• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.7-14
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• 2021

This paper examines the impact of foreign ownership on stock price volatility in an emerging market, namely, Thailand. The data were obtained from SETSMART, the database of the Stock Exchange of Thailand (SET). After removing financial firms, banks, and insurance companies as well as filtering outliers, the final sample covers 1,755 firm-year observations from 371 nonfinancial firms listed on the SET over the five-year period from 2014 to 2018. The regression model consists of stock price volatility, measured by two methods, as the dependent variable, foreign ownership as the main independent variable, and firm characteristics including firm size, leverage, market-to book ratio, and stock turnover as the control variables. The pooled OLS, fixed effects, and random effects estimations are employed to examine the relationship between foreign ownership and stock price volatility. The results reveal that foreign ownership has a negative and significant impact on stock price volatility. The two-stage least squares (2SLS) are also performed to address potential endogeneity problem. The results still indicate a negative relationship between foreign ownership and stock price volatility. Taken together, the findings of this study suggest that foreign investors help reduce stock price volatility and thus stabilize share price in the Thai stock market.

• Asia pacific journal of information systems
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• v.20 no.3
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• pp.33-49
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• 2010

We empirically examine the impact of online auction knowledge and category-specific knowledge on the final price of online auctions. Specifically, we question how the relationship between buying and selling experiences affects the final prices of online auctions. Related to the trust between buyers and sellers, we examine the multiple interactions between a buyer-seller pairand aim to identify how these repeated transactions influence the final price. To contrast these effects with other product related factors, we focus on so called 'common value' auctions of vintage stamps on eBay, in which the ex-post value of the product is the same among participating agents’ perceived value. Online auction of stamps provides a representative setting to examine the relationship between market experience and the auction participation behavior in the common value auction, as it provides the book value of stamp as well as price variation across individual buyers with different expertise levels. Our analysis of over 3000 stamps auctions on eBay indicates a significantly high frequency of buyer-seller (pair) interactions, thus suggesting a 'relationship view' of auctions. The work validates five hypotheses derived from the existing theory in economics, marketing, and information systems. Through the common-value auction data, we find that seller's online auction experience and category-specific experience favor sellers by increasing the final price. However, buyer's online auction experience does not affect the final price, but buyer's category-specific experience favors buyers by decreasing the final price. We find that the trust between two trading parties increases the final price.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.125-134
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• 2020

This study examines the nominal price anomaly in the Vietnamese stock market, that is, whether stocks with low nominal price outperform stocks with high nominal price. Using a sample of all 351 companies listed on the Ho Chi Minh Stock Exchange (HOSE) from June 2009 to March 2018, we confirm our hypothesis and document that cheaper stocks yield higher subsequent abnormal returns. The results are robust after controlling for various stock characteristics that have been documented to be value-relevant in prior literature, including firm size, book-to-market ratio, intermediate-term momentum, short-term reversal, skewness, market risk, idiosyncratic risk, illiquidity and extreme daily returns, using both the portfolio analysis and the Fama-MacBeth cross-sectional regression. The negative effect persists in the long term (i.e., after up to 12 months), implying a slow adjustment of stock prices to their intrinsic value. Further analysis show that the observed nominal price anomaly is mainly driven by mispricing but not a latent risk factor proxied by stock price, thus the observed anomaly reflects a mispricing but not a fundamental risk. The study highlights the irrational behaviour of investors and market inefficiency in the Vietnamese stock market and provides important implication for investors in the market.

• Journal of Digital Convergence
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• v.11 no.11
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• pp.251-256
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• 2013

In the past, customers utilize a secondhand book market as a major counter for their purchasing used books. With expansion of internet and IT devices, many customers would like to buy their used books in an on-line secondhand book store which has more price competitiveness and ease. Nowadays a new concept off-line secondhand book market which has the advantages of both on-line and off-line is a growing trend instead of existing secondhand book markets in the economic recession. In this study, we established customer service satisfaction for 'Aladin store', which is the advanced concept off-line secondhand book store, with the most typical service quality test technique SERVQUAL. First, we selected appropriate service quality factor for the advanced concept off-line secondhand book market such as Aladin store. After that, we analyzed which factors are influencing repurchase intentions, through customer survey. The conclusion provides the secondhand book store's service quality improvement and strategy toward customer satisfaction including the existing used book stores.

