• Asia-Pacific Journal of Business
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• v.14 no.2
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• pp.51-61
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• 2023

Purpose - Since COVID-19, the government's expansion of liquidity to stimulate the economy has resulted in an increase in private debt and an increase in asset prices of such as real estate and stocks. The recent sharp rise of the US Federal fund rate and tapering by the Fed have led to a fast rise in domestic interest rates, putting a heavy burden on the Korean economy, where the level of household debt is very high. Excessive household debt might have negative effects on the economy, such as shrinking consumption, economic recession, and deepening economic inequality. Therefore, now more than ever, it is necessary to identify the causes of the increase in household debt. Design/methodology/approach - Main methodology is regression analysis. Dependent variable is household loans from depository institutions. Independent variables are consumer price index, unemployment rate, household loan interest rate, housing sales price index, and composite stock price index. The sample periods are from 2017 to May 2022, comprising 72 months of data. The comparative analysis period before and after COVID-19 is from January 2017 to December 2019 for the pre-COVID-19 period, and from Jan 2020 to December 2022 for the post-COVID-19 period. Findings - Looking at the results of the regression analysis for the entire period, it was found that increases in the consumer price index, unemployment rate, and household loan interest rates decrease household loans, while increases in the housing sales price index increase household loans. Research implications or Originality - Household loans of depository institutions are mainly made up of high-credit and high-income borrowers with good repayment ability, so the risk of the financial system is low. As household loans are closely linked to the real estate market, the risk of household loan defaults may increase if real estate prices fall sharply.

• The Research Journal of the Costume Culture
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• v.24 no.1
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• pp.41-53
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• 2016

The purposes of this study was to identify fashion shoppers' perceived risk and satisfaction while shopping at overseas online shopping malls based on their internet shopping values. A self-administered questionnaire was used for data collection and an internet survey was conducted from April 12~15, 2015. Most consumers purchased one or two fashion items at overseas online malls directly, motivated by low prices, and spent 200,000~400,000 won during the last one year. The factors of consumers' internet shopping values were information, hedonics, and practicality. Factors of perceived risk were delivery and refund, price and approval, and product and shopping mall. Consumers were divided into three categories: heavy pursuit shoppers, intermediate shoppers, and uninformed shoppers based on their internet shopping values. Heavy pursuit shoppers were primarily female; they spent more, felt a deeper patronage with overseas online shopping malls and their perceived risk regarding delivery and refund was higher than the other shoppers. The group of uninformed shoppers were primarily male. They spent less, had low patronage with overseas online shopping malls, and their perceived risk regarding delivery and refund was lower than other shoppers. Overall satisfaction was positively affected by information provided while shoppers were surfing the overseas online shopping malls and practicality. Satisfaction was negatively affected by perceived risk regarding price and approval and difficulty in finding specific products while shopping at overseas online shopping malls.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.60
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• pp.27-46
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• 2013

The Incoterms and United Nations Convention on Contract for the international Sales of Goods(CISG) allocate a risk in their articles. These rules make a decision that the parties who make a transaction are bound to bear the risk or damages of goods. Though a goods have a damages or loss during a transportation, buyer is liable for the payment of purchase price. In this case, this paper defines the meaning whether who can bear the risk under Incoterms and CISG. In the majority cases which deal between parties, after shipment or at the end of carriage, the loss or damages are found in buyer's hand. If a damages or loss is made during transit, customarily these risk are covered by insurance. Otherwise, these rules provide a tools for solving this problems. Then, between parties should be accomplished their target equitably.

• Journal of Digital Convergence
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• v.10 no.11
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• pp.295-306
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• 2012

This study analyzed empirically difference of purchase intention about price raising of luxury brand according to consumer characteristics such as consumption value, prior knowledge. and perceived risk. Fist, groups according to consumption value showed obvious differences. Group of pursuing uniqueness and ostentation value and group of pursuing quality and pleasure value showed positive purchase intention but group of pursuing social recognition value showed negative purchase intention. Second, groups according to perceived risk. didn't show difference and groups according to prior knowledge showed obvious difference. group of high prior knowledge showed positive purchase intention but group of low prior knowledge showed negative purchase intention. Third, analyzed result about interaction effect of consumer characteristics, Classified group of pursuing uniqueness and ostentation value, expressing high prior knowledge and Classified group of pursuing quality and pleasure value, expressing high perceived risk only showed positive purchase intention, The results of this study present implication to domestic companies aiming luxury brand that performing differently strategy of product and price according to target characteristics is more effective way in differentiating oneself from existing luxury brands and expanding market.

