• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.43 no.3
• /
• pp.21-28
• /
• 2020

Aftermarket refers to a market in which a company sells complementary goods, replacements of parts, and upgrade or maintenance services to consumers after selling them main durable goods. Intuitively, consumers who purchase main durable goods become major potential customers in subsequent aftermarket. Thus the existence of the aftermarket has a significant impact on pricing of the main durable goods as well as the aftermarket products. In this study, we analyze the effect of aftermarket on the pricing strategy for a company selling both main durable goods and aftermarket products. To do this we first divided the market into markets where the aftermarket products are indispensable and optional. Based on the proposed market types, the profit maximizing solutions are derived using two-period model, and the impacts of consumers' undervaluation of aftermarket product prices on pricing strategy are analyzed. The results can be summarized as follows : (1) Regardless of the market type, the total profits were found to be inversely proportional to the consumer's awareness accuracy of product prices in the aftermarket. This is in line with marketing efforts that sales companies have made intuitively to make consumers underestimate the cost of the aftermarket. (2) If aftermarket product is indispensable, only revenue from the aftermarket is sought. On the other hand, if aftermarket product is optional, revenue from the main durable good as well as the aftermarket product will be sought simultaneously. (3) Moreover, when aftermarket product is optional, the lower the awareness accuracy of consumers, the higher the price and profit of the main durable goods, while the lower the price and profit of the aftermarket products. This is contrary to the intuition that the lower the consumer's valuation of the costs of aftermarket, the more advantageous it would be to rely on aftermarket products rather than on main durable goods.

• Proceedings of the KAIS Fall Conference
• /
• 2009.05a
• /
• pp.139-142
• /
• 2009

본 논문은 1500cc 가솔린 엔진의 aftermarket 머플러의 성능 향상에 관한 연구이다. Aftermarket 머플러의 압력강하량과 소음레벨을 유동해석과 소음해석을 분석하여 제안모델들을 선정하였다. 제안모델들은 해석과 실험을 통하여 aftermarket 머플러 대비 우수한 아이들 소음특성과 압력강하량 저감효과를 확인하였다. 이러한 압력강하량의 감소는 엔진의 최대출력을 증대하는데 유리하게 작용한다. 결론적으로, 머플러의 각종 설계인자 분석 및 실험을 통하여 aftermarket 머플러의 신규 개선 사양을 제안하였다.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.10 no.10
• /
• pp.2602-2608
• /
• 2009

Aftermarket muffler has been developed mainly by personal experience and trial-and error and has not been properly simulated or evaluated its performance. One of the aftermarket muffler problems is that the aftermarket muffler has quite high pressure-drop across the passage. To reduce the pressure-drop, various simulation and test has been performed for various muffler models. As a result, the muffler that has superior pressure-drop and vibration characteristics compared to the previous muffler has been developed. Developed aftermarket muffler has a structure that avoids confined space causing vibration due to exhaust pressure pulsation and bisects an inlet pipe from the engine.

• 발명특허
• /
• v.28 no.10 s.328
• /
• pp.16-25
• /
• 2003

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.4
• /
• pp.1079-1090
• /
• 2021

This study examines the influence of individual investors' sentiment on Japanese IPO aftermarket performance (measured by return and trading volume on the first trading day and return on the first trading year). This study proposes that IPOs will be, on average overpriced on the listing day when individual investors' sentiment is highly optimistic. Higher initial return and trading volume are expected in IPOs with higher investors' optimism. Further, the positive initial return will occur in the short term as individual investors usually are uninformed investors who demand shares based on their personal preferences, which will last only in a short period. Following the overvaluation hypothesis, price reversals should be predicted once the effect of individual investors' optimism has disappeared, causing the IPOs to underperform in the long term. Using 520 Japanese IPOs issued from January 2010 to December 2019, this study reveals that individual investors' sentiment is positively and significantly related to returns and trading volume on the first trading day. Return reversals are found on the first trading year despite the insignificant influence of individual investors' sentiment on IPO return on the first trading year.

