• Title/Summary/Keyword: Risk Price

Search Result 549, Processing Time 0.022 seconds

Information Search Factor of Consumer Behavior -In case of purchasing electric goods- (소비자의 정보탐색 행동에 관한 연구 -가전제품 구매행동을 중심으로-)

  • 강미옥
    • Journal of the Korean Home Economics Association
    • /
    • v.30 no.1
    • /
    • pp.149-161
    • /
    • 1992
  • The purpose of this study is to analyze information search activity in purchasing behavior of household electric goods. Qusetionare survey method was used in this research. The sample was taken from 302 housewives living in Seoul, from 9th of Nov. to 20th of Nov, in 1991. Used statical methods were Frequency, Percentage, Crosstab, Anova, and Regression Analysis. The major findings are summarized as follows : 1) Component elements of information search : The means of acquiring information is that friends, neighbors, sales are most. A cause of choosing information is the sequence of satisfaction after using, easiness of interaction. The time in choosing goods is more month. 2) Component element of information search as social economic status housewife : children numbers and means of acquiring information(P<.01), education and a cause of choosing information(P<.05), life cost per month and a cause of choosing information(P<.05), social economic status and a time information search are significant. 3) A perception of risk as searching information : Among searching content of information a price influence a perception of risk. 4) Content of searching information and satisfaction of purchasing experience : Best choice is significant as quality of goods, difference of quality is significant as safety and degree of offering information is significant as a brand. 5) Satisfaction of purchasing experience following practical use of information : Best choice is significant as viewing of an exhibit and opinion of user. Difference of quality is not significant as any vairable. Degree of offer information influence searching pamphlet, searching an advertisement and opinion of user. 6) A perception of risk following source of an information : A perception of risk is most influenced by pamphlet.

  • PDF

Premiums/Discounts, Tracking Errors and Performance of Saudi Arabian ETFs

  • DIAW, Alassane
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.6 no.2
    • /
    • pp.9-13
    • /
    • 2019
  • The paper aims to investigate the performance of domestic Saudi Arabian ETFs. ETFs are investment vehicles in vogue. These instruments were the first levers for investors allowing them to enter some markets that have been highly protected or out of reach. Saudi Arabia, which has been promoted as an emerging country by MSCI, seeks to attract more foreign investors. The first ETFs were launched in the years 2010-2011. Even though their number has not increased since then, there is a desire to attract a large number of investors. We use premiums/discounts analysis, standard risk-return models, and tracking errors measurements to assess how closely their replicate the underlying benchmark based on monthly data. The results indicate that out of the three funds investigated two are slightly traded at premium, while the latter exhibit a price discount. However, tracking errors are at minimum for all funds suggesting that they track well the benchmark index. Further, the Jensen's model shows that alphas are negative or null, and betas capture largely the systematic risk which is consistent with index investing strategies. Finally, traditional risk-adjusted measures of performance are used to compare ETFs, and results exhibit negative ratios showing that portfolios achieve lower return than the risk-free rate.

A Characteristic Analysis and Countermeasure Study of the Hedging of Listed Companies in China Stock Markets

  • WU, Guo-Hua;JIANG, Xiao-Ling;DENG, Su-Ya
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.8 no.10
    • /
    • pp.147-158
    • /
    • 2021
  • Due to COVID-19, the risk of price volatility in commodity and equity markets increases. The research and application of hedging is the most effective way to reduce the market risk. Hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. We use K-means and hierarchical clustering methods to cluster companies and futures products respectively, and analyze the relationship between the number of hedging firms, regional distribution, nature of firms, capital distribution, company size, profitability, number of local Futures Commission Merchants (FCMs), regional location, and listing time. The study shows that listed companies with large scale and good profitability invest more money in hedging, while state-owned enterprises' participation in hedging is more likely to be affected by the company size and the number of local futures commission merchants, and private enterprises are more likely to be affected by the company profitability and the regional location. Listed companies are more willing to choose long-listed and mature futures products for hedging. We also provide policy advice based on our conclusion. So far, there is no study on the characteristics of hedging. This paper fills the gap. The results provide a basis and guidance for people's investment and risk management. Using clustering analysis in hedging study is another innovation of this paper.

