Finally, the derived aberration calculation expressions are applied to calculate the aberration of two design examples of such types of optical systems; the images are compared with ray-tracing results obtained using the Shadow software to validate the aberration expressions. The study shows that the accuracy of the aberration expressions is satisfactory. The analytical analysis method of aberration is helpful in the design and optimization of the soft X-ray optical systems with orthogonal and coplanar arrangement of the main planes of optical elements.
Ronchi shearing interferometry for wavefronts with circular symmetry
Authors: Nagler Bob , Galtier Eric C. , Brown Shaughnessy B. , Heimann Philip , Dyer Gilliss , Lee Hae Ja
Published: September 2020

Ronchi testing of a focused electromagnetic wave has in the last few years been used extensively at X-ray free-electron laser (FEL) facilities to qualitatively evaluate the wavefront of the beam. It is a quick and straightforward test, is easy to interpret on the fly, and can be used to align phase plates that correct the focus of aberrated beams. In general, a single Ronchigram is not sufficient to gain complete quantitative knowledge of the wavefront. However the compound refractive lenses that are commonly used at X-ray FELs exhibit a strong circular symmetry in their aberration, and this can be exploited. Here, a simple algorithm that uses a single recorded Ronchigram to recover the full wavefront of a nano-focused beam, assuming circular symmetry, is presented, and applied to experimental measurements at the Matter in Extreme Conditions instrument at the Linac Coherent Light Source.
The impact of corporate governance on social and environmental engagement: what effect on firm performance in the food industry?
Authors: Gangi Francesco , D'Angelo Eugenio , Daniele Lucia Michela , Varrone Nicola
Published: September 2020

Purpose

This paper aims to provide new evidence on firm-specific determinants and effects of corporate social and environmental responsibility (CSER) in the food industry.

Design/methodology/approach

The current study is designed to empirically answer dual related research questions. First, we investigate the extent to which effective corporate governance (CG) mechanisms foster CSER. Second, we analyse the impact of CSER engagement on corporate financial performance (CFP). Consistent with the research design, to avoid sample selection bias, the authors employed Heckman two-step model (1979) to a worldwide sample of 324 food firms between 2011 and 2017.

Findings

The findings of the study reveal that effective board characteristics foster CSER engagement. Furthermore, CSER engagement is a positive predictor of improved profitability and also reduces the cost of debt (COD).

Originality/value

This article has elements of originality regarding the research questions, the context and the method. First, the authors demonstrate that CSER is a “missing link” between CG and CFP in the food industry. The authors’ contribution complements the debate on CSER and CFP through the stakeholder theory, the resource-based view and the innovation management perspective. They disentangle the effect of CG from the impact of social and environmental responsibility after correcting for endogeneity bias. The implications of the study contribute to a win-win scenario for companies investing in CG that result in higher CSER engagement, better profits and lower cost of capital.
The Dynamic Behavior of Foreign Exchange Rates with Stochastic Volatility and Jump Diffusion Models-Evidences from KRW/USD Spot and Option Markets
Authors: Baek In Seok , Kang Byung Jin
Published: September 2020

This paper assesses the empirical performances of the continuous-time models, including constant volatility (Black and Scholes, 1973), stochastic volatility (Heston, 1993), and stochastic volatility with jumps (Bates, 1996), in FX spot and option markets. To analyze the spot market, we used the EMM (Efficient Method of Moments) methods with daily KRW/USD spot exchange rates from November 1997 through July 2009. First, the empirical results find that the Bates model highly outperforms the other modelsin explaining the dynamic behavior of KRW/USD spot exchange rates. Second, we also find that the jump components carry out an important role in generating leptokurtic properties of KRW/USD spot exchange rates, on the other hand, stochastic volatilities perform a critical role in generating skewed properties of them. To analyze the option market, we examined the daily cross-sectional prices of the KRW/USD OTC options from January 2006 through March 2010. The empirical results from the option markets confirm that the Bates model clearly outperforms the other modelsin explaining the observed patterns of implied-volatility smile or smirk.
Price Discovery and Transmission Mechanism between CDS and FX markets
Authors: Kim Hong Bae , Kang Sang Hoon
Published: September 2020

This study investigated the relationship between the CDS (credit default swap) market with the FX spot (FX swap) market, including the period of recent global financial crisis.

A measure for market efficiency is the condition that the derivative markets dominate the asset market in price discovery. In our case, however, FX market should be leading the CDS market. We found FX (spot and Derivatives) market has co-integration relationship with CDS market. Looking at Gonzalo Granger (GG) and Hasbrouck's price discovery measure, we found the FX spot and derivatives market dominated CDS market in price discovery.

