• Fashion & Textile Research Journal
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• v.25 no.3
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• pp.280-290
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• 2023

As consumers are increasingly shopping online for fashion products, their return behavior is also increasing. Regarding the factors affecting return behavior, this study explores the effect of the purchasing orientation considering returns that are derived from bracketing purchase behavior, monetary lenient return policies, and non-monetary lenient return policies. Additionally, this study examines the effect of monetary/non-monetary lenient return policies on return behavior, mediated by the purchasing orientation considering returns. This study was conducted through an online survey and 238 data were collected and used for analysis. Two research models were designed for each independent variable of monetary lenient return policies, and non-monetary lenient return policies, and the path of the research model was analyzed using Process Macro 4.0. The study found that the sub-dimensions of return policy - monetary or non-monetary return policies - had different effects on return behavior through purchasing orientation considering returns. Monetary lenient return policies had a positive direct effect on return behavior, and purchasing orientation considering returns mediated the effect of the monetary lenient return policies on return behavior. However, the non-monetary lenient return policies only positively and significantly directly affected return behavior. The findings of this study contribute to understanding consumers' purchasing orientation considering returns. Furthermore, from the effect of the return policy on return behavior, the results are valuable as they can help fashion marketers establish a return strategy.

• East Asian Economic Review
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• v.18 no.1
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• pp.3-27
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• 2014

This paper examines the effects of financial crises on the long memory volatility dependency of daily exchange returns focusing on the Asian crisis in 97-98 and the Global crisis in 08-09. By using the daily KRW-USD and JPY-USD exchange rates which have different trading regions and volumes, this paper first applies both the parametric FIGARCH model and the semi-parametric Local Whittle method to estimate the long memory volatility dependency of the daily returns and the temporally aggregated returns of the two exchange rates. Then it compares the effects of the two financial crises on the long memory volatility dependency of the daily returns. The estimation results reflect that the long memory volatility dependency of the KRW-USD is generally greater than that of the JPY-USD returns and the long memory dependency of the two returns appears to be invariant to temporal aggregation. And, the two financial crises appear to affect the volatility dynamics of all the returns by inducing greater long memory dependency in the volatility process of the exchange returns, but the degree of the effects of the two crises seems to be different on the exchange rates.

• 한국디지털정책학회:학술대회논문집
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• 2004.11a
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• pp.25-37
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• 2004

This paper compares long-run buy-and-hold returns of privatization initial public offerings to those of domestic stock markets of respective countries using a sample of 29 privatized telecom initial public offerings from 27 countries. The evidence indicates that the privatization IPOs significantly outperform their domestic stock markets if the returns are equally-weighted while they do not outperform the markets if value-weighted. In addition, this paper analyzes the cross-sectional determinants of long-run buy-and- hold returns of privatized telecom shares. The results indicate that the long-run performance of privatized telecom IPOs is moderately related to the proxies of policy uncertainty or systematic risk while the size of the firm and some market wide variables such as the accounting standard, origin of commercial law, and the corporate governance scheme significantly affect the stock performance of privatized telecom shares.

• KDI Journal of Economic Policy
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• v.40 no.1
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• pp.45-66
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• 2018

This paper measures the extent of comovements in stock returns between Korea and three major countries (China, Japan and the U.S.) using industry-level data for Korea from 2003 to 2016 in the spirit of the international capital asset pricing model. It also examines what drives the comovements between Korea and the three countries. We find that the comovements of Korean stock returns with those of the U.S. and Japan became smaller after the global financial crisis. In contrast, the comovement in stock returns between Korea and China became larger after the crisis. After an additional analysis, we conclude that trade linkage is the main driver of the comovements between Korea and the three countries.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2003.05a
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• pp.683-690
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• 2003

This purpose of this research is an attempt to measure and comparatively analyze the efficiencies and RTS(Returns to Scale) using panel data of OECD countries including Korea. In order to achieve this purpose, at first this study used efficient production frontier estimation combined with DEA for obtaining parameter estimates of a efficient production frontier. secondly using estimated results, measured R&D productivity and RTS(Returns to Scale) on all of the OECD countries. thirdly using time-series data related to R&D activity of korea, measured R&D productivity and RTS(Returns to Scale). Finally based on the results of R&D productivity and RTS(Returns to Scale) using efficient production frontier, some policy implications for enhancing the R&D competitiveness and the technological capabilities are discussed.

