• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.285-294
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• 2021

The most basic forces of stock market are supply and demand, which increases or decreases on the basis of information. The crucial point is that investor's perception is depending on the availability of information at a particular time. But it is very difficult to understand what they take from a piece of information, and the decision varies from person to person; hence, it is important to understand the behavior of investors in the stock market. In this context, this study is focusing on behavioral investor-type diagnosis testing among financial market players (FMPs) in Oman. The study conducted a review of behavioral types among stock market investors, and attempted to assess the influence of age and gender factors on investor bias. It classifies investor type biases according to the gender and age of respondents. This study employs primary data with a structured questionnaire distributed to an equal number of male and female stock market investors in Muscat Securities Market. The study used sample t-test, one-way ANOVA, CATPCA and ALSCAL to identify the significant difference among age, gender and experience of the respondents. The present study found that all of the investors are influenced by different cognitive biases and, moreover, it depends on investor's gender.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.399-406
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• 2011

Various construction bonds and warranties critically burden the general contractor. Also, sporadic or cumulative delays of progress payment by the owner can further trap the contractor in a financial quagmire. Facing the possibility of cash flow deficiency and callous response from the banks, most construction firms may become financially incapable of market competition, and attractive project tenders become a bidding game among few deep-pocket players. The downside of such market environment is that the depth of pocket, rather than that of professional competency dictates the choice of market winners. In Taiwan, this has been a potential crisis to the construction industry after the financial crisis which started out since 2008. To encounter this problem, this research will examine the means to better manage the construction industry. Essentially, a credit guarantee system (CGS) is the prime solution to strengthen a bank's confidence in any particular construction firm. Thus establishing a national platform which evaluates and rewards a construction firm's overall credibility is pivotal, and this third-party rated credit can help a bank to render a loan more wisely. Finally, this paper will propose the ideal operating schemes of construction-specific CGS in Taiwan and a credit scoring prototype model for construction industry, as reference for the government and banks, respectively.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.56 no.6
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• pp.1017-1022
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• 2007

In this paper, we try to analyze the likelihood of exercising the power of market dominance by certain generators in future power industry of Korea. Firstly, we estimated installed generation capacity and sales volume of electricity in Korea, based on 'The 3rd Long Term Power Plan' which was announced in December 2006. Secondly, we calculated HHI, an index showing the degree of concentration of an industry, and RSI, an index showing how adequate the supply of goods or services of an industry is, using Fast-Forward. Thirdly, assuming a major generator employs the strategy of withholding a part of its available capacity at a peak time, we simulated hypothetical movement of SMP over a certain period of time, which is compared with that obtained without assuming such strategy to generate Lerner Index. an index showing the degree of market power of a monopoly. Regulators, home and abroad, have not given much interest in analyzing the effect of market dominance that is likely to be exercised by certain players in the future. That said, this paper provides insight into developing methodologies of analyzing and mitigating such effect by proposing the above indices to gauge it. In addition, this paper also shows the potential impact of employing capacity withholding strategy on the financial account of a dominant generator.

• Management Science and Financial Engineering
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• v.11 no.3
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• pp.61-78
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• 2005

The aim of this paper is to identify the barriers to the B2B e-commerce development in China's pharmaceutical industry and to devise an effective strategy for its future development. Built on a detailed investigation of the market structure and recent development of electronic commerce in China's pharmaceutical industry, this paper proposes that the key issue in the development of effective B2B e-commerce business models is the successful transformation of the inter- organizational information systems into electronic marketplaces. In order to ensure the success of such electronic marketplaces, a government driven approach will be needed. In the process, designing an incentive compatible mechanism of coordinating the interest of all the market players will be the prerequisite.

• Journal of the Korean Data and Information Science Society
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• v.28 no.2
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• pp.287-295
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• 2017

Since Google's AlphaGo defeated a world champion of Go players in 2016, there have been many interests in the deep learning. In the financial sector, a Robo-Advisor using deep learning gains a significant attention, which builds and manages portfolios of financial instruments for investors.In this paper, we have proposed the a deep learning algorithm geared toward identification and forecast of the KOSPI index direction,and we also have compared the accuracy of the prediction.In an application of forecasting the financial market index direction, we have shown that the Robo-Advisor using deep learning has a significant effect on finance industry. The Robo-Advisor collects a massive data such as earnings statements, news reports and regulatory filings, analyzes those and recommends investors how to view market trends and identify the best time to purchase financial assets. On the other hand, the Robo-Advisor allows businesses to learn more about their customers, develop better marketing strategies, increase sales and decrease costs.