Inter-Factor Determinants of Return Reversal Effect with Dynamic Bayesian Network Analysis: Empirical Evidence from Pakistan

  • HAQUE, Abdul;RAO, Marriam;QAMAR, Muhammad Ali Jibran
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.9 no.3
    • /
    • pp.203-215
    • /
    • 2022
  • Bayesian Networks are multivariate probabilistic factor graphs that are used to assess underlying factor relationships. From January 2005 to December 2018, the study examines how Dynamic Bayesian Networks can be utilized to estimate portfolio risk and return as well as determine inter-factor relationships among reversal profit-generating components in Pakistan's emerging market (PSX). The goal of this article is to uncover the factors that cause reversal profits in the Pakistani stock market. In visual form, Bayesian networks can generate causal and inferential probabilistic relationships. Investors might update their stock return values in the network simultaneously with fresh market information, resulting in a dynamic shift in portfolio risk distribution across the networks. The findings show that investments in low net profit margin, low investment, and high volatility-based designed portfolios yield the biggest dynamical reversal profits. The main triggering aspects related to generation reversal profits in the Pakistan market, in the long run, are net profit margin, market risk premium, investment, size, and volatility factor. Investors should invest in and build portfolios with small companies that have a low price-to-earnings ratio, small earnings per share, and minimal volatility, according to the most likely explanation.

Level Shifts and Long-term Memory in Stock Distribution Markets (주식유통시장의 층위이동과 장기기억과정)

  • Chung, Jin-Taek
    • Journal of Distribution Science
    • /
    • v.14 no.1
    • /
    • pp.93-102
    • /
    • 2016
  • Purpose - The purpose of paper is studying the static and dynamic side for long-term memory storage properties, and increase the explanatory power regarding the long-term memory process by looking at the long-term storage attributes, Korea Composite Stock Price Index. The reason for the use of GPH statistic is to derive the modified statistic Korea's stock market, and to research a process of long-term memory. Research design, data, and methodology - Level shifts were subjected to be an empirical analysis by applying the GPH method. It has been modified by taking into account the daily log return of the Korea Composite Stock Price Index a. The Data, used for the stock market to analyze whether deciding the action by the long-term memory process, yield daily stock price index of the Korea Composite Stock Price Index and the rate of return a log. The studies were proceeded with long-term memory and long-term semiparametric method in deriving the long-term memory estimators. Chapter 2 examines the leading research, and Chapter 3 describes the long-term memory processes and estimation methods. GPH statistics induced modifications of statistics and discussed Whittle statistic. Chapter 4 used Korea Composite Stock Price Index to estimate the long-term memory process parameters. Chapter 6 presents the conclusions and implications. Results - If the price of the time series is generated by the abnormal process, it may be located in long-term memory by a time series. However, test results by price fixed GPH method is not followed by long-term memory process or fractional differential process. In the case of the time-series level shift, the present test method for a long-term memory processes has a considerable amount of bias, and there exists a structural change in the stock distribution market. This structural change has implications in level shift. Stratum level shift assays are not considered as shifted strata. They exist distinctly in the stock secondary market as bias, and are presented in the test statistic of non-long-term memory process. It also generates an error as a long-term memory that could lead to false results. Conclusions - Changes in long-term memory characteristics associated with level shift present the following two suggestions. One, if any impact outside is flowed for a long period of time, we can know that the long-term memory processes have characteristic of the average return gradually. When the investor makes an investment, the same reasoning applies to him in the light of the characteristics of the long-term memory. It is suggested that when investors make decisions on investment, it is necessary to consider the characters of the long-term storage in reference with causing investors to increase the uncertainty and potential. The other one is the thing which must be considered variously according to time-series. The research for price-earnings ratio and investment risk should be composed of the long-term memory characters, and it would have more predictability.

