• 제목/요약/키워드: Factor Price

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A New Measure of Asset Pricing: Friction-Adjusted Three-Factor Model

  • NURHAYATI, Immas;ENDRI, Endri
    • The Journal of Asian Finance, Economics and Business
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    • 제7권12호
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    • pp.605-613
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    • 2020
  • In unfrictionless markets, one measure of asset pricing is its height of friction. This study develops a three-factor model by loosening the assumptions about stocks without friction, without risk, and perfectly liquid. Friction is used as an indicator of transaction costs to be included in the model as a variable that will reduce individual profits. This approach is used to estimate return, beta and other variable for firms listed on the Indonesian Stock Exchange (IDX). To test the efficacy of friction-adjusted three-factor model, we use intraday data from July 2016 to October 2018. The sample includes all listed firms; intraday data chosen purposively from regular market are sorted by capitalization, which represents each tick size from the biggest to smallest. We run 3,065,835 intraday data of asking price, bid price, and trading price to get proportional quoted half-spread and proportional effective half-spread. We find evidence of adjusted friction on the three-factor model. High/low trading friction will cause a significant/insignificant return difference before and after adjustment. The difference in average beta that reflects market risk is able to explain the existence of trading friction, while the difference between SMB and HML in all observation periods cannot explain returns and the existence of trading friction.

한국거주 외국인 채식주의자의 한국음식 선호도 및 한식선택속성 (Survey of Preferences and Choice in Korean Cuisine of Foreigners who are Vegetarian)

  • 이시은;서모란;정희선
    • 한국식품조리과학회지
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    • 제30권5호
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    • pp.579-587
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    • 2014
  • Korean food is being recognized for its excellence. This paper attempts to provide material for the popularization of Korean cuisine with respect to foreign nationals living in Korea who are vegetarian by studying their Korean cuisine knowledge and preferences. The results of an Importance-Performance Analysis showed that though the importance values of traditional spice use such as garlic and the consideration of ingredient price were high, their performance values were low. Thus, these were areas identified as needing major improvement. Repeated measured data analysis was performed to determine variations in the perception of major factors for the development of Korean cuisine. The results indicated that simplification of seasoning was the most important factor followed by diversification of food ingredients, resale of vegetables in small quantities, ease of obtaining Korean cuisine recipes, and popularization of herbal and temple food, in that order. The least important factor in developing Korean cuisine was determined to be the reduction in levels of salt. Conjoint analysis was performed on the choices affection the selection of Korean cuisine, and price was found to be the most important factor. It was also determined that the effectiveness in the combination of fusion style, health oriented, concurrently served, medium to low price Korean cuisine was highest in preference. The next highest preferred combination was traditional style, health oriented, concurrently served, medium to low price Korean cuisine. The most significant factor to keep in mind in developing Korean dishes for foreign vegetarians was determined to be price. Furthermore, it was important to not simply reduce caloric intake but to use healthy ingredients and cooking methods.

공간통계분석을 이용한 지가의 입지값 측정에 관한 연구 (The Measurements of Locational Effects in Land Price Prediction with the Spatial Statistical Analysis)

  • 이지영;황철수
    • Spatial Information Research
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    • 제10권2호
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    • pp.233-246
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    • 2002
  • 본 연구에서는 GIS의 공간통계분석을 활용하여 지가 연구에 일반적으로 활용되고있는 특성가격모형에서 입지적 특성이 갖는 영향력을 계량적으로 설명하기 위한 분석방법을 제시하였다. 여기에는 GIS 공간분석방법 가운데 중첩과 내삽 기능을 이용한 공간자료의 처리 과정이 포함되었다. 사례연구를 위해 동대문구 회기동의 1421개 개별지가에서 54개 표준지들을 추출하여 표준지의 중심좌표를 구하고, 이 벡터 자료점들과 공간적 관련성에 기초하여 조사되지 않은 지점의 지가 예측값을 확률적으로 평가할 수 있는 크리깅 분석방법을 적용하였다. 특히 이러한 분석 과정에서 변동도를 통해 분석한 공간적 자기상관관계는 공간 의존성의 형성과정을 추정할 때 장점이 있음을 밝혔다.

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남녀 관광객의 돌산 갓김치에 대한 선호도에 미치는 영향 요인의 컨조인트 평가 (Conjoint Measurement of Tourists' Preferences for Dolsan Leaf Mustard Kimchi(Brassica juncea) across Gender)

  • 강종헌;정항진
    • 동아시아식생활학회지
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    • 제16권3호
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    • pp.242-250
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    • 2006
  • The purpose of this study was to identify tourist product factor combinations which confer the highest utility to tourists and to establish the relative importance of factors in terms of their contribution to total utility across gender. Among 250 questionnaires, 230 questionnaires were utilized for the analysis. $X^2$ analysis, Conjoint model, Max. Utility model, BTL model, Logit model, K-means cluster analysis, and one-way anova analysis were used for this study. The findings from this study were as follows. First, the Pearson's R and Kendall's tau statistics showed that the model fitted the data well across gender. Second, it was found that total respondents and three clusters regarded taste price as the very important factor across gender. Third, it was found that the male and female tourists most preferred product with light red color, shaped package, and highly pungent taste sold at a cheap price in factory. Fourth, it was found that the male tourists most preferred simulation product with light red color, shaped package, and highly pungent taste sold at a cheap price in factory. The female tourists most preferred simulation product with light red color, shaped package, and mild taste sold at a cheap price in factory. Finally, the results of the study provide some insights into the types of effective product designs that can be successfully developed by marketers.

