• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.99-110
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• 2021

This study aims to examine empirically the industry and economic fundamental factors that affect the stock prices of the leading palm oil company in Indonesia. The dynamics of stock price are analyzed using the autoregressive distribution lag (ARDL) model both for symmetric and asymmetric effects. The data used in this study are monthly data for the period from 2008:01 to 2020:03. In the long run, the company stock price moves in line with the competitor company stock price at the current time. The palm oil price has a positive effect on the stock price. Meanwhile, inflation negatively affects the stock price in the short run. The estimated equilibrium correction coefficient indicates a reasonably quick correction of the distortion of the stock price equilibrium in monthly dynamics. However, fundamental factors have asymmetric effects, especially the response of stock price when these factors decrease rather than increase in the short run. Stock prices that are responsive to declines in fundamental performance should be of particular concern to both investors and management in their strategic decision making. The results of this study will contribute to the enrichment of literature related to stock prices from the viewpoint of economic analysis on firm-level data.

• 한국콘텐츠학회논문지
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• 제8권9호
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• pp.124-132
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• 2008

경제적 환경의 변화와 인터넷 등의 다양한 유통경로 등장으로 인해 경쟁이 심화되면서 가격은 아주 강력한 마케팅 수단이 되고 있다. 이에 따라 가격할인 등의 가격전략을 통해 소비자의 구매행동을 강화하는 현상을 볼 수 있는데, 많은 광고에서 가격할인 정보를 제시하면서 준거가격을 함께 제시하는 전략을 활발하게 사용하고 있다. 이에 따라 많은 연구들이 준거가격제시에 따른 광고효과를 검증하였는데, 본 연구에서는 기존의 제품에 한정된 준거가격 연구에서 확장하여 서비스 경우에 준거가격을 제시함에 따른 효과를 검증하고, 서비스의 명성에 따라 준거가격제시 방법에 따른 광고효과의 차이를 검증한다. 서비스의 명성과 준거가격제시 방법에 따른 실험을 설계하여 분석을 실시하였다. 분석결과, 서비스 광고에서 준거가격을 제시하는 경우에 가격태도 및 이용의도가 높은 것으로 나타났는데, 서비스 명성이 높은 경우에는 준거가격을 제시하는 것 보다 할인율을 표시하는 것이 더 효과가 높으며, 서비스 명성이 낮은 경우에는 준거가격 제시만으로 광고효과가 높아짐을 볼 수 있다. 이를 통해 서비스 경우에는 그 명성에 따라 준거가격을 제시하는 방법과 관련한 전략적 관점이 필요함을 알 수 있다.

• 한국경영과학회지
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• 제32권1호
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• pp.27-51
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• 2007

We analyze the effects of the sellers' strateiges on the final bid prices in internet auctions. We focus on the following three strategies of the seller adoption of the buy-price, setting the starting bid price, and adoption of 'the effective fixed price' which means that the starting bid price is set near the buy-price. In addition, the number of units sold single-unit or multi-unit, and item characteristics, such as whether the food is a search product (functional product) or an experience product (non-functional product), are also considered. We use real data on bids for 4 items from an online auction site. We find that in an auction for experience products when sold as single units, adopting the buy-price strategy raises the final bid price. We also find that in multi-unit auctions, starting the auction at 'the effective fixed price' raises the final bid price.

• 유통과학연구
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• 제13권8호
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• pp.61-71
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• 2015

Purpose - Before the year 2000, the housing prices in Korea were increasing every decade. After 2000, for the first time, Korea experienced a decrease in housing prices, and the repetitive cycle of price fluctuation started. Such a "boom and bust cycle" is a worldwide phenomenon. The current study proposes a mathematical model to explain price fluctuation cycles based on the theory of consumer psychology. Specifically, the model incorporates the effects of buyer expectations of future prices on actual price changes. Based on the model, this study investigates various independent variables affecting the amplitude of price fluctuations in housing markets. Research design, data, and methodology - The study provides theoretical analyses based on a mathematical model. The proposed model uses the following assumptions of the pricing mechanism in housing markets. First, the price of a house at a certain time is affected not only by its current price but also by its expected future price. Second, house investors or buyers cannot predict the exact future price but make a subjective prediction based on observed price changes up to the present. Third, the price is determined by demand changes made in previous time periods. The current study tries to explain the boom-bust cycle in housing markets with a mathematical model and several numerical examples. The model illustrates the effects of consumer price elasticity, consumer sensitivity to price changes, and the sensitivity of prices to demand changes on price fluctuation. Results - The analytical results imply that even without external effects, the boom-bust cycle can occur endogenously due to buyer psychological factors. The model supports the expectation of future price direction as the most important variable causing price fluctuation in housing market. Consumer tendency for making choices based on both the current and expected future price causes repetitive boom-bust cycles in housing markets. Such consumers who respond more sensitively to price changes are shown to make the market more volatile. Consumer price elasticity is shown to be irrelevant to price fluctuations. Conclusions - The mechanism of price fluctuation in the proposed model can be summarized as follows. If a certain external shock causes an initial price increase, consumers perceive it as an ongoing increasing price trend. If the demand increases due to the higher expected price, the price goes up further. However, too high a price cannot be sustained for long, thus the increasing price trend ceases at some point. Once the market loses the momentum of a price increase, the price starts to drop. A price decrease signals a further decrease in a future price, thus the demand decreases further. When the price is perceived as low enough, the direction of the price change is reversed again. Policy makers should be cognizant that the current increase in housing prices due to increased liquidity can pose a serious threat of a sudden price decrease in housing markets.

