• KDI Journal of Economic Policy
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• 제44권4호
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• pp.79-108
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• 2022

This study examines the impact of sentiment shock, which is defined as a stochastic innovation to the Housing Market Confidence Index (HMCI) that is orthogonal to past housing price changes, on aggregate housing price changes and housing price volatility. This paper documents empirical evidence that sentiment shock has a statistically significant relationship with Korea's aggregate housing price changes. Specifically, the key findings show that an increase in sentiment shock predicts a rise in the aggregate housing price and a drop in its volatility at the national level. For the Seoul Metropolitan Region (SMR), this study also suggests that sentiment shock is positively associated with one-month-ahead aggregate housing price changes, whereas an increase in sentiment volatility tends to increase housing price volatility as well. In addition, the out-of-sample forecasting exercises conducted here reveal that the prediction model endowed with sentiment shock and sentiment volatility outperforms other competing prediction models.

• 한국식생활문화학회지
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• 제22권6호
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• pp.742-747
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• 2007

The purpose of this study was to measure the effects of menu price and image on perceived sacrifice and value of tourist restaurant, the mediating effects of perceived sacrifice on the relationships between menu price and value, and between image and value. A total of 273 questionnaires were completed. ANCOVA was used to measure the mediating effects of perceived sacrifice on the relationships among menu price, image, and value. When the menu price and perceived sacrifice were regressed on the value, the menu price and perceived sacrifice were statistically significant. Moreover, when the image and perceived sacrifice were regressed on the value, the image and perceived sacrifice had a statistically significant effects on value. The results demonstrated that perceived sacrifice played a mediating role in the relationship between menu price and value.

• 한국의류학회지
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• 제23권4호
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• pp.529-540
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• 1999

The purpose of this study is examine how price attitude and risk perception affect6 consumer's attitude to clothing discount stores. As for the methods of the research 313 female consumers who just finished shopping at discount stores were interviewed and questioned. The result is as the following. 1. The factors such as discount price inclination effective value inclination price-quality association and price-social grade association in the price attitude as well as social psychological risk and the risk of losing opportunity in the risk perception affected consumer's attitude to clothing discount store. 2. The domestic national brand discount store acquired the highest scores in all factors but discount inclination factor and low price inclination factor. No difference was seen between stores in terms of the risk perception. 3. The determining factors for repurchase intention were found to be store satisfaction and the attitude to clothing discount store. 4. The convenience of transportation the availability of exchange or repair the payment option the quality of the product and the attributes of the store e, g, good quality with relatively low price affected the store satisfaction. 5. Domestic national brand discount store showed higher score in 'good quality with relatively low price' than domestic casual brand discount store did. And difference between groups was found in repurchase intention, Conclusively most consumers using clothing discount stores are effective value-oriented.

• 복식문화연구
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• 제26권1호
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• pp.1-18
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• 2018

In this study, the effects of anticipated regret and perceived uncertainty on price sensitivity or purchase hesitation in overseas purchasing are analyzed along with the effects of price sensitivity on purchase hesitation. The survey was conducted among internet fashion consumers with experience in overseas purchasing and 480 responses were used in the data analysis. The results showed the psychosocial anticipated regret positively influenced the price importance, and the service, product and psychosocial anticipated regret positively influenced the price search. The preference and psychology uncertainty positively influenced the price importance, and the information and psychology uncertainty positively influenced the price search. The price importance positively influenced payment stage hesitation and shopping cart abandonment, and the price search positively influenced purchase hesitation in overseas purchasing. The functional, service and psychosocial anticipated regret positively influenced payment stage hesitation, and the service and psychosocial anticipated regret positively influenced shopping cart abandonment and overall purchase hesitation. In addition, the perceived uncertainty positively influenced the payment stage hesitation, and the information and psychology uncertainty positively influenced the shopping cart abandonment and overall purchase hesitation. The results of this study will be helpful for developing the marketing strategy for customer relationship management for overseas internet shopping web-sites.

• 유통과학연구
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• 제12권3호
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• pp.75-83
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• 2014

Purpose - The oil price affects company value, which is the present value of the expected cash flow, by affecting the discount rate and cash flow. This study examines the nonlinear relationships between oil price and stock price using the AlphaShares Chinese Volatility Index as the threshold. Research design, data, and methodology - Data comprise daily closing values of the Shanghai Stock Exchange Composite Index, Shenzhen Stock Exchange Composite Index, and Hang Seng Index of ChinaWest Texas Intermediate crude oil spot price and AlphaShares Chinese Volatility Index from May 25, 2007 to May 24, 2012. The Threshold Error Correction Model is used. Results - The results demonstrate different relationships between the stock price index and oil price under different investor sentiments; however, the stock price index and oil price could adjust to a long-term equilibrium the long-term causality tests between them were all significant. Conclusions - The relationship between the WTI and HANG SENG Index is more significant than the Shanghai Composites Index and Shenzhen Composite Index, when using the AlphaShares Chinese Volatility Index (ASC-VIX) as the investor sentiment variable and threshold.

