• Journal of Distribution Science
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• v.19 no.1
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• pp.27-35
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• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.

• The Journal of Industrial Distribution & Business
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• v.13 no.1
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• pp.11-21
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• 2022

Purpose: This study predicted cost asymmetry as a determinant of investment efficiency, and empirically analyzed the relationship between cost stickiness and investment efficiency. Research design, data and methodology: Using a sample of 4,382 Korean firm-year observations over 2011-2017 period, I examined the relationship between cost stickiness and investment efficiency. Asymmetrical cost behavior is measured as model of Homburg and Nasev (2008) and model of Park, Koo, and Pae (2012). Investment efficiency is measured as Chen, Hope, Li, and Wang (2011)'s model. Results: Firms with cost stickiness are less efficient in their investment than firms with non-cost stickiness. In other words, cost stickiness is an empirical result that supports the previous research on cost decision-making from perspective of managers pursuing private benefits due to information asymmetry. Conclusions: By showing that the manager's decision-making on the cost behavior affects the investment efficiency corresponding to capital management, the implications for the mechanism for efficient capital management are provided. Through the empirical results, it was shown that the cost stickiness is a product of opportunistic cost decision-making due to information asymmetry, and it is to present evidence that expands the meaning of the causes of asymmetric cost behavior.

• The Journal of Information Systems
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• v.26 no.3
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• pp.229-246
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• 2017

Purpose The purpose of this study is to examine the potential asymmetry in price competition between the geographically defined submarkets of the lodging industry, namely the traditional and alternative accommodation facilities. Design/methodology/approach The study utilizes a spatial econometric model to empirically test for the hypothesized asymmetry in price competition. Property-level panel data on hotels and alternative accommodation facilities collected from a major online travel agency (OTA: Agoda.com) was used for this purpose. Findings Result of the analysis shows significant intra-segment spatial price competition among the properties, that is, within hotels and within alternative accommodation submarkets, respectively. However, the inter-segment competition was found to be asymmetric as hypothesized. Room rates of hotels are influenced by prices of geographically close alternative accommodations, but the reverse does not hold. Implications for practitioners and suggestions for future research are discussed along with the findings of the study.

• Journal of the Korean Data and Information Science Society
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• v.18 no.3
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• pp.697-704
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• 2007

It is common in financial time series that volatility(conditional variance) as a measure of risk exhibits asymmetry in such a manner that positive and negative values of return rates of the series tend to provide different contributions to the volatility. We are concerned with asymmetric conditional variances for Korean financial time series especially during the time span of 2000-2001. Notice that these periods suffer from 9-11 disaster in US and collapses of stock prices of dot-companies in Korea. Threshold-ARCH models are considered and a Wald test of asymmetry is suggested. News impact curves are illustrated for graphical representations of leverage effects inherent in various Korean financial time series.

• Ocean and Polar Research
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• v.37 no.4
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• pp.357-368
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• 2015

This study analyzed structural changes and asymmetry of price volatility during the period before and after a point of structural change in price volatility, using the Korean fresh common squid daily retail price data from January 1, 2004 to September 30, 2015. This study utilized the following analytical methods: the unit-root test was applied to ensure the stability of the data, the Quandt-Andrews breakpoint test was applied to find the point of structural change, and the Glosten-Jagannathan-Runkle GARCH and EGARCH models were applied to investigate the asymmetry of price volatility. The empirical results of this study are as follows. First, ADF, PP, KPSS and Zivot-Andrews tests showed that the daily retail price change rate of the Korean fresh common squid differentiated by logarithm was stable. Secondly, the ARIMA (2,1,2) model was selected by information criteria such as AIC, SC, and HQ. Thirdly, the Quandt-Andrews breakpoint test found that a single structural change in price volatility occurred on June 11, 2009. Fourthly, the Glosten-Jagannathan-Runkle GARCH and EGARCH models showed that estimates of coefficients within the models were statistically significant before and after structural change and also that asymmetry as a leverage effect existed before and after structural change.

• Journal of Communications and Networks
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• v.10 no.2
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• pp.137-147
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• 2008

This paper proposes a novel approach to interference avoidance via inter-cell relaying in cellular OFDMA-TDD (orthogonal frequency division multiple access - time division duplex) systems. The proposed scheme, termed asymmetry balancing, is targeted towards next-generation cellular wireless systems which are envisaged to have ad hoc and multi-hop capabilities. Asymmetry balancing resolves the detrimental base station (BS)-to-BS interference problem inherent to TDD networks by synchronizing the TDD switching points (SPs) across cells. In order to maintain the flexibility of TDD in serving the asymmetry demands of individual cells, inter-cell relaying is employed. Mobile stations (MSs) in a cell which has a shortage of uplink (UL) resources and spare downlink (DL) resources use free DL resources to off-load UL traffic to cooperating MSs in a neighboring cell using ad hoc communication. In an analogous fashion DL traffic can be balanced. The purpose of this paper is to introduce the asymmetry balancing concept by considering a seven-cell cluster and a single overloaded cell in the center. A mathematical model is developed to quantify the envisaged gains in using asymmetry balancing and is verified via Monte Carlo simulations. It is demonstrated that asymmetry balancing offers great flexibility in UL-DL resource allocation. In addition, results show that a spectral efficiency improvement of more than 100% can be obtained with respect to a case where the TDD SPs are adapted to the cell-specific demands.