This study has also examined the direction of shock spillover and volatility transmission between Korean CDS spread and Foreign exchange spot (FX swap) markets using the VECM bivariate GARCH approach. Our evidence suggested the presence of bi-directional shock volatility and volatility transmission between the CDS market and FX spot market partially exist. However, volatility spillover effects from CDS market to FX Swap market are stronger than in the reverse direction during the global financial crisis, indicating that the CDS spread signaling sovereign risk play a more important role in influencing the volatility of FX derivatives market.

There are some particular features in FX market. The volatility and shock of CIP deviations reflecting arbitrage opportunities in FX swap market are influenced by those of CDS spread in tranquil period prior to Lehman failure. But after Lehman failure CDS played a crucial role in signaling credit risk in FX derivatives market. We found that higher liquidity and trading volume of market matters more in price discovery and information transmission.
Measuring the Toxicity of Order Flow using High Frequency Data: The Case of KOSPI200 Index Futures
Authors: Ohk Ki Yool , Wu Ming
Published: September 2020

This study presents a new informed trading probability measure VPIN (Volume-Synchronized Probability of Informed Trading) to estimate toxic order flow of KOSPI200 index futures in a high frequency world. This measure does not require to estimate non-observable parameters as PIN. Also, it is estimated based on volume time, so it can estimate toxicity of order flow in a high frequency world. We show a relation between KOSPI200 index futures VPIN and futures market volatility using correlation and conditional probability distribution. A main empirical result is that persistently high VPIN signifies a high risk of subsequent large futures market volatility. It means that VPIN is a useful measure to estimate a toxicity induced volatility.
Financial Crisis, Put-Call Parity and Momentum Effect
Authors: Kim Suhkyong
Published: September 2020

This study investigates the deviation from put-call parity in the KOSPI200 options market. The sample period is from January 2, 2006 to May 31, 2009. Due to the financial crisis in 2008, short sale of stocks had been prohibited from October 1, 2008 to May 31, 2009. The sample is divided into the pre-crisis period and the crisis period. The crisis period is the period during which short sale of stocks are prohibited. The summary statistics shows that the trading volume of KOSPI200 stocks doubled, but the trading volume of call options and that of put options declined to one half and one third from the pre-crisis period to the crisis period, respectively. The equation which relates the deviation of futures price to the deviation of put-call parity is derived and the deviation from put-call parity is analyzed by using two stage least square. This paper looks into not only the prior 60 day return's momentum effect, but also the intraday spot return's momentum effect. Evidence indicates that the intraday momentum does exist in options and stock prices. Empirical results show that the prior 60 day return's momentum effect is statistically insignificant during the pre-crisis period, but statistically significant during the crisis period whereas the intraday return's momentum effect is strongly significant for both of the periods. This result lends support to the argument that the deviation of futures price from its theoretical price is a component of the deviation from put-call parity. The sign and significance of the regression coefficient for momentum effects are consistent with Kim and Park (2011) and Kim (2012) again lending support to the validity of their regression equation. Overall, our results are consistent with the validity of the derived equation, Kim and Park (2011) and Kim (2013)’s rationale.
A Study on Foreign Banks‘ Short Borrowings and Volatilities of Stock Markets & FX Markets in Korea: Focus on aTe Derivatives
Authors: Suh Young Sook
Published: September 2020

This study examines how FX OTC derivatives transactions of foreign banks’ branches funded by short term borrowings affect the volatility of stock markets and FX markets in Korea based on historical data. It founds that they use call money for FX-derivatives trading, rather than borrowings from their Head Quarter. This result also proves that their derivatives trading is funded by call market increasing stock markets’ volatility in Korea, even if foreign banks’ branches have been using various funding sources. Also the role of foreign banks’ branches as FX money supplier for the korean local banks effects to stock markets by increasing the volatility via call markets. On the other hands, derivatives liabilities of foreign banks’ branches tend to increase volatility of the korean stock markets, but their derivatives assets tend to decrease the volatility. This result together with O/N dollar call volatility should be regarded as a kind of liquidity risk because they could give serious impacts to Korean financial markets if shocks break out. When considering the main revenue source of foreign banks’ branches, derivatives trading creates much higher leverage effects to them than korean local banks, and their roles in financial and capital markets of Korea this study provides with a reason that regulators should give complex and multilateral attentions to foreign banks’ branches.
The Determinants of the KOSPI200 Index Option Returns
Authors: Kang Byung Jin
Published: September 2020