• 마케팅과학연구
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• 제18권2호
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• pp.47-64
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• 2008

It is well known that consumer's quality perception is strongly affected by price. Higher priced products tend to be perceived to have better quality than lower priced products although the objective product quality is the same. However, it is less known the process through which quality perception is affected by price cues. The existing literature suggests three potential hypotheses (i.e., the selectiveprocessing hypothesis, the selective interpretation hypothesis, and the representativeness heuristic hypothesis) that explain the underlying processes of the price-induced quality perception. The current research tests among the three competing hypotheses and also examines the role of consumer knowledge as a moderating factor. An experiment was conducted to test the moderating role of the knowledge in the price-quality relationship and to investigate the underlying process. The results indicate that theinfluence of price on perceived quality differs between novices and experts. Expert consumers' quality perception is not significantly influenced by price and this finding is consistent with the extant literature. On the other hand, novice consumers' quality perception is affected by price and the tests on the underlying process support for the representativeness heuristic hypothesis. Novice consumers assess that a high-priced brand should have good product quality due to the belief that high (low) price brands represent better (worse) brand quality and such a representativeness heuristic occurs without involving selective attention or selective interpretation price-consistent information.

• 수산경영론집
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• 제25권2호
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• pp.89-102
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• 1994

This paper is to survey the major results of the game-theoretic models and recent research directions of the literature on auctions and competitive biddings. This paper classifies the auctions and competitive biddings into the following four major types:(i) English auction, (ii) Dutch auction, (iii) the first-price sealed-bid auction, (iv) the second-price sealed-bid auction. In order to survey the major ideas related to auctions and competitive biddings, we use two representative theoretical models developed under the game-theoretic framework : (i) the independent private value model are summarized as follows ; (1) The Dutch auction and the first-price auction are strategically equivalent, and so are the English auction and the second-price auction. (2) At the symmetric equilibria, the expected selling price is the same for all four types of auction. Meanwhile, the major results of the general model are as follows ; (1) When bidders are uncertain about their value extimate, the English and second-price auctions are not equivalent, but the dutch and the first-price auctions are still strategically equivalent. (2) The English auction generates the higher expected prices than the second-price auction. Also, when bidders are risk-neutral, the second-price auction generated higher average prices than the Dutch and the first-price auctions.

• 한국컴퓨터정보학회논문지
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• 제23권12호
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• pp.227-232
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• 2018

The purpose of this study is to empirically measure the consumer response to mobile phone price changes in small and medium cities that have been alienated from Chinese marketing research. To do this, we measured price response through consumer survey based on conjoint analysis. The results of this study are as follows. First, it show a typical pattern in which the part-worth decreases as the price increases. This suggests that there is room for improvement in profitability through pricing strategy for small and medium cities. Second, the decrease of the utility value according to the price increase was different for each city. This implies that difference of price response by city should be used strategically when planning price tactics. This study has contributed to understanding the expansion of research subjects from large cities to small cities and the price response phenomenon of small cities. And it will provide basic data on price response to mobile phone marketers of small and medium cities.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.977-985
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• 2021

The main aim of the study is to provide empirical evidence about the association between stock market exchange data and weighted price index. This research utilized monthly reported data from the Amman stock exchange market (ASE) and the Central Bank of Jordan (CBJ). The weighted price index was employed as the dependent variable and the independent variables were weighted price index (WPI), turnover ratio (TOR), number of trading days (NTD), price-earnings ratio (PER), and dividends yield ratio (DY). The time period of the study was from January 2015 to October 2020. The study's methodology follows a quantitative approach using the multiple regression method to test the hypotheses of the study. The final results of the study provided conclusive evidence that the market-weighted price index is strongly and positively correlated to three predetermined variables, namely; turnover ratio, price-earnings ratio, and dividend yield but no evidence was obtained for the effect of the number of trading days. The finding of the current study proved that the market price index is not only influenced by macro factors, but also by other variables assumed to not beneficial for the judgment of price index movements.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.99-110
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• 2021

This study aims to examine empirically the industry and economic fundamental factors that affect the stock prices of the leading palm oil company in Indonesia. The dynamics of stock price are analyzed using the autoregressive distribution lag (ARDL) model both for symmetric and asymmetric effects. The data used in this study are monthly data for the period from 2008:01 to 2020:03. In the long run, the company stock price moves in line with the competitor company stock price at the current time. The palm oil price has a positive effect on the stock price. Meanwhile, inflation negatively affects the stock price in the short run. The estimated equilibrium correction coefficient indicates a reasonably quick correction of the distortion of the stock price equilibrium in monthly dynamics. However, fundamental factors have asymmetric effects, especially the response of stock price when these factors decrease rather than increase in the short run. Stock prices that are responsive to declines in fundamental performance should be of particular concern to both investors and management in their strategic decision making. The results of this study will contribute to the enrichment of literature related to stock prices from the viewpoint of economic analysis on firm-level data.