Consumer Risk Perceptions and Milk Consumption associated with Food-Related Biotechnology: Exploring Gender Differences (생명공학기술 사용에 대한 소비자의 위험인지가 우유소비에 미치는 영향분석: 여성과 남성의 위험인지 및 소비행위 비교분석)

  • 유소이
    • Journal of the Korean Home Economics Association
    • /
    • v.38 no.12
    • /
    • pp.29-45
    • /
    • 2000
  • The purposes of this study were to determine what factors influence risk perceptions of females and males for milk produced using food-related biotechnology, to test whether risk perceptions or other factors influence self-protection actions and to estimate milk demand response in light of self-protection actions and other economic and demographic factors. The expected utility model was applied to explain the way consumers would take self-protection actions regarding risk perceptions and to drive milk demand. Telephone interviews were conducted and the data were collected from households(females=1,029, males=437) nationwide in the U.S. And the data were analyzed by Heckman two-step method using the software package LIMDEP. Risk perceptions were found to be influenced not by demographic factors but by outrage factors as well as attitudinal factors in both females and males, although some factors were different. In addition, risk perceptions and labeling availability were found to significantly influence self-protection actions in both groups. Furthermore, as an important concern in this study, self-protection action was found to significantly influence milk demand in only male group, implying a consistent behavior of males. Also milk price and household size were found to significantly influence milk demand in both groups. In fact, the results did demonstrate that labeling availability significantly influenced self-protection actions. That is, in markets where labeled laternatives were present, concerned consumers were more likely to self protect by substituting to these products. A policy implication of this result is that labeling food products produced using biotechnology enhances consumer choice. Hence, consumer could express a more accurate demand response and reduce the perceived food safety risk. Furthermore, education for females might be necessary to have a consistent behavior because self-protection action did not significantly influence female's milk demand, though they have greater risk perceptions than males have.

  • PDF

The Effect of Price Promotional Information about Brand on Consumer's Quality Perception: Conditioning on Pretrial Brand (품패개격촉소신식대소비자질량인지적영향(品牌价格促销信息对消费者质量认知的影响))

