• Journal of Information Technology Applications and Management
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• 제23권4호
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• pp.41-53
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• 2016

According to the price-decline effect, the art auction prices are known to decrease with the order of auction sale. Our empirical study investigates the presence for the price-decline effect using the data for Korean antique art hosted by the Seoul Auction in September, 2015. We apply the Hedonic price model to the data and examine the relation between the sale order and auction price. Our empirical evidences show that the well-known price decline effect is not present for the case of Korean antique auction in 2015. We confirm our results by estimating the ordered probit model. From the view of the price-decline effect, our results suggest that the Korean antique auction data exhibits different characteristics from most of the foreign art auction data.

• KDI Journal of Economic Policy
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• 제32권3호
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• pp.33-69
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• 2010

본 논문에서는 1990년대 중반 이후 우리나라 교역조건의 추세적 하락요인을 Baxter and Kouparitsas(2000)의 분해방법론을 이용하여 분석해 보았다. 주요 분석결과는 다음과 같다. 교역조건의 변화의 분해방법을 통해 우리나라 교역조건의 하락추세가 대부분 공산품 대비 연료의 상대가격 상승으로 인한 재화상대가격효과에 기인함이 나타났다. 또한 전 세계 55개국의 교역조건 변화를 동일한 방법론으로 분해해 본 결과, 1990년대 중반 이후 재화상대가격효과에 의한 교역조건의 추세적 하락이 선진국 개도국을 불문하고 공산품 수출국의 공통적인 현상임을 보였다. 이는 우리나라 교역조건 하락의 주요 원인이 우리나라 내부적 요인보다는 예를 들어 중국의 무역확대 등 외부적 요인에 기인함을 시사한다. 회귀분석 결과 중국의 무역확대는 우리나라의 교역조건 하락의 중요한 원인이 되었으며, 특히 2000년대의 원유와 원자재 수입가격의 상승과 공산품의 수출가격을 하락시킨 것으로 나타났는데, 이는 교역조건 분해결과가 시사하는 바와 부합한다.

• 산경연구논집
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• 제12권3호
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• pp.43-49
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• 2021

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

• 지역연구
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• 제34권1호
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• pp.3-17
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• 2018

본 논문은 임대료시장의 주기변화에 따른 헤도닉 모형의 임대료 결정요인의 영향력 변화를 분석하였다. 임대료지수를 구축하여 분석한 결과 금융위기가 전환점이 되어 서울시 임대료 시장이 하락기와 상승기로 구분됨을 밝혔으며 주기에 따른 헤도닉 모형의 특성변수의 회귀모수 변화를 고찰하였다. 분석은 강남오피스와 도심오피스로 구분하여 실시하였으며 권역에 상관없이 일관된 변화를 보인 개별회귀모수로서는 토지가격, 지하철역에서의 거리, 건물규모, 건물연한 및 전환이율로 밝혀졌다. 상승기에는 건물의 규모가 클수록 임대료가 높아지는 경향이 있으며 건물이 오래될수록 임대료 하락요인으로의 영향이 커지는 경향이 있는 것으로 나타났다. 전환이율 역시 임대료에서 차지하는 비중이 상승기에 높아짐을 보여준다. 토지가격의 영향은 줄어들고 교통편의성의 장점은 약해지고 있어 상승기에는 지리적 이점의 영향력이 감소하고 건물 특성의 영향력이 상대적으로 커지는 실증적 증거를 제시하였다.

• 분석과 대안
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• 제2권2호
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• pp.143-162
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• 2018

This paper focuses on the policy framework about "Quantitative and Qualitative Easing (QQE)" of Japan, and analyzes reasons why the policy goal was not reached. The QQE was introduced by the Bank of Japan in 2013 with the purpose of meeting the price stability target of 2% and getting out of deflation that prevents sustained price decline. However, despite the implementation of the bold monetary easing policy unprecedented in the world, the policy goal was not achieved as of June 2018. As a result of analyzing the causes, the following three structural factors were confirmed. 1) The rise in prices by QQE was limited because Japan's consumer price is strongly depending on import price. 2) The effect is high degree of uncertainty and limited because theoretical framework of reflationist which adopted QQE depends on "expectation formation" by "self-fulfilling expectation" and "multiple equilibria". 3) It was confirmed that the expansion of the monetary base did not lead to money stock due to the existence of Japanese liquidity trap, long-term low interest rate policy.

• 유통과학연구
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• 제21권5호
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• pp.101-111
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• 2023

Purpose: The purpose of this paper is to examine the effect of the VKOSPI index on short-term stock returns after a large-scale stock price shock of individual stocks of firms in the distribution industry in Korea. Research design, data, and methodology: This study investigates the effect of the change of the VKOSPI index or investor mood on abnormal returns after the event date from January 2004 to July 2022. The significance of the abnormal return, which is obtained by subtracting the rate of return estimated by the market model from the rate of actual return on each trading day after the event date, is determined based on T-test and multifactor regression analysis. Results: In Korea's distribution industry, the simultaneous occurrence of a bad investor mood and a large stock price decline, leads to stock price reversals. Conversely, the simultaneous occurrence of a good investor mood and a large-scale stock price rise leads to stock price drifts. We found that the VKOSPI index has strong explanatory power for these reversals and drifts even after considering both company-specific and event-specific factors. Conclusions: In Korea's distribution industry-related stock market, investors show an asymmetrical behavioral characteristic of overreacting to negative moods and underreacting to positive moods.