This study examines the effects of crisis-related factors on the returns of KOSPI200 index options using a factor model, which was introduced by Constantinides, Jackwerth and Savov (2013). Three factors incorporating price jumps, changes in volatility, and volatility jumps are considered as the crisis-related factors. With the data for the period from 2004 to 2015, we find followings : First, most of the crisis-related factor premia are statistically significant, and their signs are consistent with those expected. Second, these crisis-related factors contribute to improve the understanding of the cross-sectional variation in KOSPI200 index option returns. Third, the crisis-related factor premia became much more significant after the global financial crisis in 2008. Finally, our empirical findings are robust to whether the long options and the in-the-money options are included in the sample or not, and to whether the factor premia are constrained to equal the corresponding premia estimated from the cross-section of equities.
Informational Efficiency of VKOSPI Futures and Policy Implications
Authors: Lee Moon-Hyoung , Yoon Sun-Joong
Published: September 2020

As global exchanges have listed volatility derivatives competitively, volatility has been recognized as a new investment vehicle and/or a hedging means for traditional financial assets such as stocks and bonds. Following this trend, KRX has begun to announce VKOSPI from KOSPI200 index options prices since April 13, 2009 and listed VKOSPI futures on November 17, 2014. However, VKOSPI futures has still not been activated than those listed in developed countries. In this paper, we investigate the informational efficiency of VKOSPI futures and analyze the illiquidity problem of VKOSPI futures. More specifically, we execute a VAR analysis of VKOSPI, VKOSPI futures, VIX and VIX futures to find out their lead-lag relations. In addition, we further conduct a Granger causality test, impulse response analysis and variance decomposition to examine their dynamic relations. According to the results, we find that VKOSPI leads VKOSPI futures and that VIX and VIX futures lead VKOSPI and VKOSPI futures significantly. Based on the results above, lastly, we propose several policies to make the VKOSPI futures market more active and informative.
Realized FX Volatility : Statistical Properties and Applications
Authors: Eom Cheoljun , Kaizoj Taisei , Park Jong Won , Scalas Enrico
Published: September 2020

This paper empirically examines the statistical properties of realized volatility and the relationships between volatility and correlation measurements of realized volatility by using intraday high-frequency foreign exchange (FX) rates. Results regarding the distributional and dynamic properties of realized volatility are in agreement with the findings of previous studies. However, the positive correlation present in previous studies is not found in the case of JPY. On trading days with low volatility in the FX market, realized correlation coefficients between JPY and other currencies have positive values, while realized correlation coefficients on trading days with high volatility show negative values. These results are due to the Japanese government's intervention in the FX market, particularly during trading days with high volatility. In this regard, our results suggest that the positive relationships between volatility and correlations verified in previous studies are not a general phenomenon in the case of government intervention and government intervention may distort the efficiency of the FX market. In addition, we show that the multivariate measurement of realized volatility based on intraday high-frequency data can be a useful tool for determining the occurrence of external intervention in the FX market.
Strategies for Improving V-KOSPI 200 Index
Authors: Kang Tae-Hun
Published: September 2020

The study examines not only the methods for eliminating stale or abnormal prices but also strategies for enhancing liquidity in the KOSPI 200 index options market, for compensating the defects of V-KOSPI 200.

First, introducing market making scheme in the KOSPI 200 options market can be the direct solution to prevent temporary fluctuations and spikes of the index arising from abnormal orders and to alleviate unnatural low variability (level) of the index through decreasing the use of stale market prices (model prices).

Second, if weekly options underlying KOSPI 200 index are available for trading and investor interest in the weeklys are surged, Korea Exchange can enhance V-KOSPI 200 to include series of KOSPI 200 weekly options. The inclusion for at least 5~6 weekly options available for trading allow V-KOSPI 200 to be calculated with KOSPI 200 index option series that most precisely match the 30-day target time-frame for expected volatility that the Index is intended to represent.

Along with these strategies for enhancing liquidity in the KOSPI 200 index options market, the study suggests the methodology which can prevents temporary fluctuations and spikes of the index by substituting stale or abnormal prices for normal prices.
Estimating Credit Rating and Transition Matrix of Savings Bank Industry Based upon IRB-Approach
Authors: Kim Myung Jig , Shin Sung Hwan , Song Hong Sun
Published: September 2020

This paper proposes a method that estimates credit ratings by mapping empirical probability of default (PD) and standardized historical financial ratios. Unlike standard approaches such as the parametric logit model. discriminant analysis. neural network. and survival function model. the proposed approach has an advantage of offering a multiple credit rating categories. as opposed to either default or not default. of obligors. It would provide an useful information to practitioners because the probability of default for each credit rating category is a critical input under New Basel Capital Accord. Emoirical results based upon the historical PD and financial ratios of Korean savings bank industry from 2000 and 2003 suggest that the industry’s average credit rating belong to a speculative grade. that is BB and below.

