• Journal of Korea Trade
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• v.27 no.1
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• pp.139-158
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• 2023

Purpose - The study of co-movements between stock markets is a crucial area of finance and has recently received much interest in a variety of studies, especially in international finance. Stock market co-movements are a major phenomenon in financial markets, but they are not necessarily independent of the real market. Several studies support the idea that bilateral trade linkages significantly impact stock market correlations. Motivated by this perspective, this study investigates whether real market integration due to trade agreements brings about financial market integration in terms of stock market co-movement. Design/methodology - Over the 10 free trade agreements (FTAs) signed by the United States, using a dynamic conditional correlations (DCC) multivariate GARCH (MGRACH) model, we empirically measure the degree of integration by finding DCCs between the US market and the partner country's market. We then track how these correlations evolve over time and compare the results before and after trade agreements. Findings - According to the empirical results, there are positive return spillover effects from the US market to eight counterpart equity markets, except Jordan, Morocco, and Singapore. Especially Mexico, Canada, and Chile have large return spillover effects at the 1% significance level. All partner countries of FTAs generally have positive correlations with the US over the entire period, but the size and variance are somewhat different by country. Meanwhile, not all countries that signed trade agreements with the United States showed the same pattern of stock market co-movement after the agreement. Korea, Mexico, Chile, Colombia, Peru, and Singapore show increasing DCC patterns after trade agreements with the US. However, Canada, Australia, Bahrain, Jordan, and Morocco do not show different patterns before and after trade agreements in DCCs. These countries generally have the characteristic of relatively lower or higher co-movements in stock markets with the US before the signing of the FTAs. Originality/value - To our knowledge, few studies have directly examined the linkages between trade agreements and stock markets. Our approach is novel as it considers the problem of conditional heteroscedasticity and visualizes the change of correlations with time variations. Moreover, analyzing several trade agreements based on the United States enables the results of cross-country pairs to be compared. Hence, this study provides information on the degree of stock market integration with countries with which the United States has trade agreements, while simultaneously allowing us to track whether there have been changes in stock market integration patterns before and after trade agreements.

• Korean Journal of Social Welfare Studies
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• v.42 no.4
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• pp.413-443
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• 2011

The objectives of this study were to survey the level of social capital owned by self-support program participants, and to analyze the direct and indirect effects of social capital on their quality of life. Particularly because an individual's life is highly likely to be influenced by multiple aspects including human relation, this study purposed to determine the mediating effect of job satisfaction in the relation between social capital and the quality of life. The survey used a structured questionnaire, and in the contents of the questionnaire, the quality of life was selected as a dependent variable, social capital as an independent variable, and the job satisfaction as a mediating variable affecting the relation between social capital and the quality of life. The results of this study were as follows. First, as to the relation between self-support program participants' social capital and the quality of life, the network level and the normative level hand an important effect on the quality of life. Second, as to the relation between self-support program participants' social capital and job satisfaction, social capital had a negative effect on job satisfaction. Third, in the relation between self-support program participants' social capital and their quality of life, the mediating effect of job satisfaction was positive and this supports the spillover model among hypotheses on the relation between job satisfaction and the quality of life.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.167-194
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• 2019