• Journal of the Korean Society of Clothing and Textiles
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• v.29 no.5 s.142
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• pp.637-648
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• 2005

The purpose of this study was to investigate the differences among internet and TV home-shopping perceived risk segments in regard to clothing shopping orientations and purchase intention. The subjects used for the study were 290 female consumers aged from 20 to 40 living in Seoul. The study used factor analysis, cluster analysis, ANOVA, Duncan test, and $\chi^2-test$. The results showed that the Internet and TV home-shopping perceived risks consisted of 9 factors: Products uncertainty risk, Internet shopping mall trust risk, account-related risk, delivery risk, social risk, size risk, exchange/return risk, TV watching-related risk, and price risk. The cluster analysis showed that there were five groups segmented: Size risk/TV watching risk group, Social risk/Internet trust risk group, Return risk/TV watching low-risk group, Delivery risk/product trust group, and Product risk group. The clothing shopping orientations were classified by 5 factors: Planned shopping, pleasure shopping, sales/fashion oriented shopping, time saving shopping, and credit card preference/in-store oriented shopping. The results showed that the five segmented perceived risk groups differed in regard to clothing shopping orientations, purchase intention, and demographics. Further group differences and implications of the results were discussed.

• Korean journal of food and cookery science
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• v.26 no.5
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• pp.511-520
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• 2010

The purpose of this article was to study how the 7Ps influence consumers' risk perception of eating at family restaurants in Seoul. In this study, frequency analysis, reliability analysis, factor analysis and path analysis (SEM) of the data were performed. First, reliability analysis confirmed that the 7Ps performance and risk data could be used in this investigation. Path analysis showed that the 7Ps significantly influenced customers' risk perception of eating at restaurants in Seoul. According to the results, product negatively influenced performance risk (p<0.05) and financial risk (p<0.001); price negatively influenced performance risk (p<0.001), financial risk (p<0.001), and time risk (p<0.01); place negatively influenced performance risk (p<0.01) and time risk (p<0.001); promotion negatively influenced financial risk (p<0.05) and time risk (p<0.001); process negatively influenced performance risk (p<0.001) and time risk (p<0.001); physical evidence negatively influenced performance risk (p<0.05) and financial risk (p<0.001); and people negatively influenced performance risk (p<0.05), financial risk (p<0.001), and time risk (p<0.001). As a result, we confirmed that 7Ps were an effective marketing tactic for reducing consumers' risk perception of eating at restaurants. Therefore, family restaurant companies are recommended to administer the 7Ps without additional cost.

• Journal of Preventive Medicine and Public Health
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• v.30 no.4 s.59
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• pp.697-707
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• 1997