• KDI Journal of Economic Policy
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• v.27 no.2
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• pp.239-251
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• 2005

This paper investigates the effectiveness of economic policy on the stock market in Korea around foreign currency crisis and stock market opening. For this purpose, the paper applied SUR technique to a set of monthly data over the period 1982.01 to 2004.12. The study finds the following results. First, for the entire sample period, Korean stock market appears to have effectively incorporated all of the past information about fiscal policy moves. However, the paper finds an evidence that some of the past monetary actions have significant impacts upon current stock returns implying that the information about past monetary moves has been overlooked. Second, there is an evidence to suggest that, after foreign currency crisis, the macro economic policy actions may influence stock market in a different way. In particular, after foreign currency crisis, monetary policy influences stock market in a more delayed pattern while past fiscal policy moves are well incorporated into current stock returns. Third, before stock market opening to foreign investors, some of the past economic policy actions have significant effects on current stock returns. On the contrary, after stock market opening, none of the past macro economic information has significant impact upon current stock returns. The results imply that stock market opening may contribute to the active utilization of economic information for market participants in Korea.

• East Asian Economic Review
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• v.22 no.1
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• pp.75-114
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• 2018

A two-part model is estimated to see if increasing returns and comparative advantage are empirically equivalent in explaining intra-industry trade. The model has separate mechanisms for determining the occurrence and the extent of intra-industry trade. Estimation is based on an augmented Grubel-Lloyd index derived from the data set on SITC 7 goods at the 3-digit SITC (Revision 4) for country pairs in which Korea is fixed as a source country. Estimation results show that both increasing returns and comparative advantage can explain the occurrence and the extent of intra-industry trade.

• East Asian Economic Review
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• v.18 no.2
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• pp.111-142
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• 2014

We examine whether country fundamentals help explain the cross-section of currency excess returns. For this purpose, we consider fundamental variables such as default risk, foreign exchange rate regime, capital control as well as interest rate in the multi-factor model framework. Our empirical results show that fundamental factors explain a large part of the cross-section of currency excess returns. The zero-intercept restriction of the factor model is not rejected for most currencies. They also reveal that our factor model with country fundamentals performs better than a factor model with usual investment-style factors. Our main empirical results are based on 2001-2010 balanced panel data of 19 major currencies. This paper may fill the gap between country fundamentals and practitioners' strategies on currency investment.

• East Asian Economic Review
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• v.27 no.3
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• pp.213-242
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• 2023

This paper investigates whether the price of cryptocurrency is determined by the US dollar index, the price of investment assets such gold and oil, and the implied volatility of the KOSPI. Overall, the returns on cryptocurrencies are best predicted by the trading volume of the cryptocurrency both in-sample and out-of-sample. The estimates of gold and the dollar index are negative in the return prediction, though they are not significant. The dollar index, gold, and the cryptocurrencies seem to share characteristics which hedging instruments have in common. When investors take notice of the imminent market risks, they increase the demand for one of these assets and thereby increase the returns on the asset. The most notable result in the out-of-sample predictability is the predictability of the returns on value-weighted portfolio by gold. The empirical results show that the restricted model fails to encompass the unrestricted model. Therefore, the unrestricted model is significant in improving out-of-sample predictability of the portfolio returns using gold. From the empirical analyses, we can conclude that in-sample predictability cannot guarantee out-of-sample predictability and vice versa. This may shed light on the disparate results between in-sample and out-of-sample predictability in a large body of previous literature.

• Korean Journal of Organic Agriculture
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• v.22 no.4
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• pp.581-591
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• 2014

This study analyze the policy efficiency of the environment-friendly farming zone program using data envelopment analysis. On analyzed results, the average policy efficiency is 0.185 and 98.3% of zones are inefficient. 97.8% of zones are in increasing returns to scales. The empirical results indicate that more work need to be done to increase the efficiency of the program.