• 마케팅과학연구
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• 제15권1호
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• pp.81-103
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• 2005

이 연구는 빈번한 가격할인을 하고 있는 국내 의류시장에서 소비자들이 가격이 떨어질 것을 기대하여 제품의 구입을 늦추는 '가격기대효과'가 실제로 존재하는지 실증적으로 분석하고자 하는 데 그 목적이 있다. 특히, 지금까지의 가격연구에서는 규범적 행태적 서술적 연구 등 각 분야의 영역을 접목시킨 통합적 접근이 미진하여 소비자의 심리적 요인을 가격책정에 반영한 시도가 드물었고 시간의 흐름에 따라 변화 하는 가격과 판매량의 관계를 살피는 동태적 연구가 부족하기 때문에, 규범적 연구와 행태적 연구를 접목시켜 의류제품의 가격기대효과를 밝혀내고자 하였다. 이를 위해 기존의 의류제품에 적합한 동태적인 가격기대효과 모델을 수립하였으며 모델을 검증하기 위하여 국내 백화점의 여성복 판매 데이터를 이용하였다. 분석결과 국내 의류제품을 구매하는 소비자들에게 가격기대효과가 존재한다는 사실을 이론적, 실증적으로 밝혀내었다. 이러한 결과는 패션제품의 가격변화에 따른 소비자들의 독특한 구매행동을 반영한 것으로 기존의 동태적 가격연구의 범위를 넓혔다는데 의의가 있다.

• 대한산업공학회지
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• 제39권6호
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• pp.535-545
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• 2013

The goal of stock investment is earning high rate or return with stability. To accomplish this goal, using a portfolio that distributes stocks with high rate of return with less variability and a stock price prediction model with high accuracy is required. In this paper, three methods are suggested to require these conditions. First of all, in portfolio re-balance part, Max-Return and Min-Risk (MRMR) model is suggested to earn the largest rate of return with stability. Secondly, Entering/Leaving Rule (E/L) is suggested to upgrade portfolio when particular stock's rate of return is low. Finally, to use outstanding stock price prediction model, a model based on Semi-Supervised Learning (SSL) which was suggested in last research was applied. The suggested methods were validated and applied on stocks which are listed in KOSPI200 from January 2007 to August 2008.

• 아태비즈니스연구
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• 제11권2호
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• pp.27-43
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• 2020

Purpose - This study explores the impact of the real estate industry on related industries for the perspective of Chinese steel companies. Design/methodology/approach - The impact of housing prices on the 41 listed steel companies' performance was analyzed by using the panel data model. We used two kinds of housing price indexes that are set in the panel data models to estimate the range of the real estate market, driving the performance growth of steel listed companies. Moreover, the net profit of steel companies is used as the dependent variable. To test the stability of the model, ROA used as a dependent variable for the robustness test. Also, to avoid the time trend of housing prices, this paper selects the growth rate of housing prices as the primary research variable. After Fisher-type testings, there is no unit root problem in both independent and dependent variables. Findings - The results indicated that the rise in the housing price has a positive influence on the steel company performance. When the housing price increases by 1%, the net profit of steel enterprises will increase by 5 to 20 million yuan. Research implications or Originality - In this paper, empirical data at the micro-level and panel model are used to quantify China's real estate industry's driving effect on the iron and steel industry, providing evidence from the microdata level. It helps us to understand further the status and role of China's real estate industry in the economic structure.

• 수산경영론집
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• 제45권2호
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• pp.29-38
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• 2014

This study is to analyse the timing of the structural change of price volatility and the asymmetry of price volatility during the period before and after the timing of the structural change of price volatility using Jeju Farming Olive Flounder's production area market price data from January 1, 2007 to June 30, 2013. The analysis methods of Quandt-Andrews break point test and Threshold GARCH model are employed. The empirical results of this study are summarized as follows: First, the result of Quandt-Andrews break point test shows that a single structural change in price volatility occurred on May 4, 2010 over the sample period. Second, during the period before structural change, daily price change rate has averagely positive value which means price increase, but during the period after structural change daily price change rate has averagely negative value which means price decrease. Also, daily volatility of price change rate during the period before structural change is higher than during the period after structural change. This indicates that price volatility decreases after structural change. Third, the estimation results of Threshold GARCH Model show that the volatility response against price increase is larger during the period after structural change than during the period before structural change. Also the result shows the volatility response against price decrease is larger during the period after structural change than during the period before structural change. And, irrespective of the timing of structural change, price increase has an larger effect on volatility than price decrease. This means volatility is asymmetric at price increase.