• Journal of Environmental Science International
• /
• v.22 no.8
• /
• pp.1063-1072
• /
• 2013

To overcome the ecosystem-crisis of resource depletion and climate change, we should maintain and develop a 'Sustainability' of our society. 'After-market' is defined like this : any market where customers who buy one product or service are likely to buy a related follow-on product. This is related to a automotive, electric and electronic, and remanufacturing industry. 'After-market' will be helpful for reuse and recycling of resources aspects, cost and economic efficiency, low-carbon, climate protection, and new industries and job creation effects, To promote 'After-Market', we need to guarantee the quality of products. In this regard, we refer and introduce a new standard, for example, BS8887, PAS141 and ISO20245 etc. In order to promote 'After-Market', first of all, product quality assurance and safety must be demonstrated in the process of reuse. Second, many aspects of a device that protects the rights of consumers to be provided. And third, the related laws and standards should be reviewed. Finally, original manufacturer's awareness for environmental protection and resource conservation and government's institutional support are needed.

• Asia-Pacific Journal of Business
• /
• v.8 no.2
• /
• pp.1-14
• /
• 2017

Initial public offering (IPO) has been well known to be underpriced initially and under-performed in the long run. However, whether an IPO is underpriced or not strongly depends on how to measure the fair value. This paper hand collects data of IPOs newly listed in Korea market when whether IPO is overpriced or not is clearly distinguishable. The overpriced IPO refers to as the one the underwriters buy back after the listing. With the data, the paper examines that IPOs are overpriced and that the characteristics are related to the underpricing at the aftermarket dates and the performance in the long run. The data of clearly overpriced IPOs are little available from other IPO markets like US IPO market. From the data of IPOs listed under the underwriting rule of market stabilization, the results obtainable are the followings. First of all, the average initial return 70% of the underpriced IPO at the aftermarket dates is greater than the one 40% of the overpriced one. The overpriced IPOs are priced highly over the mid prices of the price bands at the pricing dates and then supported by relatively higher subscription rates of individual investors. The probit analyses moreover report that individual investors do not distinguish the overpricing of IPOs from the underpricing. These imply that the overpricing is strongly affected by the underwriting rule on the initial pricing.

• The Journal of Small Business Innovation
• /
• v.19 no.4
• /
• pp.41-52
• /
• 2016

This paper examines the effect of unique underwriter lockup on the initial returns of an initial public offering (IPO) in the Korean Securities Dealers Automated Quotation (KOSDAQ). Underwriter lockup induces underwriters to underprice IPOs and stabilize aftermarket prices. The inducement is explored with respects to the mixtures of distributions of the initial returns consistent with underpricing and stabilization. Whether the inducement is meaningful when other factors are controlled is also explored. These explorations provide evidence that underwriter lockup leads to more positive average initial returns in the three aftermarket months.

• The Korean Journal of Financial Studies
• /
• v.2 no.1
• /
• pp.215-244
• /
• 1995

The purpose of this paper is to examine the three anomalies phenomena that appear in the initial public offerings(IPOs) market. Of them, the first anomaly is that the new issues are underpriced in the short-run. Secondly, the hot issue market phenomenon appears. Thirdly, in the long-run, the initial public offerings of equities are overpriced. These phenomena have been documented by Inany studies using the us stock market data. In particular, we will investigate whether these three anomalies also appear in the UK new issues market. Firstly, the underpricing phenomenon of initial public offerings in the short-run will be examined. Then the long-run performance of new issues will be examined using cross-sectional and time-series analysis. Finally, we will briefly examine the existence of the hot issue market in the uk IPOs market.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 2004.05a
• /
• pp.706-709
• /
• 2004

최근 제조업체들은 치열한 서비스 경쟁을 벌이고 있지만, 제조업체를 대상으로 한 서비스 연구는 부족하다. 본 연구는 제조업체 서비스가 고객과 기업 간의 정보 교류의 장이 될 수 있다는 관점에서, 제품 판매 이후 고객과의 관계 속에 일어나는 모든 활동을 '판매 후 시장활동'이라고 정의하고 활동 유형 분류하였다. 가전업체를 대상으로 하여 기업의 조직특성과 제품특성이 판매 후 시장활동에 미치는 영향을 살펴보았다. 연구 결과에 의하면 조직특성에서는 부서간 협력이, 제품특성에서는 제품수명주기가 유의한 영향을 미치는 것으로 나타났다.