• Asia pacific journal of information systems
• /
• v.24 no.2
• /
• pp.211-232
• /
• 2014

Recently, there is a growing interest toward social commerce using SNS(Social Networking Service), and the size of its market is also expanding due to popularization of smart phones, tablet PCs and other smart devices. Accordingly, various studies have been attempted but it is shown that most of the previous studies have been conducted from perspectives of the users. The purpose of this study is to derive user-centered CSF(Critical Success Factor) of social commerce from the previous studies and analyze the CSF perception gap between social commerce service providers and users. The CSF perception gap between two groups shows that there is a difference between ideal images the service providers hope for and the actual image the service users have on social commerce companies. This study provides effective improvement directions for social commerce companies by presenting current business problems and its solution plans. For this, This study selected Korea's representative social commerce business Ticket Monster, which is dominant in sales and staff size together with its excellent funding power through M&A by stock exchange with the US social commerce business Living Social with Amazon.com as a shareholder in August, 2011, as a target group of social commerce service provider. we have gathered questionnaires from both service providers and the users from October 22, 2012 until October 31, 2012 to conduct an empirical analysis. We surveyed 160 service providers of Ticket Monster We also surveyed 160 social commerce users who have experienced in using Ticket Monster service. Out of 320 surveys, 20 questionaries which were unfit or undependable were discarded. Consequently the remaining 300(service provider 150, user 150)were used for this empirical study. The statistics were analyzed using SPSS 12.0. Implications of the empirical analysis result of this study are as follows: First of all, There are order differences in the importance of social commerce CSF between two groups. While service providers regard Price Economic as the most important CSF influencing purchasing intention, the users regard 'Trust' as the most important CSF influencing purchasing intention. This means that the service providers have to utilize the unique strong point of social commerce which make the customers be trusted rathe than just focusing on selling product at a discounted price. It means that service Providers need to enhance effective communication skills by using SNS and play a vital role as a trusted adviser who provides curation services and explains the value of products through information filtering. Also, they need to pay attention to preventing consumer damages from deceptive and false advertising. service providers have to create the detailed reward system in case of a consumer damages caused by above problems. It can make strong ties with customers. Second, both service providers and users tend to consider that social commerce CSF influencing purchasing intention are Price Economic, Utility, Trust, and Word of Mouth Effect. Accordingly, it can be learned that users are expecting the benefit from the aspect of prices and economy when using social commerce, and service providers should be able to suggest the individualized discount benefit through diverse methods using social network service. Looking into it from the aspect of usefulness, service providers are required to get users to be cognizant of time-saving, efficiency, and convenience when they are using social commerce. Therefore, it is necessary to increase the usefulness of social commerce through the introduction of a new management strategy, such as intensification of search engine of the Website, facilitation in payment through shopping basket, and package distribution. Trust, as mentioned before, is the most important variable in consumers' mind, so it should definitely be managed for sustainable management. If the trust in social commerce should fall due to consumers' damage case due to false and puffery advertising forgeries, it could have a negative influence on the image of the social commerce industry in general. Instead of advertising with famous celebrities and using a bombastic amount of money on marketing expenses, the social commerce industry should be able to use the word of mouth effect between users by making use of the social network service, the major marketing method of initial social commerce. The word of mouth effect occurring from consumers' spontaneous self-marketer's duty performance can bring not only reduction effect in advertising cost to a service provider but it can also prepare the basis of discounted price suggestion to consumers; in this context, the word of mouth effect should be managed as the CSF of social commerce. Third, Trade safety was not derived as one of the CSF. Recently, with e-commerce like social commerce and Internet shopping increasing in a variety of methods, the importance of trade safety on the Internet also increases, but in this study result, trade safety wasn't evaluated as CSF of social commerce by both groups. This study judges that it's because both service provider groups and user group are perceiving that there is a reliable PG(Payment Gateway) which acts for e-payment of Internet transaction. Accordingly, it is understood that both two groups feel that social commerce can have a corporate identity by website and differentiation in products and services in sales, but don't feel a big difference by business in case of e-payment system. In other words, trade safety should be perceived as natural, basic universal service. Fourth, it's necessary that service providers should intensify the communication with users by making use of social network service which is the major marketing method of social commerce and should be able to use the word of mouth effect between users. The word of mouth effect occurring from consumers' spontaneous self- marketer's duty performance can bring not only reduction effect in advertising cost to a service provider but it can also prepare the basis of discounted price suggestion to consumers. in this context, it is judged that the word of mouth effect should be managed as CSF of social commerce. In this paper, the characteristics of social commerce are limited as five independent variables, however, if an additional study is proceeded with more various independent variables, more in-depth study results will be derived. In addition, this research targets social commerce service providers and the users, however, in the consideration of the fact that social commerce is a two-sided market, drawing CSF through an analysis of perception gap between social commerce service providers and its advertisement clients would be worth to be dealt with in a follow-up study.

