• Title/Summary/Keyword: Equity Style

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Veri cation of the Style Consistency of Domesti Equity Mutual Funds Using Return-Based Style Analysis (수익률 기반 스타일 분석을 이용한 국내 주식형 펀드의 스타일 지속성 검증)

  • Kwon, In-Young;Song, Seong-Joo
    • The Korean Journal of Applied Statistics
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    • v.23 no.5
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    • pp.783-797
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    • 2010
  • Based on the importance of asset allocation in the return of an investment portfolio, this article attempts to verify the appropriateness of mutual funds as means of investment to obtain optimal asset allocation. The return-based style analysis is applied to determine a mutual fund's allocation(or a style) among a set of specified asset classes. Assuming a particular investor who defines a range allowed a fund's style to differ from its original one, it is examined whether or not the fund style is continued over an investment time horizon. After verifying the fact that the original style of the investment fails to remain unchanged from the empirical analysis limited to domestic equity mutual funds, we further investigated the reasons for the style drift. Despite several limitations of the analysis, it yields the conclusion that domestic equity mutual funds do not seem to be an appropriate investment tool to achieve a target asset allocation.

Perception of Equity.Decision-Making Styles and Family Life Satisfaction in Dual-Career Couple (맞벌이 부부의 공평성 인지.의사결정 참여도 및 가정생활만족도)

  • 이정우;강기연
    • Journal of the Korean Home Economics Association
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    • v.39 no.9
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    • pp.137-152
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    • 2001
  • On the basis of the equity theory, as the couple perceives their relationship is equitable, they tend to make decisions jointly and are satisfied with their family lives. Therefore this study is aimed to identify the relationship among perception of equity, decision-making styles and family life satisfaction in dual-career couples. As a result of analyzing the cause-effect relationship, it shows that many socioeconomic$.$psychological variables have direct indirect impact on family life satisfaction through medium factor, so this study proves the application of the cause-effect modes. However the influence of the perception of equity of wives were higher than husbands.

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Brand Equity and Purchase Intention: The Fashion Market in China (상표자산이 구매의도에 미치는 영향: 중국패션시장에서)

  • Lee, Dong-Hae;Choi, Young-Ro
    • Journal of Distribution Science
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    • v.13 no.7
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    • pp.85-90
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    • 2015
  • Purpose - Global trends play a part to change the structure of the fashion industry. In particular, companies attempting to conduct innovative marketing centering on such products as SPA brands are growing into global companies. SPA stands for "Specialty Store Retailer of Private Label Apparel", meaning its activities are fully integrated from manufacturing through sales, including material procurement design, product, distribution, inventory management, and final sales. For this reason, more understanding of individual corporate profitability is very sensitive to consumer's attitudinal changes. The effects that corporate marketing activities on customer lifetime value through brand attitude were analyzed based on a structural equation model. Rust suggested value equity, brand equity, and relationship equity as customer equity driver. The study examines Chinese consumer because China is the fastest growing fashion market in the world. Research design, data, and methodology - The survey targeted Chinese college student age 20s. Only respondents who had purchased SPA brands in the past year were included for this research. A total of 303, except for 47 missing data of 350 distributed questionnaires were included in this research. The questionnaire is consists of six part to measure value, brand, relationship equity, attitude toward brand, purchase intention and demographic characteristics. This research conducted exploratory factor analysis and reliability test. To verify research hypotheses, structural equation model test was conducted. As for customer equity, diversified models in consideration of the scope of acquisition data, a method of collection of data, influencing factor, and predictability were suggested based on a net present value model. However, the history of customer equity study is relatively short, and sufficient empirical analyses have not been conducted, so more integrated analysis is required. In this study, the concept of driver suggested by Rust was applied to figure out the effects that consumer's attitude has on customer equity. The customer equity driver suggested by them consists of brand equity, value equity, and relationship equity. Results - This study reveals that value equity and brand equity have a positive influence on relationship equity. And, relationship equity has a positive influence on purchase intention through brand attitude. However, value equity and brand equity do not influence on brand attitude. Conclusion - The results of this research generated following implications. First, SPA brands need to take advantage of their value equity such as perceived low price and up-to-date fashion style to attract Chinese young consumer. Second, strong brand equity promises dominants position in the competitive market. As Chinese fashion market grows rapidly, SPA brands can consider branding strategy such as flagship store and celebrity marketing enhancing brand image. Third, the core concept of customer equity strategy is to maintain a relationship with their expecting and existing customers. The relationship equity is built by brand equity and value equity. When SPA brands serves product and service meet with individual customers, customers have intimacy to the brands.