• 수산경영론집
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• 제51권4호
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• pp.47-67
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• 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.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.833-843
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• 2021

This research examines the impact of audit quality on the extent to which firm-specific information is integrated with a firm's share price - which is determined inversely using stock price synchronicity. The study sample consists of non-financial companies listed on the Amman Stock Exchange i.e., the Jordanian Stock Market, from 2014-2018. After examining 810 firm-year observations from Jordanian industrial companies listed on the ASE, during the study period, we find that the companies using one of the BIG4 audit firms for auditing have less synchronous and more informative stock prices, suggesting high-quality audit improved governance and reduce information asymmetry between firms' insiders and investors which enhances the capitalization of firm's specific information into the stock price, thus less synchronous and more informative stock return. The findings remain consistent over 2 separate measurements of stock price synchronicity (Market and Industry model and Market Model) and show robustness for fixed effect tests. Our multivariate regression results are also robust after controlling for a number of features at the firm level with potential associations with stock price synchronicity. These include the firm size, leverage, return on assets (ROA), and market to book value (MBV).

• 한국의류학회지
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• 제27권8호
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• pp.1004-1013
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• 2003

This study addressed an ill-understood issue of a price response model and a monopolistic price interval of fashion goods. The concept of monopolistic price interval introduced by Gutenberg has been rarely applied to the fashion goods, which is known as price sensitive goods. Thus, this study examined the price insensitive zone of the blue jean. The data of 268 respondents were analyzed using Choice-based Conjoint (CBC) analysis and t-test. Considering brand consideration set as a price determinant, we found the presence of monopolistic price interval of the jean. The results obtained from the CBC analysis showed that the bigger the size of brand consideration set, the shorter the monopolistic interval. This implied that the consumer who had a small brand consideration set was more likely to have a longer monopolistic price interval than the one who had a large brand consideration set, since the consumer with a small consideration set tended to value brand itself more than price. Although significant monopolistic price intervals were shown only for the three jean brands out of the seven, to reduce the size of brand consideration set and to increase brand loyalty were found important in maximizing firms'financial profits.

• 동아시아식생활학회지
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• 제16권3호
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• pp.242-250
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• 2006

The purpose of this study was to identify tourist product factor combinations which confer the highest utility to tourists and to establish the relative importance of factors in terms of their contribution to total utility across gender. Among 250 questionnaires, 230 questionnaires were utilized for the analysis. $X^2$ analysis, Conjoint model, Max. Utility model, BTL model, Logit model, K-means cluster analysis, and one-way anova analysis were used for this study. The findings from this study were as follows. First, the Pearson's R and Kendall's tau statistics showed that the model fitted the data well across gender. Second, it was found that total respondents and three clusters regarded taste price as the very important factor across gender. Third, it was found that the male and female tourists most preferred product with light red color, shaped package, and highly pungent taste sold at a cheap price in factory. Fourth, it was found that the male tourists most preferred simulation product with light red color, shaped package, and highly pungent taste sold at a cheap price in factory. The female tourists most preferred simulation product with light red color, shaped package, and mild taste sold at a cheap price in factory. Finally, the results of the study provide some insights into the types of effective product designs that can be successfully developed by marketers.

• 무역학회지
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• 제44권6호
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• pp.169-185
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• 2019

The purpose of this study is to analyze the structural relationships of perceived value, price sensitivity, and satisfaction between brand image and purchase intention of consumers who have experience of overseas direct purchase. This study collected questionnaires used to analyze these structural relationships. Using the R's plspm package, we analyzed the PLS (partial least squares) structural equation model. In order to examine the relationship between perceived value and price sensitivity, the research model was modified and analyzed. As a result, not only the adoption of the research hypothesis, but also the goodness of fit was higher than before the research model modifying, and the relationship between perceived value and price sensitivity was further verified. The modified research model has higher academic value, so it is necessary to select it as the final proposal model.

• East Asian Economic Review
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• 제22권3호
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• pp.371-400
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• 2018

Although asset price is an important factor in determining changes in external balances, no studies have investigated it from the Chinese perspective. In this study, I empirically examine the underlying driving forces of China's trade balances, particularly the role of asset price and the real exchange rate. To this end, I estimate a sign-restricted structural vector autoregressive model with quarterly time series data for China, using the Bayesian method. The results show that changes in asset price affect China's trade balances through private consumption and investment. Also, an appreciation of the real exchange rate tends to deteriorate trade balances in China. Furthermore, forecast error variance decomposition results indicate that changes in asset price (stock price and housing price) explain about 20% variability of trade balances, while changes in the real exchange rate can explain about 10%.