  • Lee, Min-Hoon;Lim, Hang-Seop
    • Journal of Global Scholars of Marketing Science
    • /
    • v.19 no.3
    • /
    • pp.17-27
    • /
    • 2009
  • Price promotion typically reduces the price for a given quantity or increases the quantity available at the same price, thereby enhancing value and creating an economic incentive to purchase. It often is used to encourage product or service trial among nonusers of products or services. Thus, it is important to understand the effects of price promotions on quality perception made by consumer who do not have prior experience with the promoted brand. However, if consumers associate a price promotion itself with inferior brand quality, the promotion may not achieve the sales increase the economic incentives otherwise might have produced. More specifically, low qualitative perception through price promotion will undercut the economic and psychological incentives and reduce the likelihood of purchase. Thus, it is important for marketers to understand how price promotional informations about a brand have impact on consumer's unfavorable quality perception of the brand. Previous literatures on the effects of price promotions on quality perception reveal inconsistent explanations. Some focused on the unfavorable effect of price promotion on consumer's perception. But others showed that price promotions didn't raise unfavorable perception on the brand. Prior researches found these inconsistent results related to the timing of the price promotion's exposure and quality evaluation relative to trial. And, whether the consumer has been experienced with the product promotions in the past or not may moderate the effects. A few studies considered differences among product categories as fundamental factors. The purpose of this research is to investigate the effect of price promotional informations on consumer's unfavorable quality perception under the different conditions. The author controlled the timing of the promotional exposure and varied past promotional patterns and information presenting patterns. Unlike previous researches, the author examined the effects of price promotions setting limit to pretrial situation by controlling potentially moderating effects of prior personal experience with the brand. This manipulations enable to resolve possible controversies in relation to this issue. And this manipulation is meaningful for the work sector. Price promotion is not only used to target existing consumers but also to encourage product or service trial among nonusers of products or services. Thus, it is important for marketers to understand how price promotional informations about a brand have impact on consumer's unfavorable quality perception of the brand. If consumers associate a price promotion itself with inferior quality about unused brand, the promotion may not achieve the sales increase the economic incentives otherwise might have produced. In addition, if the price promotion ends, the consumer that have purchased that certain brand will likely to display sharply decreased repurchasing behavior. Through a literature review, hypothesis 1 was set as follows to investigate the adjustive effect of past price promotion on quality perception made by consumers; The influence that price promotion of unused brand have on quality perception made by consumers will be adjusted by past price promotion activity of the brand. In other words, a price promotion of an unused brand that have not done a price promotion in the past will have a unfavorable effect on quality perception made by consumer. Hypothesis 2-1 was set as follows : When an unused brand undertakes price promotion for the first time, the information presenting pattern of price promotion will have an effect on the consumer's attribution for the cause of the price promotion. Hypothesis 2-2 was set as follows : The more consumer dispositionally attribute the cause of price promotion, the more unfavorable the quality perception made by consumer will be. Through test 1, the subjects were given a brief explanation of the product and the brand before they were provided with a $2{\times}2$ factorial design that has 4 patterns of price promotion (presence or absence of past price promotion * presence or absence of current price promotion) and the explanation describing the price promotion pattern of each cell. Then the perceived quality of imaginary brand WAVEX was evaluated in the scale of 7. The reason tennis racket was chosen is because the selected product group must have had almost no past price promotions to eliminate the influence of average frequency of promotion on the value of price promotional information as Raghubir and Corfman (1999) pointed out. Test 2 was also carried out on students of the same management faculty of test 1 with tennis racket as the product group. As with test 1, subjects with average familiarity for the product group and low familiarity for the brand was selected. Each subjects were assigned to one of the two cells representing two different information presenting patterns of price promotion of WAVEX (case where the reason behind price promotion was provided/case where the reason behind price promotion was not provided). Subjects looked at each promotional information before evaluating the perceived quality of the brand WAVEX in the scale of 7. The effect of price promotion for unfamiliar pretrial brand on consumer's perceived quality was proved to be moderated with the presence or absence of past price promotion. The consistency with past promotional behavior is important variable that makes unfavorable effect on brand evaluations get worse. If the price promotion for the brand has never been carried out before, price promotion activity may have more unfavorable effects on consumer's quality perception. Second, when the price promotion of unfamiliar pretrial brand was executed for the first time, presenting method of informations has impact on consumer's attribution for the cause of firm's promotion. And the unfavorable effect of quality perception is higher when the consumer does dispositional attribution comparing with situational attribution. Unlike the previous studies where the main focus was the absence or presence of favorable or unfavorable motivation from situational/dispositional attribution, the focus of this study was exaus ing the fact that a situational attribution can be inferred even if the consumer employs a dispositional attribution on the price promotional behavior, if the company provides a persuasive reason. Such approach, in academic perspectih sis a large significance in that it explained the anchoring and adjng ch approcedures by applying it to a non-mathematical problem unlike the previous studies where it wis ionaly explained by applying it to a mathematical problem. In other wordn, there is a highrspedency tmatispositionally attribute other's behaviors according to the fuedach aal attribution errors and when this is applied to the situation of price promotions, we can infer that consumers are likely tmatispositionally attribute the company's price promotion behaviors. Ha ever, even ueder these circumstances, the company can adjng the consumer's anchoring tmareduce the po wibiliute thdispositional attribution. Furthermore, unlike majority of previous researches on short/long-term effects of price promotion that only considered the effect of price promotions on consumer's purchasing behaviors, this research measured the effect on perceived quality, one of man elements that affects the purchasing behavior of consumers. These results carry useful implications for the work sector. A guideline of effectively providing promotional informations for a new brand can be suggested through the outcomes of this research. If the brand is to avoid false implications such as inferior quality while implementing a price promotion strategy, it must provide a clear and acceptable reasons behind the promotion. Especially it is more important for the company with no past price promotion to provide a clear reason. An inconsistent behavior can be the cause of consumer's distrust and anxiety. This is also one of the most important factor of risk of endless price wars. Price promotions without prior notice can buy doubt from consumers not market share.

