We analyze realized volatilities constructed using high-frequency stock data on the Tokyo Stock Exchange. In order to avoid non-trading hours issue in volatility calculations we define two realized volatilities calculated separately in the two trading sessions of the Tokyo Stock Exchange, i.e. morning and afternoon sessions. After calculating the realized volatilities at various sampling frequencies we evaluate the bias from the microstructure noise as a function of sampling frequency. Taking into account of the bias to realized volatility we examine returns standardized by realized volatilities and confirm that price returns on the Tokyo Stock Exchange are described approximately by Gaussian time series with time-varying volatility, i.e. consistent with a mixture of distributions hypothesis.
PurposeThe international marketing field has witnessed many studies related to “country of origin” (COO) effects or the “made in” concept over the past few decades. Yet COO research is deeply rooted in the so-called “production-related” approach, which mainly accounts for production- or technology-based factors. Barely considered is the “consumption-related” perspective, which reflects consumers' proclivity to base their buying decisions on foreigners' product choice. In this paper, we propose the “country of reference” (COR) concept, in which consumers deliberately imitate the product choices of consumers from another country, to whom the former (i.e. the imitators) attribute superior or more prestigious personas.Design/methodology/approachUnlike the made in concept, which emphasizes favored product qualities from superior manufacturing countries, we believe product preferences may arise from cross-border benchmarking or “cross-country referencing.” Pivoting on the optimal distinctiveness theory, this paper suggests a COR framework that incorporates the system justification theory and the self-discrepancy concept, along with decision heuristics and mental simulation effects. The proposed framework aims to explain consumers' inclination to “buy what certain foreigners buy.”FindingsWe suggest critical propositions related to the COR concept, discuss its marketing implications, and pinpoint further research issues.Originality/valueCOR may become a coping strategy through which low-status consumers perceiving themselves as less privileged than their high-status counterparts can narrow this gap by means of decision mimicking.
We examine the relationship between trading volumes, number of transactions, and volatility using daily stock data of the Tokyo Stock Exchange. Following the mixture of distributions hypothesis, we use trading volumes and the number of transactions as proxy for the rate of information arrivals affecting stock volatility. The impact of trading volumes or number of transactions on volatility is measured using the generalized autoregressive conditional heteroscedasticity (GARCH) model. We find that the GARCH effects, that is, persistence of volatility, is not always removed by adding trading volumes or number of transactions, indicating that trading volumes and number of transactions do not adequately represent the rate of information arrivals.
In dye‐sensitized solar cells (DSSCs), the charge recombination at the TiO2/dye/electrolyte interface greatly influences the photoelectron conversion efficiency. Hybrid semiconductor materials with matched band potentials are designed to reduce the charge recombination. In this study, SrTiO3/TiO2 hybridstructure was synthesized by using TiO2 nanoparticles as template in a hydrothermal, showing a negative shift in the flat band potential. The DSSC with the SrTiO3/TiO2 anode exhibits an increased photovoltage and a reduced photocurrent. The suppression of charge recombination at the TiO2/dye/electrolyte interface was observed in the electrochemical impedance spectroscopy, causing an improvement in the photovoltage. However, the SrTiO3/TiO2 system shows an obstructed electrons injection from the dye to SrTiO3/TiO2, limiting the photocurrent performance. The photoelectrochemical properties of the SrTiO3/TiO2 system are discussed in detail herein.
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