• Journal of Global Scholars of Marketing Science
• /
• v.20 no.2
• /
• pp.219-230
• /
• 2010

Digital content makes big changes to our daily lives while bringing opportunities and challenges for companies. Creative firms integrate pictures, texts, videos, audios, and data by digitalization to develop new products or services and create digital experiences to promote their brands. Most articles on digital content contribute to the basic concept or development of marketing it in literature. Actually, compared with traditional value chains for common products or services, the digital content industry seems to have more potential value. Because quite a bit of digital content is free to the consumer, price is not necessarily perceived as an indicator of the quality or value of information (Rowley 2008). It becomes evident that a current theme in digital content is the issue of "value," and research on customers' perceived value of digital content is a necessity. This article argues that experiential value has an advantage in customers' evaluations of digital content. Two different but related contributions to the understanding of "value" of digital content are made here. First, based on the comparison of digital content with products and services, the article proposes two key characteristics that make experiential strategy available for digital content: intangibility and near-zero reproduction cost. On top of that, based on the discussion of the gap between company's idealized value and customer's perceived value, this article emphasizes that digital content prices and pricing of digital content is different from products and services. As a result of intangibility, prices may not reflect customer value. Moreover, the cost of digital content in the development stage may be very high while reproduction costs shrink dramatically. Moreover, because of the value gap mentioned before, the pricing polices vary for different digital contents. For example, flat price policy is generally used for movies and music (Magiera 2001; Netherby 2002), while for continuous demand, digital content such as online games and anti-virus programs involves a more complicated matter of utility and competitive price levels. Digital content companies have to explore various kinds of strategies to overcome this gap. Rethinking marketing solutions such as advertisements, images, and word-of-mouth and their effect on customers' perceived value becomes essential. China's digital content industry is becoming more and more globalized and drawing special attention from different countries and regions that have respective competitive advantages. The 2008-2009 Annual Report on the Development of China's Digital Content Industry (CCIDConsulting 2009) indicates that, with the driven power of domestic demand and governmental policy support, the country's digital content industry maintained a fast growth of some 30 percent in 2008, obviously indicating the initial stage of industry expansion. In China, anti-virus programs and other software programs which need to be updated use a quarter-based pricing policy. Customers can download a trial version for free and use it for six months or a year. If they want to use it longer, continuous payment is needed. They examine the excellence of the digital content during this trial period and decide whether to pay for continued usage. For China’s music and movie industries, as a result of initial development, experiential strategy has not been much applied, even though firms in other countries find the trial experience and explore important strategies(such as customers listening to music for several seconds for free before downloading it). For the above reasons, anti-virus program may be a representative for digital content industry in China and an exploratory study of the advantage of experiential value in customer's perceived value of digital content is done in the anti-virus market of China. In order to enhance the reliability of the survey data, this study focused on people who were experienced users of anti-virus programs. The empirical results revealed that experiential value has a positive effect on customers' perceived value of digital content. In other words, because digital content is intangible and the reproduction costs are nearly zero, customers' evaluations are based heavily on their experience. Moreover, image and word-of-mouth do not have a positive effect on perceived value, only on experiential value. That is to say, a digital content value chain is different from that of a general product or service. Experiential value has a notable advantage and mediates the effect of image and word-of-mouth on perceived value. The results of this study help provide an understanding of why free digital content downloads exist in developing countries. Customers can perceive the value of digital content only by using and experiencing it. This is also why such governments support the development of digital content. Other developing countries whose digital content business is also in the beginning stage can make use of the suggestions here. Moreover, based on the advantage of experiential strategy, companies should make more of an effort to invest in customers' experience. As a result of the characteristics and value gap of digital content, customers perceive more value in the intangible digital content only by experiencing what they really want. Moreover, because of the near-zero reproduction costs, companies can perhaps use experiential strategy to enhance customer understanding of digital content.

