• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.165-189
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• 2009

According to disclosure regulation, insider can hide their trading until disclosure day, because there be interval between trading time and disclosure time. To accommodate strategic trade, they have an incentive to be brought disclosure interval as long as possible. This research investigate whether strategical behaviour of informed traders using disclosure intervals exists in domestic stock market.ls xt, we aney he whether they can get abnormal return through stealth strategy after announcement date. We also evaluate the effect of mimicking trading on price impact with the assumption of existence of mimicking trading. Our major research results are as follows: In case of main shareholder without having no prompt disclosure duty, the frequency of trading started at the beginning of month is shown significantly higher than others. This result shows a direct evidence that informed traders buy or sell their equity strategically using disclosure intervals. Also, we find the result that the coefficient of strategic variables has highest value in middle size information. However, the empirical evidence that informed trader get abnormal return through strategic trading was not shown in this study. Meanwhile, stock price over-reacts for selling transaction on trading point and is recovered after disclosure date., so we assume possibility of mimicking trading exists in domestic stock market.

• Journal of Distribution Science
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• v.14 no.3
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• pp.85-91
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• 2016

Purpose - Prior research has suggested that consumers typically prefer to have a larger number of options. However, preference of assortment size may depend on how depleted resources in consumers' mind are. Reduced capacity for self-regulation by resource depletion makes people rely on more intuitive and less effortful decision processing. When they are mentally depleted, people are likely to focus on the choice difficulty from large assortment, which leads to preference for the small assortment when they make a decision. It could be an important question potentially how being in a depleted mode through effortful self-regulation will influence on the evaluation of assortment size. To answer this questioner, we hypothesized that being engaged in self-regulation, as compared with not being engaged in self-regulation, will influence on the evaluation of product assortment size such as attractiveness, difficulty of choice, and anticipated regret. Research design, data, and methodology - In this study, we first manipulated self-regulatory resource availability using a self-regulation task (i.e., instructing participants to solve Sudoku puzzle vs. to solve diagram cube by filling any diagrams that they prefer into cube instead of number) and asked to indicate the difficulty of the tasks available to them ("How much difficulty did you feel when you complete the task?") Next, participants were asked to imagine that they were planning to buy a laptop at one of the two stores (small assortment: 6 options vs. large assortment: 30 options), both offering good quality of products. After reading the product descriptions, participants were instructed to consider all the information and choose a store that they would like to shop. Finally we measured the choice difficulty, evaluation of product assortments, and anticipated regret on a 7-point scale. We conducted two-way ANOVA in testing the main hypothesis that depleted consumers will show poorer subsequent self-control than non-depleted consumers when they make a decision in large assortment. Results - Compared with non-depleted participants, depleted participants showed the bigger difference from the degree of choice difficulty and product attractiveness between large and small assortments, but the result revealed only a significant interaction effect of resource depletion and assortment size on choice difficulty. Also depleted participants showed the smaller difference from the degree of anticipated regret between large and small assortments than non-depleted participants. Conclusion - Depleted individuals by a prior task are relatively effortless and intuitive form of choosing products so that they try to avoid making effortful trade-offs among choice difficulty such as large assortment, compare with non-depleted individuals. However, for anticipated regret, non-depleted individuals in small assortment anticipate more regret by excluding or at least restricting the possibility of buying attractive items or another kind of potential items than depleted individuals, regardless less choice difficulty in small option. To sum up, it is important to note that individuals are influenced by self-regulatory resources and their self-regulatory conditions contribute to the overall positive or negative impact of product assortment on choice.

• Journal of Distribution Science
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• v.14 no.6
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• pp.45-52
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• 2016

