• The Journal of Society for e-Business Studies
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• v.14 no.3
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• pp.15-37
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• 2009

This study presents a new retrieval system developed to consider various preferential requirements for buyers in the real estate market. The paper analyses essential factors affecting the price of real estate and then a set of factors are classified by region-related factor and individual-related factor. After endowing the buyer's selected factors with weights in the retrieval system, the optimal solutions have been drawn by comparing with the others through an entropy measure of Multi-attribute Decision Making. This retrieval system is applied to the Busan real estate market to estimate the solutions of retrieval. Evaluation results indicate that the retrieval system can provide useful information to analyse the price determination factors of real estate, as well as to save the searching cost of the buyers.

• Land and Housing Review
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• v.4 no.1
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• pp.43-54
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• 2013

This This paper investigates the variation of the factors to determinate housing price in Seoul metropolitan area after sub-prime financial crisis, in Korea, using a VAR model. The model includes housing price and housing rent (Jeonse) in Seoul metropolitan area from 1999 to 2011, and uses interest rate, real GDP, KOSPI, Producer Price Index and practices to impulse response and variance decomposition analysis to grasp the dynamic relation between a variable of macro economy and and a variable of housing price. Data is classified to 2 groups before and after the 3rd quater of 2008, when sub-prime crisis occurred; one is from the 1st quater of 1999 to the 3rd quater of 2008, and the other is from the 2nd quater of 1999 and the 4th quater of 2011. As a result, comparing before and after sub-prime crisis, housing price is more influenced by its own variation or Jeonse price's variation instead of interest rate and KOSPI. Both before and after sub-prime financial crisis, Jeonse price is also influenced by its own variation and housing price. While after sub-prime financial crisis, influences of Producer Price Index, KOSPI and interest rate were weakened, influence of real GDP is expanded. As housing price and housing rent are more influenced by real economy factors such as GDP, its own variation than before sub-prime financial crisis, the recent trend that the house prices is declined is difficult to be converted, considering domestic economic recession and uncertainty, continued by Europe financial crisis. In the future to activate the housing business, it ia necessary to promote purchasing power rather than relaxation of financial and supply regulation.

• Land and Housing Review
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• v.14 no.1
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• pp.33-46
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• 2023

This study investigated price factors for large apartment complexes in Seoul during the COVID-19 pandemic and compared Gangnam and non-Gangnam areas, which have been recognized as heterogeneous markets. We find that the change in apartment prices in large-scale complexes did not significantly affect the individual characteristics of apartments, unlike previous studies, but was affected by macroeconomic variables such as interest rates and money. On the other hand, considering the units of the interest rate and total monetary volume variables, the effects of two variables on the apartment sales price is significantly high. In addition, the Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, and, the non-Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, but the degrees are different from the Gangnam area model. Overall, our study shows that interest rates and money supply were the main factors of apartment price changes, but apartment prices in non-Gangnam areas are more sensitive to changes in interest rates and money supply.

• The Korean Journal of Financial Management
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• v.8 no.2
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• pp.131-164
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• 1991

주식시장에 체계적으로 영향을 미칠 수 있는 거시경제변수(巨視經濟變數)들과 국민경제의 중요한 한 부분인 주식시장(株式市場)의 관계를 구체적으로 규명하는 것은 투자자에게 유용한 정보를 제공하는 동시에 주식시장이 건전한 방향으로 발전할 수 있도록 유도하는 의미 있는 일이다. 본 연구의 목적은 주식수익률의 횡단면적 차이를 설명할 수 있는 경제적으로 유의적인, 즉 '가격화(價格化)'된 거시경제변수(巨視經濟變數)를 발견하는데 있다. 이를 위하여 주식평가모형과 기존의 연구결과를 토대로 주식수익률에 체계적으로 영향을 미칠 수 있는 31개의 거시경제변수를 선정한 후, 실증적 연구방법을 사용하여 우리나라 주식시장에서 '가격화(價格化)'된 거시경제변수가 무엇인지를 확인하였다. 먼저 주식수익률(株式收益率)에 체계적으로 영향을 미칠 수 있는 31개의 거시경제변수(巨視經濟變數)들을 요인분석하여 6개의 공통적 특성으로 압축 요약한 후, 각 차원(요인)을 가장 잘 대표하는 6개의 거시경제변수(대용변수)(巨視經濟變數(代用變數))를 추출하였다. 그리고 요인분석에 의해서 추출된 6개의 거시 경제변수와 주식수익률로 Fama & MacBeth(1973) 방법과 유사한 2단계회귀분석을 실시하여 주식수익률에 유의적인 영향을 미치는 '가격화'된 거시경제변수를 발견하였다. 그 결과, 6개의 거시경제변수 중 산업생산지수증가률(産業生産指數增加率), 회사채류통수익율(會社債流通收益率) 그리고 종합주가지수수익률(綜合株價指數收釜率)등 3개의 거시경제변수가 주식수익률의 횡단면적 차이를 설명할 수 있는 유의적인 또는 '가격화'된 경제변수임을 확인할 수 있었다.