• Journal of Distribution Science
• /
• v.9 no.4
• /
• pp.5-13
• /
• 2011

This study provides analysis of the effectiveness of domestic marketing strategies of the Korean coffee shop "Caffe Bene". It bases its evaluation on statistical outputs of 'choice attributes,' "market segmentation," demographic characteristics," and "satisfaction differences." The results are summarized in four points. First, five choice attributes were extracted from factor analysis: price, atmosphere, comfort, taste, and location; these are related to coffee shop selection behavior. Based on these five factors, cluster analysis was conducted, with statistical results classifying customers into three major groups: atmosphere oriented; comfort oriented; and taste oriented. Second, discriminant analysis tested cluster analysis and showed two discriminant functions: location and atmosphere. Third, cross-tabulation analysis based on demographic characteristics showed distinctive demographic characteristics within the three groups. Atmosphere oriented group, early-20s, as women of all ages was found to be 'walking down the street 'and 'through acquaintances' in many cases, as the cognitive path, and mostly found the store through 'outdoor advertising', and 'introduction'. Comfort oriented group was mainly women who are students in their early twenties or professionals, and appeared as a group to be very loyal because of high recommendation to other customers compared to other groups. Taste oriented group, unlike the other group, was mainly late-20s' college graduates, and was confirmed, as low loyalty, with lower recommendation activity. Fourth, to analyze satisfaction differences, one-way ANOVA was conducted. It shows that groups which show high satisfaction in the five main factors also show high menu satisfaction and high overall satisfaction. This results show that segmented marketing strategies are necessary because customers are considering price, atmosphere, comfort, taste, location when they choose coffee shop and demographics show different attributes based on segmented groups. For example, atmosphere oriented group is satisfied with shop interior and comfort while dissatisfied with price because most of the customers in this group are early 20s and do not have great financial capability. Thus, price discounting marketing strategies based on individual situations through CRM system is critical. Comfort oriented group shows high satisfaction level about location and shop comfort. Also, in this group, there are many early 20s female customers, students, and self-employed people. This group customers show high word of mouth tendency, hence providing positive brand image to the customers would be important. In case of taste oriented group, while the scores of taste and location are high, word of mouth score is low. This group is mainly composed of educated and professional many late 20s customers, therefore, menu differentiation, increasing quality of coffee taste and price discrimination is critical to increase customers' satisfaction. However, it is hard to generalize the results of study to other coffee shop brand, because this study have researched only one domestic coffee shop, Caffe Bene. Thus if future study expand the scope of locations, brands, and occupations, the results of the study would provide more generalizable results. Finally, research of customer satisfactions of menu, trust, loyalty, and switching cost would be critical in the future study.

• Journal of Global Scholars of Marketing Science
• /
• v.20 no.1
• /
• pp.35-48
• /
• 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.

• Journal of the Korean Society of Food Science and Nutrition
• /
• v.46 no.7
• /
• pp.876-885
• /
• 2017

This study aimed to identify the characteristics of Home Meal Replacement (HMR) product purchases and the need for HMR product development for Hong Kong consumers in order to suggest market segmentation strategies according to consumers' dietary lifestyle. For this, an online survey was conducted on a panel of 521 Hong Kong consumers with HMR purchase experience registered at a specialized organization. Data analysis was performed using SPSS (ver. 23.0). HMR purchase characteristics of Hong Kong consumers according to dietary lifestyle showed significant differences in all items, including 'number of purchases', 'purchase location', 'cost of single purchase', and 'reason for purchase'. According to dietary lifestyle, participants were divided into three clusters: 'High interest', 'normal interest', and 'low interest'. In the case of 'high interest in dietary life group', 'low-sodium food' was the most common, followed by 'heating food', 'low sugar food', and 'low calorie food'. In the case of 'moderate interest in dietary life group', 'low-sodium food' was the most common, followed by 'low sugar food', 'low calorie food', and 'nutritious meal'. In the case of 'low interest in dietary life group', 'low sugar food' was the most common, followed by 'low-sodium food', 'various new menu', and 'easy-to-carry dehydrated food'. For the 'high interest' group, the highest proportion of consumers were male in between the ages of 20 to 29, married, and worked in an office job. The 'high interest' consumers also showed a tendency to pay '15,000 to 20,000 KRW' per single purchase. The 'normal interest' group consisted of an even proportion of male and female consumers, with the most common age range being from 30 to 39 years, and most were married. These consumers preferred to spend 'less than 10,000 KRW' or '10,000 KRW to 15,000 KRW' per single purchase, which is in the lower price range for HMR purchases. The 'low interest in dietary life group' had more females gender-wise, were unmarried, and worked in an office job, For a single purchase, the 'low interest' group chose to pay less than 10,000 KRW, which is relatively lower than the other two clusters. The results of this study can be used as baseline data for building marketing strategies for HMR product development. It can also provide basic data and directions for new HMR export products that reflect consumer needs in order to create a market segmentation strategy for industrial applications.

