• The Korean Journal of Financial Management
• /
• v.21 no.1
• /
• pp.125-148
• /
• 2004

This paper deals with the relationship between money supply and the stock market. However, unlike past works, it has employed a rational expectation hypothesis and an efficient market hypothesis drawn from new classical macroeconomics and new Keynesian macro-economics, respectively. Accordingly, hypothesis 1 states that if economic subjects have rational expectation, they will immediately respond to a change in money supply. On the other hand, hypothesis 2 supposes that the expectation of economic subjects has changed after the currency crisis. This paper has first identified unit root by using the augmented Dickey-Fuller test and the Phillips-Perron test, then testing both hypotheses by employing the Johansen Procedure and vector error correction model for the periods before and after a currency crisis.

• Journal of the Korea Fashion and Costume Design Association
• /
• v.22 no.3
• /
• pp.19-32
• /
• 2020

Recently, the luxury brand market has expanded from the 5060 market to the 2030 market segment due to diversification of distribution channels, an increase in income, and changes in consumption values. This change is attributed to the increase in sales of fashion accessory products, such as bags and wallets, thereby confirming the importance of the luxury brand fashion accessories market. However, there are few studies of the luxury brand fashion accessories market or brand loyalty for fashion accessories, which accounts for a large proportion of the overall luxury brand market. The purpose of this study was to develop and empirically test a theoretical framework that captures and compares the difference of impact of service quality, product attributes, and consumer satisfaction on luxury brand loyalty between the 20-30 market and the 5060 market of the fashion accessories market. Data was collected from 598 customers who purchased luxury brand fashion accessories by objective sampling. Structural equation modelling was used to test the hypotheses developed for the study. Results found evident effects of consumer satisfaction on luxury brand loyalty through the perception of service quality by consumers. Additionally, in the 2030 market, the fashion accessory attributes had little impact on consumer satisfaction and luxury brand loyalty, whereas in the 5060 market, it had a significant impact only on consumer satisfaction, but not on luxury brand loyalty. This is the first study to examine a structural equation model of luxury brand loyalty to compare the difference of the model between segmented markets, such as the 2030 market and the 5060 market of the luxury brand fashion accessories market. These results will contribute to a better understanding of the mechanism that underlie the operation of an effective luxury branding strategy for fashion accessories.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.1
• /
• pp.37-46
• /
• 2020

The paper examines the dynamic relationship of domestic credit and stock market liquidity on the economic growth of the Philippines from 1995 to 2018 applying the autoregressive distributed lag (ARDL) bounds testing approach to cointegration, together with Granger causality test based on vector error correction model (VECM). The ARDL model indicated a long-run relationship of domestic credit and stock market liquidity on GDP growth. When the GDP per capita is the dependent variable there is weak cointegration. Also, the Johansen cointegration test confirmed the existence of long-run relationship of domestic credit and stock market liquidity both on GDP growth and GDP per capita. The VECM concludes a long-run causality running from domestic credit and stock market liquidity to GDP growth. At levels, domestic credit has significant short-run causal relationship with GDP growth. As for stock market liquidity at first lag, has significant short-run causal relationship with GDP growth. With regards to VECM for GDP per capita, domestic credit and stock market liquidity indicates no significant dynamic adjustment to a new equilibrium if a disturbance occurs in the whole system. At levels, the results indicated the presence of short-run causality from stock market liquidity and GDP per capita. The CUSUMSQ plot complements the findings of the CUSUM plot that the estimated models for GDP growth and GDP per capita were stable.

• Communications for Statistical Applications and Methods
• /
• v.25 no.4
• /
• pp.397-409
• /
• 2018

The world financial markets are inter-linked in ways that varies according to market and time. We examine the causality of change focusing on the Korean market as related to the U.S. (S&P 500), Japan (Nikkei 225), Hong-Kong (HSI), and European (DAX) markets. In order to capture time-varying causality running from and to the Korea stock market, we apply the Granger causality test under a VAR model with a wild bootstrap rolling-window approach. We also propose a new concept of a significant causality ratio to measure the intensity of the Granger causality in each time unit. There are many asymmetric strengths in mutual Granger causal relationships. Moreover, there are cases with significant Granger causal relations only in one direction. The period with the most severe Granger causality both running from and to the KOSPI market is the GFC. The market that formed the two-way Granger causal relationship with the KOSPI market for the longest period is the S&P 500. The HSI and DAX markets have the strongest two-way Granger causal relationship with the KOSPI shortly after 2000, and the Nikkei market had the strongest two-way Granger causal relationship with the KOSPI market before the Asian financial crisis.

• Current Photovoltaic Research
• /
• v.5 no.3
• /
• pp.100-104
• /
• 2017

This paper analyzes the correlation between Net Benefit Test (NBT) and System marginal price (SMP), which has a significant impact on the allocation of demand response (DR) resources in resource scheduling and commitment (RSC) process, based on the performance data of the demand resource market which has been established in 2014. Demand resources compete with generation resources in the RSC process, and it is prescribed to use demand resources only when net benefit occurs. Analysis result shows that the larger the SMP than the Net Benefit Threshold Price (NBTP), the more the winning bid of demand response resource was. It is interpreted that the introduction of NBT in DR market is justified. The demand resource market has been steadily growing. It is required to expand the scope of resources up to the small-sized DR, and to expand the functionalities of demand resources not only in the current energy market but also in the reserve market in the future. In order for that, institutional improvements are required.

