• The Korean Journal of Financial Management
• /
• v.22 no.2
• /
• pp.107-133
• /
• 2005

The object of this study is to examine the informational effect of the rating change announcement on the capital market. For this study, daily stock prices from January 1993 to February 2001 and daily bond prices from July 2000 to February 2001, for the bond market are used. In the stock market, we could not observe any statistically significant stock price reaction to rate change announcements from July 2000 to February 2001. However, if rating agencies announce more than two degradation for the period of January 1993 to February 2001, statistically negative significant stock price reactions are observed. On the other hand, there is no statistically significant stock price reaction to any other rating change announcement. In the bond market, there is no statistically test on the bond price reaction, but the general directions of bond price movements are consistent with the effect we can expect from rating change announcements. Generally, when the rating agencies degraded more than two grades at once, a cumulative abnormal returns move negatively during the overall period. In this case, we can say that rating agencies' role is to confirm information or investor's expectations. However, for the other cases, we could not observe my significant movement before or on the event data.

• The Journal of Fisheries Business Administration
• /
• v.51 no.4
• /
• pp.47-67
• /
• 2020

I explore that South Korea's major import fishery product markets-frozen hairtail, frozen mackerel, frozen pollock and frozen squid-are integrated by testing whether there is favorable evidence of the law of one price (LOP). Unlike previous studies on the LOP for fishery product markets, I assume non-zero import costs and include them in a trade model. To explore whether LOP holds for major import fishery product markets in South Korea with non-zero import costs, I utilize a non-linear time-series model, Smooth Transition Autoregressive (STAR) model with the sample periods from January in 2002 to December in 2019. I find that the behaviors of home-foreign price (i.e., import price) differentials of all four major import fishery products are non-linear depending on whether trade occurs and favorable evidence of LOP for each import market in South Korea. These findings indicate that each of South Korea's major import fishery product markets is integrated. They imply that the supply of each major import fishery product-frozen hairtail, frozen pollock, frozen mackerel and frozen squid, and their prices are stable even if there is an economic shock on each market. When it comes to trade policy implications, the Korean trade policy including tariffs or quotas against their import countries for the four major import fishery products may not have influences on their price in the markets.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2020.06a
• /
• pp.202-203
• /
• 2020

Unlike price calculation by cost accounting, which categorizes costs into material costs, labor costs, and miscellaneous expenses to determine the construction budget price, construction cost calculation based on Construction Standard Unit Prices utilizes unit prices extracted from market prices of items from projects already completed to estimate costs of similar construction projects. Although unit price information is collected through construction site surveys to revise these construction standard unit prices every year, but due to the limitations of the site survey method, it is difficult to quickly implement the rapid changes in the construction methods and market prices. As such, an important issue that arose was the identification of work items whose prices need urgent revision. This study conducted research on factors that need to be considered when developing online survey system for monitoring construction site market prices. This study is expected to enhance convenience for users, and provide an efficient data collection and management system for administrators.

• Journal of the Korean Society of Clothing and Textiles
• /
• v.19 no.3
• /
• pp.448-462
• /
• 1995

The purpose of this study was on the development of jeans via conjoint analysis and marketing strategies for each segmented market. The questionnaire was composed vervel card and defining the proper marketing strategies for each segmented market. The 269 usable data was distributed to the Univ student and carrier women through multi- stage , ;ambling. The statistical results were processed by the SPSS, PC MDS, and MANZANOLA program. The used methods of statistical data were conjoint analysis, KYST, PROFIT, factor analysis, frequency, one-way ANOVA, SNK, and paired t-test. The results of this study can be summaries as follows: 1. In competitor analysis, Korean brands were in low price zone, but foreign in high price and character style zone. 2. There was significant differences Korean brands and foreign brands on evaluating. On the basis of the perceptual maps, most of Korean brands were evaluated as having a good price and most of foreign brands were evaluated as having a good design. 3. The optimal jeans has the well-known brand, the price of less than 30, 000 won, traditional style, and good quality. In four attributes of clothing buying process, brand is most important attribute of jeans. Segment market 1.All the jeans that they have is Korean brand. Income, amount spent per month on clothing, how many having jeans is low market. Self-centered factor is lowest. In the clothing sari ales lifestyle, they considered most conviniance. Segment market 2-They have one foreign brand jeans. Income, amount spent per month on clothing, how many having jeans is low market. Self-centered factor is lowest Segment market 3-They have two foreign brand jeans. Income, amount spent pet month on clothing, how many having jeans is high market. Self-centered factor is high. In the clothing variables lifestyle, they considered brand, continuance, and character. Segment market 4-They have more than three foreign brand. Income amount spent per month on clothing, and how many having jeans is high market. Self-centered factor is high. In the clothing variables lifestyle, they considered most brand, and character.

• Korea Trade Review
• /
• v.48 no.2
• /
• pp.129-151
• /
• 2023

This study explores whether market share matters for ERPT and also for the effects of FTA on ERPT among exporting countries in the four major fishery import markets - frozen pollock, frozen mackerel, frozen tuna, and frozen spawn in South Korea. In addition, I investigate whether market share matters for price competition among exporting countries. For this, I estimate the export price equation based on the maximum likelihood method by utilizing data on export price in terms of Korean currency, and the cross rate between South Korea and the exporting countries from 2010:M1 to 2019:M12 for the four major fishery import markets. According to the findings, the market share of exporting countries in the import markets matters for the positive effects of FTA on ERPT; however, it is hard to find the relation between the market share of exporting counties and ERPT. In addition, I find little evidence on the effects of market share on price competition structures among exporting countries. I believe that this study helps domestic fishery producers to understand that ERPT, the effect of FTA on ERPT, and price competition structures among exporting countries would be affected by the market share of each exporting country in the major fishery import markets in South Korea. Also, this study would help domestic fishery producers to think about how to deal with the effects of the change in the exchange rate on fishery markets for each FTA partner according to its market share after FTA is effective.

