The equity-oil hedge: A comparison between volatility and alternative risk frameworks

This paper investigates alternatives to the conventional minimum-variance framework for hedging equity risks with crude oil. Specifically, the optimal hedge ratios are calculated for various risk objectives such as volatility, semivariance, and tail risk. The hedging efficacy is assessed for BRIC stocks and aggregated market indices. The results show that the optimal hedge ratios differ by strategy, and hedging efficacy varies across risk metrics, equity indices, and time periods. Semivariance and tail risk hedging are more effective than volatility risk hedging, but more expensive. Oil exporters (Brazil and Russia) outperform importers (India and China) in terms of hedging effectiveness. Hedging costs are lower during COVID-19 than during the global financial crisis. It is critical to capture volatility dynamics for hedging volatility, downside, and tail risk. Over-hedging could significantly increase the risk of an equity-oil-hedged portfolio. The findings contribute to a better understanding of oil's risk hedging capacity for equity indices, which will be of interest to financial market participants, corporations, and regulators. © 2023 Elsevier Ltd

What and how driving consumer engagement and purchase intention in officer live streaming? A two-factor theory perspective

To reduce the negative impacts of the COVID-19 pandemic, local government officers conducted live streaming to sell and endorse local products. Understanding factors and mechanisms affecting consumer engagement and purchase intention in officer live streaming have a profound effect on local economic recovery and rural revitalization. By integrating the two-factor theory, source credibility model, and Stimuli-Organism-Response (S–O–R) framework, the authors conduct an online survey to investigate how characteristics of officer live streaming drive consumer engagement and purchase intention. The results show that: (1) Motivation factors of officer live streaming include officer streamer physical attractiveness, interaction friendliness, altruism, expertise, product price attractiveness, and product local uniqueness;hygiene factors include product authenticity, officer streamer trustworthiness, and government credibility;(2) Utilitarian benefit, hedonic benefit and risk perception mediate the effects of motivation factors and hygiene factors on consumer engagement and purchase intention;(3) Power distance belief and consumer region (local-shoppers vs out-shoppers) moderate these effects. © 2022 Elsevier B.V.

Knowledge-based clubhouse adoption intention in the post-covid-19 era in the hospitality industry

The COVID-19 pandemic has affected the digital transformation of the hospitality industry and triggered Clubhouse knowledge adoption behavior. Clubhouse engagement in the COVID-19 era has gradually changed the forms of communication. Hospitality industry owners can communicate about their interactions and trades through Clubhouse, and members can share their operating and management experiences. Therefore, hospitality industry owners can learn from and support each other. This study aims to bridge the gap between professional knowledge and management adoption in the community of hospitality industry owners. We treat members’ self-regulated and socially regulated learning styles as variables in our analysis of members’ behaviors after acquiring knowledge from the community. This study contributes to our understanding of knowledge-based digital transformation processes in the hospitality industry in the post-COVID-19 era. It has implications for both Clubhouse users and hosts. © 2021 International Consortium for Electronic Business. All rights reserved.