This research starts from the four basic concepts of incentive incompatibility, limited information, myopia and decision variable which are confronted when making decisions in keyword bidding. In order to make these concept concrete, four framework approaches are designed as follows; Strategic approach for the incentive incompatibility, Statistical approach for the limited information, Alternative optimization for myopia, and New model approach for decision variable. The purpose of this research is to propose the statistical optimization model in constructing the portfolio of Sponsored Search Advertising (SSA) in the Sponsor's perspective through empirical tests which can be used in portfolio decision making. Previous research up to date formulates the CTR estimation model using CPC, Rank, Impression, CVR, etc., individually or collectively as the independent variables. However, many of the variables are not controllable in keyword bidding. Only CPC and Rank can be used as decision variables in the bidding system. Classical SSA model is designed on the basic assumption that the CPC is the decision variable and CTR is the response variable. However, this classical model has so many huddles in the estimation of CTR. The main problem is the uncertainty between CPC and Rank. In keyword bid, CPC is continuously fluctuating even at the same Rank. This uncertainty usually raises questions about the credibility of CTR, along with the practical management problems. Sponsors make decisions in keyword bids under the limited information, and the strategic portfolio approach based on statistical models is necessary. In order to solve the problem in Classical SSA model, the New SSA model frame is designed on the basic assumption that Rank is the decision variable. Rank is proposed as the best decision variable in predicting the CTR in many papers. Further, most of the search engine platforms provide the options and algorithms to make it possible to bid with Rank. Sponsors can participate in the keyword bidding with Rank. Therefore, this paper tries to test the validity of this new SSA model and the applicability to construct the optimal portfolio in keyword bidding. Research process is as follows; In order to perform the optimization analysis in constructing the keyword portfolio under the New SSA model, this study proposes the criteria for categorizing the keywords, selects the representing keywords for each category, shows the non-linearity relationship, screens the scenarios for CTR and CPC estimation, selects the best fit model through Goodness-of-Fit (GOF) test, formulates the optimization models, confirms the Spillover effects, and suggests the modified optimization model reflecting Spillover and some strategic recommendations. Tests of Optimization models using these CTR/CPC estimation models are empirically performed with the objective functions of (1) maximizing CTR (CTR optimization model) and of (2) maximizing expected profit reflecting CVR (namely, CVR optimization model). Both of the CTR and CVR optimization test result show that the suggested SSA model confirms the significant improvements and this model is valid in constructing the keyword portfolio using the CTR/CPC estimation models suggested in this study. However, one critical problem is found in the CVR optimization model. Important keywords are excluded from the keyword portfolio due to the myopia of the immediate low profit at present. In order to solve this problem, Markov Chain analysis is carried out and the concept of Core Transit Keyword (CTK) and Expected Opportunity Profit (EOP) are introduced. The Revised CVR Optimization model is proposed and is tested and shows validity in constructing the portfolio. Strategic guidelines and insights are as follows; Brand keywords are usually dominant in almost every aspects of CTR, CVR, the expected profit, etc. Now, it is found that the Generic keywords are the CTK and have the spillover potentials which might increase consumers awareness and lead them to Brand keyword. That's why the Generic keyword should be focused in the keyword bidding. The contribution of the thesis is to propose the novel SSA model based on Rank as decision variable, to propose to manage the keyword portfolio by categories according to the characteristics of keywords, to propose the statistical modelling and managing based on the Rank in constructing the keyword portfolio, and to perform empirical tests and propose a new strategic guidelines to focus on the CTK and to propose the modified CVR optimization objective function reflecting the spillover effect in stead of the previous expected profit models.

• Journal of Distribution Research
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• v.17 no.1
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• pp.87-115
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• 2012

