• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.147-158
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• 2021

Due to COVID-19, the risk of price volatility in commodity and equity markets increases. The research and application of hedging is the most effective way to reduce the market risk. Hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. We use K-means and hierarchical clustering methods to cluster companies and futures products respectively, and analyze the relationship between the number of hedging firms, regional distribution, nature of firms, capital distribution, company size, profitability, number of local Futures Commission Merchants (FCMs), regional location, and listing time. The study shows that listed companies with large scale and good profitability invest more money in hedging, while state-owned enterprises' participation in hedging is more likely to be affected by the company size and the number of local futures commission merchants, and private enterprises are more likely to be affected by the company profitability and the regional location. Listed companies are more willing to choose long-listed and mature futures products for hedging. We also provide policy advice based on our conclusion. So far, there is no study on the characteristics of hedging. This paper fills the gap. The results provide a basis and guidance for people's investment and risk management. Using clustering analysis in hedging study is another innovation of this paper.

• The Journal of Society for e-Business Studies
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• v.16 no.4
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• pp.283-299
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• 2011

In this paper, we draw upon Task-Technology Fit theory to investigate the fit attributes which impacted on customer preference over three virtual shopping channels which included TV home shopping, Internet shopping, and broadband applications, i.e. IPTV. The fit attributes also reflected the product category contingency, which is classified based on the degree of quality assessing difficulty on the web, such as quasi-commodity, look and feel goods, and look and feel with variable quality goods. Using the collected survey data, we employed stepwise regression analysis to validate the fit attributes in the context of performing virtual shopping task via those three distinctive media technologies. Furthermore, through ANOVA test with Duncan statistics, we reported comparative intensity of the valid fit attributes across the product categories and distinct media technologies. The results validated four critical fit attributes and significant distinctions among product categories and three virtual shopping channels. The findings provide practical insights in distribution channel design exploiting digital convergence technologies.

• Food Science and Preservation
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• v.23 no.7
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• pp.1065-1073
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• 2016

This study investigated the sensory attributes and quality characteristics of Fuji apples based on market commodity price to provide data for quality index of Fuji apples. Samples were purchased from the Garak market (Seoul Agro-Fisheries & Food Corporation) and divided into four groups depending on the price such as group A, B, C, D. There were no significant differences in their volume and weight among groups. In the soluble solid content and total free sugar, A and B group (high price) showed higher content than those of C and D (low price) group. And also, the A group and B, C, D group showed 386.29 mg% and 320.09~359.28 mg% in the total organic acid content, respectively. As an sensory evaluation results, A group and B group were evaluated higher score than those of C and D group in the uniformity of red color and glossiness of skin and unique apple sensory attributes using quantitative descriptive analysis. Consumer test showed similar to quantitative descriptive analysis results in the various sensory attributes. In the analysis results between quality characteristics and sensory attributes of Fuji apples, total acceptability was correlated positively with titratable acidity (r=0.58), soluble solid (r=0.89), soluble solid content/titratable acidity ratio (r=0.42), total free sugar (r=0.36) and total organic acid (r=0.38). Based on principal component analysis of apple's quality characteristics, apples were primary separated along the first principal component (pH, acidity, soluble solid content, total free sugar, organic acid), which accounted for 66.01% of total variance. In addition, principal component analysis of sensory evaluation revealed a total variance for the quantitative descriptive of 55. 65% and a total variance for the consumer test of 55.84%.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.12 no.2
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• pp.135-143
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• 2012

This paper suggests the optimal blood distribution center algorithm that satisfies the minimum total transportation cost and within the allowable distribution time $T^*$. Zhang and Yang proposes shifting the location of each point that has less than the average distance of two maximum distance points from each point. But they cannot decide the correct facility location because they miscompute the shortest distance. This algorithm computes the shortest distance $l_{ij}$ from one area to another areas. Then we select the $v_i$ area to thecandidate distribution center location such that $_{max}l_{ij}{\leq}L^*$ and the $v_i$ such that $l_{ij}-L^*$ area that locates in ($v_i,v_k$) and ($v_j,v_l$) from $P_{ij}=v_i,v_k,{\cdots},v_l,v_j$ path and satisfies the $_{max}l_{ij}{\leq}L^*$ condition. Finally, we decide the candidate distribution area that has minimum transportation cost to optimal distribution area.