• Journal of the Korean Society of Physical Medicine
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• v.6 no.1
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• pp.59-69
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• 2011

Purpose : The purposes of this study were to find correlations among Fugl-Meyer Assessment Scale, walking velocity, walking asymmetry and balance ability. Methods : The study sample consisted of 50 stroke patients referred to the Department of Rehabilitation Medicine in the Sanggye Paik, Ilsan Paik, Seoul Paik, and Dobong Hospital. All subjects were ambulatory with or without an assistive device. All participants were assessed on Fugl-Meyer Assessment scale and walking velocity, walking asymmetry. The data were analyzed using independent t-test, ANOVA, and multiple regression. Results : The results revealed that upper extremity coordination, balance and pain items of Fugl-Meyer Assessment scale were significantly correlated with walking velocity and upper extremity and upper extremity motor and balance items of Fugl-Meyer Assessment scale were significantly correlated with walking asymmetry. Fugl-Meyer Assessment scale was not significantly correlated with Static Balance Index, Dynamic Balance Index and Weight Distribution Asymmetry Index. Their power of explanation regarding comfortable walking velocity and comfortable walking asymmetry were 60.3%, 42.5% respectively. Conclusion : These results showed that Fugl-Meyer Assessment scale is significantly correlated with walking velocity, asymmetry and not significantly correlated with balance ability. Therefore Fugl-Meyer Assessment scale is an appropriate assessment tool to predict walking ability of patients with stroke. Futher study about walking velocity and asymmetry by change of Fugl-Meyer Assessment scale is needed using a longitudinal study design.

• Proceedings of the Korea Information Processing Society Conference
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• 2014.04a
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• pp.992-994
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• 2014

Hemispheric asymmetry in prefrontal activation have been proposed in two decades ago, as measured by electroencephalographic (EEG) power in the theta band (4-8Hz), is related to reactivity to affectively pleasure audio stimuli. In this study, we designed an emotional audio stimulus experiment in order to verify frontal EEG asymmetry by analyzing ERSP results. Thirty healthy college students volunteered the stimulus experiment with the standard IADS affective sounds. These affective sound clips are classified in three emotion states, happy, neutral and fear. ERSP image results revealed that there are the stronger responses of high arousal (fear and happy) in the left prefrontal lobe, while the stronger responses of low arousal (neutral) in the right pre-frontal lobe. However, the high pleasure emotions (happy) can elicit greater relative right EEG activity, while the low and middle pleasure emotions (fear and neutral) can elicit the greater relative left EEG activity. Additionally, the most response differences of theta band have been found out in the medial frontal lobe, which is proved as the frontal midline theta.

• The Journal of Economics, Marketing and Management
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• v.7 no.2
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• pp.1-5
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• 2019

Purpose - Along with the rise of foreign investments in the Korean stock market, there has been a variety of studies on their influence. The conflicting findings on the question of information asymmetry of foreign investors among existing literatures appear to be a result of mixture of research method problems, what information is defined as being comparable, individual business levels, or the entire stock market. This paper empirically investigates what factors contribute to foreign investments in firms in the Korean stock market. Research design, data, and Methodology - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted the panel regression model to assess the sample construction including yearly and cross-sectional data. Result - This paper find that firms' R&D, dividends, size give significant positive impact to foreign investment, whereas debt gives significant negative impact to foreign investment. This relationship does not change when the samples are divided before and after the 2008 global financial crisis. Conclusion - This results support the literatures that foreign investors favor firms lowering their information asymmetry.

• International Journal of Internet, Broadcasting and Communication
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• v.15 no.1
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• pp.231-242
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• 2023

Crowd funding faces a number of significant obstacles despite its rapid growth and popularity, with the main one being the possible asymmetric information between fundraisers and potential supporters. A study taxonomy based on signalling theory has been created to compare projects originating from Taiwan and India. This was made possible by obtaining a dataset from the crowd funding website, Kickstarter (Global platform). To make the project effective, the study's goal is to look into how signals (e.g., goal-setting, comments, and updates) might be used to reduce the problem of information asymmetry. Thus, we applied an Ordinary Least Squares (OLS) regression. Both Taiwan and India demonstrated signal mitigation of information asymmetry, but Taiwan showed a stronger relationship between ambitious goals and successful projects than India. The relative importance of project comments has been found to be stronger in Taiwan than in India; the relative importance of project updates has been found to be weaker and negatively correlated with project success in India, in contrast to Taiwan. Notably, our findings provide a theoretical and practical framework for understanding and using signals in successful crowd funding campaigns and activities in these two emerging countries.