This study was performed to estimate the quantity of the effects of tobacco price raise on the smoking rate, and the smoking attributable deaths in Korea. The data were collected by questionnaire survey from 538 male of male workers. The questionnaire contained items on age, sex, living place, status of education, smoking history, the intention to quit smoking when the tobacco price be raised. The questionnaire, were distributed to the offices of enterprises, hospitals, research centers, and public agencies and then collected. Data were analyzed by using the age specific smoking rate, relative risks of eight major smoking related diseases, vital statistics, and the population attributable risk of deaths of smoking males. On the other hand, the impact of the tobacco price raise on the population attributable risk of death due to smoking in Korea was estimated by applying the presumed smoking rate after the price raise. The results obtained were as follows: 1. The smoking rate of male white color workers in large cities was 59.5%. 2. The proportion of male smokers who has the intention to quit smoking when the tobacco price be raised was 61.5%. 3. The proportion of male smokers who has the intention to quit smoking if the price of tobacco be raised was proportional to the degree of increasing tobacco price. It is estimated that if the tobacco price were raised more than four times as now, the presumed smoking rate goes down as low as 26.7%. If the tobacco price be raised 20% each year, presumed smoking rate is 46.2%. 4. The number of attributable male death of smoking estimated by using 8 major smoking related diseases(lung cancer, laryngeal cancer, esophageal cancer, stomach cancer, pancreatic cancer, cerebrovascular disease, ischemic heart disease, chronic obstructive pulmonary disease) was 25,863 death each year. That is 20.1% of total age over 20 male deaths. 5. f the tobacco price were raised more than four times as now and all smokers who has intention to quit smoking quits smoking, 12,336 lives, or 47.7% of smoking related deaths could be saved. 6. IF the actual practice rate of quitting smoking among male smokers with intention to stop smoking when the price of tobacco be raised is 10%, 25%, or 50%, then the expected decrease of death numbers when the tobacco price were raised more than four times as now can be 1,112, 3,483, 5,796 respectively.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.605-613
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• 2020

In unfrictionless markets, one measure of asset pricing is its height of friction. This study develops a three-factor model by loosening the assumptions about stocks without friction, without risk, and perfectly liquid. Friction is used as an indicator of transaction costs to be included in the model as a variable that will reduce individual profits. This approach is used to estimate return, beta and other variable for firms listed on the Indonesian Stock Exchange (IDX). To test the efficacy of friction-adjusted three-factor model, we use intraday data from July 2016 to October 2018. The sample includes all listed firms; intraday data chosen purposively from regular market are sorted by capitalization, which represents each tick size from the biggest to smallest. We run 3,065,835 intraday data of asking price, bid price, and trading price to get proportional quoted half-spread and proportional effective half-spread. We find evidence of adjusted friction on the three-factor model. High/low trading friction will cause a significant/insignificant return difference before and after adjustment. The difference in average beta that reflects market risk is able to explain the existence of trading friction, while the difference between SMB and HML in all observation periods cannot explain returns and the existence of trading friction.

• Journal of Korean Institute of Industrial Engineers
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• v.41 no.3
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• pp.259-266
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• 2015

Among many energy resources, natural gas has recently received a remarkable amount of attention, particularly from the electrical generation industry. This is in part due to increasing shale gas production, providing an environment-friendly fossil fuel, and high risk of nuclear power. Because South Korea, the world's second largest LNG importing nation after Japan, has no international natural gas pipelines and relies on imports in the form of LNG, the natural gas has been traditionally procured by long term LNG contracts at relatively high price. Thus, there is a need of developing an Asian LNG trading hub, where LNG can be traded at more competitive spot prices. In a natural gas spot market, the amount of natural gas to be bought should be carefully determined considering a limited storage capacity and future pricing dynamics. In this work, the problem to find the optimal amount of natural gas in a spot market is formulated as a Markov decision process (MDP) in risk neutral environment and the optimal base stock policy which depends on a stage and price is established. Taking into account price and demand uncertainties, the basestock target levels are simply approximated from dynamic programming. The simulation results show that the basestock policy can be one of effective ways for procurement of LNG in a spot market.

• Journal of Construction Engineering and Project Management
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• v.1 no.1
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• pp.1-10
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• 2011

This paper discusses the components of a guaranteed maximum price (GMP) and proposes a framework for the development of GMPs as contract payment provisions for construction manager-at-risk (CMR) and design-build (DB) contracts for transportation projects. The framework is the synthesis of a comprehensive literature review, a content analysis of CMR and DB solicitation documents and contracts, and case study project output from twelve projects in nine states worth $3.1 billion. The research also discusses the development of three common types of contingencies that are often utilized in projects with GMPs. The study concludes that owners should specify the structure of the GMP and its components to enhance clarity and understanding of the GMP's composition. It recommends that this structure be included in the CMR and DB solicitation documents so that pricing proposals can be formulated in a manner that is consistent with the contract payment provisions that will be useful to practitioners that need to implement GMP-based contracts.