• Environmental and Resource Economics Review
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• v.13 no.2
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• pp.175-194
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• 2004

Volumes of research have been implemented to estimate and predict the oil price. These models, however, fail in accurately predicting oil price as a model composed of only a few observable variables is limiting. Unobservable variables and news that have been overlooked in past research, yet have a high likelihood of affecting the oil price. Hence, this paper analyses the news impact on the price. The standard GARCH model fails in capturing some important features of the data. The estimated news impact curve for the GARCH model, which imposes symmetry on the conditional variances, suggests that the conditional variance is underestimated for negative shocks and overestimated for positive shocks. Hence, this paper introduces the asymmetric or leverage volatility models, in which good news and bad news have different impact on volatility. They include the EGARCH, AGARCH, and GJR models. The empirical results showed that negative shocks introduced more volatility than positive shocks. Overall, the AGARCH and GJR were the best at capturing this asymmetric effect. Furthermore, the GJR model successfully revealed the shape of the news impact curve and was a useful approach to modeling conditional heteroscedasticity.

• Korea Real Estate Review
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• v.27 no.4
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• pp.63-76
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• 2017

The purpose of this study is to analyze the effect of the results of a nationwide academic evaluation of middle schools and high schools on apartment prices in Ulsan City by using a hedonic pricing model. The results of the middle school and high school achievement test, the College Scholastic Ability Test (CSAT) score for high school, the national united evaluation score, and the number of successful applicants to prestigious universities have a significant effect on the apartment price formation with a positive relationship. In addition, different kinds of academic evaluation score have asymmetric effects on apartment price determination. The results of the high school achievement evaluation are more important than the results of the middle school achievement evaluation in the apartment price determination. Among the achievement evaluation results, the ratio of the students with the higher education level is more important than the ratio of the students with the lower basic education level. Furthermore, the CSAT score for Natural Sciences is more important than the CSAT score for the Humanities course.

• Environmental and Resource Economics Review
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• v.22 no.4
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• pp.613-641
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• 2013

This paper uses the error correction model to analyse dynamic gasoline price adjustments of the four refiners. Unlike the existing studies, this model allows a refiner's asymmetric adjustment to changes in the other refiners' prices as well as in its own price and costs. With the estimation results, we can obtain the following findings. First, there are the asymmetric price adjustments to changes in exchange rate and international gasoline price, but showing opposing directions. Second, for most of the refiners, the prices respond immediately to the lagged deviation from the long run equilibrium price, but asymmetrically respond for a few refiners. Third, there are some refiners that adjust their price to the other refiners' price deviation from the long run equilibrium. For some refiners, there are competitive price adjustments to the others' price deviations. These findings imply that a refiner faces inelastic demand, intends to maintain implicitly a relative level of its own price to others, and tends to respond competitively to the others' price deviation from the equilibrium.

• Environmental and Resource Economics Review
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• v.25 no.4
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• pp.495-516
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• 2016

This study empirically examines how asymmetric price adjustment of the retail gas price happens differently for various oil products, such as high-grade gasoline, regular gasoline, and diesel, by employing asymmetric error correction model within weekly data set from 2010~2015. Our estimation results show that the price adjustment, across the all oil types, predicated on shifting crude oil and wholesale oil prices is asymmetric. In addition, the duration of asymmetry was shorter in high-grade gasoline case than in other oil types. This took place by rapid price adjustment of high-grade gasoline price when faced with both cost increases and decreases, in comparison with regular gasoline and diesel cases. There results were attributed by characteristics of the consumer group and a high retail-wholesale margin of high-grade gasoline.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.49-55
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• 2018

Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.