Introduction: In these days, a loyalty program is one of the most common marketing mechanisms (Lacey & Sneath, 2006; Nues & Dreze, 2006; Uncles et al., 20003). In recent years, Coalition Loyalty Program is more noticeable as one of progressed forms. In the past, loyalty program was operating independently by single product brand or single retail channel brand. Now, companies using Coalition Loyalty Program share their programs as one single service and companies to participate to this program continue to have benefits from their existing program as well as positive spillover effect from the other participating network companies. Instead of consumers to earn or spend points from single retail channel or brand, consumers will have more opportunities to utilize their points and be able to purchase other participating companies products. Issues that are related to form of loyalty programs are essentially connected with consumers' perceived view on convenience of using its program. This can be a problem for distribution companies' strategic marketing plan. Although Coalition Loyalty Program is popular corporate marketing strategy to most companies, only few researches have been published. However, compared to independent loyalty program, coalition loyalty program operated by third parties of partnership has following conditions: Companies cannot autonomously modify structures of program for individual companies' benefits, and there is no guarantee to operate and to participate its program continuously by signing a contract. Thus, it is important to conduct the study on how coalition loyalty program affects companies' success and its process as much as conducting the study on effects of independent program. This study will complement the lack of coalition loyalty program study. The purpose of this study is to find out how consumer loyalty affects affiliated brands, its cause and mechanism. The past study about loyalty program only provided the variation of performance analysis, but this study will specifically focus on causes of results. In order to do these, this study is designed and to verify three primary objects as following; First, based on opinions of Switching Barriers (Fornell, 1992; Ping, 1993; Jones, et at., 2000) about causes of loyalty of coalition brand, 'brand attractiveness' and 'brand switching cost' are antecedents and causes of change in 'brand loyalty' will be investigated. Second, influence of consumers' perception and attitude prior to joining coalition loyalty program, influence of program in retail brands, brand attractiveness and spillover effect of switching cost after joining coalition program will be verified. Finally, the study will apply 'prior brand preference' as a variable and will provide a relationship between effects of coalition loyalty program and prior preference level. Hypothesis Hypothesis 1. After joining coalition loyalty program, more preferred brand (compared to less preferred brand) will increase influence on brand attractiveness to brand loyalty. Hypothesis 2. After joining coalition loyalty program, less preferred brand (compared to more preferred brand) will increase influence on brand switching cost to brand loyalty. Hypothesis 3. (1)Brand attractiveness and (2)brand switching cost of more preferred brand (before joining the coalition loyalty program) will influence more positive effects from (1)program attractiveness and (2)program switching cost of coalition loyalty program (after joining) than less preferred brand. Hypothesis 4. After joining coalition loyalty program, (1)brand attractiveness and (2)brand switching cost of more preferred brand will receive more positive impacts from (1)program attractiveness and (2)program switching cost of coalition loyalty program than less preferred brand. Hypothesis 5. After joining coalition loyalty program, (1)brand attractiveness and (2)brand switching cost of more preferred brand will receive less impacts from (1)brand attractiveness and (2)brand switching cost of different brands (having different preference level), which joined simultaneously, than less preferred brand. Method : In order to validate hypotheses, this study will apply experimental method throughout virtual scenario of coalition loyalty program if consumers have used or available for the actual brands. The experiment is conducted twice to participants. In a first experiment, the study will provide six coalition brands which are already selected based on prior research. The survey asked each brand attractiveness, switching cost, and loyalty after they choose high preference brand and low preference brand. One hour break was provided prior to the second experiment. In a second experiment, virtual coalition loyalty program "SaveBag" was introduced to participants. Participants were informed that "SaveBag" will be new alliance with six coalition brands from the first experiment. Brand attractiveness and switching cost about coalition program were measured and brand attractiveness and switching cost of high preference brand and low preference brand were measured as same method of first experiment. Limitation and future research This study shows limitations of effects of coalition loyalty program by using virtual scenario instead of actual research. Thus, future study should compare and analyze CLP panel data to provide more in-depth information. In addition, this study only proved the effectiveness of coalition loyalty program. However, there are two types of loyalty program, which are Single and Coalition, and success of coalition loyalty program will be dependent on market brand power and prior customer attitude. Therefore, it will be interesting to compare effects of two programs in the future.

• Spatial Information Research
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• v.21 no.1
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• pp.37-44
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• 2013

This study sets the boundary of U-City industry based on expert surveys. Based on this U-City industry boundary, an appropriate inter-industry analysis is performed. The result shows production inducement coefficients, value added inducement coefficients, employment & enter employment inducement coefficients, influence coefficients and induction coefficients. Based on these coefficients, overall characteristics and spillover effects of U-City industry are examined. The result of this study shows that U-City industry has bigger value added-induced effects and employee-induced effects than other industry. The result also shows that U-City industry also has a great forward linkage effect. This study has a meaning that could be used to make political decisions as a basic data.

• Journal of Korea Port Economic Association
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• v.38 no.2
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• pp.49-67
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• 2022

This study applied the method of Diebold and Yilmaz (2012, 2014, 2016) to analyze the connectedness between the Freight Index (BDI, BDTI, BCTI), energy price(oil, natural gas, coal), and grain price(soybean, corn, wheat) from July 19, 2007 to March 31, 2022. The main analysis results of this paper are as follows. First, according to the network analysis results, the total connectedness was measured to be 20.43% for the entire analysis period, indicating that there was a low correlation between the freight index and the commodity price. In addition, looking at the directional results, the variable with the greatest effects was corn, and conversely, the variable with the lowest effects BDI. When classified by events, BCTI was found to play a major role only during the COVID-19 period. Second, according to the results of the rolling-sample analysis, the total connectedness be found to be highly correlated with changes in economic conditions such as the financial crisis, trade war, and COVID-19 when specific events occurred.

