• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.523-530
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• 2020

The efficient market hypothesis explains the random walk hypothesis suggesting that stock prices are independent of each other, hence, it is impossible to earn abnormal profits. The positive effect of a well-functioning and highly efficient stock market on the performance of an economy motivated the Philippine Stock Exchange to pursue massive modernization initiatives. This research provides evidence of the existence of random walk in the Philippine stock market employing the Augmented Dickey-Fuller (1981) and Phillips-Perron (1988) unit root tests, the Lo-MacKinlay's (1988) conventional variance ratio test, and Chow-Denning's (1993) simple multiple variance ratio test. Results of the ADF and PP unit root tests confirm the necessary condition for a random walk. The Chow-Denning (1993) maximum /z/ statistic and the Wald test statistic as in Richardson and Smith (1991) for the joint hypotheses and the Lo and MacKinlay (1988) individual statistics variance ratio test generally accepted the null hypothesis of a random walk. That is, the unit root and variance ratio tests consistently indicate that the null hypothesis of random walk cannot be rejected. The existence of a random walk in weak-form efficiency can be attributed to market liquidity as a result of continuous development and modernization of the Philippine equity market.

• 유통과학연구
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• 제14권10호
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• pp.59-72
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• 2016

Purpose - This study expands the corporate social responsibility (CSR) model and concepts by adding to it the concepts of corporate identity and public existence responsibility. Then, this study examines the structural relationship between corporate identity and public existence responsibility. This study contributes to expanding CSR to give customers a different perspective from previous studies in that it specifically measures corporate public existence responsibility, corporate identity, and corporate value creation and investigates the structural relationship. Research design, data, and methodology - This study addresses specific research questions. First, it asks whether non-financial performance is a component of CSR; second, it asks if the improvement in the corporate image should be treated as its corporate identity; and third, it tries to expand CSR concepts from corporate citizenship and public market awareness to public existence responsibility. The research hypothesis is formulated to confirm the relationships among CSR, corporate value creation, corporate identity, and public existence responsibility. Result - This study confirms that CSR has a positive correlation with corporate value creation and that CSR has a relatively positive correlation with corporate identity and public existence responsibility. Additionally, it confirms a positive correlation between corporate identity and public existence responsibility. However, corporate identity and public existence responsibility do not have an effect on corporate value creation. However, the influence of public existence responsibility confirmed the influence of corporate value creation through corporate identity as a mediating variable. Conclusion - This study argues that CSR produces more general performance including both financial and non-financial performance. It also confirms that the goals and performance of CSR can substitute for corporate value creation from general performance. It further confirms that public existence responsibility includes market public awareness, corporate images, and corporate associations. It suggests that corporations should see themselves as having public existence responsibility. Further, they should devise strategies to build corporate identities that associate with corporate goals and visions. Finally, this study contributes to the expansion of perspectives on CSR theoretical concepts and goals of performance of the corporation throughout the corporate value creation process.

• Journal of Information Technology Applications and Management
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• 제21권4호
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• pp.97-125
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• 2014

This study investigates the relationship between stock index and its associated nearby futures markets based on the cost-of-carry model. The purpose of this study is to explore the existence of mispriced futures contracts, and to test whether traders can earn trading profits in real financial market using the information about the mispriced futures contracts. This study suggests the concordance correlation coefficient to investigate the existence of mispriced futures contracts. The concordance correlation coefficient gives a desirable result for trading profits that results from a comparative analysis among profits from trading at the time to indicate trading opportunities determined by the degree of the difference between the observed market price and the theoretical price of a futures contract. In addition, this study also explains that the concordance correlation coefficient developed from the mean square error (MSE) has a statistically theoretical meaning. In conclusion, this study shows that the concordance correlation coefficient is appropriate for analyzing the relationship between the observed stock index futures market price and the theoretical stock index futures price derived from the cost-of-carry model.

• 대한수학회지
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• 제33권1호
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• pp.25-29
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• 1996

The Debreu-Gale-Nikaido theorem [2] is a potential tool to prove the existence of a market equilibrium price. Walras' law is of a quantitative nature (i.e. it measures the value of the total excess demand), and it is interesting to note that the existence result holds true under some qualitative assumptions. In fact, the Debreu-Gale-Nikaido theorem states that the continuity of the excess demand function and Walras' law has the following implication : For some price and corresponding value of the excess demand function, it is not possible to respond with a new price system such that the value at the new price of every element in the value of the demand function associated with the old price system is strictly positive.

• 한국수학교육학회지시리즈B:순수및응용수학
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• 제21권4호
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• pp.307-316
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• 2014

We prove the existence of the risk-efficient options proposed by Xu [7]. The proof is given by both indirect and direct ways. Schied [6] showed the existence of the optimal solution of equation (2.1). The one is to use the Schied's result. The other one is to find the sequences converging to the risk-efficient option.