• 마케팅과학연구
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• 제20권2호
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• pp.149-163
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• 2010

以前的研究已经表明零售价格促销改变消费者的购买行为以及零售商频繁的使用价格促销. 为了持续的从消费者身上获得利益, 零售商会采用几种价格促销方式. 例如, 零售商采用绝 对的降低价格($,€), 百分比价格, 或两种方法的结合(Della Bitta et al. 1981). 采用不同的价格促销类似于购买决定的形成(Monroe 1990). 框架效应是指一个问题两种在逻辑意义上相似的说法却导致了不同的决策判断(Frisch 1993). 因此, 如何陈述促销会影响消费者的交易评价并提高销售量. 事实上, 大量的营销研究已经证实了价格陈述对交易感知的影响(Lichtenstein and Bearden 1989; Urbany et al. 1988; Yadav and Monroe 1993). 从这个意义上说, 很多的营销研究已经论证了交易感知同样由消费者准确的计算折扣和最终价格的水平决定的(Estelami 2003a; Morwitz et al. 1998). 所以营销者能够通过提高计算的准确性来提高消费者对折扣的反应. 最后, 由于整体的计算误差导致低估了折扣(Kim and Kramer 2006), 消费者更容易在深度分析价格信息之后领会打折的报价,使他们能更准确地评估价格折扣. 本研究的目的是测试不同的折扣价格对消费者价格感知的影响. 更准确的来说, 本研究的目的是探索如何不同的执行相同的价格促销(语义和视觉凸显), 从而影响消费者对促销的感知和他们的购买决定. 我们的分析聚焦于价格陈述对评估, 购买意图和储蓄感知的影响. 为了验证提出的假设, 本文用实验性分析来分析几个折扣陈述. 从这个意义上来说, 我们采用一个2(数值显著陈述: 绝对和相对)x 2(语言显著陈述: 新颖的和传统的)x 2(视觉显著: 红色和蓝色)的设计来探索折扣陈述对三个因变量的影响: 评估, 购买意图和储蓄感知. 我们向受访者提供一个假设的广告, 受访者被告知报价的情况并需要对此评估. 一旦样本完成对广告的评估, 他们需要回答一份与价格显著和依赖纬度的问卷. 然后, 进行操作来确保受访者记得他们被对待的情况. 接着, 我们用一个2x2x2的多变量方差分析和随访单变量的测试来证实研究假设并检测单因子(价格显著)对评估, 购买意图和储蓄感知的影响. 结果表明, 语义和视觉显著的陈述对评估, 购买意图和储蓄感知有显著的主要影响和相互作用. 数值显著的作用显著影响评估和购买意图. 另外, 语言显著主要影响储蓄并作用与评估和购买意图. 最后, 视觉显著的相互作用对评估有显著影响. 本研究的结果的实践启示包括公司在计划基于用折扣来吸引消费者主义的促销时需要考虑. 因为价格陈述对消费者感知有重要的影响, 所以零售商应该考虑那种影响是想要的从而设计有效的折扣陈述. 特别是, 零售商应该用一种使得最终价格计算容易的传统方式来陈述折扣. 这是如此重要的调查方式使得营销者可以提高消费者心算的准确性来提高消费者对价格折扣的反应. 这个有关价格陈述对消费者反之和购买意图的影响的初步研究为未来的研究开启了方向.

• 품질경영학회지
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• 제47권4호
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• pp.687-700
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• 2019

Purpose: The purpose of this study is to investigate the interaction effects between price determinants of artworks. We expand the methodology in art market by applying machine learning techniques to estimate the price of artworks and compare linear regression and machine learning in terms of prediction accuracy. Methods: Moderated regression analysis was performed to verify the interaction effects of artistic characteristics on price. The moderating effects were studied by confirming the significance level of the interaction terms of the derived regression equation. In order to derive price estimation model, we use multiple linear regression analysis, which is a parametric statistical technique, and k-nearest neighbor (kNN) regression, which is a nonparametric statistical technique in machine learning methods. Results: Mostly, the influences of the price determinants of art are different according to the auction types and the artist 's reputation. However, the auction type did not control the influence of the genre of the work on the price. As a result of the analysis, the kNN regression was superior to the linear regression analysis based on the prediction accuracy. Conclusion: It provides a theoretical basis for the complexity that exists between pricing determinant factors of artworks. In addition, the nonparametric models and machine learning techniques as well as existing parameter models are implemented to estimate the artworks' price.

