• Journal of Information Processing Systems
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• v.15 no.5
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• pp.1201-1210
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• 2019

Stock price is characterized as being mutable, non-linear and stochastic. These key characteristics are known to have a direct influence on the stock markets globally. Given that the stock price data often contain both linear and non-linear patterns, no single model can be adequate in modelling and predicting time series data. The autoregressive integrated moving average (ARIMA) model cannot deal with non-linear relationships, however, it provides an accurate and effective way to process autocorrelation and non-stationary data in time series forecasting. On the other hand, the neural network provides an effective prediction of non-linear sequences. As a result, in this study, we used a hybrid ARIMA and neural network model to forecast the monthly closing price of the Shanghai composite index and Shenzhen component index.

• The Journal of Economics, Marketing and Management
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• v.9 no.2
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• pp.33-43
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• 2021

Purpose: This study aims to verify sellers' economic incentives for voluntarily disclosing negative information in online markets and provide practical guidelines to online sellers in terms of whether, when, and how sharing low quality to buyers increase sales. Research design, data and methodology: Our model examines the number of bidders in Internet auctions to measure potential demand and uses count data analysis following previous studies that have also analyzed the number of bidders in auctions. After checking over-dispersion and zero-inflation in our data, we have run a Poisson regression to analyze the effect of sharing negative information on sales. Results: This study presents a counterintuitive result that low-quality sellers can increase their demand by fully disclosing negative information in an online market, if appropriate risk-reducing methods are employed. Our finding thus shows that there exists economic incentive for online sellers to voluntarily disclose negative information about their products, and that the context of transactions may affect this incentive structure as the incentive varies across product categories. Conclusions: As the positive impact of disclosing negative information has rarely been studied so far, this paper contributes to the literature by providing a unique empirical analysis on the impact of sellers' honesty on sales. By verifying economic incentives of disclosing low quality with actual online sales data, this study suggests practical implications on information disclosure strategy to many online sellers dealing with negative information.

• Management & Information Systems Review
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• v.31 no.1
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• pp.45-63
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• 2012

The purpose of this study is to investigated the association between the percentage of common stock held by a company's CEO and measure firm performance in down and up markets. We found that managerial ownership is associated positively with firm performance. We also found that although firms with high insider ownership generally outperform other firms, this relationship is diminished in down markets and is increased in up market. These results suggest that investment strategies based on the assumption that high insider ownership is associated positively with financial performance may be faulty in declining market.

• Management & Information Systems Review
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• v.17
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• pp.215-242
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• 2005

Although shoes industry in Korea is superior in global competition in terms of material, parts, and developmental ability, it has declined due to the lack of design in consideration of OEM production and marketing ability. Shoes industry in Korea has aimed at making inroad to North American market centered with the United States, but it has not focused on Europe market that much. However, as Europe transformed into EU, which is a large economic community, European market is being considered as a great potential for Korean shoes industry, which we can never neglect of. So far, there have been researches of marketing strategic methods to make inroad to the United States and South-East Asian markets, but there has been almost no marketing approach to European shoes market. Therefore, in this study I prepare strategic marketing plans for Korean shoes enterprises to make inroads to European markets, so that they can enter the market successfully, and this is the purpose of this study. In case that Korean shoes industry makes inroads to European market, there are important terms to examine. The strategic terms for consideration to examine are as follows. First, shoes companies such as Nike and Adidas are aware of India. Turkey, and Rumania as new footholds for production, as they have accounted continuous wage claim and labor dispute. Especially Turkey and Rumania are expected to have much competitive strength in price, as they are expected countries for joining EU. Second, we need to shift our understanding of the importance of design for European shoes market. We should pay close attention to the fact that the role of leading companies is to design. Third, Germany, England, and Italy have global-level of specialize institutions and organizations for shoes education and have been succeeded in knowledge industrialization. Fourth, we should consider that the concepts for shoes are changing from innovation in production to in products. Fifth, we should develop specialized concept centered in individualized categories. Sixth, we should open up new markets actively by connecting large shopping centers and multi-shops. Seventh, we should look for the opportunities to expand market through the utilization of BIFOS. Lastly, we should expand our support for opening up markets and participating fairs in foreign countries.