• 한국유기농업학회지
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• 제25권1호
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• pp.37-52
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• 2017

Three varieties of green pepper - Chungyang pepper, Cucumber-taste pepper and Nokgwang pepper - are competing with one another in consumption due to the overlapping shipment period. The objective of this study is to analyze the influence of monthly variations of shipment quantities on the wholesale market prices. A Linear Approximated Inverse Almost Ideal Demand System (LA/IAIDS) is employed with monthly data set of three different varieties of green pepper consumption. The results show that if there is an excess supply in the market, the rate of the price decline is larger for forcing culture Chungyang pepper than other pepper varieties. On the contrary, change in supply of cucumber-taste pepper and Nokgwang pepper has little effect on the price of Chungyang pepper. The results of this study can be utilized as a basic information for enhancing the farm income and promoting agricultural policies related to the establishment of self-help funds by Chungyang pepper producer groups in Gyeongnam region.

• 복식
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• 제64권2호
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• pp.35-49
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• 2014

In cases of fashion businesses operating by consignment, base estimate on quantity of sales is the most essential part of merchandising. This study classified factors influential to sales into factors with systematic influence and factors with unsystematic influence. In order to find out influence of each factor on sales, non-linear regression was used with SPSS package on the basis of actual data on sales for 5 years for sport shoes brand. Major findings of this study are as follows. First, price level had significant negative(-) influence on sales. Second, price expectation effects had significant negative(-) influence on sales. Third, competitor's price effect showed significant negative(-) value. Fourth, day-of-the-week effect showed significant positive(+) effect. The theoretical marketing implications of this study are as follows. First, study on price leads to expansion of the researches from apparels to sport shoes. Field of study on price was enlarged through expansion of variable of study from price level and price expectation effect to promotion, day-of-the-week effect and rainfall effect. Second, quantitative scale of day-of-the-week effect was found and it could be confirmed that there was seasonal differences with day-of-the-week effect. Implications of above findings on marketing managers are as follows. First, it was found that an increase in competitiveness of brand power and a decline in absolute value of competitor's price effect can be realized when new product groups are developed to meet the unsatisfied needs in the market. Second, it was possible to find out the parameters scales of the price response function, making it possible to estimate sales for the next season, and in turn realize increase in rate of sales and profit rate. This research is based on the dynamic price response function, which is rare to find in the apparel business and it academic significance due to its expanding response model which was focused on price in conventional researches to non-systematic variables.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1113-1119
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• 2021

This study aims to determine the impact of the news coverage of the COVID-19 pandemic on the composite stocks' movement (IHSG) in Indonesia. This study used secondary data of daily time series with an observation range of March 2020-June 2020. This study used three main variables, namely, COVID-19 news, the daily price of a composite stock market index (IHSG), and interest rate. This study clarifies pandemic news into two forms to facilitate quantitative analysis, namely, good news and bad news. Both pandemic news conditions, which have been clarified, are then processed into the index and reprocessed along with two other variables using vector autoregressive (VAR). The results showed that the good news have a dominant effect on developing the composite stock price index (IHSG) in Indonesia during the COVID-19 pandemic. Although the good news dominates the composite stock price index (IHSG) movement in Indonesia, the bad news must also be anticipated. By implementing a series of macroeconomic policies that follow the conditions of the composite stock price index (IHSG) movements on the stock exchange floor, the bad news response can decrease the potential for a decline in investor confidence, so that the financial system's macroeconomic stability is maintained.

• 산업경영시스템학회지
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• 제41권3호
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• pp.154-161
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• 2018

This study conducted to predict the stock market prices based on the assumption that internet news articles might have an impact and effect on the rise and fall of stock market prices. The internet news articles were tested to evaluate the accuracy by comparing predicted values of the actual stock index and the forecasting models of the companies. This paper collected stock news from the internet, and analyzed and identified the relationship with the stock price index. Since the internet news contents consist mainly of unstructured texts, this study used text mining technique and multiple regression analysis technique to analyze news articles. A company H as a representative automobile manufacturing company was selected, and prediction models for the stock price index of company H was presented. Thus two prediction models for forecasting the upturn and decline of H stock index is derived and presented. Among the two prediction models, the error value of the prediction model (1) is low, and so the prediction performance of the model (1) is relatively better than that of the prediction model (2). As the further research, if the contents of this study are supplemented by real artificial intelligent investment decision system and applied to real investment, more practical research results will be able to be developed.