• 한국의류학회지
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• 제39권1호
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• pp.106-120
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• 2015

This study analyzed the effects of website and consumer's characteristics on price sensitivity as well as the effects of price sensitivity on repurchasing and switching intention. It ascertains differences in: website and consumer's characteristics, price sensitivity, and repurchasing and switching intention according to type of internet shopping mall. A survey was conducted from July 10 to August 20 in 2013, and 492 responses were used for data analysis. As a result, the reputation, ease of price search, and depth of product information positively influenced the price search and the interactivity of website characteristics positively influenced price importance. Product knowledge and information search of fashion consumers positively influenced price sensitivity. Also, the price sensitivity of internet fashion consumer positively influenced repurchasing intention. The price search positively affected the switching intention, while the price importance negatively affected the switching intention. Last, there were significant differences in the reputation, ease of price search, information search, price sensitivity, repurchasing and switching intention according to type of internet shopping mall.

• 한국의류학회지
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• 제36권12호
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• pp.1285-1296
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• 2012

This study investigates the effects of changes in price, total consumption expenditures and economic sitations on Korean household demands for clothing and footwear using time-series data. The clothing and footwear category was reclassified as clothing, footwear and clothing services items for the demand analysis. This study utilized the Linearized Almost Ideal Demand System (LAIDS) model to analyze household demand. The results indicate that price and total consumption expenditures are significantly related to Korean household consumption expenditure allocations for clothing and footwear items. The effects of the IMF bailout crisis in 1997 and the global financial crisis in 2008 on household expenditure shares for clothing and footwear items were very weak and statistically insignificant. All the demand elasticities were estimated with respect to total consumption expenditures and prices. Clothing was expenditure elastic (greater than one) and other items were classified as inelastic. All the own price elasticities of demands were negative (other than clothing). Through the estimations of cross price elasticity the relationships between the demands for items and other item prices were evaluated (i.e., substitutes and complements).

• 재무관리연구
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• 제24권2호
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• pp.41-79
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• 2007

본 논문은 주가지수 선물과 옵션의 만기일이 주식시장에 어떠한 영향을 미치는가에 대한 분석을 통해 한국주식시장에서 만기일 효과가 존재하는지를 검증한다. 주가지수를 이용한 기존의 논문과는 달리 만기일에 현물 주식시장의 움직임을 개별 종목별로 분석했다는 점에서 본 논문은 차별성을 지닌다. 주가지수는 시장 움직임의 평균으로 개별 종목의 고유한 특성을 반영하지 못하기 때문에 주가지수를 이용한 분석은 만기일 효과를 해석하고 그 원인을 분석하는데 한계를 지니고 있다. 분석 결과 한국주식시장에서 선물 만기일 효과는 분명히 존재하지만, 옵션 만기일 효과는 뚜렷하지 않은 것으로 드러났다. 선물 만기일에 KOSPI 200 지수와 개별 종목은 가격상승 압력이 존재하고, 변동성과 거래량이 증가하며, 만기일 다음날 수익률은 반전하는 경향이 있는 것으로 나타났다. 그러나 비교표본인 NON-KOSPI 200 지수와 개별 종목에서 만기일 효과가 존재한다고 할 만한 증거를 찾지 못했다. 만기일 효과가 시장 전체적으로 나타나는 것처럼 보이지만 KOSPI 200에 속하는 대규모 기업에 한정되며, 장 후반에 집중적으로 나타난다는 사실은 프로그램 매매와 만기일의 결제제도가 만기일 효과의 간접적 원인임을 시사한다. 또한 만기일 다음날 가격이 반전하는 현상이 KOSPI 200에 속하는 대규모 기업에 한정되어 나타나는 사실은 만기일 효과가 새로운 정보의 반영에 의한 정보 효과(information effects)가 아니라 일시적 거래불균형에 의한 유동성 효과(liquidity effects)임을 보여주는 증거가 된다.

• 수산경영론집
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• 제40권1호
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• pp.133-152
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• 2009

The purpose of this paper is to model price formation and analyze demand structures for fishes under the restriction of Korean fisheries regulations. This study suggests the model that the price of fish is formed by its quantity, expenditure, and habit persistence. In economic literature, such a fishery market demand is called the inverse demand with dynamic habit persistence. Based upon a static differential price formation model, the paper has generalized it dynamically incorporating habit persistence effects. The empirical results show that all the species have values less than one and (-) sign of price flexibilities, thus being price inflexible. The estimated habit adjustment coefficients are significant at the level of 1%. Especially, TAC species have the smaller values of them than those of other main fish species. The contribution and results are summarized as follows. First, the fishery market demand has a strong dynamic effects from habit persistence. Second, the fishery market demand structure could be analyzed in a way different from the ordinary demand analysis, which is based upon price flexibility, scale flexibility, and cross adjustment flexibility. Third, the limitation of this paper is that it ignores the increasing stock effects by catching restrictions, thus raising consumers' benefit in the future.