• Journal of the Korean Home Economics Association
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• v.40 no.12
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• pp.199-216
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• 2002

The purpose of this research is to study the efficiency of the Internet market, not provided to consumers by the existing traditional market. This research examines whether consumers properly understand the efficiency of the Internet market. The result from consumers perception on the efficiencies in the two market are as follows. First, consumers perceived the traditional market as having more product alternatives compared to the Internet market. Second, consumers perceived that the Internet market was more efficient in price dispersion and price change Third, the Internet market was considered more efficient in searching and travel time, and in the search cost. Finally, the traditional market was considered as a better provider of the information about product function, feature, reality, usage and service compared to the Internet market. On the contrary, the Internet market turned out to be more effective in providing product information, price information and trading information compared to the traditional market. Therefore consumers perceived the traditional market of having more information.

• Culinary science and hospitality research
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• v.13 no.1 s.32
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• pp.143-151
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• 2007

The purpose of this study was to fine out a relation to the profitability in the view of market-orientation and examine the roles of marketing efficiency and adaptability in foodservice companies. In the previous studies, because of the concepts of market-orientation have mostly focused on hotels or common companies, in this study aimed to foodservice companies. This study was on the basis of Kohli & Jaworski (1990)'s theory. For the validity verification of measured items, SPSS WINDOW 10.0 was used to analyze factors and, for the reliability verification, Cronbach's Alpha coefficient was used. The result was as follows. First, market-orientation has great influence on customer satisfaction and customer loyalty. Second, customer satisfaction and customer loyalty were acquired for the good marketing efficiency and adaptability in foodservice companies. Thus, from now on, the foodservice company need to carry out the market-orientation concept.

• Journal of the Korean Home Economics Association
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• v.41 no.1
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• pp.93-110
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• 2003

This study delves into emerging costs and benefits of digital markets to consumers through in-depth interviews with 5 women and 4 men consumers. Four themes are founded from the analysis of the transcript as follows: 1) benefits of Internet shopping consisted with convenience, price efficiency, and fun, 2) distorted efficiencies consisted with distorted price efficiency, distorted time efficiency, and limited choices based on familiarity, 3) addiction to digital market consisted with waste, distorted satisfaction, and solidarity, and 4) stages in consumer types according to shopping experiences from the novice, the explorer, the expert, and the addict in part and the addict in part. These themes imply consumer benefits from economic and esthetic aspects and mixed consumer costs according to consumer's level of informatization. This study concludes that the digital market is morphogenic, flexible, fluid market and therefore, the real features of the digital market are yet to come. More research attention should be highlighted in the impacts of digital market to consumers from various perspectives with various methodologies.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.15-25
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• 2020

Purpose - The purpose of this study is to examine whether the change of settlement procedures have an impact on the distribution of day of the week effect in the UK and French markets or not. U.K and France changed their systems from fixed settlement date systems to fixed settlement lag systems Design/methodology/approach - This study adopted the data of the specific stock market indices such as FTSE 100 in the U.K market and FRCAC 40 in the French market, This study constructs a test of the differences in mean returns across the days of the week by computing the regression equations for each country index. Findings - First, this study found that the evolving settlement procedures in stock exchanges have an effect on stock return of day of the week. Second, long-run improvements in market efficiency may have diminished the effects of certain anomalies in recent periods. Improvements in market efficiency and evolving settlement systems may cause the disappearance of the weekend effect. Research implications or Originality - The Implication of this study is that recent settlement systems contributed to the disappearance of the weekend effect and explains improvements in market efficiency and diminishments of market anomaly. This study may be the first study which examines whether evolving settlement systems have an effect on the disappearance of the weekend effect in the market or not.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.1-8
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• 2022

This paper studies market efficiency from a weak form aspect using opening and closing prices of the Shanghai stock exchange composite index (SSEC) and Shenzhen stock exchange composite index (SZSEC) under the expected return theory. Classical methods (autocorrelation and runs test) are used to examine the features of stock returns, and little evidence against mutual independence of returns is found. We predict daily returns of SSEC and SZSEC with AR(p) and VAR(p) models (in this paper, p = 5 is taken as a one-week lag) and perform a virtual experiment on two indexes based on the predicted value of daily returns from AR(p) or VAR(p) model. From the results of AR(p) and VAR(p) for two indexes, we attempt to find out how the market efficiency level changes when the information from the other market is under consideration as we check the market efficiency level in one market. We find that SSEC in 2014-2016 and SZSEC in 2015-2016 are inefficient from the result of autocorrelation, that SSEC in 2016 and SZSEC in 2013 are not efficient from the result of runs test, that the stock market is efficient except 2005, 2009, 2010 and 2017 in SSEC and 2005, 2016 and 2017 in SZSEC and that SSEC is more influenced by SZSEC but SSEC influences SZSEC less from the result of the virtual experiment.