• The Korean Journal of Air & Space Law and Policy
• /
• v.1
• /
• pp.147-162
• /
• 1989

The current status of the application and interpretation of the Warsaw Convention and its subsequent Protocols in Asian countries is in its fredgling stages compared to the developed countries of Europe and North America, and there is thus little published information about the various Asian governments' treatment and courts' views of the Warsaw System. Due to that limitation, the accent of this paper will be on Korea and Japan. As one will be aware, the so-called 'Warsaw System' is made up of the Warsaw Convention of 1929, the Hague Protocol of 1955, the Guadalajara Convention of 1961, the Guatemala City Protocol of 1971 and the Montreal Additional Protocols Nos. 1,2,3 and 4 of 1975. Among these instruments, most of the countries in Asia are parties to both the Warsaw Convention and the Hague Protocol. However, the Republic of Korea and Mongolia are parties only to the Hague Protocol, while Burma, Indonesia and Sri Lanka are parties only to the Warsaw Convention. Thailand and Taiwan are not parties only to the convention or protocol. Among Asian states, Indonesia, the Phillipines and Pakistan are also parties to the Guadalajara Convention, but no country in Asia has signed the Guatemala City Protocol of 1971 or the Montreal Additional Protocols, which Protocols have not yet been put into force. The People's Republic of China has declared that the Warsaw Convention shall apply to the entire Chinese territory, including Taiwan. 'The application of the Warsaw Convention to one-way air carriage between a state which is a party only to the Warsaw Convention and a state which is a party only to the Hague Protocol' is of particular importance in Korea as it is a signatory only to the Hague Protocol, but it is involved in a great deal of air transportation to and from the united states, which in turn is a party only to the Warsaw Convention. The opinion of the Supreme Court of Korea appears to be, that parties to the Warsaw Convention were intended to be parties to the Hague Protocol, whether they actually signed it or not. The effect of this decision is that in Korea the United States and Korea will be considered by the courts to be in a treaty relationship, though neither State is a signatory to the same instrument as the other State. The first wrongful death claim in Korea related to international carriage by air under the Convention was made in Hyun-Mo Bang, et al v. Korean Air Lines Co., Ltd. case. In this case, the plaintiffs claimed for damages based upon breach of contract as well as upon tort under the Korean Civil Code. The issue in the case was whether the time limitation provisions of the Convention should be applicable to a claim based in tort as well as to a claim based in contract. The Appellate Court ruled on 29 August 1983 that 'however founded' in Article 24(1) of the Convention should be construed to mean that the Convention should be applicable to the claim regardless of whether the cause of action was based in tort or breach of contract, and that the plaintiffs' rights to damages had therefore extinguished because of the time limitation as set forth in Article 29(1) of the Convention. The difficult and often debated question of what exactly is meant by the words 'such default equivalent to wilful misconduct' in Article 25(1) of the Warsaw Convention, has also been litigated. The Supreme Court of Japan dealt with this issue in the Suzuki Shinjuten Co. v. Northwest Airlines Inc. case. The Supreme Court upheld the Appellate Court's ruling, and decided that 'such default equivalent to wilful misconduct' under Article 25(1) of the Convention was within the meaning of 'gross negligence' under the Japanese Commercial Code. The issue of the convention of the 'franc' into national currencies as provided in Article 22 of the Warsaw Convention as amended by the Hague Protocol has been raised in a court case in Korea, which is now before the District Court of Seoul. In this case, the plaintiff argues that the gold franc equivalent must be converted in Korean Won in accordance with the free market price of gold in Korea, as Korea has not enacted any law, order or regulation prescribing the proper method of calculating the equivalent in its national currency. while it is unclear if the court will accept this position, the last official price of gold of the United States as in the famous Franklin Mint case, Special Drawing Right(SDR) or the current French franc, Korean Air Lines has argued in favor of the last official price of gold of the United States by which the air lines converted such francs into us Dollars in their General Conditions of Carriage. It is my understanding that in India, an appellate court adopted the free market price valuation. There is a report as well saying that if a lawsuit concerning this issue were brought in Pakistan, the free market cost of gold would be applied there too. Speaking specifically about the future of the Warsaw System in Asia though I have been informed that Thailand is actively considering acceding to the Warsaw Convention, the attitudes of most Asian countries' governments towards the Warsaw System are still wnot ell known. There is little evidence that Asian countries are moving to deal concretely with the conversion of the franc into their own local currencies. So too it cannot be said that they are on the move to adhere to the Montreal Additional Protocols Nos. 3 & 4 which attempt to basically solve many of the current problems with the Warsaw System, by adopting the SDR as the unit of currency, by establishing the carrier's absolute liability and an unbreakable limit and by increasing the carrier's passenger limit of liability to SDR 100,000, as well as permiting the domestic introduction of supplemental compensation. To summarize my own sentiments regarding the future, I would say that given the fact that Asian air lines are now world leaders both in overall size and rate of growth, and the fact that both Asian individuals and governments are becoming more and more reliant on the global civil aviation networks as their economies become ever stronger, I am hopeful that Asian nations will henceforth play a bigger role in ensuring the orderly and hasty development of a workable unified system of rules governing international commercial air carriage.

