• Industry Promotion Research
• /
• v.9 no.2
• /
• pp.29-35
• /
• 2024

Recently, the Korean financial market has implemented a ban on unleveraged short selling, and leveraged short selling, which involves selling borrowed securities, is called general short selling. This study sought to come up with improvement measures to revitalize short selling from the perspective of individual investors. Short selling refers to selling stocks you do not own in the stock market, predicting that the stock price of the stock will fall, and borrowing stocks to sell them. Based on the results of this study, the short selling market's growth and improvement plans are as follows. First, a plan must be developed to expand short selling opportunities for individual investors. In the domestic short selling market, including KOSPI and KOSDAQ, foreign and institutional participants account for more than 95% of the market, and individual investors are very small. Therefore, its expansion is inevitable. Second, monitoring and punishment for unfair short selling transactions must be strengthened. Representative improvement measures that can minimize the side effects of short selling include strengthening monitoring of unfair trading and short selling, and raising the level of punishment. In addition, measures must be taken to further increase the level of punishment for short selling related to unfair transactions. Third, the short selling reporting and disclosure system needs to be improved. In the case of Korea, short selling transactions are not yet as active as in developed countries, but there is a need to expand the disclosure system to strengthen market transparency in preparation for future short selling transactions becoming more active. In conclusion, it is reported that if short selling regulations are excessively strengthened, losses may occur in terms of price efficiency and market liquidity, which may ultimately have a negative impact on the market. Therefore, policies related to short selling must be made while taking into account the positive aspects of regulatory effects and the negative impact on the market.

• East Asian Economic Review
• /
• v.27 no.2
• /
• pp.145-176
• /
• 2023

This paper investigates short selling behavior, particularly by foreign investors, during event days of non-normal times on an intraday basis in the Korean stock market around the global financial crisis. Although, in the several subsamples, we cannot exclude the predatory short-selling possibility, we did not find any conclusive evidence of abusive short selling behaviors in the overall intraday trading activities. While foreign investors demonstrate higher levels of participation in short-sale trading, their impact on price declines is not as pronounced compared to the effects of pure selling. Following the lift of the short-sale ban, foreign investors appear to engage in long selling trading more frequently, and their influence on price changes primarily stems from long selling rather than short selling compared to the past.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.17 no.6
• /
• pp.560-565
• /
• 2016

In this study, we empirically scrutinize the relationship between short selling transactions and stock price behaviors using the stock market data in Korea during the period from January 2005 to March 2016. We chose the short selling volume ratio (SVR), stock lending volume ratio (LVR), and stock lending open interest ratio (LIR) as variables of the short selling trading activities. We construct portfolios based on the percentile of the short selling volume ratio during the sample period; upper-10%-SVR portfolio, upper-25%-SVR portfolio, upper-50%-SVR portfolio. We estimate the monthly firm-specific return and monthly skewness of the daily firm-specific returns of each portfolio. The firm-specific return or skewness is specified as a dependent variable and the short selling activities as explanatory variables. The results show that all of the statistically significant estimates of the short selling activities for the firm-specific returns are negative and that all of the statistically significant estimates of the skewness of the short selling activities are positive. These results support the hypothesis that short selling activities cause the stock price to decrease.

• Journal of the East Asian Society of Dietary Life
• /
• v.20 no.5
• /
• pp.776-784
• /
• 2010

This study investigated causal relationships between goal orientation, sales and performance towards increasing the effectiveness of up-selling in internal promotion methods in family restaurants and provided implications about the hiring and training of sales people. The subjects were 232 sales people in family restaurants. The data were collected by self-administered questionnaires and analyzed by exploratory factor analysis, reliability analysis, comparative analysis of the average, and regression analysis. Results, showed that variations in goal orientation, sales, and performance depended on the age and experience of salespeople and that goal orientation makes adaptive selling more effective. It turned out that effort selling affects up-selling result than adaptive selling. Long-term workers were better than short-term workers in goal orientation, selling, and up-selling results, so human resource management needs to implement a long-term plan to enhance these effects. And, because effort selling is more effective than adaptive selling in up-selling results in family restaurants, effort selling requires training.

• Bulletin of the Korean Mathematical Society
• /
• v.48 no.4
• /
• pp.737-757
• /
• 2011

This work is concerned with an optimal selling rule for a large position of stock in a market. Selling a large block of stock in a short period typically depresses the market, which would result in a poor filling price. In addition, the large selling intensity makes the regime more likely to be poor state in the market. In this paper, regime switching and depressing terms associated with selling intensity are considered on a set of geometric Brownian models to capture movements of underlying asset. We also consider the liquidation strategy to sell much smaller number of shares in a long period. The goal is to maximize the overall return under state constraints. The corresponding value function with the selling strategy is shown to be a unique viscosity solution to the associated HJB equations. Optimal liquidation rules are characterized by a finite difference method. A numerical example is given to illustrate the result.