In addition, the computed transition matrix indicates that volatility of transition matrix fluctuates substantially each year and the orobability of staying in the same rating category at the end of the year tended to be much smaller than the average reported by the rating agencies for the overall Korean companies. The proposed method can easily be applied to industries other than savings bank industry.
Performance of Option Based Strategy Benchmark Index
Authors: Kwon Soon Shin , Kang Byung Jin , Chung Jay M.
Published: September 2020

This paper develops “Strategy Benchmark Index (SBI)” using KOSPI200 options data from January 2004 to March 2017, and then investigates their performances. The SBIs were constructed in the same way as those published daily by CBOE. To effectively analyze the performance of these SBIs, we classified them into four types : (1) Return enhancement SBIs (six indices), (2) Volatility trading SBIs (two indices), (3) Directional trading SBIs (two indices) and (4) Other SBIs (two indices). The return enchancement SBIs include bechmark indices tracking the performance of various covered call strategies and put writing strategies, which are generally used to increase investment returns. The volatility trading SBIs include benchmark indices tracking the performance of well-known volatility trading strategies such as butterfly spread and condor. Benchmark indices tracking the performance of various types of zero-cost collar strategies are classified into the directional trading SBIs. Our empirical results are as follows. First, the risk-adjusted performances of nine SBIs of the total twelve SBIs constructed from KOSPI200 index options has been shown to be great. Second, from a portfolio perspective, some SBIs can be helpful to improve the portfolio performance of CRRA (Constant Relative Risk Aversion) investors. These results imply that passive investment strategies with KOSPI200 index options can provide additional benefits that both equities and bonds do not provide. Third, even when we use the traditional mean-variance framework other than expected utility theory to verify the economic benefit of the SBIs, our empirical results are found to be still valid. In conclusion, our results suggest that some passive investment strategies using KOSPI200 index options would be beneficial to long term investors.
A Structural Model with Counterparty Risks
Authors: Kim Hwa-Sung
Published: September 2020

The recent financial crisis has triggered more studies on counterparty risks. The theoretical research on credit risk with counterparty risks has been built based upon the reduced-form model. In contrast, this paper suggests a structural model where firm value can be reduced due to counterparty risks. After deriving a price formula for corporate bonds, we analyze the credit spreads of the corporate bonds. The effects of the counterparty risk on credit spreads are as follows: First, regardless of the level of the counterparty's credit rating, the credit spreads of a firm increase because of counterparty risks. Second, the lower the counterparty's credit rating, the stronger the impact of either the correlation between the two firms on credit spreads, or the coefficient of reduction in firm value due to counterparty risks on credit spreads. Third, compared with existing structural models, there are some cases in which the structural model with counterparty risks is more consistent with actual credit spreads. These cases depend upon the counterparty's credit rating.
On the Theoretical Valuation of V-KOSPI 200 Futures
Authors: Eom Young Ho , Jang Woon Wook
Published: September 2020

Although the V-KOSPI 200 Futures markets opened in November 2014, trading has not been active until recently. One of the reasons for the illiquidity is due to the lack of a market consensus on the stochastic process model for the underlying volatility index (V-KOSPI 200). Given this fact, there is no theoretical pricing model that can be used for the determination of the benchmark price for the V-KOSPI 200 Futures. In this paper, we use the generalized method of moments method to search for a model that fits well with the time series of V-KOSPI 200 under the historical measure. In addition, we compare the performance of each model for the pricing of the V-KOSPI 200 Futures under the risk neutral measure. In the empirical analysis, we find that the CEV (constant elasticity of variance) parameter with the value about 1.5 is needed to price both the underlying V-KOSPI 200 process (under the physical measure) and the V-KOSPI 200 Futures (under the risk neutral measure). We also find that the mean reversion property is necessary to explain the dynamics of V-KOSPI 200.
Information Content of Adjusted Implied Volatility in the KOSPI 200 Index Options Market
Authors: Kang Byung Jin , Kang Sohyun , Yoon Sun-Joong
Published: September 2020

This study examines the forecasting ability of the adjusted implied volatility (AIV), which is suggested by Kang, Kim and Yoon (2009), using the horserace competition with historical volatility, model-free implied volatility, and BS implied volatility in the KOSPI 200 index options market. The adjusted implied volatility is applicable when investors are not risk averse or when underlying returns do not follow a normal distribution. This implies that AIV is consistent with the presence of risk premia for other risk such as volatility risk and jump risk. Using KOSPI 200 index options, it is shown that the AIV outperforms other volatility estimates in terms of the unbiasedness for future realized volatilities as well as the forecasting errors.
FDM Algorithm for Pricing of ELS with Exit-Probability
Authors: Kim Yongsik , Bae Hyeong-Ohk , Roh Hyunseok
Published: September 2020