• Journal of the Korean Geographical Society
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• v.39 no.6 s.105
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• pp.907-921
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• 2004

Lots of characteristics such as dwelling, neighborhood, and accessibility characteristics affect to the housevalue. Many researches have been done to identify values of each characteristic using hedonic technique. However, there is a limit to identify interaction of each characteristic and variation of each characteristic among the accessibility context. This paper has implemented the Expansion Method research paradigm to model the housevalue determination process in the city of Seoul. The findings of this paper have revealed the presence of contextual variations in the housevalue determination process. The initial model for housevalue reveals that as $F_1$ increases (i.e., larger the number of rooms/bathrooms, larger parking space) and/or $F_2$ increases (i.e., higher owner occupied housing units, higher apartment housing units) and/or $F_3$ increases, (i.e., higher the ratio of higher than college graduated households, 8 school zone, older housing units) the estimated housevalue increases. However, the above relationships drift across their respective contexts. The houses which have negative $F_1$ value, the housevalue does not fluctuate according to the distance to the city center or subcenters. However, the houses which have positive $F_1$ value, the closer to the subcenters or shorter to the river, the higher the estimated housevalues. On the other hand, in areas far from the subcenters, the estimated housevalues does not fluctuate much according to the corresponding $F_2$ level. In areas close to the subcenters, the estimated housevalues vary tremendously according to the $F_2$ value. In the residual analysis, it is revealed that large apartment which are located in Kangnam, IchongDong, MokDong are underestimated. This paper has contributed to our understanding of the housevalue determination process by providing an alternative conceptualization to the traditional approach.

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.545-563
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• 2018

This study analyzes the major factors affecting the freight rates of Very Large Crude-Oil Carriers (VLCC) using co-integration and vector error correction models (VECM). Particularly, we estimate the long-term equilibrium function that determines the VLCC freight rate by conducting difference conversion. In the VECM regression analysis, the error term converges toward long-term balance irrespective of whether the previous period's freight rate is bigger or smaller than the long-term equilibrium rate. Thus, even if the current rate is different from the long-term rate, it eventually converges to the long-term balance irrespective of a boom or recession. This study follows Ko and Ahn (2018), which analyzed the factors affecting the chemical carrier freight rate and was published in the Journal of Shipping and Logistics (Vol. 34, No. 2). It is expected that an academic comparison of the results of each study will be possible if further research is conducted on other vessel types, such as container ships and dry cargo vessels.

• The Journal of the Korea Contents Association
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• v.20 no.5
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• pp.536-544
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• 2020

Artists using exhibition spaces can select exhibition spaces considering marketing activities provided by operators or organizations of exhibition spaces, so it is necessary to study the relationship between marketing activities and satisfaction factors. This study examines marketing mix 7P factors, satisfaction, and prior studies as a theoretical background to demonstrate the decisive factors of the artist's exhibition hall satisfaction. As a result of analyzing the questionnaire collected from 144 artists used the exhibition hall, among the 7P factors of marketing mix, product, price, and progress process influenced the satisfaction of the exhibition hall, and the influence was in order of progress, product, and price. The suggestions are as follows. First, among the 7P factors in marketing mix, the fact that products, prices, and progress influencing the satisfaction of the exhibition place emphasizes factors related to the actual exhibition. Second, among the 7P factors in the marketing mix, the process had the greatest influence on the satisfaction of the exhibition hall, which means that the service delivery process is important.