• Journal of Digital Convergence
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• v.17 no.9
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• pp.89-95
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• 2019

he purpose of this study is to propose a shared platform service that can deal with used books based on small stores. The volume of used book market has more than doubled since the book price system, and large bookstores are actively participating in the used book market. Used book sharing platform is an advanced form of online used book direct trade and can be easily used by installing applications on the user's mobile phone. The second-hand book sharing platform is not a shared platform that creates a huge profit-making enterprise, but a future-oriented shared platform that can benefit all users of the platform. If the shared platform, which is the core of the fourth industrial revolution, is applied to almost all small stores and utilized as a hub for second-hand book transactions, it will establish itself as a more reasonable market for second-hand book transactions.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2020.06a
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• pp.204-205
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• 2020

Construction Standard Unit Price is the unit price calculated based on the market price for work items in construction projects that have already been conducted. It is used as basic data for calculating the budget price of public construction projects. In the Construction Standard Unit Price Book implemented in the second half of 2020, there are 1,810 types of unit prices. Since 2017, 100-150 construction standard unit prices have been revised semiannually (on January 1 and July 1 of each year) through Construction Site Surveys. Other work items have been set based on the rate of inflation during the corresponding period. Later in 2020, this procedure was changed, with on-site survey period extended to one year to strengthen the construction standard unit price investigation. The revisions previous announced during the second half of the year were changed only to reflect the price inflation rates. With such changes in the revisions to construction standard unit prices, one important issue that was raised: The timing of announcing the revisions during the second half of the year (reflecting the price inflation rates). The market unit wage, which is the unit price standard of labor cost that takes up a large part of the construction cost, is announced in January and September. The figures announced in September is reflected on the construction standard unit price four months later in January, but the market unit wage announced in January is reflected only six months after in July, which causes a timing issue. As such, the current study analyzed problems rising from the changed timing of the announcements of the construction standard unit price during the second half of the year, in addition to analyzing their impact on public construction projects.

• Journal of the Korean Institute of Intelligent Systems
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• v.12 no.2
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• pp.109-114
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• 2002

E-commerce customers can reduce purchasing cost by the help of comparison shopping agents that collect price information of products in the shopping malls. However, user expects a software agent that can recommend product information satisfying various purchase conditions besides price. In this paper, we present a MAS (multi-agent system) which retrieves and recommends book information suitable for various user needs to realize an agent-based E-Commerce. We implemented and tested our MAS to help on-line bookstore customers. From the results, we could provide E-commerce customers various book purchase conditions for several online bookstores in real-time.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.735-740
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• 2021

The purpose of this study is to assess how accounting conservatism is practiced in the Jordanian pharmaceuticals and medical industry. It assesses the association between accounting conservatism and intellectual capital (IC) in this industry. This study measures IC performance using the market price per share less book value. Accounting conservatism is measured using the book-to-price ratio, and the data was collected from company annual reports and the Amman Stock Exchange (ASE) website. The data was collected for the period of six years (2014 to 2019). The sample was made up of four companies in the industry listed in the ASE. The data was analyzed using the SPSS program though the ordinary least squares regression model to assess how accounting conservatism is associated with IC. The findings indicate a negative association with companies having higher IC performance and reporting lower accounting conservatism. IC is applied more in these companies, although it might be lower than in other companies in other sectors. This study provides empirical evidence on how IC is applied in the industry and how it might be negatively associated with accounting conservatism. Findings indicate the need for more effective policies to promote recognition of intangible assets in the sector.

• The Korean Journal of Applied Statistics
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• v.34 no.5
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• pp.745-760
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• 2021

Prediction of a stock price has been a subject of interest for a long time in financial markets, and thus, many studies have been conducted in various directions. As the efficient market hypothesis introduced in the 1970s acquired supports, it came to be the majority opinion that it was impossible to predict stock prices. However, recent advances in predictive models have led to new attempts to predict the future prices. Here, we summarize past studies on the price prediction by evaluation measures, and predict the direction of stock prices of Samsung Electronics, LG Chem, and NAVER by applying various machine learning models. In addition to widely used technical indicator variables, accounting indicators such as Price Earning Ratio and Price Book-value Ratio and outputs of the hidden Markov Model are used as predictors. From the results of our analysis, we conclude that no models show significantly better accuracy and it is not possible to predict the direction of stock prices with models used. Considering that the models with extra predictors show relatively high test accuracy, we may expect the possibility of a meaningful improvement in prediction accuracy if proper variables that reflect the opinions and sentiments of investors would be utilized.

• Journal of the Korean BIBLIA Society for library and Information Science
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• v.27 no.3
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• pp.321-344
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• 2016

In this study, in order to clarify the unsystematic compilation and publication of books at the Hakbu in the period of Empire of Korea, I aimed to investigate the distinctive features and contents by comparing the record in old literature and with the existing original, and then by analyzing them in the form of bibliography. The summarized findings from this study are as follow; (1) The number of the books compiled/published was 63 types according to the findings until now. (2) It showed that the printing/compiling book in the Hakbu was differently carried out annually. (3) An 84.1% of the published books were printed by using printed edition, and Sinyeon printed edition was classified into 35 types of books, accounted for the most percentage among the printed books. (4) Most of books were bound in type of Thin-cover book using Hanji (Korean paper hand-made from mulberry trees). (5) The price of books was more expensive than that of contemporary books. As time goes by, the price of a book published becomes cheaper. (6) There were 6 types of translated books in the books compiled. As comprehensive study about compiled/published books at the Hakbu, this research will form the base of related research.