We propose a new numerical algorithm for pricing the Equity linked Security which is a financial derivative. Our algorithm utilizes FDM with the Exit-Probability. Through numerical examples, we validate that our algorithm is more accurate than the conventional method.
Global Diversification and Hedging by High Technology Firms
Authors: Kim Young Sang
Published: September 2020

This paper examines the operational hedging strategies of high technology firms and how they are related to financial hedging. We use a sample of 216 firms, consisting of 108 operationally-hedged high technology firms and a size and industry matched sample of 108 non-operationally-hedged firms. We find that derivatives users are larger and are more R&D intensive than non-derivative users. Our regression analysis results show that operational hedging and financial hedging are complementary. However, firms that use financial hedging are able to significantly lower their exchange rate exposure. Finally, our results show that financial hedging adds value for our sample of high technology firms, while operational hedging does not.
Elucidation of big data analytics in banking: a four-stage Delphi study
Authors: Soltani Delgosha Mohammad , Hajiheydari Nastaran , Fahimi Sayed Mahmood
Published: September 2020

Purpose

In today's networked business environment, a huge amount of data is being generated and processed in different industries, which banking is amongst the most important ones. The aim of this study is to understand and prioritize strategic applications, main drivers, and key challenges of implementing big data analytics in banks.

Design/methodology/approach

To take advantage of experts' viewpoints, the authors designed and implemented a four-round Delphi study. Totally, 25 eligible experts have contributed to this survey in collecting and analyzing the data.

Findings

The results revealed that the most important applications of big data in banks are “fraud detection” and “credit risk analysis.” The main drivers to start big data endeavors are “decision-making enhancement” and “new product/service development,” and finally the focal challenge threatening the efforts and expected outputs is “information silos and unintegrated data.”

Originality/value

In addition to stepping forward in the literature, the findings advance our understanding of the main managerial issues of big data in a dynamic business environment, by proposing effective further actions for both scholars and decision-makers.
Modes of collaboration in open innovation practice of pharmaceutical firms in India: the analysis of survey and patent data
Authors: Krishna Vinita , Jain Sudhir K.
Published: September 2020

Purpose

Patents as one of the important components of intellectual capital are emerging as a new source for mining insights on open innovation (OI) practice of the organizations. Their role in value creation through collaboration and the inter-firm differences is yet to be explored in depth.

Design/methodology/approach

To achieve the aim, survey data is analyzed to rank OI practices (collaboration) of the firms, while patent data are analyzed to carry out descriptive and bivariate analysis to study the inter-firm differences in collaboration.

Findings

The survey findings highlight mergers and acquisitions (M&A) and patent pooling as the top two preferred modes of OI, while from patent data M&A has emerged as a predominant OI practice for mainly nonresident firms. At the firm level characteristics, out of firm age, number of granted patents and firm size, firm age has been found to be somewhat significant in few cases of OI practices.

Research limitations/implications

It provides an alternative source, in this case patent data to study open innovation capabilities of firms in India. There is contribution to the patent value theory from profit motive to deriving strategic decisions on collaboration.

Practical implications

The managerial implications of this study lie in realizing granted patents as important business tools for seeking collaboration, tracing competitive intelligence and the geography of innovation of the firms' competitors.

Originality/value

The dataset of granted patents at the Indian Patent office (2005–2017), the sample of pharmaceutical firms drawn from this list of patents, patent data– based OI insights and the use of multiple imputation technique to missing data for meaningful insights are some of the unique aspects of this paper.
Examining the role of social media-based destination brand community in evoking tourists’ emotions and intention to co-create and visit
Authors: Cheung Man Lai , Ting Hiram , Cheah Jun-Hwa , Sharipudin Mohamad-Noor Salehhuddin
Published: September 2020

Purpose

Using the stimulus-organism-response model as the theoretical basis, the purpose of this study is to examine the impact of a social media-based destination brand community (SMDBC) on tourists’ emotions, and the subsequent effect on the intention to co-create value and visit.

Design/methodology/approach

The theoretical framework was tested using survey data from 551 Chinese social media users who were followers of Japanese social media pages. Partial least squares–structural equation modelling was adopted to perform the latent variable analysis.

Findings

The findings reveal that SMDBC plays a considerable role in shaping tourists’ emotions, including joy, love and positive surprise, which, in turn, have a significant impact on consumers’ intention to co-create value and visit. Contrary to previous studies, the effect of joy on tourists’ intention to co-create and visit is found to be insignificant.