• Journal of Korean Society of Transportation
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• v.20 no.2
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• pp.125-134
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• 2002

도시화물수요예측모형에는 화물기반모형과 트럭통행기반모형이 있는데 화물기반모형은 화물체계가 기본적으로 화물운송과 관계가 있다는 개념에 기초를 두고 있으며, 차량이 아닌 화물의 움직임을 주요 분석대상으로 삼고 있다. 반면에, 트럭통행기반모형은 집합화된 독립변수를 이용하여 각 죤(Zone)에 유·출입하는 트럭의 통행을 분석하는 것이다. 본 연구의 목적은 트럭통행기반모형의 O-D 추정시 화물통행과 트럭통행 사이의 관계식을 산출하고 이를 설명할 수 있는 통행거리분포함수(Trip Length Distribution : TLD)를 추정함에 있다. 본 연구의 자료는 교통개발연구원에서 수행한 '서울시 물류조사 및 물류종합계획수립구상(1998)'의 화물 물동량 조사 자료를 이용하였으며, 이를 통해 통행거리분포에 따르는 화물 및 차량의 비율을 함수로서 나타내었다. 본 연구를 통하여 트럭통행기반모형에서 트럭통행거리분포를 이용하여 화물기반모형에서 도출할 수 있는 화물의 통행거리분포를 추정할 수 있었으며, 또한 각각의 통행거리분포는 감마분포를 이용하여 함수식으로 도출하고 상기한 두 가지 분포모형을 하나의 관계식을 통해 재산정할 수 있는 이론적인 틀을 제공하였다는 데 의의가 있다고 하겠다. 트럭통행거리분포, 화물통행거리분포 모두 통계적인 검증을 통해 적합한 것으로 분석되었으며, 전체화물의 통행거리분포와 매개함수를 통해 재산정된 모형의 결과 값 또한 통계적으로 유의하였다. 품목별 적용에서는 잡공업품과 화학공업품은 본 연구의 매개함수식을 통해 화물거리분포 모형이 적합하였으나 금속공업 품과 경공업품은 다소 차이가 있는 것으로 분석되었다.

• Journal of the Korean Operations Research and Management Science Society
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• v.22 no.2
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• pp.13-29
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• 1997

This paper considers a new routing problem, successive max-min connection ratio problem (SMCRP), arised in circuit telecommunication networks such as SONET and WDM optical transport network. An optimization model for SMCRP is established based on link-flow formulation. It's first optimization process is an integral version of maximum concurrent flow problem. Integer condition does not give the same connection-ratio of each node-pair at an optimal solution any more. It is also an integral multi-commodity flow problem with fairness restriction. In order to guarantee fairness to every node-pair the minimum of connection ratios to demand is maximized. NP- hardness of SMCRP is proved and a heuristic algorithm with polynomial-time bound is developed for the problem. Augmenting path and rerouting flow are used for the algorithm. The heuristic algorithm is implemented and tested for networks of different sizes. The results are compared with those given by GAMS/OSL, a popular commercial solver for integer programming problem.n among ferrite-pearlite matrix, the increase in spheroidal ratio with increasing fatigue limitation, 90% had the highest, 14.3% increasing more then 70%, distribution range of fatigue.
ife was small in same stress level. (2) $\sqrt{area}_{max}$ of graphite can be used to predict fatigue limit of Ductile Cast Iron. The Statistical distribution of extreme values of $\sqrt{area}_{max}$ may be used as a guideline for the control of inclusion size in the steelmaking.