• The Transactions of the Korean Institute of Electrical Engineers A
• /
• v.55 no.5
• /
• pp.214-219
• /
• 2006

Oligopoly differs from perfect competition and monopoly in that a firm must consider rival firms' behavior to determine its own best policy. This interrelationship among firms is the issue examined in this paper. In the oligopoly market, the complete information market means that each producer has full information about itself, the market, and its rivals. That is, each producer knows the market demand function, its own cost function and the cost functions of rivals. On the other hand, the incomplete information market means that in general each producer lacks full information about the market or its rivals. Here, we assume that each firm doesn't know the cost functions and the strategic biddings of its rivals. The main purpose of this paper is to analyze firm' strategic behaviors and equilibrium in an electricity market with incomplete information. In the case study, the complete information market and the incomplete market are compared at the Nash Equilibrium from the viewpoints of market price, transaction quantities, consumer benefits, and Social Welfare.

• The Journal of Fisheries Business Administration
• /
• v.46 no.3
• /
• pp.31-49
• /
• 2015

This study examines whether or not the South Korean major fishery product import markets; Frozen Pollock, Frozen Long Arm Octopus, and Frozen Hairtail are integrated. We are utilizing the Multivariate and Bivariate Johansen Co-integration test to see if the law of one price(LOP) holds in each market or not. The empirical results show that even though import prices from different countries affect each other in each South Korean major fishery product import market, there is no evidence of LOP in any fishery product import market, which means that none of the markets are integrated. Based on these results, we could expect that the three major fishery product import markets show monopolistic competition among import countries. we would also see whether or not any country plays the role of a price leader in any of the markets. Based on weak exogeneity test results, we might expect that the United States and Malaysia are price leaders in the South Korean Frozen Pollock Import Market and Frozen Long Arm Octopus Import Market, respectively; however, we need to study more on this in the future.

• Asia-Pacific Journal of Business
• /
• v.14 no.3
• /
• pp.187-204
• /
• 2023

Purpose - This study deals with the manager's overconfidence and stock price delay, and verified whether the stock price delay phenomenon changes as the overconfidence increases. Design/methodology/approach - Manager overconfidence means that managers have over confidence in their positions or abilities, and was measured according to Schrand and Zechman (2012). Stock price delay is a phenomenon in which information of company is not immediately reflected in the stock price, but is reflected over time, and was measured by the method suggested in a study by Hou and Moskowitz (2005). The analysis subjects used in this study are companies listed on the KOSPI market between 2011 and 2019, and the final sample is 5,509 company-years. Findings - As a result of the verification, it was shown that the stock price delay decreased as the manager's overconfidence increased, and this effect was amplified as the foreign shareholder's share ratio increased and the number of follow-up financial analysts increased. This means that as the manager's overconfidence increases, he actively provides high-quality information to the capital market. In addition, as a result of subdividing the manager's overconfidence into the investment and capital raising aspects, the capital raising aspect has a significant effect on reducing stock delays. This can be interpreted as the fact that managers with overconfident tendencies have a greater incentive to satisfy investors' information needs. Research implications or Originality - In previous studies, the characteristics of managers with strong overconfidence have both positive and negative aspects. The results of this study are significant in that they clearly demonstrated the positive aspect through the market variable of stock price delay, and it is expected to help capital market stakeholders understand the characteristics of managers with a strong propensity for overconfidence.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.56 no.10
• /
• pp.1731-1737
• /
• 2007

The Korea electricity wholesale market is operated under the cost-based-pool system and the government regulation to the new generation capacities in order to insure the resource adequacy. The goal of government's regulation is the electricity market stability by attracting proper generation investment while keeping the reliability of system. Generation companies must mandatory observe that government plan by now. But if the restructuring is to be complete, generation companies should not bear any obligation to invest unless their profitability is guaranteed. Namely the investors' behavior will be affected by the market prices. In this paper, the system dynamics model for Korea wholesale electricity market to examine whether competitive market can help to stabilize is developed and analyzes the investors behavior. The simulation results show that market controlled by government will be operated stable without resulting in price spike but there is no lower price because of maintaining the reasonable reserve margin. However, if the competition is introduced and the new investment is determined by the investor's decision without government intervention, the benefits from lower wholesale price are expected. Nevertheless, the volatility in the wholesale market increases, which increases the investment risks.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.201-208
• /
• 2021

This study aimed to identify the key factors that affect the financial market performance (Price-Earnings Model) through a sample of 35 public shareholding industrial companies on the Amman Stock Exchange for the period 2010-2019, using statistical models and methods, such as the Simple Linear Regression Model, Correlation Coefficient, and dispersion board. The study results showed the nonexistence of a statistically significant effect between the intellectual capital and market value added (MVA) and market performance. Results also showed a statistically significant positive effect between financial leverage (FL) and the market performance, where the interpreted variation reached 64%. It showed from the analysis results that the relationship between (MVA) and market performance (P/E) agrees with the study hypotheses, while the result related to (FL) disagrees with the study hypotheses. The study recommends that public shareholding industrial companies should focus more on intellectual capital and show its value in the annual financial statements and reports, and those companies that have high profitability and the chance to hold gains and profits should rely less on debt and more on retained earnings, due to the high risk of debt and in line with the present unstable circumstances in Jordan, especially in light of the global Covid-19 crisis.