• Journal of Digital Convergence
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• v.20 no.1
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• pp.41-46
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• 2022

Chinese stock market often rises and falls sharply. The impact of the stock price crash risk has become a hot research field to maintain financial stability. This study starts from the perspective of the proportion of largest shareholders holding shares, and studies whether largest shareholders have more incentive to supervise management and reduce self-interest behavior of management. We use the data of Chinese listed companies from 2009 to 2019 as a sample, and study the relationship between largest shareholders and share price crash risk. Empirical research shows that the higher the proportion of largest shareholders of state-owned enterprise, the company's stock price crash risk can be significantly reduced. This study suggests that the higher the share of the largest shareholder, the lower the opportunistic behavior of managers and that information asymmetry between the company and the shareholders can be alleviated.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.95-107
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• 2020

The study investigates the asymmetric effect of exchange rate changes on stock prices in Vietnam. We use the nonlinear autoregressive-distributed lag (ARDL) analysis for monthly data from 2001:01 to 2018:05, based on VN-Index stock price collected from Ho Chi Minh Stock Exchange (HOSE); the nominal exchange rate is separated into currency depreciation and appreciation through a partial sum decomposition process. Asymmetry is estimated both in the long-run relationship and the short-run error correction mechanism. The research results show that the effect of exchange rate changes on stock prices is asymmetrical, both in the short run and in long run. Accordingly, the stock prices react to different levels to depreciation and appreciation. However, the currency appreciation affects a stronger transmission of stock prices when compared to the long-run currency depreciation. In the absence of asymmetry, the exchange rate only has a short-run impact on stock prices. This implies a symmetrical assumption that underestimates the impact of exchange rate changes on stock prices in Vietnam. This study points to an important implication for regulators in Vietnam. They should consider the relationship between exchange rate changes and stock prices in both the long run and the short run to manage the stock and foreign exchange market.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.297-308
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• 2020

This study exemines the roles of corporate social activity (CSR) and executive compensation structure on the pricing of seasoned equity offerings (SEOs) with special focus on the role of CSR in reducing the level of information asymmetry between managers and future shareholders of issuing firms through SEOs. This study also investigates the interaction between executive compensation structure and CSR on the discounting of SEOs. We use a sample of 2,102 seasoned equity offerings of U.S. firms with CSR scores from 1995 to 2015 in our OLS fixed effect regression analysis. The results show that issuing firms with high CSR are more likely to expericence a lower degree of the SEO discount. The results also document a positive association between CSR and a high proportion of equity-based compensation of issuing firms' executives. The findings of this paper confirm that CSR attenuates the impact of information asymmetry and the pre-SEO price uncertainty on the pricing of the offers and hence the SEO discount. Furthermore, CSR reinforces the impact of executive firm-related wealth on the discounting of seasoned equity offerings. It appears that firm-related wealth motivates managers to actively engage in reducing information asymmetry activities before SEOs, thereby decreasing the SEO discount.

• Journal of Oral Medicine and Pain
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• v.31 no.2
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• pp.167-176
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• 2006

Recent studies have shown that there are significant increasing facial asymmetry using 3-dimensional imaging. This study use panorama view and PA cephalograph that were low in price and make good use in dentistry. For this study, 35 persons without remarkable malocclusion were selected, they had panorama view and PA cephalograph, make written questionnaire about facial asymmetry cognition and masticatory pattern. Data obtained were statistically processed by the SPSS Windows program and the results of this study were as follows: 1. There were significant difference between Rt and Lt. on Co-Go, Co-Ag, Co-Go-Ag, Go-Me- Ag. 2. In panorama view, There were significant difference between Rt. and Lt Co-Ag that chewing right side, Rt. and Lt. Co-Go that chewing left side, 3. In PA cephalograph view, There were significant difference in Rt. and Lt. Cg-Go, Rt. and Lt. Co-Ag that chewing right side, Rt. and Lt. Cg-Go that chewing left side 4. There were significant difference in Rt. and Lt. Co-Go, CO-si-CR, go-ME-Ag that cogniting facial asymmetry.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.19 no.8
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• pp.1893-1900
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• 2015

The government has the responsibility to prevent abuses of monopoly and promote competition in order to maximize consumer welfare. The government should address the asymmetry in the information as much as possible and ensure consumer choice. The subsidy seems to reduce the burden on the consumer service charges and handset prices but it actually distorts the market through price discrimination. The government caused the principal-agent problem by neglecting their appropriate role to prevent distortion of the mobile telecom market. The money used as subsidy is part of excess profit and could be transferred to down the price of mobile phone and charges and it would become a benefit to consumers. Separate announcement of subsidies by Mobile Communications Terminal Distribution Structure Improvement Act is a little developed policy but it was not actually realized. The market price close to that from perfect competition structure is plausible, ultimately.