Purpose - This study was conducted to present a study on the perception and satisfaction with the brand agricultural products targeted at consumers who use a lot of local products. According to the data of 2011, the total number of the brand agricultural products of Korea is 5,291 with various kinds. Research design, data and methodology - The survey shows that the brand agricultural products are being used by some specific people. However, it can be a useful idea which can help the consumption of brand agricultural products to be expanded if we understand how consumers' recognitions are different between various groups. For an empirical Analysis, the response data of 110 adult patients residing in the metropolitan area were used and conducted with a factor analysis, frequency analysis in order to ensure the validity and conducted a regression analysis and correlation analysis using SPSS statistical program. Results - According to the analysis, it showed consumers with an interest in brand agricultural products are 40-50 age housewives and the middle class of about 5 million won in monthly income more than 3 million won with a college education. As for consumers' purchasing status, all the subjects said that they had experienced buying brand agricultural products and the level of satisfaction for them was very high. Relatively, consumers' satisfaction level with high income and education is high. And recognition of the brand agricultural products was found mainly goes through word of mouth. The age and income are very important factors in customers' repurchase for brand agricultural products. The result of the analysis for the influences on brand agricultural products of customer satisfaction suggests even if the recognitions for safety, quality, and value are vital factors, the recognition of quality doesn't influence on brand agricultural products statistically and significantly. It was analysed if there were any differences between recognitions by group to brand agricultural products, that is to say recognition of safety, quality and value and the result can be summarized as follows. There are all statistical significant differences depending on their age, educational background and income. In the case of 30 or 40 aged, as they got the education level of college and graduate school and earned relatively high income, most customers have positive recognition on the brand agricultural products. This implies the group which can buy and consume the brand agricultural more easily has much more positive recognition. Conclusion - The results of this study shows consumers' brand awareness and satisfaction with brand agricultural products are affected by their age and income level. The purpose of this study is to find the information that can help brand agricultural products markets to be expanded by understanding the factors which encourage consumers to behave repurchase as well as customers' various levels of recognition to the brand agricultural products. The survey says that brand agricultural products are being used by some specific people.

• Journal of Distribution Science
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• v.13 no.6
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• pp.97-104
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• 2015

Purpose - The distribution of agricultural products is changing due to recent shifts in environmental free trade. Specifically, the competitiveness of domestic agricultural products has weakened as a result of the Korea-China Financial Trade Agreement. Agricultural producers are faced with increasing difficulties and organized production centers are growing in importance daily. To overcome this crisis, agricultural producer organizations are vying for environment-friendly agricultural certifications, Good Agriculture Practices (GAP) and Hazard Analysis and Critical Control Point (HACCP). In particular, as consumer demand for higher safety grows, farmers are increasing their certification rates. Therefore, this certification system is expected to help strengthen the competitiveness of agricultural producer organizations. Research design/data/methodology - Organized production centers are classified by certification. A survey was conducted with 91 organizations using factor analysis and logistic regression analysis for the examination. The factor analysis results are as follows. Raw material procurement, education·specialization, marketing, joint business, organizing ability, business management, effectiveness, certification, and larger organizations were classified as the nine types of factors. These factors affect the organized production centers and are used in the logistic regression analysis. The purpose of such research and analysis is to suggest a direction for future production center policies. Results - The basic statistical results are as follows: analysis of the producer organizations of 91 sites, average number of members per site of 1,624, and average sales of 25,961 million won. Additionally, the average income per farmer is 175 million won, and the pooling system rate is 53.5%. The factor analysis results are as follows. Factor 1 consists of contract cultivation, ongoing shipment, selection subdivision, traceability, and major retailer management. Factor 2 consists of manual cultivation, specialty selection, education program, and R&D. Factor 3 consists of advertising, various dealers, various sales strategies, and a unified sales counter. Factor 4 consists of agricultural materials co-purchase, policy support, co-shipment, and incentives. Factor 5 consists of the co-selection and pooling system. Factor 6 consists of co-branding and operating by the organization's article. Factor 7 consists of the buy-sell ratio and rate of operation of the agriculture promotion center. Factor 8 consists of bargaining power in volume and participation rate of farmer certification. Factor 9 consists of increasing new subscribers. The logistic regression analysis results are as follows. Considering the results by type of certification, the environment-friendly agricultural certification type and the GAP certification type have a (+) influence. GAP and HACCP certification types affecting the education·specialization factor have a (+) influence. Considering the results for each type of certification, the environment-friendly agricultural certification types on the effectiveness factor have (-) influence; the HACCP certification types on the organizing ability and effectiveness factor have a (-) influence. Conclusions - Agricultural producer organizations should develop plans as follows: The organizations need to secure education for agricultural production; increase the pooling system ratio for sustainable organizational development; and, finally, expand the number of agricultural producer organizations.