• Journal of Intelligence and Information Systems
• /
• v.25 no.1
• /
• pp.63-83
• /
• 2019

Investors prefer to look for trading points based on the graph shown in the chart rather than complex analysis, such as corporate intrinsic value analysis and technical auxiliary index analysis. However, the pattern analysis technique is difficult and computerized less than the needs of users. In recent years, there have been many cases of studying stock price patterns using various machine learning techniques including neural networks in the field of artificial intelligence(AI). In particular, the development of IT technology has made it easier to analyze a huge number of chart data to find patterns that can predict stock prices. Although short-term forecasting power of prices has increased in terms of performance so far, long-term forecasting power is limited and is used in short-term trading rather than long-term investment. Other studies have focused on mechanically and accurately identifying patterns that were not recognized by past technology, but it can be vulnerable in practical areas because it is a separate matter whether the patterns found are suitable for trading. When they find a meaningful pattern, they find a point that matches the pattern. They then measure their performance after n days, assuming that they have bought at that point in time. Since this approach is to calculate virtual revenues, there can be many disparities with reality. The existing research method tries to find a pattern with stock price prediction power, but this study proposes to define the patterns first and to trade when the pattern with high success probability appears. The M & W wave pattern published by Merrill(1980) is simple because we can distinguish it by five turning points. Despite the report that some patterns have price predictability, there were no performance reports used in the actual market. The simplicity of a pattern consisting of five turning points has the advantage of reducing the cost of increasing pattern recognition accuracy. In this study, 16 patterns of up conversion and 16 patterns of down conversion are reclassified into ten groups so that they can be easily implemented by the system. Only one pattern with high success rate per group is selected for trading. Patterns that had a high probability of success in the past are likely to succeed in the future. So we trade when such a pattern occurs. It is a real situation because it is measured assuming that both the buy and sell have been executed. We tested three ways to calculate the turning point. The first method, the minimum change rate zig-zag method, removes price movements below a certain percentage and calculates the vertex. In the second method, high-low line zig-zag, the high price that meets the n-day high price line is calculated at the peak price, and the low price that meets the n-day low price line is calculated at the valley price. In the third method, the swing wave method, the high price in the center higher than n high prices on the left and right is calculated as the peak price. If the central low price is lower than the n low price on the left and right, it is calculated as valley price. The swing wave method was superior to the other methods in the test results. It is interpreted that the transaction after checking the completion of the pattern is more effective than the transaction in the unfinished state of the pattern. Genetic algorithms(GA) were the most suitable solution, although it was virtually impossible to find patterns with high success rates because the number of cases was too large in this simulation. We also performed the simulation using the Walk-forward Analysis(WFA) method, which tests the test section and the application section separately. So we were able to respond appropriately to market changes. In this study, we optimize the stock portfolio because there is a risk of over-optimized if we implement the variable optimality for each individual stock. Therefore, we selected the number of constituent stocks as 20 to increase the effect of diversified investment while avoiding optimization. We tested the KOSPI market by dividing it into six categories. In the results, the portfolio of small cap stock was the most successful and the high vol stock portfolio was the second best. This shows that patterns need to have some price volatility in order for patterns to be shaped, but volatility is not the best.