A Case Study on the Establishment of an Equity Investment Optimization Model based on FinTech: For Institutional Investors (핀테크 기반 주식투자 최적화 모델 구축 사례 연구 : 기관투자자 대상)

  • Kim, Hong Gon;Kim, Sodam;Kim, Hee-Wooong
    • Knowledge Management Research
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    • v.19 no.1
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    • pp.97-118
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    • 2018
  • The finance-investment industry is currently focusing on research related to artificial intelligence and big data, moving beyond conventional theories of financial engineering. However, the case of equity optimization portfolio by using an artificial intelligence, big data, and its performance is rarely realized in practice. Thus, the purpose of this study is to propose process improvements in equity selection, information analysis, and portfolio composition, and lastly an improvement in portfolio returns, with the case of an equity optimization model based on quantitative research by an artificial intelligence. This paper is an empirical study of the portfolio based on an artificial intelligence technology of "D" asset management, which is the largest domestic active-quant-fiduciary management in accordance with the purpose of this paper. This study will apply artificial intelligence to finance, analyzing financial and demand-supply information and automating factor-selection and weight of equity through machine learning based on the artificial neural network. Also, the learning the process for the composition of portfolio optimization and its performance by applying genetic algorithms to models will be documented. This study posits a model that the asset management industry can achieve, with continuous and stable excess performance, low costs and high efficiency in the process of investment.

Is the Fama French Three-Factor Model Relevant? Evidence from Islamic Unit Trust Funds

  • Shaharuddin, Shahrin Saaid;Lau, Wee-Yeap;Ahmad, Rubi
    • The Journal of Asian Finance, Economics and Business
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    • v.5 no.4
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    • pp.21-34
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    • 2018
  • The study tests the Fama and French three-factor model by using the newly created Islamic equity style indices. Based on a dataset from May 2006 to April 2011, the three-factor model is tested based on returns of Islamic unit trust funds using the Generalized Method of Moments (GMM) methodology. The sample period is also divided between periods before and after the Global Financial Crisis in August 2008 to test for robustness, and the Bai and Perron (2003) multiple structural break test was used to determine the structural break in the series. The analysis shows that the Fama and French model is valid for Islamic unit trust funds before and after the collapse of Lehman Brothers. The result further indicates the reversal of size effect. As for trading strategies, value funds outperform growth funds by annualized 3.13 percent for the full period. During pre-crisis period, value funds perform better than growth funds while in post-crisis, size factor yields better return than other strategies. As policy suggestion, fund managers need to be aware of the reversal of size effect, and they need to ensure a more transparent stock selection process so that investors can make an informed decision in their asset allocation.

Analysis of Fashion Phenomenon in Casual Wear Market Applying Brand Switching Matrix (브랜드 전환 매트릭스를 적용한 캐주얼웨어 시장의 유행 현상 분석)

  • Chung, Inn-Hee;Kim, Sang-Yoan
    • The Research Journal of the Costume Culture
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    • v.15 no.3 s.68
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    • pp.525-540
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    • 2007
  • This study intended to construct the brand switching matrix in the Korean casual wear market and to analyze it in various aspects. 1,014 sample data were collected in Seoul area, a center of fashion retailing. Since the respondents cited over 200 brand names as their last 2 purchased casual wear brands, 15 most frequently-purchased brands were selected for constructing the brand switching matrix. As a result of the examination, it was founded that the brand loyalty was dominant rather than brand switching in the casual wear market. Polo was identified as the leading brand in the market. Its brand equity, which was comprised of brand recognition, brand preference (loyalty), perceived quality, and brand association, was evaluated very high. Especially, the strength of Polo was the consumer's strong preference and the brand image of simplicity, naturalness, and neatness. After combining 15 brands into 6 groups based on the style and price, additional interpretation was performed on this 'trend switching matrix.' A transition of fashion trend in casual wear was observed. Applying the brand switching matrix on fashion products gave us much insight to the market.