• Culinary science and hospitality research
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• v.23 no.6
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• pp.110-117
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• 2017

This study intended to examine transitive relation among customer incivility perceived by deluxe hotel frontline employees, burnout, and deviant workplace behaviors and clarify the moderating effect of employees' stress. A total of 230 employees working in deluxe hotels in Seoul, the capital of Korea, in 2017 comprised the sample in this study. The hypothesized relationships in the model were tested simultaneously by using structural equation modelling (SEM). As results, customer incivility perceived by deluxe hotel frontline employees had significant (p<.001) positive influence on their burnout(${\beta}=.38$, t-value=4.93). Employees' burnout positively influenced their deviant workplace behaviors (${\beta}=.56$, t-value=7.22). In addition, customer incivility was found to positively affect employees' deviant workplace behaviors(${\beta}=.26$, t-value=3.90), and therefore, the moderating role of stress level was not verified. The findings of this study suggested that deluxe hotels are supposed to enhance their frontline service by providing orientation for customers through promotion materials. Limitations and future research directions of this study were also well established and discussed.

• Journal of Radiopharmaceuticals and Molecular Probes
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• v.3 no.2
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• pp.65-71
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• 2017

To assess the effects of filter and reconstruction of Cu-64 PET data on Siemens scanner, the various reconstruction algorithm with various filters were assessed in terms of spatial resolution, non-uniformity (NU), recovery coefficient (RC), and spillover ratio (SOR). Image reconstruction was performed using filtered backprojection (FBP), 2D ordered subset expectation maximization (OSEM), 3D reprojection algorithm (3DRP), and maximum a posteriori algorithms (MAP). For the FBP reconstruction, ramp, butterworth, hamming, hanning, or parzen filters were used. Attenuation or scatter correction were performed to assess the effect of attenuation and scatter correction. Regarding spatial resolution, highest achievable volumetric resolution was $3.08mm^3$ at the center of FOV when MAP (${\beta}=0.1$) reconstruction method was used. SOR was below 4% for FBP when ramp, Hamming, Hanning, or Shepp-logan filter were used. The lowest NU (highest uniform) after attenuation & scatter correction was 5.39% when FBP (parzen filter) was used. Regarding RC, 0.9 < RC < 1.1 was obtained when OSEM (iteration: 10) was used when attenuation and scatter correction were applied. In this study, image quality of Cu-64 on Siemens Inveon PET was investigated. This data will helpful for the quantification of Cu-64 PET data.

• Land and Housing Review
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• v.10 no.1
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• pp.9-18
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• 2019

This study examined the dynamic change in the co-movement between the house price rates with the network methods of Mantegna (1999). First, Capital area and non-capital area form independent clusters which have the heterogeneous co-movement pattern. In other words, Capital and non-capital areas have low connectivity in the housing market. Also, if the co-movement between capital areas have been strengthened, the co-movement between non-capital areas have been weakened. The results of the dynamic analysis show that the degree of the co-movement in the housing market is continuously increased. The members of the co-movement group in the capital area are strongly steadied by all periods. However, the members in the non-capital area have been changed according to the period. Accordingly, it is necessary to establish policies based on various information for the housing market of the non-capital area rather than policies targeting the capital area. In addition, Apartments in Korea are more likely to be used as investment or speculative assets than other types of houses. It has been confirmed that this is Gangbuk, which is locatied in the northern part of Seoul, appears to be a region where the Spillover Effects of price fluctuation can be triggered in the housing and apartment market. However, the housing market in Gangnam, which is locatied in the southern part of Seoul, was divided into low systematic risk.

• The Research Journal of the Costume Culture
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• v.22 no.4
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• pp.595-604
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• 2014

Tiffany & Co. had been recognized so highly in Korea even before its official advance to the country in 1991 that a successful jewelry company was called 'Korean Tiffany'. The purpose of this study was to explain how American brand Tiffany had been spread and recognized among Korean people by analyzing related articles and advertisements during the period from the Liberation to the 1989. The research method used in this study was the articles of newspapers and relevant literature. This is the result that, with the run of movie 'Breakfast at Tiffany's in Korea in 1962, the trade name and trademark of Tiffany were used illegally not only by jewelry traders but also by other businesses. Other luxury jewelry brands in the same period could not enjoy indirect advertising and spillover effects as good as Tiffany. As a result, a successful jewelry company was called 'Korean Tiffany' in 1989, and the expression is still valid in the country.