• Korean Management Science Review
• /
• v.32 no.4
• /
• pp.57-67
• /
• 2015

It is a familiar Wall Street adage that "It takes volume to make prices move." Numerous researches have found the positive correlation between trading volume and price changes. Recent studies have documented that informed traders have strong influences on stock market prices through their trading with distinctive information power. Ever since 1992 capital market liberalization in Korea, it is said that foreign investors make consistent profits with their superior information and analytical skills. This study aims at whether we can make a profitable trading strategy by using the foreign investors' trading information. We analyse the relation between the KOSPI index returns and the foreign investors trading volume using GARCH models and VAR models. This study suggests the profitable trading strategies based on the documented relation between the foreign investors' trading volume and KOSPI index returns. We simulate the trading system with the real stock market data. The data include the daily KOSPI index returns and foreign investors' trading volume for 2001~2013. We estimate the GARCH and VAR models using 2001~2011 data and simulate the suggested trading system with the remaining out-of-sample data. Empirical results are as follows. First, we found the significant positive relation between the KOSPI index returns and contemporaneous foreign investors' trading volume. Second, we also found the positive relation between the KOSPI index returns and lagged foreign investors' trading volume. But the relation showed no statistical significance. Third, our suggested trading system showed better trading performance than B&H strategy, especially trading system 2. Our results provide good information for uninformed traders in the Korean stock market.

• Korean Journal of Agricultural Science
• /
• v.39 no.2
• /
• pp.291-297
• /
• 2012

Garlic is one of the most important seasoning vegetables in Korea. Basically, Korea has two trading systems for garlic at the wholesale market, and academic discussions about this trading system couldn't get the conclusion. The purpose of this paper is to review the marketing structure of garlic and to analyze the trading systems for garlic at the wholesale market through survey analysis. The results of studies present a few findings: First, marketers for garlic show different preferences about the trading systems of garlic at the wholesale market. Especially, the size of volume of trading garlic affects the preference of the trading system. Second, the trading systems have various problems, which are claimed by marketers. These problems need to be improved for the more efficient trading at the wholesale market. Third, the current trading systems for garlic at the wholesale market need to be continued, and they should freely selected by marketers.

• Journal of Information Technology Applications and Management
• /
• v.29 no.6
• /
• pp.43-62
• /
• 2022

As the used trading market grows centered on online platforms, it is evolving from practical consumption to pursuing various forms of consumption value. Consumers purchase rare products, enjoy the transaction itself with consumers with the same preference, and investment or eco-friendly value consumption is also increasing. In this regard, the transaction of the second-hand transaction app service must have sincerity in order to respond to various consumption values. In addition, it is necessary to study what components the second-hand trading app service should aim for to secure authenticity and how the usefulness and ease of second-hand trading apps affect the relationship. The research used a questionnaire method to test hypotheses and surveyed 215 consumers in their 20s, 30s, and 40s who had purchased used clothing online within a year. Among them, 200 responses, excluding outliers, were statistically analyzed using SPSS 21.0 and AMOS 22.0 as confirmatory factor analysis and structural equation models. This study aims to determine the effect of the authenticity of the online used trading app service on the satisfaction of the used trading app service. To this end, based on the previous research results, the following research hypotheses were established and verified statistically. First, the authenticity of the online used trading app service will significantly impact the satisfaction of the used trading app service. Second, the usefulness of the used trading app service will have a moderating effect on the effect of the authenticity of the used trading app service on the satisfaction of the used trading app service. Third, the ease of the used trading app service will have a moderating effect on the authenticity of the used trading app service on the satisfaction of the used trading app service. As a result of the study, the authenticity of the used trading app service significantly affected the satisfaction of the used trading app service. Appeared to be The results of this study will help understand used transaction app services where consumption of used products occurs from the viewpoint of product circular use behavior and can be used as a strategic plan to promote the use of used transaction apps in the future.

• The Journal of Fisheries Business Administration
• /
• v.32 no.1
• /
• pp.1-14
• /
• 2001

The research on the price-volume relation in the market is very important because it examines into regular phenomenon revealed by market participants including producers and middlemen. The purpose of this study is to investigate the relationship between price and trading volume in the oyster producing market. In order to accomplish the purpose of this study, the contents of empirical analysis include the time series properties of price and trading volume, the short-term and long-term relationships between price and trading volume, and the determinants of trading volume. The data used in this study correspond to daily price and trading volume covering the time period from January 1998 to April 2001. The empirical results can be summarized as follows : First, price and trading volume follow random walks and they are integrated of order 1. The first difference is necessary for satisfying the stationary conditions. Second, price and trading volume are cointegrated. This long-run relationship is stronger from trading volume to price. Third, error correction model suggests that feedback effect exists in the long-run and that price tends to lead trading volume by about five days in the short run, that is, to be required period by digging, conveying, and peeling oystershell for selling oyster. Fourth, price and price volatility is a determinant of trading volume. In particular, trading volume is a negative function of price. It is believed that the conclusion drawn from this study would provide a useful standard for the policy makers in charge of reducing the oyster price volatility risk caused by trading volume(selling quantities).