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Early Childhood Teachers' Awareness of Gender and Interaction Style with Young Children (남아와 여아에 대한 유아교사의 인식 및 상호작용)

  • Son, Won Kyoung
    • Korean Journal of Childcare and Education
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    • v.7 no.1
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    • pp.121-148
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    • 2011
  • This Study aimed to ascertain early childhood teachers' awareness of gender differences in young children and interaction style with young children. 50 teachers answered Q sort questionnaires, 7 teachers were interviewed, 2 classrooms were observed. Results showed 3 types of teacher perception of boys and 4 types of teacher perception of girls. Early childhood teachers more interact with boys than girls. Especially negative interaction showed much more frequently with boys than girls. These finding are discussed in terms of equity and equality in both gender.

Modeling Brand Equity for Lifestyle Brand Extensions: A Strategic Approach into Generation Y vs. Baby Boomer (생활방식품패확장적품패자산건모(生活方式品牌扩张的品牌资产建模): 침대Y세대화영인조소비자적전략로경(针对Y世代和婴儿潮消费者的战略路径))

  • Kim, Eun-Young;Brandon, Lynn
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.1
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    • pp.35-48
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    • 2010
  • Today, the fashion market challenged by a maturing retail market needs a new paradigm in the "evolution of brand" to improve their comparative advantages. An important issue in fashion marketing is lifestyle brand extension with a specific aim to meet consumers' specific needs for their changing lifestyle. For fashion brand extensions into lifestyle product categories, Gen Y and Baby Boomer are emerging as "prospects"-Baby Boomers who are renovating their lifestyle, and generation Y experiencing changes in their life stage-with demands for buying new products. Therefore, it is imperative that apparel companies pay special attention to the consumer cohort for brand extension to create and manage their brand equity in a new product category. The purposes of this study are to (a) evaluate brand equity between parent and extension brands; (b) identify consumers' perceived marketing elements for brand extension; and (c) estimate a structural equation model for examining causative relationship between marketing elements and brand equity for brand extensions in lifestyle product category including home fashion items for the selected two groups (e.g., Gen Y, and Baby boomer). For theoretical frameworks, this study focused on the traditional marketing 4P's mix to identify what marketing element is more importantly related to brand extension equity for this study. It is assumed that comparable marketing capability can be critical to establish "brand extension equity", leads to successfully entering the new categories. Drawing from the relevant literature, this study developed research hypotheses incorporating brand equity factors and marketing elements by focusing on the selected consumers (e.g., Gen Y, Baby Boomer). In the context of brand extension in the lifestyle products, constructs of brand equity consist of brand awareness/association, brand perceptions (e.g., perceived quality, emotional value) and brand resonance adapted from CBBE factors (Keller, 2001). It is postulated that the marketing elements create brand extension equity in terms of brand awareness/association, brand perceptions by the brand extension into lifestyle products, which in turn influence brand resonance. For data collection, the sample was comprised of Korean female consumers in Gen Y and Baby Boomer consumer categories who have a high demand for lifestyle products due to changing their lifecycles. A total of 651 usable questionnaires were obtained from female consumers of Gen Y (n=326) and Baby Boomer (n=325) in South Korea. Structural and measurement models using a correlation matrix was estimated using LISREL 8.8. Findings indicated that perceived marketing elements for brand extension consisted of three factors: price/store image, product, and advertising. In the model of Gen Y consumers, price/store image had a positive effect on brand equity factors (e.g., brand awareness/association, perceived quality), while product had positive effect on emotional value in the brand extensions; and the brand awareness/association was likely to increase the perceived quality and emotional value, leading to brand resonance for brand extensions in the lifestyle products. In the model of Baby Boomer consumers, price/store image had a positive effect on perceived quality, which created brand resonance of brand extension; and product had a positive effect on perceived quality and emotional value, which leads to brand resonance for brand extension in the lifestyle products. However, advertising was negatively related to brand equity for both groups. This study provides an insight for fashion marketers in developing a successful brand extension strategy, leading to a sustainable competitive advantage. This study complements and extends prior works in the brand extension through critical factors of marketing efforts that affect brand extension success. Findings support a synergy effect on leveraging of fashion brand extensions (Aaker and Keller, 1990; Tauber, 1988; Shine et al., 2007; Pitta and Katsanis, 1995) in conjunction with marketing actions for entering into the new product category. Thus, it is recommended that marketers targeting both Gen Y and Baby Boomer can reduce marketing cost for entering the new product category (e.g., home furnishings) by standardized marketing efforts; fashion marketers can (a) offer extension lines with premium ranges of price; (b) place an emphasis on upscale features of store image positioning by a retail channel (e.g., specialty department store) in Korea, and (c) combine apparel with lifestyle product assortments including innovative style and designer’s limited editions. With respect to brand equity, a key to successful brand extension is consumers’ brand awareness or association that ensures brand identity with new product category. It is imperative for marketers to have knowledge of what contributes to more concrete associations in a market entry into new product categories. For fashion brands, a second key of brand extension can be a "luxury" lifestyle approach into new product categories, in that higher price or store image had impact on perceived quality that established brand resonance. More importantly, this study increases the theoretical understanding of brand extension and suggests directions for marketers as they establish marketing program at Gen Y and Baby Boomers.