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단감의 생산요소 수요구조분석 (A Study on the Factor Demand Structure of Sweet Persimmon)

  • 유리나;황수철
    • 한국산학기술학회논문지
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    • 제16권9호
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    • pp.5843-5849
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    • 2015
  • 본 연구는 단감농가의 생산비절감방안 모색을 위해 생산요소 수요구조를 분석했다. 2001~2013년간 농산물소득조사 원자료를 이용해 초월대수 비용함수를 추정하고 노동, 자본, 중간투입재간 가격 및 대체탄력성을 계측했다. 분석결과 생산요소 모두 가격변화에 따른 수요변화가 크지 않고 특히 비용부담이 가장 큰 노동의 가격상승에 따른 타 생산요소의 대체성이 낮아 구조적으로 단기간에 노동 수요를 줄이기는 어려운 것으로 나타났다. 이는, 생산비절감을 위해서는 노동에 비해 수요가 탄력적인 중간투입재, 특히 탄력성이 큰 비료와 기타재료비를 중심으로 비용절감이 이뤄져야함을 시사한다.

중국 휴대폰 시장에서의 구매 평가영역에 대한 만족이 재구매의도와 타인추천의도에 미치는 영향 (The Effect of Evaluation Factor on Repurchase Intention and Recommendation Intention in China Cellular Phone Market)

  • 최수호;김신중
    • 디지털융복합연구
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    • 제17권12호
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    • pp.117-127
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    • 2019
  • 본 연구의 목적은 중국 소비자의 휴대폰 선택 시 고려하는 주요 평가영역에 대한 세부 특성요인의 만족도가 해당 평가영역 만족도에 어떠한 영향을 미치며, 각 평가영역에 대한 만족도가 고객의 재구매의도와 타인추천의도에 어떠한 영향을 미치는가를 사용 휴대폰 유형에 따른 집단별로 분석하는데 있다. 설문조사 시 평가요인으로 가격, 디자인, 품질, 편리성, 기능 그리고 개인적 요인을 설정하였으며, 재구매의도와 타인추천의도로 구분 실시하였다. 연구결과, 가격을 제외한 모든 특성요인이 해당 평가영역의 만족에 유의한 것으로 나타났으며 유의한 경로가 집단별로 차이가 존재함을 알 수 있었다. 또한 모든 집단에서 평가영역에 대한 만족이 재구매의도와 타인추천의도에 유의한 것으로 평가되었다. 연구 결과 우리 기업의 경우 디자인, 기능, 개인적 요인에 관한 특성요인은 평가영역 만족에 유의한 영향을 미치나 해당 특성요인의 만족도는 상대적으로 낮은 것으로 나타난다. 따라서 이들 특성요인에 대한 만족도를 높일 수 있는 품질 개선방안을 강구하여야 할 것으로 사료된다.

맞춤형 리모델링에 대한 실효성 검증 연구 - 리모델링을 추진중, 완공한 공동주택을 중심으로 - (Investigation into the Effectiveness on Customized Remodeling - Focusing on apartment houses completed during remodeling -)

  • 윤향승;김기수
    • 대한건축학회논문집:계획계
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    • 제34권7호
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    • pp.3-12
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    • 2018
  • The present remodeling makes almost no difference from rebuilding as all the building materials are removed remaining frame structure only. And, in case of vertical extension of building, higher construction cost and safety problem occur. The Ministry of Land, Transport and Maritime Affairs, therefore, recommends customized remodeling that can be made in light of the resident' needs such as parking lot, elevator, bathroom, and room for the alternative of remodeling of vertical extension of building. The purpose of this study is to present real data that can be referred to the constructor's decision making before starting the remodeling, by investigating and analyzing the weight and importance between evaluation factors for customized remodeling at the completed time of remodeling. Accordingly, the factors were divided into environmental factor, social factor, and economical factor, and the survey was performed for the residents living in remodeling houses. In addition, for the professionals, AHP (Analytic Hierarchy Process) has been carried out for the priority in the customized remodeling. For environmental factor, the level of importance made difference from that before remodeling, except parking level. For social factor, every item, including psychological satisfaction and community satisfaction, made difference. For economical factor, the recognition level of importance in rent made difference, except sale price of the factor for price satisfaction. In case of the factor for cost satisfaction, it was checked that construction cost and administration cost both could be considered important. As a result of AHP, the most importantly emphasized item was construction cost, and sale price, administration cost, residence structure, and parking lot were followed by priority in order. This study could contribute to reliably settle down customized remodeling by giving reasonable and substantial help from the analysis of the differences in the customized remodeling items before/after the remodeling.

