• Asia-Pacific Journal of Business
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• v.14 no.3
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• pp.187-204
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• 2023

Purpose - This study deals with the manager's overconfidence and stock price delay, and verified whether the stock price delay phenomenon changes as the overconfidence increases. Design/methodology/approach - Manager overconfidence means that managers have over confidence in their positions or abilities, and was measured according to Schrand and Zechman (2012). Stock price delay is a phenomenon in which information of company is not immediately reflected in the stock price, but is reflected over time, and was measured by the method suggested in a study by Hou and Moskowitz (2005). The analysis subjects used in this study are companies listed on the KOSPI market between 2011 and 2019, and the final sample is 5,509 company-years. Findings - As a result of the verification, it was shown that the stock price delay decreased as the manager's overconfidence increased, and this effect was amplified as the foreign shareholder's share ratio increased and the number of follow-up financial analysts increased. This means that as the manager's overconfidence increases, he actively provides high-quality information to the capital market. In addition, as a result of subdividing the manager's overconfidence into the investment and capital raising aspects, the capital raising aspect has a significant effect on reducing stock delays. This can be interpreted as the fact that managers with overconfident tendencies have a greater incentive to satisfy investors' information needs. Research implications or Originality - In previous studies, the characteristics of managers with strong overconfidence have both positive and negative aspects. The results of this study are significant in that they clearly demonstrated the positive aspect through the market variable of stock price delay, and it is expected to help capital market stakeholders understand the characteristics of managers with a strong propensity for overconfidence.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.56 no.10
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• pp.1731-1737
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• 2007

The Korea electricity wholesale market is operated under the cost-based-pool system and the government regulation to the new generation capacities in order to insure the resource adequacy. The goal of government's regulation is the electricity market stability by attracting proper generation investment while keeping the reliability of system. Generation companies must mandatory observe that government plan by now. But if the restructuring is to be complete, generation companies should not bear any obligation to invest unless their profitability is guaranteed. Namely the investors' behavior will be affected by the market prices. In this paper, the system dynamics model for Korea wholesale electricity market to examine whether competitive market can help to stabilize is developed and analyzes the investors behavior. The simulation results show that market controlled by government will be operated stable without resulting in price spike but there is no lower price because of maintaining the reasonable reserve margin. However, if the competition is introduced and the new investment is determined by the investor's decision without government intervention, the benefits from lower wholesale price are expected. Nevertheless, the volatility in the wholesale market increases, which increases the investment risks.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.201-208
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• 2021

This study aimed to identify the key factors that affect the financial market performance (Price-Earnings Model) through a sample of 35 public shareholding industrial companies on the Amman Stock Exchange for the period 2010-2019, using statistical models and methods, such as the Simple Linear Regression Model, Correlation Coefficient, and dispersion board. The study results showed the nonexistence of a statistically significant effect between the intellectual capital and market value added (MVA) and market performance. Results also showed a statistically significant positive effect between financial leverage (FL) and the market performance, where the interpreted variation reached 64%. It showed from the analysis results that the relationship between (MVA) and market performance (P/E) agrees with the study hypotheses, while the result related to (FL) disagrees with the study hypotheses. The study recommends that public shareholding industrial companies should focus more on intellectual capital and show its value in the annual financial statements and reports, and those companies that have high profitability and the chance to hold gains and profits should rely less on debt and more on retained earnings, due to the high risk of debt and in line with the present unstable circumstances in Jordan, especially in light of the global Covid-19 crisis.

• Management Science and Financial Engineering
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• v.18 no.2
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• pp.1-4
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• 2012

We study optimal trading strategy of a market maker with stock inventory. Following Avellaneda and Stoikov (2008), we assume the stock price follows a normal distribution. However, we take a constant expected rate of the stock return and assume that the stock volatility is an inverse function of the stock price level. We show that the optimal bid-ask spread of the market maker is wider for a higher expected rate of stock returns.

• Journal of Electrical Engineering and Technology
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• v.1 no.1
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• pp.1-7
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• 2006

In an electricity market, the spot market is normally integrated with a forward or future market. The advantage of the forward market is to allow the market participants to deal in a part or the whole trading portfolio at a fix price in advance and to avoid risk associated to the uncertain price of the spot market. Japan has introduced a continuous auction base forward market from April 2005. This paper analyzes the Japanese forward market rules and operations, and introduces a new algorithm that may improve the efficiency of the market itself. The proposed algorithm enables us to give consideration to the specific characteristics of the power system and to integrate them in the auction mechanism. The benefits of the proposed algorithm are verified on an electronic simulation platform and the results described in this paper.

• Journal of the Korean Society of Clothing and Textiles
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• v.37 no.6
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• pp.737-749
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• 2013

As more famous and luxurious fashion brands enter the online market, the changes in the online market include those in the composition of merchandise, price image, and consumer behavior. Focusing on these changes, this study examines the relation of consumer price attitude and impulse buying behavior towards internet apparel purchases. Data were obtained from 377 males and females in their 20s-40s who purchased apparel from an internet mall. Convenience sampling through the internet was performed. Collected data were analyzed by descriptive statistics, factor analysis, t-test, ANOVA, Duncan test, and regression analysis using SPSS for Windows 12.0. The results of this study are as follows. First, four dimensions of consumer price attitudes towards internet apparel purchases were found that included price-quality/prestige, sale, value for money, and low price orientation. Second, the influence of consumer price attitude on impulse buying is significant. As the price attitude of price-quality/prestige orientation and sale orientation increases, impulse buying orientation is stronger. Third, there are partially significant differences on the sub-dimensions of consumer price attitude and the influence of price attitude on impulse buying by gender and age. This study will be of help to internet companies by providing information in regards to a price attitude-based marketing strategy and an adequate response to customer impulse buying.

