• The Journal of Asian Finance, Economics and Business
• /
• 제7권5호
• /
• pp.9-18
• /
• 2020

The research paper examines the influence of elections on the stock market. The study analyses whether the market reaction would be the same when a party wins and comes to power for the second consecutive time. The study employs Market Model Event study methodology. The sample period taken for the study is 2014 to 2019. A sample of 31 companies listed in Bombay Stock Exchange is selected at random for the purpose of the study. For the elections held in 2014, an event window of 82 days was taken with 39 days prior to the event and 42 days post event. The event (t0) being the declaration of the election results. For the elections held in 2019 an event window of 83 days was taken with 41 days prior to the event and 41 days post event. The results indicate that the market reacts positively with significantly positive Average Abnormal Returns. The findings of the study reveal that the impact on the market is not the same between any two elections even when the same party comes to power for the second time. The semi-strong form of efficient market hypothesis holds true in the context of emerging markets like India.

• The Journal of Asian Finance, Economics and Business
• /
• 제4권1호
• /
• pp.25-38
• /
• 2017

This study investigates the causal relationship between stock prices and exchange rates for six Middle Eastern countries, namely, Egypt, Iran, Jordan, Kuwait, Oman, and Saudi Arabia before and during (after) the 2007 global financial crisis for the period between January 2004 and September 2015. The sample is divided into two sub-periods, that is, the period from January 1, 2004 to September 30, 2007 and the period from October 1, 2007 to September 30, 2015, to represent the pre-crisis period and the post-crisis period, respectively. Using Vector Autoregressive (VAR) model in a multivariate framework (including two control variables, inflation rates and oil prices) the results suggest that in the case of Jordan, Kuwait and Saudi Arabia, there exists bidirectional causalities after the crisis period but not the before. The opposite status is available for the case of Iran. In the case of Oman, there is bidirectional causality between the variables of interest in both periods. The results also reveal that the relationship between stock prices and exchange rates has become stronger after the 2007 global financial crisis. Overall, the results of this study indicate that fluctuations in foreign exchange markets can significantly affect stock markets in the Middle East.

• The Journal of Asian Finance, Economics and Business
• /
• 제5권4호
• /
• pp.45-56
• /
• 2018

The paper aims to examine relationships between search-based sentiment and stock market reactions in Vietnam. This study constructs an internet search-based measure of sentiment and examines its relationship with Vietnamese stock market returns. The sentiment index is derived from Google Trends' Search Volume Index of financial and economic terms that Vietnamese searched from January 2011 to June 2018. Consistent with prediction from sentiment theories, the study documents significant short-term reversals across three major stock indices. The difference from previous literature is that Vietnam stock market absorbs the contemporaneous decline slower while the subsequent rebound happens within a day. The results of the study suggest that the sentiment-induced effect is mainly driven by pessimism. On the other hand, optimistic investors seem to delay in taking their investment action until the market corrects. The study proposes a unified explanation for our findings based on the overreaction hypothesis of the bearish group and the strategic delay of the optimistic group. The findings of the study contribute to the behavioral finance strand that studies the role of sentiment in emerging financial markets, where noise traders and limits to arbitrage are more obvious. They also encourage the continuous application of search data to explore other investor behaviors in securities markets.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권7호
• /
• pp.85-93
• /
• 2020

In peer-to-peer (P2P) loan markets, as most lenders are unskilled and inexperienced ordinary individuals, it is important to know the characteristics of borrowers that significantly impact their repayment performance. This study investigates the effects and importance of borrowers' past repayment performance track record within the platform to identify its predictive power. To this end, I analyze the detailed loan repayment data from two leading P2P lending platforms in Korea using a Cox proportional hazard, multiple linear regression, and logit models. Furthermore, the predictive power of the factors proxied by borrowers' track records are evaluated through the receiver operating characteristic (ROC) curves. As a result, it is found that the borrowers' past track record within the platform have the most important impact on the repayment performance of their current loans. In addition, this study also reveals that the borrowers' track record is much more predictive of their repayment performance than any other factor. The findings of this study emphasize that individual lenders must take into account the quality of borrowers' past transaction history when making a funding decision, and that platform operators should actively share the borrowers' past records within the markets with lenders.

• 한국위성정보통신학회논문지
• /
• 제11권2호
• /
• pp.1-7
• /
• 2016

본 논문에서는 콘텐츠 수집 및 저작도구를 통하여 콘텐츠를 보안 스토리지에 등록하면 스마트폰, 스마트패드, PC 등에서 콘텐츠를 공통의 경험으로 사용할 수 있는 콘텐츠 저작, 관리, 배포 기술을 제안하였다. 현재 많은 사람들이 다양한 유형의 콘텐츠를 대량으로 생산 및 소비하고 있는데, 향후에는 IoT(사물인터넷) 기술이 확대되면서 실시간 콘텐츠와 과거 콘텐츠가 함께 공존할 것으로 예상된다. 따라서 콘텐츠 저작 및 협업 시스템에서 글로벌 서비스와 경쟁할 수 있는 차별화된 서비스를 개발하여 새로운 시장을 창출할 필요가 있다. 이에 본 연구에서는 협업을 통해 만들어진 양질의 콘텐츠를 기반으로 클라우드 시장을 선점하기 위한 저작서비스 플랫폼을 구현하였다.

