• Journal of Distribution Science
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• v.17 no.11
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• pp.93-101
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• 2019

Purpose: Blockchain technology suggests ways to solve the problems in the existing industry. Among them, Cryptocurrency system, which is an element of Blockchain technology, is a very important factor for operating Blockchain. While Blockchain cryptocurrency has attracted attention, studies on cryptocurrency prices have been mainly conducted, however previous studies mainly conducted on Bitcoin prices. On the other hand, in the context of the creation and trading of various cryptocurrencies based on the Blockchain system, little research has been done on cryptocurrencies other than Bitcoin. Hence, this study attempts to find variables related to the prices of Dash, Litecoin, and Monero cryptocurrencies using machine learning techniques. We also attempt to find differences in the variables related to the prices for each cryptocurrencies and to examine machine learning techniques that can provide better performance. Research design, data, and methodology: This study performed Dash, Litecoin, and Monero price prediction analysis of cryptocurrency using Blockchain information and machine learning techniques. We employed number of transactions in Blockchain, amount of generated cryptocurrency, transaction fees, number of activity accounts in Blockchain, Block creation difficulty, block size, umber of created blocks as independent variables. This study tried to ensure the reliability of the analysis results through 10-fold cross validation. Blockchain information was hierarchically added for price prediction, and the analysis result was measured as RMSE and MAPE. Results: The analysis shows that the prices of Dash, Litecoin and Monero cryptocurrency are related to Blockchain information. Also, we found that different Blockchain information improves the analysis results for each cryptocurrency. In addition, this study found that the neural network machine learning technique provides better analysis results than support-vector machine in predicting cryptocurrency prices. Conclusion: This study concludes that the information of Blockchain should be considered for the prediction of the price of Dash, Litecoin, and Monero cryptocurrency. It also suggests that Blockchain information related to the price of cryptocurrency differs depending on the type of cryptocurrency. We suggest that future research on various types of cryptocurrencies is needed. The findings of this study can provide a theoretical basis for future cryptocurrency research in distribution management.

• The Journal of Fisheries Business Administration
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• v.40 no.2
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• pp.49-70
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• 2009

This study proviedes GARCH model(Bollerslev, 1986) to analyze the structural characteristics of price volatility in domestic aquacultural fish market of Korea. As a case study, flatfish and rock-fish are analyzed as major species with relatively high portion in an aspect of production volume among fish captured in Korea. For analyzing, this study uses daily market data (dating from Jan 1 2000 to June 30, 2008) published by the Noryangjin Fisheries Wholesale Market which is located in Seoul of Korea. This study performs normality test on trading volume and price volatility of flatfish and rock-fish as an advanced empirical approach. The normality test adopted is Jarque-Bera test statistic. As a result, first, a null hypothesis that "an empirical distribution follows normal distribution" was rejected in both fishes. The distribution of daily market data of them were not only biased toward positive(+) direction in terms of kurtosis and skewness, but also characterized by leptokurtic distribution with long right tail. Secondly, serial correlations were found in data on market trading volume and price volatility of two species during very long period. Thirdly, the results of unit root test and ARCH-LM test showed that all data of time series were very stationary and demonstrated effects of ARCH. These statistical characteristics can be explained as a reasonable ground for supporting the fitness of GARCH model in order to estimate conditional variances that reveal price volatility in empirical analysis. From empirical data analysis above, this study drew the following conclusions. First of all, from an empirical analysis on potential effects of seasonality and the day of week on price volatility of aquacultural fish, Monday effects were found in both species and Thursday and Friday effects were also found in flatfish. This indicates that Monday is effective in expanding price volatility of aquacultural fish market and also Monday has higher effects upon the price volatility of fish than other days of week have since it has more new information for weekend. Secondly, the empirical analysis led to a common conclusion that there was very high price volatility of flatfish and rock-fish. This points out that the persistency parameter($\lambda$), an index of possibility for current volatility to sustain similarly in the future, was higher than 0.8-equivalently nearly to 1-in both flatfish and rock-fish, which presents volatility clustering. Also, this study estimated and compared and model that hypothesized normal distributions in order to determine fitness of respective models. As a result, the fitness of GARCH(1, 1)-t model was better than model where the distribution of error term was hypothesized through-distribution due to characteristics of fat-tailed distribution, was also better than model, as described in the results of basic statistic analysis. In conclusion, this study has an important mean in that it was introduced firstly in Korea to investigate in price volatility of Korean aquacultural fishery products, although there was partially a limited of official statistic data. Therefore, it is expected that the results of this study will be useful as a reference material for making and assessing governmental policies. Also, it is looked forward that the results will be helpful to build a fishery business plan as and aspect of producer, and also to take timely measures to potential price fluctuations of fishery products in market. Hence, it is advisable that further studies related to such price volatility in fishery market will extend and evolve into a wider variety of articles and issues in near future.