Research limitations/implications

The present study elucidates the importance and relevance of SMDBC in evoking tourists’ positive emotions, and subsequently their intention to co-create value and visit. Future research is recommended to compare and contrast SMDBC with other marketing and branding activities to provide greater insights into the phenomenon in a dynamic environment.

Practical implications

This study enables academics and business practitioners to better comprehend the effectiveness of SMDBC in driving tourists’ favourable assessment and behavioural intentions to improve resource allocation. In particular, destination marketers are recommended to optimise SMDBC and encourage discussion on SMDBC among users.

Originality/value

As literature in relation to the importance of SMDBC in evoking tourists’ emotions incorporating its link with tourists’ intention to co-create value and visit is relatively scarce, this study contributes to the branding and destination tourism research by empirically articulating the relevance of SMDBC in stimulating tourists’ emotions and subsequently value co-creation and visit intention.
Personal values as drivers of socially responsible investments: a moderation analysis
Authors: Singh Manjit , Mittal Manju , Mehta Pooja , Singla Himanshu
Published: September 2020

Purpose

The present study attempts to analyze if personal values, namely collectivism, materialism and environment attitude, have an impact on attitude to invest in socially responsible investments (SRIs). Second, it examines the impact of attitude on SRI intention which may further be moderated by religiosity beliefs. Third, the moderated relation is further tested separately for two groups of gender.

Design/methodology/approach

The study uses cross-sectional data collected from 534 north Indian retail investors. PLS–SEM has been applied in this study using the latest version of SmartPLS (v. 3.2.9) software to examine the complex model of moderation analysis.

Findings

The results of PLS–SEM suggested that collectivism, materialism and environment attitude significantly influenced attitude which further led to SRI intention. The moderating role of religiosity was found to be significant on the attitude–intention relationship. Further, a significantly higher moderation of religiosity was found in females as compared to males.

Research limitations/implications

Besides collectivism, materialism and environmental attitude, there could be other facets of an investor's personality that were not considered in the study. The present research was conducted in India, and Hofstede (1980) calls Indian culture to be collectivistic in nature, where the influence of pro-social and environmental concern on SRI intention is bound to be high; thus, findings need to be tested further at the global level.

Practical implications

Companies and financial institutions can enlarge their investor base for socially responsible products by propagating tailor-made financial products that can keep the personal values of investors intact in addition to providing satisfactory financial returns. Female investors can be encouraged to invest in SRI by promulgating the aspects of morality and ethics in their marketing and promotion strategies; eventually, this will lead to an upsurge in the proportion of female investors in financial markets.

Originality/value

The present study contributes to the growing body of research in the area of sustainable investments. This research has contributed to building and testing a moderation analysis of attitude–intention relationship with respect to SRI by adding investor's religiosity beliefs and his/her gender as moderating variables to better comprehend the relationships under study.
Is there persistence among non-professionals? Evidence from the Chicago Mercantile Exchange Group Trading Challenges
Authors: Sabbaghi Omid , Xu Min
Published: September 2020

Purpose

The study systematically investigates persistence in performance for simulated trading among non-professional traders in the futures market.

Design/methodology/approach

In this study, the authors employ a novel data set from the Chicago Mercantile Exchange (CME) Group's Trading Challenges for years 2014 through 2018 and expand upon the empirical methodology of Malkiel (1995) through improved interval estimations in testing for persistence in performance. The authors implement Fama-MacBeth style regressions to understand the degree of persistence in performance and the extent to which non-professionals extrapolate from prior returns. They adjust returns for risk through the Fama and French (2015) five-factor model in understanding whether the sample of non-professionals is able to produce excess returns after expenses and whether there is evidence of excess gross to cover expenses.

Findings

The empirical analysis suggests strong evidence for performance persistence among non-professionals participating in the Preliminary Rounds. In the Championship Rounds, the authors find that the persistence effect becomes stronger in economic and statistical significance after accounting for expenses. The results suggest that competition and transaction costs help to distinguish between winners and losers. When conducting Fama-MacBeth style regressions, the authors present evidence that strongly supports the persistence effect and over-extrapolation. While the results of the multi-factor model analysis suggest that, after adjusting for risk, most teams are experiencing negative excess returns prior to expenses, the authors also uncover evidence of teams earning returns sufficient to cover their expenses.

