**4. Simulations**

After developing statistical theories for Big Data, Computational Science, Economics, Finance, Marketing, Management, Psychology, and cognate disciplines, academics and practitioners could consider conducting simulations to examine whether the estimators and hypothesis tests that have been developed have good size and high power. We conduct simulations to examine the performance

in finite samples of small dimension. For example, Tiku and Wong (1998) conduct simulations to examine whether their unit root test have good size and high power.

Tiku et al. (1999b) consider AR(q) models in time series with asymmetric innovations represented by the gamma and generalized logistic distributions. They derive MML (modified maximum likelihood) estimators of the parameters and show that they are remarkably efficient. The authors conduct simulations to examine whether their estimators have small size and high power.

Tiku et al. (1999a) develop the theory to estimate the coefficients in a simple regression model with autocorrelated errors under the Student's *t*-distribution. The authors conduct simulations to examine whether the estimators have small size and high power.

Tiku et al. (2000) consider AR(q) models in time series with non-normal innovations represented by a member of a wide family of symmetric distributions (Student's *t*). The authors derive the MML estimators of the parameters and show that they are efficient. The authors use the estimators for hypothesis testing, and conduct simulations to show that the resulting tests are robust and powerful.

Checking the theory on estimation and hypothesis testing leads to tests that have small sizes and high power, academics and practitioners could then apply the theory and estimation and testing methods to analyze some interesting and important issues for big data and in large finite samples that are deemed not to be big data.

#### **5. Empirical Studies**

After developing theoretical models, as well as econometric and statistical models to estimate the parameters, academics and practitioners could then apply the theories to analyse some interesting issues in the seven disciplines and cognate areas.

#### *5.1. Applications in Economics and Finance*

Readers may refer to Chang et al. (2016a) for applying the theoretical models, and econometric and statistical models, to behavioural, finance, health and medical economics; Chang et al. (2016b) for applying the theory, and econometric and statistical models, to informatics, data mining, econometrics and financial economics; Chang et al. (2016c) for applying the theory, and econometric and statistical models, to managemen<sup>t</sup> science, economics and finance; and Chang et al. (2017) for applying the theory, and econometric and statistical models, to managemen<sup>t</sup> information, decision sciences, and financial economics.

Academics and practitioners could apply their theories to other financial economic problems. For example, Raza et al. (2016) investigate the empirical influence of tourism development (TD) on environmental degradation in a high-tourist-arrival economy (that is, USA) using the wavelet transformation framework. This new methodology enables the decomposition of time series at different time frequencies.

In the paper, the authors use the maximal overlap discrete wavelet transform (MODWT), wavelet covariance, wavelet correlation, continuous wavelet power spectrum, wavelet coherence spectrum and wavelet-based Granger causality analysis, in order to analyse the relationship between TD and CO2 emissions in the USA by using monthly data for the period 1996(1) to 2015(3). The results indicate that TD has a significant positive influence over CE in the short, medium and long run. The authors find unidirectional influences of TD on CE in the short, medium and long run in the USA.

In addition, SD can be used to examine income inequality. For example, Chow et al. (2015) apply SD tests to analyze the relative welfare levels of income distributions for the poor and rich in different groups of individuals. Bai et al. (2016b) extend the theory by applying MSD and PSD to develop SD tests for the poor (test for poorness), the rich (test for richness), and middle class (test for middle class) to achieve a more robust analysis of relative welfare levels in the analysis of income distributions. Applying the SD test, Tsang et al. (2016) find the first-order SD in the Hong Kong property market, implying that there exists arbitrage opportunity in the Hong Kong property market. Wong et al. (2008) apply SD tests to study Asian hedge funds, Wong et al. (2006) find that the winners portfolio and

the losers portfolio do not dominate each other. Lean et al. (2010) examine the market efficiency of oil spot and futures prices. Gasbarro et al. (2012) use both ascending and descending stochastic dominance procedures to test for risk-averse and risk-seeking behavior and find evidence of all four utility functions: concave, convex, S-shaped and reverse S-shaped. Clark et al. (2016) show that both spot and futures markets can exist when only risk averters are present, but futures can dominate spot only if there is some risk-seeking behavior.

