• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.63-89
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• 2007

This study aims at empirically verifying whether long memory properties exist in returns and volatility of the financial time series and then, empirically observing influential factors of long-memory properties. The presence of long memory properties in the financial time series is examined with the Hurst exponent. The Hurst exponent is measured by DFA(detrended fluctuation analysis). The empirical results are summarized as follows. First, the presence of significant long memory properties is not identified in return time series. But, in volatility time series, as the Hurst exponent has the high value on average, a strong presence of long memory properties is observed. Then, according to the results empirically confirming influential factors of long memory properties, as the Hurst exponent measured with volatility of residual returns filtered by GARCH(1, 1) model reflecting properties of volatility clustering has the level of $H{\approx}0.5$ on average, long memory properties presented in the data before filtering are no longer observed. That is, we positively find out that the observed long memory properties are considerably due to volatility clustering effect.

• Journal of Applied Tourism Food and Beverage Management and Research
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• v.16 no.1
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• pp.43-69
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• 2005

Generally, brand is the title for discriminating their own goods and service from other competitive company, brand-image means customer's good and bad affection or loyalty the brand of specific company. Customers often choose the goods according to the value of goods brand. In terms of this viewpoint, the value of company's brand is very important factor to the company's success. Brand-image also effects customers on selling company's goods. Specially, to the hotel business that should ensure lots of customer for a long period with the interest and credit of customers, its brand-image is more significant. What the image is looked upon as a important factor in marketing is due to the difficulty of discrimination against goods standardized in price and quality. Therefore, the company's image acts as a more important marketing factor in the high industrial society. Also it means a lot to the customer's purchasing behavior. When the company's brand-image is recognized or discriminated, customer's memory is longer and customer's reliability is raised than other company's advertisement and public information. Nowadays, most of hotels are perceiving the importance on their own brand-image but in the lack of deep study and systematic strategy in reality. The purpose of this study is to research the effect on customer's purchasing intention of hotel brand-image and choice-attribution. The empirical research has been done from 23April, 2004 to 20May, 2004. Data were collected from general customers who are using hotel located in Taegu. In conclusion, hotel brand-image depends highly on, the service quality of hotel staff and reputation of hotel. Besides, this acts on customer's hotel choice decisively.