Originality/value

The authors bridge the gap between the literature on performance persistence and the emerging literature on non-professionals in the financial markets. Data from the CME Group’s Trading Challenge provide a rich source in studying the beliefs of non-professionals, and this study is helpful for understanding how beliefs, operationalized in simulated trades, perform over short time horizons, thereby providing insights into the behavioral dynamics of the financial markets. The results provide new empirical evidence for performance persistence among non-professionals.
Management quality of professional football clubs: the Football Management (FoMa) Q-Score 2018
Authors: Zülch Henning , Palme Moritz , Jost Sébastien Pierre
Published: September 2020

Purpose

This study derives a new framework that comprehensively assesses management quality along four dimensions, namely Sporting Success; Financial Performance; Fan Welfare Maximization; and Leadership and Governance. Filled with measurable key performance indicators (KPIs), these dimensions serve the purpose of objectively quantifying the relevant success factors. Ultimately, the performance in all dimensions indicates a football club's management quality.

Design/methodology/approach

The study relies first on a review of the literature in the field of both general management and sports. Second, the authors adapt the balanced scorecard framework to the field of professional football and use a set of KPIs to assess the management quality of the Bundesliga teams over the seasons 2016/17 and 2017/18. Third, the authors validate the relative weights of the four dimensions composing the so-called “Football Management Quality score” (i.e. FoMa Q-Score) using expert interviews.

Findings

Two movements characterize the score development in 2017/18 compared to 2016/17: first, scores appear more contracted than previously. Second, both average and median scores improved, suggesting a general improvement in the management quality within the Bundesliga.

Originality/value

To the best of the authors’ knowledge, this is the first exploratory study deriving and measuring relevant key criteria for managing football clubs and illustrating the findings in a ranking. The aim of this study is to establish a model that impacts both academia and practice. By utilizing existing management literature and adjusting it to football particularities, the newfound knowledge begins to close the gap in sport management literature.
Quality function deployment: exploiting interrelationships for progressive prioritization
Authors: Sharma Jitendra
Published: September 2020

Purpose

The purpose of this paper is twofold: to incorporate the symbolic relationships among the attributes of customer requirements (CRs) and engineering characteristics (ECs) as well as to factor in the values numerically to enhance the prioritization process for an improved, comprehensive quality function deployment (QFD) analysis. The aim is to develop the concept of assimilating and factoring in the often-ignored interrelationships among CRs and ECs utilizing the weighted average method for the CR and EC correlations with overall calculations.

Design/methodology/approach

After a brief literature review of the methods utilized, the research paper discusses the framework for the correlation triangle challenge and introduces a novel mathematical solution utilizing triangle values in conjunction with computed initial raw weights for CRs and initial priority scores for ECs. The capability and applicability of the proposed model are demonstrated with a real-life example.

Findings

Through the proposed technique, the roof and the interrelationship triangle's signs and symbols are translated into numerical values for each permutation of ECs and CRs, and then the prioritization values are processed and finalized. The proposed model successfully modifies and removes vagueness from an otherwise overlooked part of the QFD process.

Practical implications

The illustrated case study aptly proves that the proposed methodology yields more revealing and informative outcomes for engineers and designers, thus adding much-needed reliability to the outcome and its analysis. The validation conducted through the rank comparison endorses the premise, and the results obtained reflect the strength and accuracy of the progressive QFD as a product planning tool.

Originality/value

The research article proposes a fresh and unique QFD approach that solves typical procedural complications encountered in a regular QFD. Whereas the traditional methods neglect the interrelationships among CRs and ECs, this new methodology employs them in an improved, numerical way by incorporating them in quantitative analysis, which leads to judicious and improved decision-making.
Letter: effectiveness of ustekinumab or vedolizumab in Crohn's disease following anti‐TNF failure—getting closer to the truth. Authors' reply
Authors: Biemans Vince B. C. , Hoentjen Frank , Pierik Marieke J.
Published: September 2020

LINKED CONTENT

This article is linked to Biemans et al and Liu et al papers. To view these articles, visit https://doi.org/10.1111/apt.15745 and https://doi.org/10.1111/apt.16009
Magnetic resonance imaging based computer‐guided dental implant surgery—A clinical pilot study
Authors: Probst Florian Andreas , Schweiger Josef , Stumbaum Maria Juliane , Karampinos Dimitrios , Burian Egon , Probst Monika
Published: September 2020

Background

Computer‐guided implant surgery is currently based on radiographic techniques exposing patients to ionizing radiation.

Purpose

To assess, whether computer‐assisted 3D implant planning with template‐guided placement of dental implants based on magnetic resonance imaging (MRI) is feasible.

Materials and methods

3‐Tesla MRI was performed in 12 subjects as a basis for prosthetically driven virtual planning and subsequent guided implant surgery. To evaluate the transferability of the virtually planned implant position, deviations between virtually planned and resulting implant position were studied. Matching of occlusal surfaces was assessed by comparing surface scans with MRI‐derived images. In addition, the overall image quality and the ability of depicting anatomically important structures were rated.