• The Journal of Industrial Distribution & Business
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• v.7 no.3
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• pp.27-36
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• 2016

Purpose - Considering the importance of housing needs to real estate market, domestic studies on real estate prices from the perspective of demand are basically based on macro-data, but relatively few are associated with micro-data of urban real estate demand. We try to find a reliable relation of elasticity of demand and commercial housing market. Research design, data, and methodology - In this paper, we have derived housing demand theoretic method and have utilized micro-data of residential family housing survey of downtown area in Kunming City in October, 2015 to estimate income elasticity and price elasticity of housing demand respectively and make a comparative analysis. Results - The results indicate that income elasticity and price elasticity of families with owner-occupied housing are both larger than those of families with rental housing. Income elasticity of housing demand of urban residential families in Kunming is far below the foreign average and eastern coastal cities level, however, the corresponding price elasticity is far higher. Conclusions - We suggest that housing affordability of urban families in western China are constrained by the level of economic development, and the current housing price level has exceeded the economic affordability and psychological expectation of ordinary residents. Furthermore, noticing the great rigidity of housing demand, the expansion space of housing market for improvement and for commodity is limited.

• Journal of Distribution Science
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• v.18 no.9
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• pp.45-53
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• 2020

Purpose: This study aims at investigating consumers' choice in online food purchasing behavior and the impact on repurchase for fresh food delivery which has recently shown rapid growth in Korea. The study focuses on the user experience factors af fecting satisfaction and intention to continuously use the online food market. Research design, data and methodology: The survey was conducted by 309 people who had purchased fresh food online, and the analysis was conducted using SPSS and AMOS. Structural Equation Modeling was used for the analysis for the verification of hypotheses. The factors that consumers value when ordering fresh food delivery services were defined as system quality, service quality, commodity quality, brand characteristics, and economics from the preceding study and the relationship between satisfaction and willingness to repurchase was verified. Results: When consumers purchase fresh food online, system quality, product quality, brand characteristics, and economics have had a significant impact on satisfaction. Meanwhile, of the five optional attributes of consumers, only economic efficiency has been verified to have a statistically significant impact on repurchase intentions. Conclusions: The results of the study suggested factors that consumers consider important when ordering fresh food online, providing basic data for companies to develop related strategies.

• The Korean Journal of Food & Health Convergence
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• v.3 no.1
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• pp.1-7
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• 2017

The study has made theoretical system by thesis journals at home and abroad, material of the Association of Convenience Store Industry of Korea, materials of Statistics Korea and reference books. First, the study examined convenience store's brand image, cognized value, quality level, reliability upon brand, structural relation of purchasing intention, and designed models and theses. Second, the first questionnaire consisted of test items of precedent study, and inspected in advance to inspect reliability and appropriateness, and made correction and supplemented problems. Third, SPSS and AMOS statistics were used to conduct empirical analysis and to find out conclusion and implications. In this study, the subject was consumers who visited local convenience stores such as GS25, Seven Eleven and CU last 3 months to buy PB food. Consumers' consumption pattern and culture made change to be reasonable and practical owing to aging society, nuclear family, women's entering into the society, one person household consumer, and convenient and prompt buying to make different consumption pattern and to make change of commodity distribution pattern. Convenience store took action against change of the trend to expand business area by new distribution channels to get another growth source. Private brand (PB) food that was distributor's brand was expanded. The PB product has been competitiveness of food service industry.

• The Journal of Industrial Distribution & Business
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• v.8 no.5
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• pp.7-13
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• 2017

Purpose - The purpose of this paper is to analyze the relationship between the real exchange rate and the output, which is based on the macroeconomic equilibrium theory in China. Its aim will be to verify whether the change in the real exchange rate has a significant effect on the output or not. Research design, data, and methodology - This study endeavors tries to investigate the correlation among economic variables under the macroeconomic market (the commodity market and the money market) equilibrium. So, time-series data from 1990 to 2016 is applied to establish a vector auto-regression (VAR) model so as to perform an empirical analysis. Results - The empirical results reveal that an increase in the real exchange rate will result in an increase in the output in the short run. However, the empirical results also indicate that this kind of mechanism cannot work in the long run. Conclusions - The effect of a decrease of real exchange rate on output is significant in the short run. Also, this paper suggests that the total supply and the total demand can promote economic growth. The fiscal and money policy play a significant role in economic growth in China as well.