• The Journal of Asian Finance, Economics and Business
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• 제2권4호
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• pp.31-38
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• 2015

During the last two decades the idea that central bank independence and transparency helps to maintain price stability, became popular among economists and central bankers. Many countries' governments give their monetary authorities higher independence and transparency to achieve the price stability goal. However, emerging countries such as Kazakhstan, suffer from high inflation. This inflation occurs largely due to a low level of independence and transparency of central banks. This research project measures the current level of independence and transparency of central bank of Kazakhstan. Indices were used to measure central bank independence and transparency. Central bank independence was measured by two types of indices: based on central bank laws (legal independence) and based on central banks governor's turnover (TOR). Developing countries have a weak legal framework, implying that a legal independence index cannot be appropriate to use as a measures of actual independence. Therefore, by paying attention to the other two indices, we can say that the central bank of Kazakhstan has a low level of independence and transparency. This, in turn, can be one of the causes of high inflation in Kazakhstan.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.623-635
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• 2021

The purpose of this research is to examine the impact of information risk on the Cost of Equity (COE) and whether the risk of a stock price crash mediates the relation between information risk and COE. To test the dynamic nature of the proposed model, the two-step system GMM dynamic panel estimators are applied to all the non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2007- 2018. The results of this study show that all three types of information risk, as well as the risk of the share price crash, increases the COE. The crash risk strengthens the impact of information risk on the COE. Moreover, these three information risks are correlated with each other and an increase in information quality reduces the effect of asymmetric information and improves the investor interpreting ability, while an increase in private information decreases the transparency. The finding is crucial for asset pricing, portfolio management, and information disclosure. This study contributes to the literature by providing novel findings on the impact of three different types of information risk, i.e. private information, quality of information, and transparency of information on the COE as well as whether crash risk mediates the relationship.

• 상하수도학회지
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• 제20권4호
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• pp.605-616
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• 2006

This study focused on analyzing effects of transparency on the water system specifically and quantitatively. It was observed that transparency can give a water utility considerable motives for improving its performance and make the service price meet the production cost. System simulation made sure that these functions of transparency will eventually result in the better service for customers and the more favorable finance for a water utility. Results of this study can help some decision makers and utilities to sort out positive countermeasure for improving transparency.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.51-58
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• 2020

The study aims to investigate the relationship between hedging with derivatives and subsequent firm-level stock price crash risk. Our sample consists of KOSPI- and KOSDAQ-listed companies from 2004 to 2014. The total firm-year observation is 4,886. We find that hedging with derivatives is related to greater possibilities of crash risk. The results suggest that the complexity of economic and financial reporting for derivatives may aggravate the company's information opacity, ultimately increasing the crash risk. We contribute to the growing body of literature on hedging with derivatives. Academics and practitioners have debated on whether or not hedging enhances transparency or rather makes the information environment more opaque. Theoretical research on the role of corporate hedging on information environment shows that hedging enhances earnings informativeness. Meanwhile, pieces of anecdotal and empirical evidence show that the economic and financial reporting complexity of derivatives can harm information transparency. Our results shed light on the question of whether and how hedging with derivatives affects information environment by examining the relationship between hedging with derivatives and crash risk. Furthermore, our findings provide useful insights for policymakers and practitioners. Specifically, our results raise a need for a more transparent disclosure on corporate hedging activities with derivatives.

• 한국유기농업학회지
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• 제17권3호
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• pp.327-345
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• 2009

Environment-friendly agricultural products market has been experiencing various change through the quantitative growth in Korea. The food safety is considered seriously and the interest of the consumer is increasing about environment-friendly agricultural products and organic agricultural products. Environment-friendly agricultural products is encouraged in the link of the counter-measure which follows in the market opening. This research aims at making shorter the distance between the productive person and the consumer and to improve the income for organic farm and the price competitiveness for Environment-friendly agricultural products through the present condition analysis for organic produce's production, distribution and consumption market. To solve the problems above, the development of strategies for the establishment of distribution system for the organic produce's stable supply and the improvement of price competitiveness, the establishment of the cooperating system on the produce's demand and supply, the improvement of consumer's reliability by reinforcement with connectivity and transparency of the process, and the vitalization of regional economy and the exchange of rural and city area are needed.

• The Journal of Asian Finance, Economics and Business
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• 제5권4호
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• pp.101-105
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• 2018

Price discount is one of the commonly used promotion strategies to increase sales and revenue. If a discount is perceived before the purchase (i.e., pre-purchase discount), consumers are likely to perceive it as a potential gain. If it is noticed after making a regular-priced purchase (i.e., post-purchase discount), consumers may develop negative emotions and attitudes. Based on the rising transparency and omnipresence of price and discount information through web and mobile platforms, we attempt to tackle an understudied topic on the negative effect of post-purchase price discount. Specifically, post-purchase discount information may increase consumers' perception of monetary loss, which may affect consumers' decision to return the product, potentially increasing the operating costs borne by retailers. Based on a close scrutinization of the current market environment and previous academic literature, we suggest a novel conceptual framework to understand consumers' perception, attitude, and behavior (perception of loss, willingness to return) upon perceiving various formats of discount promotion (absolute value vs. percentage discount) posterior to the purchase of a product. We also look at the effect of price level (low-priced vs. high-priced). For marketing practitioners, we intend to suggest optimal promotion formats that can alleviate consumers' negative perceptions and prevent additional operation costs.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.629-639
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• 2020