광주광역시 아파트 매매가 영향요인 분석 (An Analysis of the Key Factors Affecting Apartment Sales Price in Gwangju, South Korea)

  • 임성연;고창완;정영선
    • 스마트미디어저널
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    • 제11권3호
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    • pp.62-73
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    • 2022
  • 국내 아파트 매매가 예측에 관한 연구는 현재까지 지속적으로 수행되어 왔지만, 아파트 가격은 다양한 특성이 복합적으로 작용하기 때문에 예측하는데 어려움을 겪고 있다. 아파트 매매가를 예측하는데 앞서 정확도를 높이기 위해서는 주요 변수 선정 및 영향요인 분석이 무엇보다 중요하다. 이에 본 연구는 현재 꾸준한 상승률을 보이는 광주광역시를 대상으로 아파트 매매가에 영향을 주는 요인을 분석해보고자 한다. 이를 위해 6년간의 광주광역시 아파트 실거래가와 각종 사회적 요인 데이터를 토대로, 다중회귀분석, 랜덤 포레스트, 심층인공신경망 알고리즘을 적용하여 각 모델에서 주요 영향요인을 파악하였으며, 모델의 성능은 평균 제곱근 오차, 평균 절대 오차 그리고 결정계수를 통해 비교 분석하였다. 본 연구에서는 딥러닝의 일종인 심층인공신경망의 성능이 가장 우수함을 보였고, 매매가에 영향을 미치는 주요 요인으로 건축경과연수, 계약연도, 적용면적, 양도성예금증서, 주택담보대출금리, 선행지수, 생산자물가지수, 동행지수 등이 도출되었다.

패션제품의 동태적 구매반응함수에 관한 연구 (A Study on the Dynamic Purchase Response Function for Fashion Goods)

  • 이민호;곽영식;황선진
    • 복식
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    • 제64권2호
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    • pp.35-49
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    • 2014
  • In cases of fashion businesses operating by consignment, base estimate on quantity of sales is the most essential part of merchandising. This study classified factors influential to sales into factors with systematic influence and factors with unsystematic influence. In order to find out influence of each factor on sales, non-linear regression was used with SPSS package on the basis of actual data on sales for 5 years for sport shoes brand. Major findings of this study are as follows. First, price level had significant negative(-) influence on sales. Second, price expectation effects had significant negative(-) influence on sales. Third, competitor's price effect showed significant negative(-) value. Fourth, day-of-the-week effect showed significant positive(+) effect. The theoretical marketing implications of this study are as follows. First, study on price leads to expansion of the researches from apparels to sport shoes. Field of study on price was enlarged through expansion of variable of study from price level and price expectation effect to promotion, day-of-the-week effect and rainfall effect. Second, quantitative scale of day-of-the-week effect was found and it could be confirmed that there was seasonal differences with day-of-the-week effect. Implications of above findings on marketing managers are as follows. First, it was found that an increase in competitiveness of brand power and a decline in absolute value of competitor's price effect can be realized when new product groups are developed to meet the unsatisfied needs in the market. Second, it was possible to find out the parameters scales of the price response function, making it possible to estimate sales for the next season, and in turn realize increase in rate of sales and profit rate. This research is based on the dynamic price response function, which is rare to find in the apparel business and it academic significance due to its expanding response model which was focused on price in conventional researches to non-systematic variables.

에스닉 푸드 레스토랑 선택속성의 중요도가 전반적 만족도에 미치는 영향 (The Influence of Importance Factors Affecting Ethnic Food Restaurant Selection upon Overall Satisfaction)

  • 김은희;김지현;홍완수
    • 한국식품조리과학회지
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    • 제30권3호
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    • pp.360-367
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    • 2014
  • This study analyzed the Importance-Performance Analysis of selective attributes of Ethnic Food Restaurant. A total of 369 questionnaires were analyzed. Five factors were obtained from factor analysis of Importance variance of selective attributes of Ethnic food restaurant: Factor 1 "Quality", Factor 2 "Service", Factor 3 "Physical environment", Factor 4 "Uniqueness", Factor 5 "Health". Also, "Quality", "Physical environment", "Uniqueness" factors influenced overall satisfaction. In addition, according to the IPA results, selective attributes with low satisfaction and high importance in the second quadrant were 'Sanitation that comfort hospitality', 'Level of service' and 'Price'. These results suggest that when customers select Ethnic food restaurant, they consider 'food price' and 'food quality'. Therefore, manager of ethnic food restaurant should take these improvement factors into consideration in order to meet consumer's expectations.