Earticle

This paper investigates whether commonality in investors’ irrationality exists in two different markets. Using a proxy for investors’ irrationality in the U.S. and the Korean market, we show that the commonality exists in both markets. To test the existence of the commonality, we apply three different methods used in the literature about the commonality of liquidity. The results provide the exact link between investors’ irrationality and its effect on stock returns shown in the behavioral finance literature.

본 논문은 경기도 안산지역의 문턱 낮은 재활용품가게의 의미와 가치에 대해 논한 다. 연구진은 가게의 폐점 결정부터 폐점 후까지 약 8개월 동안 가게를 둘러싼 다양 한 인물의 구술과 참여관찰을 진행했다. 선주민의 비율이 2%가 되지 않는 안산은 도 시 공동의 역사나 공동체적 경험이 매우 희소한 신흥공업계획도시이다. 다문화담론과 ‘마을만들기’ 프로그램이 활발한 이 도시에서 가장 소외된 약자는 구도심의 쇠락한 주 거지역 주민이다. 이들은 상업적 공간인 재활용품 가게에서 구매와 물품 기증을 매개 로 소통하며 단속(斷續)적 공동체 관계를 형성해냈다. 이러한 관계가 명확하게 드러나 게 된 것은 가게의 폐점을 둘러싸고 진행된 협력적 구술생애사를 진행하는 과정에서 였다. 가게에서 형성된 관계는 폐점 이전에도 작동하고 있었으나, 일상 속에서 제대로 인지되지 않는 성격의 것이었다. 이는 가게 이용자 및 관계자가 구술을 나누는 가운데 서로의 기억과 경험이 가감되고 조정된 결과에 가깝다. 심지어 폐점의 경험 속에서 확인, 강화된 것에 가깝다. 공동체적 공간으로서의 가게의 의미는 이용자와 자원봉사 자가 협력적으로 구술을 연행하는 가운데 구성되는 동시에 공동의 기억이자 작은 역 사로 자리 잡게 되었다.

This paper discusses the significance and the value of a recycling store's openness in Ansan, Gyeonggi province, with regard to the community matters of the socially-marginalized in the area. The authors conducted participant observation in the store and individual/group interviews with more than 35 people over 8 months until the closing of the store. Ansan— where the indigenous people consist of less than 2% of the city population —is an emerging industrial planning city that lacks a rich history of community experience. In this city where multicultural discourses and “Community Building Projects” are active, the most underprivileged are those living in declining residential areas at the old town. They established communal yet regulatory relationship with one another, while the relationship was based on the actions of purchase and donation in the commercial space. This relationship became apparent during the process of the collaborative oral life history program, which took place around the closure of the store. The relationship existed even before the closure but was hard to detect in the daily life of the store. The recognition of this relationship may be a result of adding, adjusting, and coordinating each other's memories and experiences when store users shared the oral life history. Moreover, this relationship was confirmed and strengthened in the oral program. The value and significance of the store as a communal space were recognized by the collaborative oral life history processes between users and volunteers as they became shared memories and small histories of their own.

글로벌 마켓에서 경쟁하기 위하여 많은 기업들은 제품의 다양성을 증가시키고, 고객의 요구사항을 만족시키고, 리드타임을 줄이고, 비용을 줄이기 위하여 product family를 적용하고 있다. 성공적인 product family를 위한 핵심 요인은 플랫폼을 도출하는 것이다. Product family를 설계할 때, 제품의 공통성과 차별성간의 절충을 해결하는 것이 중요하다. Product family내에서 공통성을 평가하기 위해서 공통성 지수를 개발하는 것이 필요하다. 공통성 지수는 공통 부품수, 비용, 제조 공정 등과 같은 서로 다른 변수들을 이용한다. 본 연구에서는 선행 연구된 공통성 지수를 벤치마킹하여 환경성을 고려한 새로운 product family 평가 지수인 그린 product family 지수(GPFI)를 개발하고자 한다. 기존에 개발된 공통성 지수들과 본 연구에서 개발된 GPFI와의 비교연구를 통하여 제안한 지수의 적합성과 효과성에 대하여 검증한다. 궁극적으로 본 연구에서 제안하는 새로운 개발한 그린 product family 지수는 환경친화적인 product family를 설계하고 개발하는 데 도움이 될 것이다.