• Journal of Information Technology Applications and Management
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• v.22 no.3
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• pp.65-81
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• 2015

This study reports a preliminary finding of the types and numbers of graphs being presented in the annual reports of about thirty top listed companies trading publicly in the stock markets of three countries-Thailand (SET), Malaysia (BM), and Singapore (SGX)-that were chosen based on their inclusion in the ASEAN Stars Index under the ASEAN Trading Link project. A total of 6,753 graphs from nineteen sectors were extracted and examined. Banking, real estate, and telecommunications are ranked the three most condense sectors, accounting for 50.2% of the total number of graphs observed. The three most used graphs are the Conservative Bar, Donut graph and Stack Bar. Less than one percent of Infographic type graphs were used. The five most depicted graphed variables are Asset, Revenue, Net profit, Liability, and Dividend. Using rudimentary framework to detect distorted or misleading statistical graphs, the study found 60.6% of the graphs distorted across the three markets, SET, BM, and SGX. BM ranked first in percentages of graphs being distortedly presented (73%). The other two markets, SET and SGX, have about the same proportions, 53.88% and 53.03%, respectively. Likewise, the proportions of Well-designed versus Inappropriate-designed graphs of the latter two markets are a little over one time (SET = 1 : 1.17; SGX = 1 : 1.13), whereas the proportion is almost triple for the BM market (BM = 1 : 2.70). In addition, the trend of distorted graphs found is slightly increasing as the longevity of the ASEAN Stars Index increases. One possible explanation for the relatively equal proportion of inappropriate graphs found is that SET is the smallest market and SGX, though the largest, is the most regulated market. BM, on the other hand, may want to present their financial data in the most attractive manner to prospective investors, thus, regulatory constraints and governance structure are still lenient.

• Journal of the Korean Association of Geographic Information Studies
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• v.20 no.2
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• pp.89-101
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• 2017

The study used GIS methods to analyze a business district consisting of traditional markets and large-scale stores, to determine the level of support needed for small enterprises in an urban area of Changwon-si, Gyeongsangnam-do. Data gathered on the area was analyzed using GIS tools such as Kernel density, Network analysis, and Huff modeling. Traditional markets are concentrated in areas where large-scale stores are located, and data analyses show that the number of consumer'use of large-scale stores (157,071) was three times that of traditional markets (59,953). One explanation for these results is that the large-scale stores are located either in densely populated areas or are adjacent to the traditional markets. Therefore, standards and regulations are needed to support small enterprise business districts. In the future, the results of this study can be used as a reference for planning and supporting traditional market business districts.

• International Commerce and Information Review
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• v.11 no.2
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• pp.149-172
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• 2009

Service industries nowadays have become the subject of a scientific research. However, unlike research on manufacturing, there has not yet been a broader presentation of important aspects theoretically and methodologically. The importance of service sector in both national and global economies has grown significantly. An active participation of service industries in the internationalization process, notably by licensing and FDI, has occurred over time. But a few sub-sectors still dominate on this process, for example, financial institutions such as banks, securities, and insurance as well as producer services in advertising and accounting. On the other hand, personal services that are owned by small- and medium- sized firm have limited capabilities in their transnational transfer. This paper attempts to examine various factors influencing decisions for these small- and medium- sized Korean beauty firms in entering to the foreign markets. Determining factors for these firms in the engagement of internationalization depends largely on competitive advantages in both domestic and host countries, and they may be different from those in the sub-sectors mentioned above. Based on previous researches, i identified three categories of independent variables(characteristics of firms, managers, and competition) that can influence decisions to enter to the foreign markets. Seven hypotheses have been tested by using a sample of beauty firms in Daegu city and Kyungbuk province. The results show that the intention of these firms to enter to the foreign markets is significantly influenced by the factors of the innovative character of CEO's, the competitiveness of firms, and size of firms.

• The Journal of Information Systems
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• v.27 no.3
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• pp.43-62
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• 2018

Purpose Since the Bitcoin, which was the first virtual currency, was made at 2009, almost 1,000 virtual currencies appeared onstage in the world. Even though virtual currencies have the function of money as a medium of exchange or contract, any of those has not yet entered the commercialization stage. Instead, some of the virtual currencies show the nature of investment assets. In the case of virtual money investment, users tend to use all the information of the world because information transfer is very easy and capital movement is almost free between different countries. In addition, as the transaction sizes of virtual currencies increase, a virtual currency price is no longer independent and is likely to be affected by the prices of other virtual currencies. Therefore, it is necessary to understand the influence among virtual currency markets, which helps successful implementation of investment strategies. Design/methodology/approach This study focuses on the investment product function of virtual money and conducts the analysis using the time series model used in the financial and economic areas. In this paper, we try to analyze the return and volatility transfer effect of virtual money markets through GJR-GARCH model. Findings This study is expected to find out whether we can make market forecasts through reflecting changes in other markets. In addition, we can reduce the trial and error of user decision making by using the information on the yield and volatility transition effect derived from the research results, and it is expected to reduce the opportunity cost of users.