• Journal of the Korean Home Economics Association
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• v.37 no.4
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• pp.41-58
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• 1999

The purposes of this study were 1) to segment the market based on purchase frequency of products such as apparel, food, home electronics, life commodity in department store and low-price retailing, 2) to identify differences among segments in belief and attitude toward each store, purchase frequency of apparel items in each store and demographic variables. The data were collected via a self-administered questionnaire from 274 married women living in Seoul, Korea and analyzed by factor analysis, cluster analysis, one-way ANOVA and x$^2$-test. The results of this study were as follows: First, using cluster analysis on purchase frequency of products in each store, four groups were identified and labeled as department store patronage/ non-purchasers of apparel in low-price retailing(25.2%), purchasers of apparel in department store and low-price retailing(16.8%), low-price retailing patronage(30.3%) and non-purchasers of products in department store and low-price retailing(27.0%). Second, a series of one-way ANOV As revealed significant differences among four segments on beliefs of low-price retailing(four store attributes: price and variety of apparel product, facilities for convenient shopping, promotion, brand-reputation and fashionability of apparel product) and department store(three store attributes: price and variety of apparel product, facilities for convenient shopping and promotion) and attitude toward low-price retailing and department store. Attitude toward each store was yielded using Fishbein's multiattributes model. There were also significant differences among groups in purchase frequency of seven apparel items in low-price retailing and six apparel items in department store, and six demographic and personal variables(age, educational status, type of husband's occupation, monthly income and housing). Finally, the papers discussed manageral implications for each segments as well as theoretical implications.

• Korea Journal of Hospital Management
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• v.8 no.1
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• pp.1-23
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• 2003

General drug prices involve three stages: shipment stage, wholesaler stage and retail stage. Policies on drug price differ from country to country. Shipment stage prices are tightly regulated in countries like France and Netherlands. They are free in only a minority of advanced countries, even if these include some major players such as the US, Germany and, in a very limited sense, Japan. The situation in the UK is very complex with a semi-free system, where drug companies are free to set their own prices but cannot exceed a predetermined profit ceiling. Mark-up at both wholesaler and retail stages is formally admitted in most countries observed. Apart from the general drug prices, reimbursement price of insured drugs has been major policy concerns. Most countries reviewed in this study has exerted some control over reimbursement prices, but differ both in the way how and in the extent to which prices are admitted or fixed. Price fixing has been used in France and Japan. Some countries have transformed their system over time, particularly to move to reference pricing in the last decade. This mechanism has empowered the customer, and improved price competition on the market. Referring to the drug price policies in the advanced countries, this study makes some suggestions for the redirection of Korean price policy for reimbursement drug in health insurance as follows: to match appropriate policy tools to each policy goal; to maximize market mechanism through effective reimbursement price fixing which admits mark-ups in wholesaler and retail prices; to introduce reference pricing system in order to redirect patient's demand with a financial incentive to choose the best-priced drugs and to save the finance of health insurance; and to strengthen surveillance and monitoring mechanism in the drug market.

• Environmental and Resource Economics Review
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• v.16 no.2
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• pp.239-273
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• 2007

Bunker-C is sold at the different price in the market for international bunkering and for export, though the quality of bunker-c is not much different in two markets. The price difference in two markets tends to increase since 2002 in Korea. This study shows that there is a possibility for a structural change in the price difference in two markets in Korea around June, 2002. In the search for possible explanations for this structural change, empirical analyses found that the price difference in Singapore, which had not have any explanatory power before June, 2002, has explained the price difference in Korea after July, 2002. Other explanatory variable for the price difference was the growth rate of crude oil price in the previous period. The empirical results suggest that the price difference in bunkering market and export market might be explained by the price discrimination which is adopted as a competitive strategy by oil companies in competing with Singapore.

• Journal of the Korean Society of Industry Convergence
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• v.25 no.6_3
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• pp.1207-1219
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• 2022

「Act On Contracts To Which The State Is A Party」 stipulates that the "Construction Standard Production Rate" and "Construction Standard Unit Price" be used as the criteria for determining the estimated price of construction works performed by public institutions. In this regard, issues such as the application scope of the Construction Standard Unit Price, and the effect of budget reduction continue. However, due to the lack of quantitative data on the actual application of Construction Standard Unit Price, it is difficult to objectively evaluate various issues. In order to prepare data for objective evaluation of the Construction Standard Unit Price, this study analyzed the ripple effect of applying the Construction Standard Unit Price based on the bill of quantity. As a result of the analysis, the Construction Standard Unit Price ripple effect in the civil engineering part was 9.2%, and it was analyzed that there was a ripple effect of about 1.9% based on the civil engineering direct cost. In the construction part, the ripple effect was analyzed to be relatively high at 17%, but it was found to have a ripple effect of about 3% in the construction direct cost. Based on the total direct cost, the ripple effect was calculated as 2.2%. Based on the analysis results, it is possible to evaluate the effect of applying the Standard Market Unit Price, and it is expected to be used as basic data to solve issues. As a future study, it is necessary to additionally analyze the ripple effect by Standard Market Unit Price application range (over 10 billion, over 20 billion won, etc.) and delivery system type (comprehensive evaluation, qualification examination, technical bidding, etc.). In addition, it is necessary to study the appropriate ripple effect of the Standard Market Unit Price.