To compete global marketplace, many firms are adopting product families to increase variety, satisfy customer requirements, shorten lead-times and reduce costs. The key to a successful product family is the platform from which it is derived. When designing product families, it is important to resolve the tradeoff between product commonality and distinctiveness. To measure the commonality within a product family, it is necessary to develop the commonality index. It utilizes different parameters such as the number of common components, their cost, their manufacturing processes and so on. This paper present a new product family assessment index using the benchmarking method and considering environmental performance called green product family index(GPFI). Through the comparison analysis between some previous developed commonality indices and GPFI, we verify the suitability and effectiveness. Eventually, the proposed a new green product family assessment index can be helpful to design and develop the environmentally conscious product families.

We document that stocks of companies belonging to the same business group co-move with each other more than do stocks in the same industry. The within-group correlation in excess of the withinindustry correlation has become more pronounced over time, especially following the 1998 Asian crisis. Fundamental factors, such as related-party transactions, cross-holdings of equity stakes, or earnings correlation do not explain the increased stock return commonality within business groups. Rather, trading in the same-business group stocks is highly correlated more so during the post-crisis period. Such pattern is robust to using daily, weekly, and biweekly returns. Overall, our results are consistent with the notion that greater emphasis on corporate governance post the crisis, particularly on business group-related issues, leads investors to categorize stocks in a given business group and treat them as one entity.

We document that stocks of companies belonging to the same business group co-move with each other more than do stocks in the same industry. The within-group correlation in excess of the withinindustry correlation has become more pronounced over time, especially following the 1998 Asian crisis. Fundamental factors, such as related-party transactions, cross-holdings of equity stakes, or earnings correlation do not explain the increased stock return commonality within business groups. Rather, trading in the same-business group stocks is highly correlated more so during the post-crisis period. Such pattern is robust to using daily, weekly, and biweekly returns. Overall, our results are consistent with the notion that greater emphasis on corporate governance post the crisis, particularly on business group-related issues, leads investors to categorize stocks in a given business group and treat them as one entity.

Contrasting the Classical Japanese and Modern Korean aspectual forms that originated from existential verbs, this paper argues that there is a parallel relationship between the two languages in that both have intentionality as a factor in the choice of aspectual form. First, referring to An and Fukushima (2005) and Kim, Kyung-ae (2006), we confirm the similarity between Classical Japanese and Modern Korean as well as the difference between -ko iss- and -e iss- in Modern Korean. We go on to reveal that there are commonalities in the uses of aspectual forms in Classical Japanese and Modern Korean. One of the similarities between the two languages is that a factor in the choice of aspectual form is whether or not the relevant action or state is maintained by the subject, though the use of the two forms in Korean is not restricted by animacy or genericity. We suggest that the restrictions on animacy and genericity observed in Classical Japanese reflect the semantic difference between the existential verbs iru and aru.

독일 신표현주의와 중국 현대 수묵은 지리적으로 멀리 떨어진 두 나라에서 시작됐으나, 등장한 시기가 유사하며 서로 공통되는 부분이 많다.창작 태도 측면에서 두 풍격의 예술가들은 모두 외래 풍격을 받아들이고 저항하며 과거로 회 귀하고 전통을 초월하여 포스트모던의 불확실성을 함께 드러내고 있다. 표현 형식 측면에서 보면, 두 화풍이 그리는 대 상은 모두 형상을 갖추고 있으나 사실적이지는 않으며, 매개의 재료 특성을 활용하는 것을 중요하게 여긴다. 정신적 함 의 측면에서 보면, 신표현주의와 현대 수묵은 모두 사회적 관심사를 중시하고, 상통하며 유동적인 현대성을 지닌다. 독 일 신표현주의와 중국 현대 수묵의 상통성은 차이점을 지우자는 것이 아니라 차이점과 공통점이 공존할 수 있도록 해야 한다는 것이다.

Although German Neo-expressionism and Chinese modern ink painting are separated by thousands of miles in geographical space, they have a similar origin time, and there are many commonalities between them. In the aspect of creative attitude, artists of both styles can absorb and resist foreign styles, return to the past and conquer the tradition. In the aspect of formal expression, the objects of both paintings are representational rather than realistic, and the material characteristics of the media are emphasized. At the inner spiritual level, both expressionism and modern ink painting pay attention to social concern, and show the uncertainty of postmodernism together. The commonality between German neo-expressionism and Chinese modern ink painting does not mean to eliminate the difference, but to maintain the coexistence of difference and commonality.