• Journal of Distribution Science
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• v.16 no.4
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• pp.67-74
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• 2018

Purpose - Most of the amendments to the law on the improvement of the distribution structure of mobile communication terminal equipment, the fully self-sufficient system of terminals, and the separated disclosure system on the terminals are aimed at securing transparency of the distribution structure by eliminating or reducing handset subsidies. This study investigates what items are important for the purchase of mobile phones in various and rapidly changing mobile phone markets from the consumer's point of view and tries to make a strategic suggestion for future mobile distribution strategies. Research design, data, and methodology - The procedure of this study takes place in four steps. In step 1, only the SF type respondents selected for this study were extracted through MBTI analysis. In step 2, they were divided into three hierarchies for the AHP analysis and each element was arranged. In step 3, the AHP analysis was converted to a Fuzzy-AHP number using the trigonometric centroid method. This was to eliminate the ambiguity of the response by converting into a fuzzy number even if data consistency was maintained with CI value below 0.1. In step 4, the number of converted 2-layer and 3-layer was combined to derive the priority when the final handset is selected. Results - First, the highest importance among the four items in the second tier was the terminal function item, followed by brand, price, and design item. Second, in the third tier, the highest importance was level of after-sales service, followed by device price, processing speed, ease of use, usefulness, and rate system. Third, the arithmetic average of the determinant of the fuzzy function showed that processing speed, ease of use and usefulness in the function item, level of after-sales service in the brand item, and device price in the price item were the five most important factors among 16 choice factors. Conclusions - First, there will be a change in the consumption patterns of consumers who have compared distributors and dealers to purchase handsets with more subsidies. Second, it is highly likely that people will purchase new handsets only when they need to change their devices because they can not receive subsidies by switching phone brands any more.

• Journal of Distribution Science
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• v.22 no.4
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• pp.11-22
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• 2024

Purpose: This research delves into the various factors that influence the performance of restaurant businesses on social commerce platforms in Bangkok, Thailand. The study considers both internal and external factors, including but not limited to business characteristics and location. Moreover, this research also analyzes the effects of employing multiple social commerce platforms on business efficiency and explores the underlying reasons for such effects. Research design, data, and methodology: Restaurants can be classified into different price ranges: low, medium, and high. To further investigate, we employed natural language processing AI to analyze online reviews and evaluate algorithm performance using machine learning techniques. We aimed to develop a model to gauge customer satisfaction with restaurants across different price categories effectively. Results: According to the research findings, several factors significantly impact restaurant groups in the low and mid-price ranges. Among these factors are population density and the number of seats at the restaurant. On the other hand, in the mid-and high-price ranges, the price levels of the food and drinks offered by the restaurant play a crucial role in determining customer satisfaction. Furthermore, the correlation between different social commerce platforms can significantly affect the business performance of high-price range restaurant groups. Finally, the level of online review sentiment has been found to influence customer decision-making across all restaurant types significantly. Conclusions: The study emphasizes that restaurants' characteristics based on their price level differ significantly, and social commerce platforms have the potential to affect one another. It is worth noting that the sentiment expressed in online reviews has a more significant impact on customer decision-making than any other factor, regardless of the type of restaurant in question.

• The Journal of Fisheries Business Administration
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• v.49 no.2
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• pp.21-35
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• 2018

Squid is a popular seafood in Korea. However, since the 2000s, the squid production has been declining. The unstable supply of the squid products may cause price fluctuations of fresh and chilled squid. These price fluctuations may be relatively more severe than them of other commodities, because the fresh and chilled squid can not be stored for a long period of time. Thus, this study analyzes the structural characteristics of price volatility and price asymmetry of fresh squid based on off-diagonal GARCH model. Data used to analysis of this study are daily wholesale and retail prices of fresh squid from January 1, 2006 to December 31, 2016 provided in the KAMIS. As theoretical approaches of this study, first of all, the stability of the time series is confirmed by the unit root test. Secondly, the causality between distribution channels is checked by the Granger causality test. Thirdly, the VAR model and the off-diagonal GARCH model are adopted to estimate asymmetry effect and price volatility spillover between distribution channels. Finally, the stability of the model is confirmed by multivariate Q-statistic and ARCH-LM test. In conclusion, fresh squid is found to have shock and volatility spillover between wholesale and retail prices as well as its own price. Also, volatility asymmetry effect is shown in own wholesale or retail price of fresh squid. Finally, this study shows that the decrease in the fresh squid retail price of t-1 period than the increase in the t-1 period has a greater impact on the volatility of the fresh squid wholesale price in t period.