• Korean Management Science Review
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• v.17 no.3
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• pp.61-71
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• 2000

Due to the potential growing capability that reflects future value, the market value of internet business companies (IB) are still evaluated high although major players like Amazon continuously suffer losses. Then, how do investors valuate the potential growing capabilities given that traditional financial/accounting based valuation approaches seem to be inappropriate for IB. This study attempts to provide an answer to this issue. We, therefore, analyzed the predictability of various accounting and non-accounting variables for IB value. These include book value, net income, unique visitors, page view, reach rate, public float and institutional holdings. Because of being in infant stage and difficulties in obtaining necessary web traffic data, sample of 20 pure IB were selected from Korea Stock Exchange Market, KOSDAQ, and informal market. The results of this study showed that web traffic date had the strongest relationship with IB value. In particular, unique visitors and reach rate were found to be best predictors for IB value while page view was reasonable indicator. Interestingly, net income was not found to related to IB value. This calls for an attention to the typical characteristics of IB that my hinder the usage of traditional valuation approaches for IB. Another results revealed that none of both public float and institutional holdings was significantly associated with IB value, indicating market’s supply-demand factors were less important than traffic information.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.281-286
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• 2019

The study aims to analyze the adaptation strategies and resilience of tobacco farmers to face unfavorable trading system. The research method refers to a qualitative approach with phenomenological models and case studies. The findings revealed tobacco farmers in Jember developed various adaptation strategies and resilience through farmer group organizations, partnerships, self-capacity building and access to financial institutions based on economic, social, cultural, and experience values from various sources and interactions among fellow tobacco farmers. The tobacco trading system, which is left to the market mechanism, results in low bargaining power of farmers, this encourages tobacco farmers to develop various adaptation and survival strategies, namely through collective activities of farmer groups, partnerships and self-development and access to financial institutions. Dealing with the unfavorable tobacco trading system, tobacco farmers do not switch to other commodity farming but adapt and make Jember a center for tobacco production in East Java and Indonesia. From this findings, it suggests to the government as the regulator does not only provide subsidies for tobacco farmers, but also must provide various technical assistance to increase the ability of tobacco farmers. More importantly, regulations must be made benefit tobacco farmers other than corporations so that equality can be enjoyed by tobacco economy players.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.153-195
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• 2010

The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

• Korea Journal of Hospital Management
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• v.8 no.1
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• pp.1-23
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• 2003

General drug prices involve three stages: shipment stage, wholesaler stage and retail stage. Policies on drug price differ from country to country. Shipment stage prices are tightly regulated in countries like France and Netherlands. They are free in only a minority of advanced countries, even if these include some major players such as the US, Germany and, in a very limited sense, Japan. The situation in the UK is very complex with a semi-free system, where drug companies are free to set their own prices but cannot exceed a predetermined profit ceiling. Mark-up at both wholesaler and retail stages is formally admitted in most countries observed. Apart from the general drug prices, reimbursement price of insured drugs has been major policy concerns. Most countries reviewed in this study has exerted some control over reimbursement prices, but differ both in the way how and in the extent to which prices are admitted or fixed. Price fixing has been used in France and Japan. Some countries have transformed their system over time, particularly to move to reference pricing in the last decade. This mechanism has empowered the customer, and improved price competition on the market. Referring to the drug price policies in the advanced countries, this study makes some suggestions for the redirection of Korean price policy for reimbursement drug in health insurance as follows: to match appropriate policy tools to each policy goal; to maximize market mechanism through effective reimbursement price fixing which admits mark-ups in wholesaler and retail prices; to introduce reference pricing system in order to redirect patient's demand with a financial incentive to choose the best-priced drugs and to save the finance of health insurance; and to strengthen surveillance and monitoring mechanism in the drug market.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.895-907
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• 2020

Information transparency ensures that market players all have the opportunity to access the same information to come up with their assessment of the banks' financial situation, performance and risks to reach effective investment decisions. This research is conducted to investigate the levels of impact of determinants on information transparency by examining the case studies of Vietnamese commercial banks. This study combines both qualitative and quantitative research methods, based on interviews of 32 specialists in banking, accounting and auditing fields, which were conducted to explore determinants influencing information transparency and to develop measurement scales. Then, a survey of 160 managers of commercial banks, audit firms, and accounting managers of firms who frequently had transactions with banks was carried out to investigate the statistical significance of these determinants. The results show that, out of seven determinants that have significant impacts on the banks' information transparency, commitment from banks' senior management regarding transparency in information disclosure has the highest impact, followed by state governance, auditing, information infrastructure, credit rating agencies, personnel and bank performance. Accordingly, we provide some recommendations for improving information transparency in the Vietnamese banking industry context as a case study and in emerging countries context in general.