• 한국지역지리학회지
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• 제2권2호
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• pp.113-131
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• 1996

본 논문은 최근에 대도시에 출현한 새로운 정기시장인 도사 요일장의 형성원인, 시장이용자(상인과 소비자)의 속성과 이용행태, 그리고 시장의 기능 등을 밝히기 위하여, 대구시에 개설되고 있는 4곳의 요일장(성서월요장, 칠곡수요장, 시지목요장, 칠곡금요장)을 대상으로 양적이고 질적인 분석을 하였다. 대구의 도시 요일장은 칠곡농협의 금요장에서 본래 기원하였으나, 그것이 본격적으로 형성되고 다른 장소로 확산 발전된 것은 생계를 목적으로 소자본으로 장사하려는 상인(이동상인)들이 중합시장이 없는 신개발 아파트 주거지역에 요즘의 생활리듬(1주일 주기)에 맞는 정기시장을 개설하려고 노력하였기 때문인 것으로 해석된다. 요일장음 이용하는 상인과 소비자의 계속성과 이용행태를 분석 논의하고, 이를 기초로 요일장의 시장기능을 파악해 본 결과, 요일장은 수직적 교환기능이 강하고, 상업기회와 영세민에게 생계유지기능을 제공하며, 농민의 소득중대에 기여하고 있을 뿐만 아니라, 인근주민(소비자)들에게 종합식품 시장으로서 중요한 기능도 수행하고 있는 것으로 밝혀졌다.

• 한국의류학회지
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• 제36권5호
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• pp.562-572
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• 2012

Market mavens are known as powerful consumers for the diffusion of market information in general fields. This study investigates the market mavens in fashion consumers. Data were gathered by surveying university students in Seoul, using convenience sampling; 312 questionnaires were used in the statistical analysis. This study proved that consumers recognized the existence of market mavens and the importance of market mavens' information and their evaluations. In regards to the demographic factors, the more clothing expenditures and family income then the higher the tendencies of the market maven. Market mavens were consumers who were aware of marketer's persuasion but showed no differences in marketplace interfaces. Market mavens were particularly interested in dressing styles and were highly convinced in their abilities to make fashion decisions.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.613-620
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• 2020

COVID-19 pandemic has made the economy in Indonesia sluggish, especially Small and Medium Enterprises (SMEs). Simultaneously, the SMEs existence in Indonesia is fundamental and considered important by the government since it is able to assist numerous laborers and become an income source for the lower and middle classes of the community. The productivity of SME in a region will undeniably influence the availability of job and, of course, reduce the number of unemployed. Therefore, in this study, the researchers looked at how to improve SMEs performance to continue to exist amid the COVID-19 pandemic, by identifying the relationships between product characteristics, market competitive strategies, and the performance of SMEs. The research was done on SMEs in West Java, Indonesia. The example employed was Batik SMEs in Cirebon with at least 10 years in existence, and the total number of these SMEs was 165. As the basis of a quantitative approach, this study employed survey instruments by distributing a questionnaire. In analyzing the data, it utilized the structural equation modeling (SEM). The result showed a significant relationship between Product Characteristics, Market Competitive Strategy, and Price and Product Success Rate on SMEs Performance. This study's findings contribute to the SMEs performance literature.

• Journal of Contemporary Eastern Asia
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• 제19권1호
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• pp.97-122
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• 2020

This paper examines the existence of herd behaviour in fifteen (15) global stock markets, which consist of Developed Markets (Canada, Hong Kong, Japan, Singapore and the United Kingdom), Advanced Emerging Markets (Brazil, Malaysia, Mexico, Poland and South Africa) and Secondary Emerging Markets (Chile, China, Indonesia, the Philippines and Russia) by using Cross Sectional Absolute Deviation (CSAD) method of Chiang and Zheng (2010). It also seeks to explore the impact of social factors such as prosperity, education, ageing society, industry orientation and gender on the existence of market-wide herding. The findings of this paper indicate that herd behaviour exists in Singapore (Developed Market), Mexico, Poland and South Africa (Advanced Emerging Markets) and China and the Philippines (Secondary Emerging Markets). No evidence of herding is observed for Canada, Hong Kong, Japan, United Kingdom, Brazil, Malaysia, Chile, Indonesia and Russia. Ageing society is also found to have significant impact on the existence of herd behaviour. Nonetheless, prosperity, education, industry orientation and gender are found to be insignificant to herding. This study sheds some light on whether social factors determine herding behaviour in the 15 selected stock markets.

• 기술혁신학회지
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• 제13권2호
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• pp.379-398
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• 2010

온라인 기술시장은 기술거래에서 발생하는 거래비용을 낮춰줌으로써 기술공급자에게 기술을 외부적으로 활용할 기회를 제공할 것으로 기대된다. 이 논문은 온라인 기술시장의 존재가 기술공급자의 기술활용 전략에 미치는 영향을 확인하기 위해 국내 온라인 기술시장 중 국가기술은행에 공급된 특허기술을 대상으로, 기술공급 기업이 온라인 기술시장에 제공하는 기술의 특성과 해당기업들이 보유하고 있는 특허기술의 특성을 비교하는 실증분석을 수행하였다. 본 연구의 결과는 기술공급 기업이 온라인 기술시장에 제공하는 기술의 특성이 진부화된 특허, 기술공급자의 특허활동이 활발하지 않은 비핵심 기술영역의 특허, 청구항수와 발명자수가 많은 특허인 것을 보여준다. 이와 같은 결과는 온라인 기술시장이 기술공급 기업들이 내부적으로 사용하지 않는 기술의 활용을 가능하게 하는 역할을 하고 있음을 의미한다.