The current study explains how corruption, terrorism, political stability and oil price has an effect on on the Iraq stock exchange utilizing corruption perception index as a proxy of corruption, global terrorism index as proxy for terrorism, political stability and oil price with ISX60 index as proxy of stock market for the period (2005-2019) using Ordinary Least Square method. The results show that the level of corruption, terrorism activities and political stability coefficient is significantly positive with Iraq stock exchange. In contrast, the oil price coefficient is significantly negative with Iraq stock exchange, which means that lower levels of corruption, less terrorism activities and more stability in political system have strong influence on stock market development in Iraq. The study concludes that the explanatory variables are important for Iraq stock exchange. Hence, the study suggests the policy makers to develop stock market by implementing policies and strategies to overcome high level of corruption, terrorism activities especially after ISIS/ISIL announcement has been made public. There is a need for transparency and creating stable political environment through good governance practices in order to attract more foreign investment and promote economic development. Factors like terrorism and corruption make economic and political systems unstable and has an adverse effect on on Iraq's stock exchange performance.

• 한국전자거래학회지
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• 제22권2호
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• pp.153-168
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• 2017

최근 주식의 수익률과 거래량을 설명하는 요인 중 하나로 투자자들의 관심이나 주식관련 정보 전파의 효율성 등이 중요하게 인식되고 있다. 또한 기업관련 정보가 투자자들에게 투명하게 전파되지 않을 때 기업 주가의 급락(crash) 위험을 증가시킨다는 연구 결과들이 축적되고 있다. 본 연구에서는 네이버 트렌드를 이용하여 포털에서의 검색 강도가 증가하는 것이 주식 수익률의 급락에 어떤 영향을 미치는지를 분석하였다. 다양한 주가급락 위험의 측정변수와 검색 강도 측정치를 이용한 분석에서 포털 검색강도가 상대적으로 높은 기업-연도에서 주가 급락의 위험이 감소하는 것으로 관찰되었다. 이러한 결과는 기업 관련 정보 전파가 투자자들에게 효율적으로 이루어지지 않을 때 미래의 주가급락을 초래한다는 논의와 일치하는 결과이다. 또한 이러한 결과는 분석에 발생가능한 내생성을 통제한 후에도 유의하게 성립하는 것으로 관찰되었다.

• 토지주택연구
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• 제10권4호
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• pp.13-30
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• 2019

Parking lot within housing site contains public interest of relieving parking space shortage problem and subject to public restriction. If auctioned off at higher price by excessive competition in general competitive bid for land bidders, the development of parking lot will be made against its original purpose supply. The core issue is that a bid price is quite often to be blown out of proportion by 150%~ 250% due to extreme competition and, could face serious problem if a winning bidder runs sale business. If it is rental business, although about 30% of the total floor space of the whole building to be used as neighborhood facilities, too high winning bid price cause to lose transparency. In case of sale at aggregate buildings, most business operators would sell 30% of the neighborhood facilities, spare the parking lot and manages thereof separately. According to Aggregate Buildings Act, neighborhood facilities are allowed for individual registration and ownership of parking lot by business operator or designated person by business operator. In this case, the parking lot becomes 70% of the total floor space of the whole building and 70% of the land share which makes the mortgage very valuable and easier for business operator to get financial loan. There used to be many cases such as owners of neighborhood facilities (aggregate buildings partial owners) who run parking lot to repay their loan running parking lot to repay loan, but found that very tough and reached auction and relatively disadvantaged. For parking lot within housing site, it is recommend to exclude the public factors that land has and take into account of public restriction in area (housing site). Business opportunity for operators and protection of property rights for buyers in aggregate buildings, land supply method is recommended to replace from highest bid method into draw or private contract. In terms of price, supply at estimated price (construction price) and restriction on usage (Co-ownership of parking lot) proposals are submitted.

• 지적과 국토정보
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• 제50권1호
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• pp.87-105
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• 2020

정부에서는 공시가격 신뢰성 제고 방안 추진과 현실화율을 높여 공시가격의 정확성·객관성·투명성을 제고해 신뢰성을 확보하기 위해 노력하고 있으나 공시지가에 현 시가가 충분히 반영되지 못하여 개별공시지가 현실화율은 큰 편차를 보이고 있다. 이에 본 연구는 전라북도 전주시 완산구의 부동산거래관리시스템(RTMS)에 신고된 실거래가격과 부동산종합공부시스템(KRAS)의 개별공시지가를 수집하여 개별공시지가 현실화율을 산정하고, 본 연구의 실증분석을 위해 SPSS 25.0 통계분석 프로그램을 사용하였다. 종속변수는 개별공시지가 현실화율로 하고 독립변수는 개별공시지가 토지특성조사 항목 중 6개의 토지특성 항목을 독립변수로 선정하여 일원변량분산분석(One-way ANOVA) 실시 후 Scheffe 방식으로 사후검정 하였다. 분석결과, 주거지역, 상업지역 및 농지와 공공용지, 그리고 주상용, 주거용, 임야에서 지가현실화율 평균차이가 나타나는 것으로 분석되었다. 특히 상업지역은 주거지역과 녹지지역에 비해 같은 토지이용상황으로 조사되는 토지 유형이라도 가격대가 상승할수록 개별공시지가에 시세가 덜 반영되는 문제점이 발생하고 있음을 알 수 있었다.