• Journal of Energy Engineering
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• v.2 no.1
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• pp.22-27
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• 1993

This paper designed to identify energy demand behavior which are employed price: expenditure, traffic activity, and fuel substitution effect in the transportation sector. According to analysis, we find that first of all in this sector, enhancement of fuel economies and improvement of public transportation system are quite significant.

• The Korean Journal of Financial Management
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• v.8 no.2
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• pp.111-129
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• 1991

본 논문에서는 재정가격결정모형(裁定價格決定模型)(Arbitrage Pricing Model)을 기초로 우리나라 주식시장에 영향을 주는 거시경제변수가 무엇인가를 찾고자 하였다. 방법론면에서는 과거변수(過去變數)(lagged variables)에 의해서만 기대치를 형성시키는 AIRMA(Autoregressike Integrated with Moving Average) 방법을 이용하기보다는 마코프속성(屬性)(Markov Property)을 갖는 상태공간모형(狀態空間模型) (State Space Model)을 이용하여 보다 합리적인 거시경제 요인의 이노베이션을 하였다. 또한 단순한 요인분석(要因分析)(factor analysis)에 의한 요인추출은 요인의 표본의존성(標本依存性)(Sample dependency)이 심하므로 그룹간 요인분석(inter-battery factor analysis)을 행하여 추정(推定)된 요인(要因)(요인값 : factor score)과 요인수를 결정하여 관련 거시경제변수를 선택한다. 그룹간 요인분석을 위한 그룹을 형성할 때 그룹내에서는 동질성을 그룹간에는 이질성을 최대한 살리는 것이 필요한데, 이를 위해 군집분석(群集分析)(Cluster Analysis)을 사용한 것이 특징이다. 결론적으로 우리나라 주식시장에 영향을 미치는 거시경제요인(巨視經濟要因)으로 단위노동비율, 제조업제품재고지수, 채권프리미엄, 수출물가지수, 정부부문 통화공급, 회사채수익률, 종합주가지수 등 7가지가 있는 것으로 분석되고 있다.

• The Korean Journal of Financial Management
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• v.18 no.2
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• pp.81-98
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• 2001

본 연구는 우리나라 예금이자율 변화의 움직임에 대한 방향성과 그 원인을 분석하며, 이를 실증적으로 검토함을 목적으로 하고 있다. 실증분석은 1999년 7월부터 2001년 6월까지의 주별 자료를 대상으로 우리나라 14개 금융기관의 3개월 만기 양도성예금증서와 환매채, 표지어음을 대상으로 하였으며, 시장이자율의 대용변수로는 3개월 만기 기업어음을 사용하였다. 기존 연구에서 사용되었던 MMDA의 경우, 우리나라에서는 일정기간동안 고정되어 있는 것으로 나타나 예금이자율 변동에 대한 연구를 하는데 있어서 적합하지 않아 이를 제외하였다. 실증분석결과 우리나라 금융기관의 예금이자율의 움직임은 기존 연구에서 나타난 결과와 상이하게 상향경직성이나 하향경직성을 갖고 있지 않으며, 상향과 하향의 움직임에서 큰 차이를 보이지 않고 있다. 따라서 비대칭조정모형보다는 대칭조정모형이 적합한 것으로 나타났다. 한편, 예금이자율 변화에 대한 원인을 분석하기 위하여 시장이자율의 변화와 백분율로 나타난 예금이자율의 홀수가격결정, 시장이자율과 예금이자율의 차이 등에 대해 검토한 결과 상당수의 금융기관에서 시장이자율과 예금이자율의 차이에 의해 예금이자율이 변화하는 것으로 나타났다. 그러나 시장이자율의 변화와 홀수가격결정은 미미하거나 전혀 영향을 미치지 않는 것으로 분석되었다.