• The Journal of Information Systems
• /
• v.23 no.1
• /
• pp.29-52
• /
• 2014

As the advance of multi-platform and multi-channel online services, brokerages are now offering three representative online trading systems - HTS(Home Trading Systems), WTS(Web Trading Systems), MTS(Mobile Trading Systems). In this study we investigated and compared the impact of different systems on the performance of brokerages. Using the panel data of 29 brokerages of 4 periods, we empirically tested the impact of online trading systems and the commissions of trading services. We found out that there exist some differences between the impacts of online trading systems based on the platforms. HTS was identified as the main platform for online trading services. However the role of MTS was also significantly identified while WTS showed no significant impact on the brokerage performances. Commission also showed significant negative impact in case of HTS and MTS platforms. Finally, offering MTS was identified as the significant dummy variable influencing the performance of brokerages. The results provides some implication for the multi-platform strategy for online services.

• Electronics and Telecommunications Trends
• /
• v.35 no.6
• /
• pp.97-106
• /
• 2020

This article explains domestic and overseas technology trends as well as an energy trading architecture model that can safely execute energy power trading through blockchain in the community. There is a way to trade energy between homes as well as between homes and the public in the community, but there are currently no institutions that make this possible. However, our aim is to approach these power trading methods collectively through global technology related to blockchain. We try to solve the problems of energy trading using the blockchain technique. We discuss domestic and overseas technology trends in power trading using blockchain and introduce the power trading architecture for the community proposed by ETRI. We propose a framework that supports reliability and interoperability based on blockchain and develop scalable technology capable of supporting not only small-scale electricity trading but also medium-scale power trading.

• Journal of Information Technology Services
• /
• v.13 no.2
• /
• pp.151-161
• /
• 2014

KOSPI 200 index options market has the highest trading volume in the global options markets. The risk and return structure of options contracts are very complex. Volatility complicates options trading because volatility plays a central role in options pricing process. This study develops a trading system for KOSPI 200 index options trading using KOSPI 200 volatility index. We design a database system to handle the complex options information such as price, volume, maturity, strike price, and volatility using Oracle DBMS. We then develop options trading strategies to test how the volatility index is related to the prices of complicated options trading strategies. Back test procedure is presented with PL/SQL of Oracle DBMS. We simulate the suggested trading system using historical data set of KOSPI 200 index options from December 2008 to April 2012.

• International journal of advanced smart convergence
• /
• v.12 no.4
• /
• pp.111-118
• /
• 2023

In the ever-changing landscape of finance, the fusion of artificial intelligence (AI)and pair trading strategies has captured the interest of investors and institutions alike. In the context of supervised machine learning, crafting precise and accurate labels is crucial, as it remains a top priority to empower AI models to surpass traditional pair trading methods. However, prevailing labeling techniques in the financial sector predominantly concentrate on individual assets, posing a challenge in aligning with pair trading strategies. To address this issue, we propose an inventive approach that melds the Triple Barrier Labeling technique with pair trading, optimizing the resultant labels through genetic algorithms. Rigorous backtesting on cryptocurrency datasets illustrates that our proposed labeling method excels over traditional pair trading methods and corresponding buy-and-hold strategies in both profitability and risk control. This pioneering method offers a novel perspective on trading strategies and risk management within the financial domain, laying a robust groundwork for further enhancing the precision and reliability of pair trading strategies utilizing AI models.

• Environmental and Resource Economics Review
• /
• v.9 no.2
• /
• pp.421-449
• /
• 2000

The objective of this paper is to examine whether it is feasible to introduce an crude oil futures contract on domestic commodity exchange in order to minimize the price risks of imported crude oil. In addition. this study suggests the policy issues to promote futures trading and the alternatives to use foreign energy compares the five criteria to evaluate the feasibility of crude oil futures trading on the domestic exchange. Related to the possibility of successful futures trading of imported crude oil on the domestic exchange, they are evaluated as follows: it is highly possible to succeed for the aspects of price volatility, potential market size or liquidity, and commodity homogeneity; but it is inappropriate for the aspects of deliverable amounts and market power or market structure. Therefore, it is concluded that trading a new futures contract for the underlying imported crude oil on the domestic exchange is inappropriate. For the policy issues and the hedging alternatives, first, it is urgent to establish an atmosphere for futures trading by promoting spot trading. Second, for the case of futures trading on the domestic exchange it is important to consider the simultaneous hedging of crude oil price and foreign exchange risks and mutual offsetting mechanism with major foreign exchanges. Third, for the case of futures trading on foreign exchanges it is reasonable to regard cooperation among concerned companies, government support for futures trading and direct participation into futures trading by the government.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.8
• /
• pp.51-59
• /
• 2020

The objective of this study is to enrich the literature by investigating the impact of introduction of index future trading on spot market returns and trading volume in Vietnam. Data used in this study mainly consist of daily VN30-Index and market trading volume series during the period from February 6^th, 2012 to December 31^st, 2019. Using OLS, GARCH(1,1) and EGARCH(1,1) models, the empirical findings consistently confirm that the introduction of index future trading has no impact on the spot market returns. In addition, the results of the EGARCH(1,1) model indicate that the leverage effect on the spot market volatility is existence in HOSE. Specifically, bad news has a greater effect on the market volatility than good news of the same size. Moreover, our empirical findings reveal that the introduction of index future contracts has the positive impact on the underlying market trading volume. Specifically, the trading volume of the post-index futures introduction increases by 7.5 percent compared with the pre-index futures introduction. Finally, the results obtained from the Granger causality test for the relationship between the spot market returns and the future trading activity confirm that only uni-directional causality running from the market returns to the future trading activity exists in HOSE.