On the other hand, Qiao et al. (2008c) uses linear and nonlinear Granger causality tests to study the lead–lag relations among China's segmented stock markets. Liew et al. (2010) investigate the linearity and stationarity properties of governmen<sup>t</sup> bond returns for the G7 economies.

#### *5.2. Applications in Psychology*

In this sub-section, we discuss applications in marketing, management, and psychology. We first discuss applications in psychology. Chang et al. (1997) hypothesize that, when measured as an intrinsic need rather than as an inference from actual achievement and/or achievement-related images, the motivation to achieve may be a transcultural construct.

The authors use the Work and Family Orientation Scale (WOFO) to tap this intrinsic need. They conducted a series of surveys in Singapore with four samples of students and employed workers, comprising a total sample size of 1147. Factor analyses of the results revealed three oblique factors that are similar in content to those of reported US data. Comparisons of the factor structure from subsamples in Singapore revealed good reliability.

Confirmatory factor analysis showed a high degree of correspondence. Structural equation modeling indicated that this three-dimensional model: work ethics, mastery and competition, is an appropriate model for the Singaporean data. Predictive validity of WOFO was established by differentiating two groups of students with varying achievement levels. Convergence validity was supported by correlations with the Social and Individual-Oriented Achievement Scale developed in Taiwan, especially for the Chinese.

Chang et al. (2000) conducted a survey on two hundred and seventeen male (45%) and female (55%) Singaporean Chinese secondary school students (mean age = 16), with the Work and Family Orientation Scale (WOFO) designed to measure the intrinsic motivation to achieve and the Individual-oriented and Social-oriented Achievement Motivation Scale (10AM-SOAM), a culture-specific measure of Chinese achievement tendencies. They use the causal model to explore the relationships between the different dimensions of WOFO and 10AMSOAM.

Chang et al. (2003) conducted a series of three studies to test the internal structure of the Chinese value hierarchy (CVH) in Singapore. Study 1 identified the empirically best–fit model with six factors, namely Prudence, Industry, Civic–Harmony, Moral Development, Social Power and Moderation. The relative magnitudes and interfactor correlations suggested that these factors could be further grouped into two superordinate clusters, namely (i) the Modern factor, with significantly higher magnitude, consisting of Prudence, Industry, Civic–Harmony and Moral Development; and (ii) the Tradition factor, with lower magnitude, consisting of Social Power and Moderation.

Study 2 surveyed university students with differential preference for language usage, namely English or Chinese. Both language groups were equally high on the Modern factor, but the Chinese-language-preferred group showed a significantly higher endorsement for the Tradition factor, Chinese Worldview (CWV) and Chinese Health Beliefs (CHB).

Further convergence validation for the Modern and Tradition factors was obtained by investigating their correlations with traditional Chinese beliefs and practices for the two language groups separately. Study 3 tested generational differences in CVH. University participants (Self) were compared with their parents (Parents) and friends (Friends).

There were no differences between Self and Friends on both the Modern and Tradition factors, CWV and individual differences of modernity. Parents and Self did not differ on individual differences of modernity. Parents, however, were higher on the Modern factor, the Tradition factor and CWV.

The results were discussed to support the concept of 'multiple modernity' in Asian societies, and the 'revised convergence hypothesis'.

#### *5.3. Applications in Marketing and Management*

We now discuss applications in marketing and management. Liao and Wong (2008) explore empirically the major considerations associated with Internet-enabled e-banking systems and systematically measure the determinants of customer interactions with e-banking services. The results sugges<sup>t</sup> that the perceived usefulness, ease of use, security, convenience and responsiveness to service requests significantly explain variations in customer interactions. Exploratory factor analysis and reliability tests indicate that these constructs are relevant and reliable.

Confirmatory factor analysis confirms that they possess significant convergen<sup>t</sup> and discriminatory validities. Both perceived usefulness and perceived ease of use were found to have significant impacts on customer interactions with Internet e-banking services. Perceived security, responsiveness and convenience also represent primary avenues that influence customer interactions. In particular, stringent security control is critical to Internet e-banking operations. Prompt responses to service requests can also encourage customers to use Internet e-banking services.

