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( Tun-ya Yang ),( Si-yuan Huang ),( Wei-che Tsai ),( Pei-shih Weng ) 한국파생상품학회(구 한국선물학회) 2020 선물연구 Vol.28 No.4
This paper aims to investigate the impact of day trading on market quality on the Taiwan stock market with the implementation of a unique policy change. This paper examines 396 listed stocks from June 2015 to October 2016, a period when the stock market in Taiwan officially approved selected stocks for day trading for all investors. Within the sample period, the empirical findings show that day trading increases the bid-ask spread, price depth and stock volatility, indicating that day trading activities not only cause higher transaction costs and trading risk but also raise the market’s ability to absorb price impact. This paper considers two-stage regression and tests the exogenous shock because of further relaxation for day trading to deal with the possible endogenous problem and the main findings remain consistent. Since early 2014, the Taiwan stock market has been experiencing a distinct growth in trading volume after unwinding the day trading; however, the results show that the impacts of stock day trading on market quality are not all positive.
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From a Tea Event to a Host Destination: Linking Motivation, Image, Satisfaction and Loyalty
손은미,Jingxue Jessica Yuan,Tun-Min (Catherine) Jai 한국관광학회 2014 International Journal of Tourism Sciences Vol.14 No.3
In a highly competitive tourism environment, capitalizing on culinary resources such as food and beverage-related events is an effective marketing tool that can enhance a destination image and tourist experience. This study adopted an integrated approach to understand culinary tourist behavior by examining the theoretical and empirical evidence of the relationship between motivation, image, satisfaction and loyalty. The concept of image, which provides for experiential perception and affect, was introduced and explored as a link between psychological constructs. Data from 543 subjects were collected at the Tea Cultural Festival in South Korea. The findings suggest that tourists’ positive perception of the event featuring local food and tea can have a positive influence on their decision-making process about holiday destinations. This study contributes to tourism marketing strategies and tourism planning as well as the theoretical development on culinary tourists’ behavior.
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