• Management & Information Systems Review
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• v.30 no.2
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• pp.257-275
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• 2011

The price relationship between the futures market and the underlying spot market has attracted the attention of academics, practitioners, and regulators due to their roles during periods of turbulence in financial markets. The purpose of this paper is to investigate the dynamic of price relationship(or lead-lag relationship) between Korean Treasury Bond futures market and spot market. To examine the nature of the price relationship, descriptive statistics, serial correlation, and cross-correlation are used as a preliminary statistics in the Korean Treasury Bond spot and futures market. Next, following Stoll-Whaley(1990) and Chan(1992), the multiple regression method is used to examine the lead-lag patterns between the two markets. The empirical results are summarized as follows. The mean returns of spot markets and future markets are positive(+) and negative(-) respectively and the standard deviation of both stock and futures returns increase through the sub-periods. For the most periods, there is negative skewness in the both markets. The zero excess kurtosis due to the heavy tails of the distribution are relatively large. The autocorrelations in the spot returns for the sample periods are positive in time lag 1, but the autocorrelations in the future returns shows no significant evidence. The results of the daily cross-correlations between the KTB spot and futures returns indicate that a lead-lag relationship don't exist for price changes of futures and spot markets as a preliminary analysis. Finally, empirical results of regression analysis for both market indicate that there is no evidence that the KTB futures lead the KTB spot market, or the KTB spot market lead the KTB futures market. These results are robust for all sub-periods.

• Journal of Distribution Science
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• v.13 no.11
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• pp.79-92
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• 2015

Purpose - The aim of this study is to develop an empirical model of the effects of traditional market service quality factors on customer value, relationship quality, and behavior. The specific objectives of the study are as follows: 1) to classify study objects into cultural tourism markets and non-cultural tourism markets as well as to verify the differences in service quality among the two markets and, 2) to present practical service marketing methods that fit with the characteristics of the traditional markets by amending the five quality evaluation items of SERVQUAL (a multiple-item scale for measuring service quality)to suit the characteristics of the traditional markets and establish the relationship among customer value, relationship quality, and behavior intention. Research design, data, and methodology - The study methods of empirical investigation are as follows. First, this study selected for a study object the Suwon Paldalmun Gate Market to represent the cultural tourism market, and general traditional markets to represent the non-cultural tourism market. This study also conducted personal interviews in order to increase the response rate and collected a total of 418 responses between March 18, 2014 and April 05, 2014. The total of 418 responses used for this study excluded 14 responses that had either misleading information or missing values. Results - This study verified the perceived differences of service quality based on traditional market specialization through an independent sample t-test. It appeared that the perceived service quality of the cultural tourism market was generally higher than that of the non-cultural tourism market. This study executed a path analysis in order to examine the effects of service quality factors on customer value, relationship quality, and behavior intention. This study also comprehensively analyzed the specialized market and non-specialized market separately. Although there were some differences among the results, the overall results were uniform. It appeared that convenience, reliability, and empathy, among the service quality factors, exerted meaningful effects on customer value. On the other hand, convenience, reliability, responsiveness, and empathy, excluding the tangibles, exerted meaningful effects on the relationship quality. In addition, it appeared that all service quality factors exerted meaningful effects on the customer value, relationship quality, and behavior intention. Therefore, the study verified that all of the hypotheses formulated in the study were generally adopted. Conclusions - The implication of this study may be classified into academic and practical implication as follows. With respect to the academic implication, it seems that this study is among the early studies to verify the differences between the cultural tourism market and the non-cultural tourism market. The practical implication of this study is that the perceived service quality, such as convenience, reliability, responsiveness, and tangibles, excluding empathy, was higher in the cultural tourism market than in the non-cultural tourism market. This means that customer satisfaction is enhanced by governmental aid such as hardware, software, and information and communications technology.