• Korean Journal of Poultry Science
• /
• v.20 no.2
• /
• pp.107-114
• /
• 1993

The structure change in the broiler industry of Korea has been taking place very rapidly toward the direction of integrated production and marketing system. During the course of the evolution into the integrated structure, however, a number of small business entities, uncountable nationally but a minimum of a dozen, that previously engaged in the supply of production factors or live bird transaction also tended to get involved in the new system as a disguised or pseudo-integrator, having brought a lot of problems not only to the farmers but also to the development of integrated structure. The pseudo-integrator is generally characterized by limited functions in such a way of supplying chicks and feeds to and collecting grown birds from farmers under the contract at a fixed farmer's payment in practically the same pattern as a partial or quasi-integration, which intends to act as if an integrator in a stratagem to simply enjoy a margin simply from selling supplies and buying products for a certain period of time. The grower making a contract with appears to be a farmer who used to be an Independent and speculating but not able to join in the normal system of evolving integration. The problems of a pseudo-integrator center on the financial loss to a contract farmer, because the falsified integrator has to become easily bankrupt and run away when the price of live broiler continually stays below the cost of production, even though he is able to make a tremendous profit otherwise which is the real purpose of the operation for. It is true that the volatile market, fluctuating the price up more than doubled in a month and down to a half in a few weeks, makes the pseudo-integrator find the room for such a fraudulence. In addition, its activity also adversely affect the evolution of the integration due to rather negative image on structure change in general. It is recommended that the farmers need to better understand the real picture of the integrated system so as not to be swindled by a disguised, small scale agribusiness agent. By the same token, it is also equally required to have the whole industry integrated completely as early as possible. The Joint effort to get rid of pseudo-integrators' problems shall be put for the industry development moving toward the integration. No doubt a pseudo-integrator must be a temporary player for chance emerging during the course of structure change into the integrated, though.

• Journal of the Korean Data and Information Science Society
• /
• v.25 no.1
• /
• pp.131-153
• /
• 2014

The Korean market of pension plans has recently increased and pension plans will be expected to play an important role in the retirement system as complement of the national pension system in the future. However, there are a few of research papers on actuarial projections of pension plans. This paper will discuss a long-term financial projection on defined pension plans using data based on the national pension workplace participants. Previous researches focused on company-based financial projection of pension plan. But, this paper concerns on total Korean pension participants and suggests a method to calculate future financial projection of total pension plans. Finally, this research will suggest several numerical results of normal costs, benefits, numbers of workers, etc.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.9 no.1
• /
• pp.153-164
• /
• 2014

This study is to investigate the effects of intangible assets such as research & development, education & training and advertisement on firm values of high-technology firms and low-technology firms listed in the KOSDAQ market, and to analyze the value-relativeness between the audit quality of companies and the expenditure of intangible assets. The substitute measurement of firm values is Tobin's Q model. The sample period for positive analysis is from 2003 to 2008, and the samples, excepting for financial business, are manufacturing companies of closing accounts corporate on December, based on companies of KOSDAQ that are listed in security. Finally, data from about 305 companies are used in this analysis. Followings are the results of the analysis. First, research & development, education & training of high-technology firms have an effect on firm values, and education & training of low-technology have an effect on firm values. Second, we find that audit quality(BIG4) increases the value relevance of R&D expenditures of high-technology firms and audit quality(BIG4) increases the value relevance of education & training expenditures of low-technology firms. This paper is meaningful in that it verified the value-relativeness of cost of intangible assets compared with high-technology firms to low-technology firms.