• 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 Asian Finance, Economics and Business
• /
• v.7 no.11
• /
• pp.55-65
• /
• 2020

The objective of this study is to investigate how investors in the Stock Exchange of Thailand practically trade in response to a magnitude of profits and losses, given a discussion of the widely well-known behavioral explanation, so called as the disposition effect. We provide empirical evidence of an existence of the V-shaped disposition effect, which has been recently found in several advanced equity markets. By adopting the methodology suggested by An's (2016) and Fama and Macbeth (1973), we document that stock return patterns in relation to aggregate unrealized gains and losses of investors are consistent with the V-shaped selling schedule, given an increase in unrealized gains and losses over the period of January 1996 to December 2015. The effect of unrealized gains is stronger than that of unrealized losses and this asymmetry underlies the existence of the V-shaped disposition effect in the Thai equity market. Interestingly, the effect of the V-shaped selling schedule is strongest over the short-term holding time horizon. Last but not the least, stocks for which investors have large unrealized gains and losses outperform in the following month and the long-short trading strategy, based on this premise, generates the average 1.7% monthly (equivalent to 20.0% per year) abnormal return.

• Journal of Distribution Science
• /
• v.15 no.1
• /
• pp.105-114
• /
• 2017

Purpose - Recently, domestic pharmaceutical market is growing steadily, but top-tier companies are concentrating on sales growth. In this market, SMEs, which account for more than 80% of the entire market, suffer from the problem of lower margins and increasing inventory costs. According to the government's policy changes related to pharmaceuticals, it is pointed out that the management of existing customers and the control of salespeople are important issues for pharmaceutical companies. This study investigates the effect of the control system on the salesperson in domestic pharmaceutical distribution channel on customer-oriented selling behaviors and sales performance. Research design, data, and methodology - To verify the proposed research model and test hypotheses, the authors selected 244 MR(medical representatives)'s responses which have currently relationship with doctors or pharmacists. This study carefully investigated the reliability, content validity, convergent validity, and discriminant validity of the proposed model. Results - The authors find out the following results: capacity control, activity control, and self control have positive effects on customer-oriented selling behaviors and customer-oriented selling behaviors have a positive effect on sales performance. In addition, we present alternative model to check the direct effect between the control systems and the sales performance, but control system factors except self control have no direct influence. Conclusions - First of all, competency control and activity control increases the customer-oriented selling behavior of the salesperson. This means that the salesperson's sales skill, negotiation skill, customer access skill, presentation ability, monitoring, direction and evaluation are important and it is also important to control activities to check the number of visits to customers, report preparation, and customer service etiquette. Second, the fact that self-control of salesperson affects the customer-oriented selling behavior suggests that self-control is not controlled by external factors but rather establishes short/long-term goals. Therefore, it is important for sales organization to create an environment in which members can induce persistent incentives for self-control. Finally, output control did not affect customer-oriented sales behavior, which is less likely to form confidence or motivation to MRs when output control is perceived as a means of monitoring, supervising, or controlling rather than providing information to salespeople.

• Journal of Korea Game Society
• /
• v.8 no.4
• /
• pp.29-43
• /
• 2008

The virtual world is a cyber gaming space where a player interacts with others through their avatars. It is now mainly developed in foreign countries including USA, Canada, and Europe and many experts say that the market capacity of virtual world will be continually expanded in worldwide. The virtual world will mostly be made such that a user accesses the world for free and pays for in-game activities. But it is hardly that we find the effective methodology of payment system for such virtual world due to its' short development history. In the case of Korea, various payment methods of selling in-game assets have been tested in online games. The paper propose an effective revenue model for social virtual world focused on selling in-game assets. The guideline of the proposed revenue model will be expected to contribute creating revenue focused on selling in-game assets, effectively for social virtual world.

• Food Science and Industry
• /
• v.45 no.4
• /
• pp.16-20
• /
• 2012

Although the technology of breadmaking simply goes through the process of mixing, fermentation, and baking, it is very hard to make a same product every day. The reason is that baking science begins with the very first process of breadmaking which is mixing, and every steps and working environments are so closely connected. The baking science has developed in short time since the theory of fermentation has released. If you check the development of baking technology synthetically, it is consisted of the discovery of nutritional and functional ingredients, the optimization process of new machines, and the maintenance of the quality as fulfilling social demands. Because the baking business is making and selling the product, baking itself is a business, and it has the form that manufacturing and service business coexist. In today's current domestic bakery market, the supply exceeds the demand. Moreover, the concept of bakery itself has been changing from the fixed image of bakery which is selling the bread to the differentiated bakery with others. As we look at the general bakery's trends, it is focused on going back to the basic or traditions, going to the functional, and working with automations. To conclude, the baking has a long history, but it actually has the short history in the technological development. Baking business can be viewed as the simple business, but many factors are related to the business. It has a few basic kinds of products in baking, but it has diverse kinds of products with the base of infinite creativity. Even though it is physically a hard working business, it is also a business that can face with fun. For managing a bakery, finally, the differentiated strategy with other bakery that maximizes the customers' value is needed.