This paper proposes a classification method of commonality and variability for identified services from feature models, since features can express the properties of services. The service is identified by feature organizing, considering the selective and relational attributes of features. Identified services are classified the commonality and variability of services; this involves analyzing the service properties and reuse levels. The service types in a service level are as follows: mandatory, optional, alternative, and or. The suggested method can facilitate service reusability in the product lines of mobile phones.

We have been studying the Japanese view of life and death by conducting questionnaires survey and analyzing the results. We have seen that when there is no longer a sufficient basis for judgment, a sense of avoidance only of the form remains. 　Since the end of last year, the new coronavirus disease (COVID-19), following the global spread of the new coronavirus (SARS-COV-2), has increasingly limited various aspects of life. Although there is information on which to base judgments about new coronavirus , the situation is somewhat confusing, partly due to problems in providing information.　Here, we've discussed three cases. The first case is the case of simultaneous temporary school closing. The second case is the treatment of data represented by the handling of the new coronavirus disease case on the cruise ship Diamond Princess. The last case is a school trip in elementary and junior high schools. We discussed these cases by comparing with the research results of the view of life and death. It was suggested that both were in a similar state in part.

The primary objective of the present paper is to offer a philosophical account, first, as to a significant intellectual transition, which occurred between Confucius and his successors with regard to shu 恕, and, second, about the divergence between Mencius and Xunzi, both of which remain under-examined in current studies of the Confucian Golden Rule. Confucius proposed shu as a highest-order moral principle as well as “the method of [realizing] ren 仁,” thus conferring enormous weight on this, the earliest formulation of the Golden Rule in human history. He also expressed a conviction in the desirable consequences that the practice of this concise precept would generate. Additionally, this moral principle was expressed with a high degree of consistency in the Analects. Nonetheless, the original shu formulation of Confucius quickly faded away, and it was replaced comprehensively with diverse forms of reformulation in the post-Confucius classics of ancient Confucianism. Concerning these issues, the present study shows the following: The Golden Rule in general, including shu, is grounded on the premise of human commonalities. The so-called imposition-problem, which constitutes the central idea of modernist objections to the Golden Rule, arises from the transition of the underlying premise from human commonalities to interpersonal differences during the early modern period, rather than its inherent defect or incompleteness as a moral principle. Likewise, a drastic transition in formulating shu occurred between Confucius and his successors according to changes in the prevailing views on human commonalities. The notable differences between Mencius and Xunzi in reformulating shu also coincided with a great divergence between them in articulating Confucius’ view on human commonalities in the form of the metaphysical concept of human nature (xing 性)

This study examines tail risk premia for 44 countries from 1990 to 2015 and provides evidence on the existence of common and systematic components in the variation of tail risk premia across countries. Specifically, we found that individual countries’ tail risk premia significantly comove with U.S., regional, and global tail risk premia. The first five principal components explain all variation in the premia, with the first principal component alone explaining over 30% of the variation. The comovement, or commonality, is stronger for developed market countries and more open countries. We also provide evidence that premia are affected by the U.S. economic environment and global stock market volatility, leading to a common variation in tail risk premia around the world.

Correspondingly to overexposure to advertising and oversaturation of sales markets, companies are required to explore ways to protrude. One way to enhance and differentiate oneself from competitors is sound branding. Part of sound branding refers to the sound-symbolic perception of certain linguistical features. This article examines the relationship between obstruents and a perceived sound-symbolic harshness. Based on a study done by Pathak et al. (2020), three separate research had been conducted. Firstly, twenty-one hypothetical brand names (HBNs) containing voiced obstruents (/b/, /d/, /g/, /z/, and /v/) and twenty-one HBNs containing voiceless obstruents (/p/, /t/, /k/, /s/, and /f/) had been shown to native Korean speakers in English. A second group was shown the same brand names but transliterated. Lastly, the same HBN in English had been presented to a control group (n = 20) consisting of native English speakers. It was shown that sound symbolism is not culturally agnostic, although universal tendencies have been found and significant differences in perception had been proven.

Make-to-forecast production is a way to realize high customization and fast responsiveness. This study firstly investigates the effect of introducing a common component in a make-to-forecast production environment. The common component can eliminate a modification step, which is a major cost component in make-to-forecast production. It is illustrated, however, that introducing a versatile component that merely covers several variants is unattractive, and thus adding values to the common component is inevitable in this environment. Secondly, an order-matching rule under the condition that two partially overlapped delivery lead time intervals exist is proposed. The rule considers the effect of matching orders to units that can cover both intervals. An alternative re-matching rule is also developed and examined. Numerical experiments clarify that the proposed rule generally realizes higher contribution ratio and lower percentages of orphans and rejected orders. The proposed re-matching rule increases the average contribution ratio at the expense of increased orphans and order rejections.