The empirical findings have managerial implications for enhancing extant Internet e-banking operations and developing viable Internet e-banking services. Liao et al. (2012) explore empirically consumer perceptions of the smartcard as e-cash for purchasing goods and services at retail outlets in Hong Kong. The authors design a multi-attribute model to test the hypotheses using the survey data collected from individual consumers.

The empirical results show that perceived ease of use, convenience, automatic add-value service, compact design, security, reliability, and merchant support have significant effects on perceived usefulness of the smartcard for micro e-payment. The findings contribute to the literature of consumer behavior with regard to the applications of information technology in retailing, and have implications for implementing emerging technology to enhance retail services in different contexts.

Liao et al. (2014) examine the sustainability of smartcard payments in retailing and consumer services. The analytical results of the survey data sugges<sup>t</sup> that usefulness, ease of use, convenience, automatic add-value service, security, reliability, and participation of popular service providers have considerable effects on a continuous use of smartcard payment.

The authors identify empirically and justify the key determinants of sustainable smartcard paymen<sup>t</sup> from the perspective of consumers. The findings provide managerial insights for the implementation of cutting-edge technology to enhance sales and service operations and make important contributions to research and practice in technology-based service innovation and service operations management.

Moslehpour et al. (2017) examine the key factors that influence Taiwanese consumers to repurchase Korean beauty products. They use a quantitative approach to test the proposed hypotheses using structural equation modelling. A causal research design is used in the research to identify a cause-and-effect relationship among the constructs. Primary data collection is used for the empirical analysis.

This contribution provides a better understanding of the key factors that influence Taiwanese consumers' repurchase intentions (RI) of Korean cosmetics products. They find that perceived price (PP) and country of origin (COO) significantly influence word-of-mouth (WOM), while PP, COO and WOM significantly influence RI. WOM is the most influential variable toward RI, followed by COO and PP.

Very few studies have examined a general construct of RI related to beauty products. The empirical findings imply several practical directions for marketers of beauty product industries, specifically for Taiwanese consumers. The analysis helps to understand the factors that form a basic consideration for Taiwanese consumers in repurchasing Korean beauty products. Second, it underscores the role of WOM between the independent variables (PP and COO) and RI as the dependent variable.

The mediating role of customer satisfaction has been widely discussed in the existing literature. However, to the best of our knowledge, there is still a lack of studies that focus on the low-cost airline industry, especially in Vietnam. For this reason, Moslehpour et al. (2018b) investigate the factors that influence purchase intentions and the mediating role of customer satisfaction in VietJet Air in Vietnam. A quantitative research method is applied, with the data being collected through an online questionnaire from three main regions in Vietnam, namely the North, Center, and South.

The empirical results indicate that customer satisfaction mediates the relationship between the independent variables (customer expectation/perceived value) and the dependent variable (purchase intention) in the case of VietJet Air (Hanoi, Vietnam). In general, the analysis not only enriches the existing literature, but might also be an invaluable reference to VietJet Air and similar low cost Vietnamese carrier managers to consider their strategic marketing plans.

Moslehpour et al. (2018a) propose a new model that combines personality traits (PT) and Technology Acceptance Model (TAM) to examine the influences of personality characteristics (conscientiousness, openness), and perception of technology (perceived usefulness, perceives ease of use) on e-purchase intentions by using a questionnaire survey to collect a similar sample of Taiwanese online consumers.

The authors find that conscientiousness (CON) (personality attribute) significantly influences perceived usefulness (PU), perceived ease of use (PEOU) (technology perception attributes), and openness to experience (OPE). PU, PEOU, and OPE have significant impacts on online purchase intention (INT). PEOU has the strongest positive impact on (INT). In addition, PU, PEOU, and OPE combined mediate the relationship between CON and INT. Further analysis of mediation shows that PU and PEOU (separately) are both significant mediators. However, OPE alone is not a significant mediator.