• The Journal of Industrial Distribution & Business
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• v.11 no.12
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• pp.39-45
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• 2020

Purpose: The stock price delay phenomenon refers to a phenomenon in which stock prices do not immediately reflect corporate information and the reflection is delayed. A prior study reported that the stock price delay phenomenon appears strongly when the quality of corporate information is low (Callen, Khan, & Lu, 2013). The purpose of the internal accounting control system is to improve the reliability of accounting information. Specifically, the more professionals such as certified public accountants are placed in the internal accounting control system, the more information is prevented from being distorted, so the occurrence of stock price delay will decrease. Research design, data and methodology: In this study, companies listed on the securities market from 2012 to 2016 were selected as a sample to analyze whether the stock price delay phenomenon is alleviated as accounting experts are assigned to the internal accounting control system. The internal control personnel data were collected in the "Internal Accounting Control System Operation Report" attached to the business report of each company of the Financial Supervisory Service's Electronic Disclosure System(DART). The measurement method of the stock price delay phenomenon was referred to the study of Hou and Moskowitz (2005). The final sample used in the study is 2,641 firm-years. Results: It was found that companies with certified accountants in the internal accounting control system alleviate the stock price delay phenomenon. This result can be interpreted as increasing the speed at which corporate information is reflected in the stock price by improving the reliability of information disclosed in the market by the placement of experts in the system. Conclusions: The results of this study suggest that accounting professionals assigned to the internal accounting control system are playing a positive role in providing high-quality information to the market. In this study, focusing on the fact that the speed at which corporate information is reflected in the stock price is very important for the stakeholders in the capital market, we find that having a certified public accountant in the internal accounting control system alleviates the stock price delay phenomenon.

• Journal of the Korean Data and Information Science Society
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• v.15 no.4
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• pp.879-889
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• 2004

This paper gives an approximation to the distribution function of the .rst passage time of stock price when volatility of stock price is modeled by a function of Ornstein-Uhlenbeck process. It also shows how to obtain the error of the approximation.

• The Journal of Asian Finance, Economics and Business
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• v.1 no.3
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• pp.29-36
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• 2014

This paper attempts to measure the impact of non-financial factors including analyst practices and broker resources on performance of sell side research. Results reveal that these non-financial factors have a measurable impact on performance of target price forecasts. Number of pages written by an analyst (surrogate for analyst practice) is significantly and directly linked with target price accuracy indicating a more elaborate analyst produces better target price forecasts. Analyst compensation (surrogate for broker resource) is significantly and inversely linked with target price accuracy. Out performance by analysts working with lower paying firms is possibly associated with motivation to migrate to higher paying broking firms. The study finds that employing more number of analysts per research report has no significant impact on target price accuracy -negative coefficient indicates that team work may not result in better target price forecasts. Though insignificant, long term forecast horizon negatively affects target price accuracy while stock volatility improves target price accuracy.

• The Journal of Industrial Distribution & Business
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• v.7 no.2
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• pp.25-32
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• 2016

Purpose - The objective of this study is to investigate the differences and interaction effects on the perceived financial risk between Korean and Thai consumers according to the types of product(utilitarian and hedonic) and price discount (bundle and 50%off). Research design, Data and Methodology - This paper sets up 6 research subjects. Data collection was carried out in Korea and Thailand. Data was made of 154 Korean and 147 Thai consumers. As for the independent variables for this study, consumer types are composed of Korean and Thai consumers, price discount types were bundle(1+1) and 50% off price, and product types consist of utilitarian and hedonic product. The dependent variable is perceived as a financial risk. Each question is measured as a Likert-type five-point scale. Results - According to the price discount and product type, perceived financial risk of Thai consumers is confirmed to be a larger one than that of Korean consumers. Also, there are interaction effects in the perceived financial risk. Conclusion - Our findings can be used as useful information for global retail markets as marketing strategies in future Korean enterprise through a comparative study on Korean and Thai consumers.

• The Journal of Industrial Distribution & Business
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• v.4 no.2
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• pp.13-19
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• 2013

Purpose - The paper tested the relationship between the stock markets of the Middle East and the USA with the oil price and US dollar index as threshold variables. Research design, data, and methodology - The stock price indices of the USA, the Middle East (Abu Dhabi, Jordan), WTI spot crude oil price, and US dollar index were daily returns in the research period from May 21, 2001 to August 9, 2012. Following Hansen (1999), the panel threshold regression model was used. Results - With the US dollar index as the threshold variable, a negative relationship existed between the stock price indices of Jordan and the USA but no significant result was found between the stock price indices of Abu Dhabi and the USA. Conclusions - The USA is an economic power today:even if it has a closer relationship with the US stock market, the dynamic US economy can learn about subsequent developments and plan in advance. Conversely, if it has an estranged relationship with the US stock market, thinking in a different direction and different investment strategies will achieve good results.