By using data that distinguish order flow among types of trader, we provide new evidence that retail investors’ trading leads to strong liquidity commonality in the Taiwanese stock market. The liquidity provision of retail traders is cross-sectionally correlated with each other and comoves closely with the market-wide liquidity. Order flows of foreign and domestic institutional traders, despite co-moving within their order flows, contribute substantially less to the market-wide commonality. Commonality is stronger for large and index-included stocks. The size effect and index inclusion effect are found for retailers’ order flows but not with institutional liquidity provision. Our results suggest that herd trading among retail investors can drive liquidity commonality in markets with active individual participants.

This paper investigates the causes of liquidity commonality. We consider information asymmetry, volatility, utilitarian trading interest, style-based trading, inventory cost, and investor sentiment as potential candidates. Our empirical analysis shows that greater information asymmetry causes higher liquidity commonality. The significant effect of the order imbalance beta supports our volatility hypothesis as a cause of liquidity commonality. Program trading and the KOSPI200 index dummy are positively related to liquidity commonality, which is consistent with the style-based trading hypothesis. Higher individual trading is associated with higher liquidity commonality, which means that investor sentiment operates in the Korean market. However, volume beta and return beta, as proxies for the utilitarian trading effect and the inventory cost, respectively, are insignificantly related to liquidity commonality.

Purpose: Practitioners and researchers have paid significant attention to social entrepreneurship (hereinafter referred to as SE) and design thinking (hereinafter referred to as DT). In effect, recent research has been conducted to understand the relationship between SE and DT. However, our understanding for the relation between those two concepts is limited due to the lack of empirical studies resulting in the discussion remained at high level status. This study investigated how SE and DT are related based on their commonalities through in-depth literature review and a qualitative case study in five social enterprises which are known for using DT methods actively in Korea. Research design, data, and methodology: Five cases were selected to conduct an in-depth analysis to advance our understanding for the relation of SE and DT. Data analysis was carried out in three steps following a typical thematic analysis model and findings were enfolded with further insight from SE and DT literature. Results: Based on in-depth literature reviews for SE and DT, this study derived three commonalities: Innovation, Hybridity and Human-centered approach. Through the interaction of three commonalities above, seven sub-domains were created with the help of case studies. The seven sub-domains are 1) Open co-creation, 2) User-centric, 3) Opposable collaboration, 4) Long-term perspective/ Large-scale sustainability, 5) Fast experimentalism, 6) Altruism/ Empathy and 7) Ambidexterity. Implications: In unpacking the commonality between SE and DT, this study offered future research in areas of how social organizations can apply DT methods based on in-depth understanding the commonality and how scholars and practitioners can shape the theory and practice of DT through the empirical examples in social organizations using DT. Furthermore, Social Designing (SD) is suggested as a way of combining SE and DT based on the need to find new alliances between those two concepts to achieve a real social impact.

We estimate latent factor models of liquidity and volatility. Common liquidity and volatility factors are extracted using multiple liquidity and volatility measures. Additionally, a latent factor is extracted by aggregating across both liquidity and volatility resulting in what we call the common uncertainty factor. The underlying uncertainty factor is correlated with the individual and the common liquidity and volatility factors as well as returns. We ?nd that the underlying uncertainty risk factor is signi?cantly priced in the cross section of expected returns, while the risks associated solely with liquidity and volatility are not suggesting that liquidity risk and volatility risk in stocks are related and should not be considered separately.

This paper expands on a presentation delivered at the 3rd COALA Global South Missions Conference in Panama in May 2025 and examines the emerging theological commonality of the Global South missions movement through John Stott’s Christology of Mission. As the center of world Christianity shifts southward, churches in Africa, Asia, and Latin America have become key agents of global mission. Using Stott’s six Christological stages-Incarnation, Suffering, Resurrection, Glory, the Spirit, and the Second Coming-this study analyzes eleven conference presentations and the Bangkok and Panama Declarations. The findings identify six shared characteristics: incarnational and indigenous-centered mission, mission shaped by suffering, diversity as missional vitality, friendship-based mutuality, dependence on the Holy Spirit, and strong eschatological urgency. These patterns provide a theological foundation for Global South missions and foster polycentric cooperation within COALA.