Relationships among Marital Equity, Communication, Conflict-Coping Style and Marital Satisfaction in Korean Couples and International Couples (배우자 직업 유무가 부부공평성, 부부갈등대처방식, 의사소통기술, 결혼만족도의 관계에 미치는 영향 -한국인부부와 국제결혼부부의 비교-)

  • Ahn, Hyun-Sook;Byun, Sang-Hae
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.7 no.2
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    • pp.215-225
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    • 2012
  • The purpose of this study was to examine the influential factors of the marital satisfaction of Korean couples and international couples and the impact of related variables involving marital equity and marital conflicts on marital satisfaction in a bid to give some suggestions on how to keep on leading a happy married life. A survey was conducted from July to September, 2010, and the answer sheets from 79 Korean couples and 79 international couples who numbered 316 were analyzed except for the incomplete answer sheets. The women of the international couples got the best mean scores. When the men and women of the international couples were compared, the women scored significantly higher than the men, which showed that the former group found themselves to put more investment in their marital relationship. Concerning ways of coping with marital conflicts in the groups, conflict intervention by oneself was most prevalent among the men of the international couples and least among the women of the Korean couples. Regarding sex-role attitude and communication, there were no significant differences in sex-role attitude. As to marital satisfaction, the men of the Korean couples got the highest mean scores, and the women of the international couples scored lowest. When the correlation analysis was conducted, the variable that had the closest correlation to marital satisfaction overall was positive problem solving by the spouse(.469), followed by conflict intervention by the spouse(-.453), positive problem solving by oneself(.451), the academic credential of the spouse(.443) and one's own retreat from conflict(-.409). As a result of making the regression analysis to find out which variables affected marital satisfaction, the most predictable variable was communication scores, followed by conflict intervention by the spouse, positive problem solving by oneself, one's own retreat from conflict, the academic credential of the spouse and psychoemotional equity.

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A Case Study on the Instructional Dimensions in Teaching Mathematics to the Elementary School Student from Multi-cultural Backgrounds (다문화권 학생들의 초등수학 학습과정에 관한 사례연구)

  • Jang, Yun-Young;ChoiKoh, Sang-Sook
    • The Mathematical Education
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    • v.48 no.4
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    • pp.419-442
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    • 2009
  • This study was to find the difficulties students faced in their mathematical learning and to identify the instructional dimensions a teacher provided for the students from multi-cultural background. Since the study was focused on the process of students' learning, the qualitative method was chosen through clinical interviews with 2 students in a total of 11 units which played a role of compensating their learning of mathematics as an extra curriculum. The students solved the computational problems relying on formal procedure without understanding of concepts and principles and solved the word problems based on own interpretation of certain words without semantic comprehension out of math sentences. As the instructional dimensions of teaching mathematics, tasks, a tool and classroom norm were found in the activities they performed. For the tasks, situated tasks, challenging tasks, tasks with lack of conditions, and open-ended exploratory tasks were used. As the tool, pictorial representations were very useful to describe their ideas. Finally, as the classroom norm, consider equity for everyone, and cooperate and encourage each other were found.

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