• 복식문화연구
• /
• 제8권1호
• /
• pp.15-29
• /
• 2000

Nowadays every part no company continues to gain the upper hand of a competitive superiority. Strategic Alliances between companies have been rapidly increased to preoccupy a market. The purpose of this study is to find devices of strategic alliances for the competitive distribution environment of Korean fashion industries. This reseach has been done by the literature review of the related articles, books, and the case studies in domestic markets as well as foreign ones. Strategic alliances are business relationships established by tow or more companies which cooperate out of mutual need and share risk in achieving a common objective. Today the purpose of international strategic alliances is to be competitive in global markets by meeting of exceeding new standards for products and technology use. Various types of alliances are occurred and this situation will be more common and generalized since one parter's weakness is offset by the other's strength. Strategic alliances are characterized by being horizontal, collaborative, and mutually beneficial to all parties. When used in good faith, the strengths gained in a strategic alliance are great. Therefore retailer should find that to gain faithful partners is important and should effort positively to enrich alliances based on a mutual belief. Finally, to become a company for leading the global market, it is necessary that we operate strategic alliances mixed foreign investments and domestic technology with local distributions.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권8호
• /
• pp.1-13
• /
• 2020

This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.63-71
• /
• 2020

In this paper, we propose the new time-varying coefficient GARCH-in-Mean model. The benefit of our model is to allow the risk-return parameter in the mean equation to vary over time. At the end of 2019 to the beginning of 2020, the world witnessed two shocking events: COVID-19 pandemic and 2020 oil price war. So, we decide to use the daily data from December 2, 2019 to May 29, 2020, which cover these two major events. The purpose of this study is to find the dynamic movement between risk and return in four major oil markets: Brent, West Texas Intermediate, Dubai, and Singapore Exchange, during COVID-19 pandemic and 2020 oil price war. For the European oil market, our model found a significant and positive risk-return relationship in Brent during March 26-April 21, 2020. For the North America oil market, our model found a significant positive risk return relationship in West Texas Intermediate (WTI) during March 12-May 8, 2020. For the Middle East oil market, we found a significant and positive risk-return relationship in Dubai during March 12-April 14, 2020. Lastly, for the South East Asia oil market, we found a significant positive risk return relationship in Singapore Exchange (SGX) from March 9-May 29, 2020.

• Asian Journal of Business Environment
• /
• 제1권1호
• /
• pp.9-12
• /
• 2011

This study aimed to predict retail sales of local markets in Jinan city of China with the Huff model. Using the Huff Model, we examined whether the predicted retail sales of local markets may be different in Jinan, China, from the department stores, supermarkets, shopping centers/shopping malls, and home appliance stores. The probability that a customer shops at location depends upon the store size and the travel time factors calculated by the Huff Model. We found that the predictedretail sales of shopping malls have a greater value than others. People who live in a mid-sized city may have easier access to any stores within the city boundary than people in metropolitan areas. Therefore, people in a mid-sized city are more sensitive to store size, because a bigger store size means greater opportunities, incentivizing consumers to travel further to competing stores after passing by nearer, smaller stores. This study has some limitations. First, the data is somewhat restricted in that the subject stores do not represent all of the stores in Jinan. Second, we cannot compare the estimated market share of the stores and the actual sales data. It is further suggested in this study that more databases be developed throughout such East Asian countries as Korea and Japan and that a different parameter λ value in the Huff Model be utilized for mid-sized cities.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.61-69
• /
• 2021

The aim of this paper is to empirically investigate whether and how domestic currency valuation is related to firm-level export competitiveness and profitability by using the unique firm-specific dataset on Bangladeshi nonfinancial firms which have been listed continuously from 2010 to 2018. To achieve the aim of this paper, 63 exporting firms are extracted from a total of 125 firms which have been continuously listed during 2010-2018 and used as the final sample firms. The Pedroni cointegration test reveals that export and import prices of the exporting firms are cointegrated in the short-run as well as long-run. The panel dynamic ordinary least square (DOLS) analysis finds that a firm's export competitiveness is maintained by high import inputs even in the presence of depreciation of Bangladeshi currency against the US dollar. Finally, the DuPont analysis finds that the depreciated Bangladeshi currency enhances an exporter's profitability. Conclusions based on the findings are consistent regardless of exchange rate types, such as, real bilateral exchange rate and nominal or real effective exchange rate indexes. Consequently, the firm-level findings of this investigation suggest that undervalution of home currency is essential for Bangaldesh which is one of the frontier markets in South Asia whose exporting firms are mostly price followers in global markets.