• Journal of Distribution Science
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• v.11 no.10
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• pp.107-116
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• 2013

Purpose - Eggs are nutritionally complete and one of the most popular natural foods. Moreover, the poultry industry is one of the important food industries. However, early industrialization of the poultry industry on its own did not lead to further development compared to other livestock industries. In this study, we investigate what factors influence consumers' behavior and how consumers' understanding of retail business affects their propensity to consume. This study is different from other studies as it analyzes how the brand names of manufacturers and distribution companies affect the purchasing characteristics or actual purchase behavior of consumers in order to suggest how these manufacturers and distribution companies can increase their competitiveness. Research design, data, methodology - This study conducted a survey of 250 randomly selected egg purchasers in discount stores from January to April 2013. Consumers' purchase tendencies were calculated through frequency analysis. This result was then utilized using cluster analysis to draw a conclusion about which purchase tendency influenced consumers buying three different brands of eggs or whether this tendency really affected consumers. As a result, the outcomes of Hypotheses 2 and 3 were not clear so we drew a conclusion with our analysis of Hypothesis 1. Results - While the outcomes of Hypotheses 2 and 3 did not clearly indicate whether purchasing tendencies affected consumers when buying eggs, our analysis of Hypothesis 1 indicated that consumers were affected by the quality of the eggs rather than exterior factors such as the brand name. Thus, we concluded that it is important to promote the excellence of the quality of the eggs. Usually firms buy eggs from farms and repackage them in order to sell them. In this sense, if consumers were aware of this egg production process, and eggs were fairly distributed to retailers, large retail PB businesses would also be able to enhance their competitiveness. Conclusions - The brand, packaging, retail outlet, and other external features influenced the purchase of eggs to a certain degree, while shelf life, grade of the eggs, cleanliness, and other intrinsic characteristics had more influence. In particular, shelf life was the most important factor influencing purchase. Consumers were influenced not only by intrinsic characteristics of the eggs but also by large-scale producers' brands. Consumers relied upon the brand despite reduced competition because they found it difficult to identify shelf life and/or cleanliness. Small businesses and/or large-scale retailers can remain competitive by maintaining the freshness and cleanliness of the eggs. Further studies need to investigate areas in which consumers' cognition of the product is poor and/or the purchase inclination with regard to less developed industries such as eggs. In this study, the greatest problem was that consumers did not consume in accordance with the current situation as consumers have preferred fresh and clean eggs for a long time compared to purchase decisions based on external brands and/or packaging.

• Archives of design research
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• v.21
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• pp.109-121
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• 1997

The poster in America was considered merely a means of advertising until the late 1880s, and was not thought to have any intrinsic value. During the 1890s, the poster in America came into its own as a medium of artistic expression, and it was recognized anew as an medium of advertising. The production and circulation of posters became active, and it won the popularity of poster collectors. But the American poster renaissance flourished for a few brief years in the 1890s. In this thesis, I paid attention that the art poster in America was mainly a product of the publishing trade, and that it's rise and fall was connected with the circumstances of the publishing business. In chapterII, I discussed the growth of publishing business and the phenomenon of poster craze, and tried to figure out the characteristic of American poster design in 1890s. The American poster boom was formally initiated in Spring 1893, when Edward Penfield published the first of his monthly designs advertising Harper's Magazine. Penfield created a native American tradition of realism in the series of Harper's posters, his figures are realistic though anonymous, and are drawn without distortion or grotesquery, and details are reduced to essentials but not eliminated. In chapterIII, I discussed the change in book cover design in the 1890s. The rapid evolution of book and magazine covers was largely a reaction to the poster craze. Most magazines were issued with the same standard covers month after month at that time. In 1894, when William Bradley was asked to design a standard cover for the Inland Printer, he convinced the publishers to change the cover with every issue instead of designing one permanent cover. With the poster craze at its height, posters became big business, but still they were not very successful as advertisements. Because collectors of the 1890s were more interested in acquiring posters than in buying books. Significantly, this was also the moment when poster like designs began to appear on the covers of books and mass magazines. Publishers took notice of an idea. If the eye-catching design was on the cover itself rather than on a separate poster, the customer who wished to acquire the design would be obliged to buy the magazine. So there was no distinction stylistically between the posters of the 1890s and the magazine covers of the early 1900s. At the same time, the artistic poster was beginning to decline. While the most typical advertisements of the 1890s were the book and magazine posters of Bradley and Penfield, after 1900 advertisements for manufacturers' products played an increasingly prominent role. They would never again assume the leading role that they had played in the 1890s.