Results

MRI‐based guided implant surgery with subsequent prosthetic treatment was successfully performed in nine patients. Mean deviations between virtually planned and resulting implant position (error at entry point 0.8 ± 0.3 mm, error at apex 1.2 ± 0.6 mm, angular deviation 4.9 ± 3.6°), mean deviation of occlusal surfaces between surface scans and MRI‐based tooth reconstructions (mean 0.254 ± 0.026 mm) as well as visualization of important anatomical structures were acceptable for clinical application.

Conclusion

Magnetic resonance imaging (MRI) based computer‐assisted implant surgery is a feasible and accurate procedure that avoids exposure to ionizing radiation.
Acquisition of chromosome 1q duplication in parental and genome‐edited human‐induced pluripotent stem cell‐derived neural stem cells results in their higher proliferation rate in vitro and in vivo
Authors: Mehrjardi Narges Zare , Molcanyi Marek , Hatay Firuze Fulya , Timmer Marco , Shahbazi Ebrahim , Ackermann Justus P. , Herms Stefan , Heilmann‐Heimbach Stefanie , Wunderlich Thomas F. , Prochnow Nora , Haghikia Aiden , Lampert Angelika , Hescheler Jürgen , Neugebauer Edmund A. M. , Baharvand Hossein , Šarić Tomo
Published: September 2020

Objectives

Genetic engineering of human‐induced pluripotent stem cell‐derived neural stem cells (hiPSC‐NSC) may increase the risk of genomic aberrations. Therefore, we asked whether genetic modification of hiPSC‐NSCs exacerbates chromosomal abnormalities that may occur during passaging and whether they may cause any functional perturbations in NSCs in vitro and in vivo.

Materials and Methods

The transgenic cassette was inserted into the AAVS1 locus, and the genetic integrity of zinc‐finger nuclease (ZFN)‐modified hiPSC‐NSCs was assessed by the SNP‐based karyotyping. The hiPSC‐NSC proliferation was assessed in vitro by the EdU incorporation assay and in vivo by staining of brain slices with Ki‐67 antibody at 2 and 8 weeks after transplantation of ZFN‐NSCs with and without chromosomal aberration into the striatum of immunodeficient rats.

Results

During early passages, no chromosomal abnormalities were detected in unmodified or ZFN‐modified hiPSC‐NSCs. However, at higher passages both cell populations acquired duplication of the entire long arm of chromosome 1, dup(1)q. ZNF‐NSCs carrying dup(1)q exhibited higher proliferation rate than karyotypically intact cells, which was partly mediated by increased expression of AKT3 located on Chr1q. Compared to karyotypically normal ZNF‐NSCs, cells with dup(1)q also exhibited increased proliferation in vivo 2 weeks, but not 2 months, after transplantation.

Conclusions

These results demonstrate that, independently of ZFN‐editing, hiPSC‐NSCs have a propensity for acquiring dup(1)q and this aberration results in increased proliferation which might compromise downstream hiPSC‐NSC applications.
Mechanistic insights into the role of large carnivores for ecosystem structure and functioning
Authors: Hoeks Selwyn , Huijbregts Mark A. J. , Busana Michela , Harfoot Michael B. J. , Svenning Jens‐Christian , Santini Luca
Published: September 2020

Large carnivores can exert top–down effects in ecosystems, but the size of these effects are largely unknown. Empirical investigation on the importance of large carnivores for ecosystem structure and functioning presents a number of challenges due to the large spatio‐temporal scale and the complexity of such dynamics. Here, we applied a mechanistic global ecosystem model to investigate the influence of large‐carnivore removal from undisturbed ecosystems. First, we simulated large‐carnivore removal on the global scale to inspect the geographic pattern of top–down control and to disentangle the functional role of large carnivores in top–down control in different environmental contexts. Second, we conducted four small‐scale ecosystem simulation experiments to understand direct and indirect changes in food‐web structure under different environmental conditions. We found that the removal of top–down control exerted by large carnivores (> 21 kg) can trigger large trophic cascades, leading to an overall decrease in autotroph biomass globally. Furthermore, the loss of large carnivores resulted in an increase of mesopredators. The magnitude of these changes was positively related to primary productivity (NPP), in line with the ‘exploitation ecosystem hypothesis’. In addition, we found that seasonality in NPP dampened the magnitude of change following the removal of large carnivores. Our results reinforce the idea that large carnivores play a fundamental role in shaping ecosystems, and further declines and extinctions can trigger substantial ecosystem responses. Our findings also support previous studies suggesting that natural ecosystem dynamics have been severely modified and are still changing as a result of the widespread decline and extinction of large carnivores.