• The Journal of the Korea Contents Association
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• v.14 no.8
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• pp.394-405
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• 2014

Purposes of this study are to find difference in efficiency, productivity change and determinants on efficiency of life insurance industry between pre and post-execution of capital market law on the basis of pre(2005-2008) and post-execution(2009-2012) data. Main results of this research are as follows. First, there was no significant difference of mean value for efficiency between pre and post execution of capital market law. Second, difference of mean value for malmquist index between pre and post execution of capital market law was statistically significant at 5% level. This imply increase in productivity for post-execution of capital market law. Third, one of the important determinant for efficiency was the weight of life planner in both pre and post-execution of capital market law. The weight of life planner had significant positive effect on efficiency.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.4
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• pp.81-90
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• 2018

Modern investment theory has empirically proved that stock returns can be explained by several factors such as market risk, firm size, and book-to-market ratio. Other unknown factors affecting stock returns are also believed to still exist yet to be found. We believe that one of such factors is the operational efficiency of firms in transforming inputs to outputs, considering the fact that operations is a fundamental and primary function of any type of businesses. To support this belief, this study intends to empirically study the relationship between firm efficiency and stock price performance. Firm efficiency is measured using data envelopment analysis (DEA) with inputs and outputs obtained from financial statements. We employ cross-efficiency evaluation to enhance the discrimination power of DEA with a secondary objective function of aggressive formulation. Using the CAPM-based performance regression model, we test the performance of equally weighted portfolios of different sizes selected based upon DEA cross-efficiency scores along with a buy & hold trading strategy. For the empirical test, we collect financial data of domestic firms listed in KOSPI over the period of 2000~2016 from well-known financial databases. As a result, we find that the porfolios with highly efficient firms included outperform the benchmark market portfolio after controlling for the market risk, which indicates that firm efficiency plays a important role in explaining stock returns.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.505-511
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• 2021

This study aims to investigate the effects of e-purchasing on increasing transparency, expanding market access, and the efficiency of the government procurement process. This study also investigates how transparency of the procurement process, improved market access and the efficiency of the procurement process in e-purchasing will decrease the level of fraudulent government procurement in Indonesia. The questionnaires were distributed to the Procurement Service Units (ULP) of Local Governments through email. There are currently 542 ULPs in Indonesia based on the data of the Government Procurement Policy Institute (LKPP). However, only 520 ULPs had their email addresses traced, 120 ULP returned the questionnaires and the response rate is lower than it was expected. The data research was analyzed by a structural equation model (SEM) by using WarpPLS 7.0. The results reveal that the e-purchasing effect on the transparency, the expansion of market access, and the efficiency of the government procurement process. The other findings show the negative effect between efficiency in government procurement and fraud in government procurement. The findings of this study suggest that efficiency in the process of government procurement will minimize fraud in government procurement. However, transparency in government procurement and the expansion of market access was not sufficient to minimize fraud in government procurement.

• The Korean Journal of Financial Management
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• v.2 no.1
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• pp.55-75
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• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.

• Culinary science and hospitality research
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• v.23 no.5
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• pp.109-120
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• 2017

This study aimed to develop Chinese restaurant set menu which was proper to tendency of market segmentation by using conjoint analysis. In order to examine tendency of market segmentation, this study investigated the important factors and effective values of whole market and segment market. First, the study found that whole market and segment market seemed to prefer seafood to meat except Cluster 3 (Gentle demand type). Second, regarding efficiency of attribute level, the study found that crap soup is favored over seafood in both whole market and segment market except Cluster 1 (strong demand type). Third, Cluster 1 (strong demand type) showed a high level of efficiency on menu which is mixed with meat and seafood. In Cluster 2 (middle demand type), there was a high level of efficiency in meat menu. In case of Cluster 3 (gentle demand type), seafood menu showed high level of efficiency. Forth, there was a high level of efficacy in rice and western dessert menu on the result of analysis on whole market and segment market. Therefore, this study suggests that the preference of seafood is more higher than the preference of meat. It means that current customers care their health more than they used to be. According to this study, people who want to develop Chinese restaurant menu should focus on seafood more than meat. What's more, marketers of chinese restaurants have to not only present new awareness and fresh atmosphere but also provide typical composition of set menu for target customers.