• Asia pacific journal of information systems
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• v.18 no.1
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• pp.117-144
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• 2008

Lots of virtual communities and online businesses presently derive their primary sources of revenues through advertising, but nevertheless are plagued with marginal profitability though they might possess a significant user base. In the light of the need for an efficacious business model, there have been recent insights of an online community in particular reaping profits through an innovative and lucrative revenue generation method that earns by selling digital items. There have been some obvious evidences (e.g., Cyworld, SecondLife, Habo Hotel, etc.) that online communities can be profitable through their unique business model of selling digital items. However, there is lack of understanding about the motivation of purchasing digital items. This study tries to identify the main motivators of digital item purchases based on social/individual identity theory and self-presentation theory. "Digital items", otherwise known as "virtual assets", may include online avatars, accessories for the avatars, decorative ornaments like furniture, digital wallpapers, skins, background music and virtual weapons used for Internet games. These digital items are employed by users for representation and articulation in the online space, especially to create and enhance their online profiles in web pages and games. Prices for digital items typically range from a few cents to a few dollars each. Based on the theoretical framework like social identity theory and self-presentation theory, we developed the research model and proposed seven hypotheses. An analysis of 225 members of Cyworld found that digital item purchase intention in virtual world is affected by both members' need for self-presentation and need for affiliation. We also found that the need for self-presentation is significantly increased by innovativeness of members, community group norm, and community involvement. We concluded that the need for self-presentation could be a key variable for profitable business model in online community service industry. However, neither individual self-efficacy nor the need for affiliation significantly influenced the need for self-presentation which triggers purchase intention of digital items. In term of the theoretical and practical contribution, this study can be a pioneering empirical research that investigates the purchase intention of digital items based on social identity theory and self-presentation theory in the online context. Also, the findings of our study are valuable and practical for practitioners in the market who wish to adopt or improve the business model of selling digital items in an online community. From the findings, it can be seen that innovativeness of users, community group norm, and community involvement are three significant factors that influence need for self-presentation of users which ultimately leads to their intentions to buy digital items. These findings put forth that virtual community providers and online businesses selling digital items should prioritize their efforts and focus on these three factors if they want to increase the sales of these digital items and generate greater revenues. This study provides important implications for academic researchers and practitioners to understand why the community members pay money for their digital items in virtual world and how the practitioners can increase the sales of digital items in an online community. A couple of limitations of the study and future research directions are also discussed.

• Proceedings of the Korea Society for Industrial Systems Conference
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• 2000.11a
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• pp.231-231
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• 2000

인터넷기업들은 불과 몇 달 전만 해도 수수께끼로 가득 찬 요지경이었다. 매출액은 늘어났지만 더 많은 손실이 발생했고, 엄청난 적자와는 정반대로 주가는 연일 상승곡선을 그리고 있었다. 오히려 손실을 줄이는 방안을 발표하면 주가가 떨어지는 기현상마저 보여 구경제의 질서에 익숙해 있던 투자자들이나 경영자들을 혼란스럽게 만들고 있다. 그런데 이처럼 높게 평가되던 인터넷 기업들의 주가가 최근에 들어 폭락하고 있다. eToys의 경우 주가가 최고치 였던 ＄86에서 94% 폭락한 ＄4.75에 거래되었고, CDNow는 83%, Buy.com은 81% 등 주요 온라인 업체들의 주가가 80% 이상 하락하였으며 그 외의 적지 않은 인터넷 기업들의 주가 역시 전성기에 비해 90-95%까지 폭락하였다. 이러한 이유로 최근 인터넷기업들의 정확한 가치평가를 하기 위한 연구들이 시도되고 있으며, 이러한 시도 중 비교적 객관적인 정보인 재무정보들을 이용하기 위한 연구들도 있다. 하지만 아직까지는 우리나라의 재무제표들이 제공하는 정보들이 부족하고 IMF이후 비정상적인 주가 등으로 인하여 실증하는데 어려움이 따르고 있다. 또한 인터넷 기업들은 전술한 바와 같이 기존 오프라인상의 제조업형태의 기업들처럼 일반적인 재무제표분석을 통한 가치평가에 어려움을 겪고 있다. 하지만 인터넷을 기반으로 한 디지털 경제에서도 오프라인기업에서와 똑같은 현상이 발생한다는 사실을 간과해서는 안 된다. 현금지출이 도달 가능한 현금유입의 수준을 넘어선다면 결국 도산하는 것은 인터넷기업들도 마찬가지이다. 현재 어떤 기업에 투자하는 것은 그 기업의 미래 현금흐름을 구매하고자 하는 것이다. 따라서 미래의 현금흐름이 커질수록 그 기업의 가치는 상승하게 된다. 현금흐름 분석이 특히 중요한 이유는 기업의 미래 현금흐름을 기업의 타인자본비용과 자기자본비용의 조합인 기회자본비용으로 할인함으로써 현재의 기업가치를 구할 수 있기 때문이다. 이처럼 기업이 영업활동이나 투자활동을 통해 현금을 창출하고 소비하는 경향은 해당 비즈니스 모델의 성격을 규정하는 자료도로 이용될 수 있다. 또한 최근 인터넷기업들의 부도가 발생하고 있는데, 기업의 부실원인이 어떤 것이든 사회전체의 생산력의 감소, 실업의 증가, 채권자 및 주주의 부의 감소, 심리적 불안으로 인한 경제활동의 위축, 기업 노하우의 소멸, 대외적 신용도의 하락 등과 같은 사회적·경제적 파급효과는 대단히 크다. 이상과 같은 기업부실의 효과를 고려할 때 부실기업을 미리 예측하는 일종의 조기경보장치를 갖는다는 것은 중요한 일이다. 현금흐름정보를 이용하여 기업의 부실을 예측하면 기업의 부실징후를 파악하는데 그치지 않고 부실의 원인을 파악하고 이에 대한 대응 전략을 수립하며 그 결과를 측정하는데 활용될 수도 있다. 따라서 본 연구에서는 기업의 부도예측 정보 중 현금흐름정보를 통하여 '인터넷기업의 미래 현금흐름측정, 부도예측신호효과, 부실원인파악, 비즈니스 모델의 성격규정 등을 할 수 있는가'를 검증하려고 한다.