• Korean Journal of Occupational Health Nursing
• /
• v.30 no.4
• /
• pp.196-205
• /
• 2021

Purpose: This study aimed to identify the factors influencing health-promoting behaviors (HPB) among fish market merchants. Methods: A cross-sectional descriptive design including 117 merchants working at a fish market in city C. Data were collected using self-reported questionnaires during April 19-30, 2021, and were analyzed using descriptive statistics, t-test, ANOVA, Scheffé's test, Pearson correlation coefficients, and stepwise multiple regression analysis with SPSS/WIN 23.0. Results: The scores were 2.68±0.49 for HPB among fish market merchants. Factors significantly influencing HPB among fish market merchants were perceived disabilities (β=-.42, p<.001), self-efficacy (β=.26, p<.001), perceived benefits (β=.16, p=.012), exercise (β=.14, p=.023) and daily working hours (β=-.13, p=.030). These factors accounted for 60.3% of the HPB of fish market merchants. Conclusion: These findings suggest that efforts are needed to reduce perceived disabilities, reduce working hours per day, and develop programs to enhance self-efficacy, perceived benefits, and exercise in order promote HPB among fish market merchants.

• Knowledge Management Research
• /
• v.20 no.4
• /
• pp.119-129
• /
• 2019

This paper is aim to test how market orientation is related to the investment decision making. After controlling for firm-specific factors, this study finds a significantly positive relationship between market orientation and R&D expenditures, especially firms with high ratio of intangible assets and low ratio of abnormal inventory assets. Under conditions of low quality of earnings, the negative relation between market orientation and R&D expenditures is enhanced in electronic related industries. This indicates that the relation between market orientation and R&D expenditures may exhibit more reasonable patterns for investment decision of firms in technology driven business environment.

• Korean System Dynamics Review
• /
• v.2 no.2
• /
• pp.25-40
• /
• 2001

This paper describes the forecast of power plant construction in a competitive korean electricity market. In Korea, KEPCO (Korea Electric Power Corporation, fully controlled by government) was responsible for from the production of the electricity to the sale of electricity to customer. However, the generation part is separated from KEPCO and six generation companies were established for whole sale competition from April 1st, 2001. The generation companies consist of five fossil power companies and one nuclear power company in Korea at present time. Fossil power companies are scheduled to be sold to private companies including foreign investors. Nuclear power company is owned and controlled by government. The competition in generation market will start from 2003. ISO (Independence System Operator will purchase the electricity from the power exchange market. The market price is determined by the SMP(System Marginal Price) which is decided by the balance between demand and supply of electricity in power exchange market. Under this uncertain circumstance, the energy policy planners such as government are interested to the construction of the power plant in the future. These interests are accelerated due to the recent shortage of electricity supply in California. In the competitive market, investors are no longer interested in the investment for the capital intensive, long lead time generating technologies such as nuclear and coal plants. Large unclear and coal plants were no longer the top choices. Instead, investors in the competitive market are interested in smaller, more efficient, cheaper, cleaner technologies such as CCGT(Combined Cycle Gas Turbine). Electricity is treated as commodity in the competitive market. The investors behavior in the commodity market shows that the new investment decision is made when the market price exceeds the sum of capital cost and variable cost of the new facility and the existing facility utilization depends on the marginal cost of the facility. This investors behavior can be applied to the new investments for the power plant. Under these postulations, there is the potential for power plant construction to appear in waves causing alternating periods of over and under supply of electricity like commodity production or real estate production. A computer model was developed to sturdy the possibility that construction will appear in waves of boom and bust in Korean electricity market. This model was constructed using System Dynamics method pioneered by Forrester(MIT, 1961) and explained in recent text by Sternman (Business Dynamics, MIT, 2000) and the recent work by Andrew Ford(Energy Policy, 1999). This model was designed based on the Energy Policy results(Ford, 1999) with parameters for loads and resources in Korea. This Korea Market Model was developed and tested in a small scale project to demonstrate the usefulness of the System Dynamics approach. Korea electricity market is isolated and not allowed to import electricity from outsides. In this model, the base load such as unclear and large coal power plant are assumed to be user specified investment and only CCGT is selected for new investment by investors in the market. This model may be used to learn if government investment in new unclear plants could compensate for the unstable actions of private developers. This model can be used to test the policy focused on the role of unclear investments over time. This model also can be used to test whether the future power plant construction can meet the government targets for the mix of generating resources and to test whether to maintain stable price in the spot market.

• East Asian Economic Review
• /
• v.20 no.1
• /
• pp.37-65
• /
• 2016

This research intends to investigate the progress made in East Asian bond market integration thus far. Price-based measures (AAD indicator and beta-convergence measure), quantity-based measures and econometric techniques (co-integration test, error correction model based Granger causality test) are employed in the analysis. Even though East Asian government bond markets have become more integrated since 2001, the differentials among the markets still remain significantly high. The bond market integration process seems slow. The convergence of bond markets sped up in 2003 and after the 2008 world financial crisis, implying the important role of government policies in integrating the regional bond markets. East Asian bond market integration may need more government-directed measures.

• Proceedings of the Korean Institute of IIIuminating and Electrical Installation Engineers Conference
• /
• 2009.10a
• /
• pp.259-262
• /
• 2009

This paper in order to reduce the electric disaster damage which is caused by with electric equipment of traditional market developed the electric safety monitoring system which is suitable in traditional market. With for this did the actual condition investigation about electrical equipment of traditional market and we constructed Test-bed for testing reliability of electric safety monitoring system. Also experiment led in Test-bed and confirmed a stability. This paper following will be used with the data for the reliability security of the electric safe system operation which follows in the traditional market actual proof equipment construction which will be advanced.