• Journal of radiological science and technology
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• v.30 no.3
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• pp.237-243
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• 2007

Phantoms are very necessary for quality assurance of radio nuclides imaging systems to maintain standards and to ensure reproducibility of test. General quality assurance and instrument quality control are essential in every hospital. The human tissue equivalent materials are aluminum, areryl, water and epoxy..etc. It is very important to select optimum equivalant materials for a phantoms in QC. Especially, paraffin is very similar with human soft tissue in X or Gamma-ray physical characteristics and easy to buy with economically. We made a paraffin thyroid phantom and compare with thyroid areryl phantom, also used commercially in practice. Two small size cold spots(3 and 6 mm diameter) and a hot spot(3 mm diameter) embeded in paraffin phantom. And imaged with $^{99m}TcO_4$ by camera for analysis about spatial resolution and noise at the hot and cold spots. We got some results as below : 1. No difference in counting rate and noise between both arcryl and paraffin thyroid phantoms. 2. The best spatial resolution can be seen 6 cm distance between pinhole collimator and thyroid phantoms(arcryl and paraffin). 3. More optimal spatial resolution could acquired in paraffin thyroid phantom. Paraffin is very similar with human soft tissue in atomic number, density and relative absorbtion function, and can be shaped easily what we wanted. So we can recommendation paraffin as quality assurance phantom because its usefulness, economical benefit and purchasability.

• Journal of the Korean association of regional geographers
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• v.2 no.2
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• pp.113-131
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• 1996

The purpose of this study is to identify the existence, personal characteristics and behavior of market-participants, and function of urban weekly markets in Taegu City through observation, interview and questionnaire survey. There are four weekly periodic markets such as Seongso(Monday), Chilgok(Wednesday), Siji(Thursday), and Chilgok(Friday) which have recently developed near the new apartment areas on the outskirts of Taegu. The major findings of this study can be summarized as follows: These markets originated from the agricultural cooperative's Friday markets, but were substantially established by mobile traders or merchants for the sake of their livelihood. Therefore, the existence of these markets is not explained by Stine's central place perspective but partially explained by Hay's economic locational and Bromley's socio-cultural perspective. Most traders are male, aged 30 to 40 years and have an educational level higher than high school. Most of them are living in Taegu and itinerantly visit more than two markets among the four markets by small truck. And most of them sell agricultural products and other food materials, except some who sell manufactured goods. Most consumers are housewives, aged 20 to 30 years and have an educational level higher than high school. Most of them are living within 1,000m and go there on foot. Most of them visit the markets around 3 to 5 p.m. on every market day. And they mostly buy vegetables, fruits, and fishes. Weekly markets provide employment opportunities for those who want to be merchants, and also contribute to the increase of farmers' income, because some traders(18.8%) are farmers who periodically visit markets to sell agricultural products. On the other hand, they function as a general food materials markets to neighboring residents. From these facts, both traders and consumers want weekly markets sustained. Therefore, these markets need to be protected by institutional assistance in spite of being informal markets.