  • PDF

The Effects of Bundle Price Discount Framing and Message Framing on Consumers' Evaluation of Bundle Component (번들가격할인 프레이밍과 메시지 프레이밍이 소비자의 번들구성제품에 대한 평가에 미치는 영향)

  • Park, Sojin
    • Asia Marketing Journal
    • /
    • v.13 no.3
    • /
    • pp.55-77
    • /
    • 2011
  • This study investigate the interaction effects of bundle price discount framing and message framing on consumer's attitude of bundle component. Although each effect of bundle price discount framing and message framing has been explored individually, few attempts have been made to invest them jointly. This study tests the interaction effects of bundle price discount framing and message framing on consumer's evaluation of bundle component. Moreover, this research focuses on consumer's evaluation of individual bundle component while the existing research on bundling primarily focused on consumer's evaluation of the bundle. Prior research suggests that consumers are sensitive to the framing of prices and discounts in the presentation of the bundle offer. For example, there is considerable evidence that partitioning or consolidating the prices of a bundle can influence the attractiveness of the bundle offer. Similarly, there is evidence that an equivalent price reduction to the overall bundle, one of the individual products in the bundle, or distributed among the individual products in the bundle can alter the perceived attractiveness of the offer (e.g. Chakravarti, Krish, Paul, and Srivastava 2002; Hamilton and Srivastava 2008; Janiszewski and Cunha 2004; Johnson, Herrmann and Bauer 1999; ; Morwitz, Greenleaf, and Johnson 1998; Yadav 1994; 1995). In line with these earlier research, this research suggests that the bundle type can influence the consumer's evaluation of bundle component. There are two types of bundle - mixed-leader bundle and mixed-joint bundle. In mixed-leader bundling, the price of one of the two products is discounted when the other product is purchased at the regular price. In mixed-joint bundling, a single price is set when the two product are purchased jointly. This study supposes that the teeth whitening product is the leader product in a mixed-leader bundle. So bundle price discount framing is manipulated such as "Buy the teeth whitening product (regular price \80,000) and get 50% discount on the functional toothpaste(regular price \40,000), special set price \100,000" or "Buy the functional toothpaste and the teeth whitening product as a set and get discount for the set, special set price \60,000". Message framing is manipulated through the product claims described in an advertising bill. The positive framing presents that "Over 95% of users achieved the expected 2-3 shades of improvement in two weeks" where as the negative framing presents "less than 5% of users did not achieve the expected 2-3 shades of improvement in two weeks". This study uses hypothetical brand name of the teeth whitening product and the functional toothpaste This study is based on a 2x2 factorial design with bundle discount framing (mixed-leader bundle vs. mixed-joint bundle) and massage framing (positive vs. negative). The dependant variables are consumer's perceived quality and attitude of the teeth whitening product The data reveals that two dependant variables are correlated, so the data is analyzed with two-way MANOVA. This research explores the significant interaction effect of bundle discount framing and message framing on consumer's perceived quality and attitude of the teeth whitening product. When the message framing is positive, consumer's perceived quality and attitude of the teeth whitening product is higher in mixed-leader bundle than mixed-joint bundle condition. However, when the message framing is negative, consumer's evaluation is higher in mixed-joint bundle than mixed-leader bundle. The author explains this result by stating that consumers are less likely to use heuristics such as price-quality association and value discounting hypothesis(Raghubir 2004) in the negative message framing condition. Additionally, consumer's perceived risk of the teeth whitening product in the negative message framing condition can be more reduced by the bundle partner(e.g. the toothpaste) in mixed-joint bundle than mixed-leader bundle. Based on the results, marketing managers are advised to use different bundle type based on message framing of their product.

  • PDF

Factors Affecting Elderly People's Intention to Use of Digital Wealth Management Services (고령자들의 디지털 자산관리 서비스 이용의도에 영향을 미치는 특성 및 요인)

  • Kwak, Jae-Hyuk;Dong, Hak-Lim
    • Journal of Digital Convergence
    • /
    • v.20 no.5
    • /
    • pp.411-422
    • /
    • 2022
  • The purpose of this study was to identify factors that affect the characteristics and intentions of the elderly to use digital wealth management services. The subjects of this study were 312 elderly people over 50 years old. Based on the Value-based Adoption Model(VAM), the research model added price value, social influence, and perceived risk as research variables. As a result of empirical analysis, it was found that usefulness, enjoyment, price value, and social influence all had a significant positive (+) effect on perceived value. It was found that technicality had a significant negative (-) effect. On the other hand, no significant effect relationship was tested on perceived risk. The perceived value had a significant positive (+) effect on the intention to use. This study was meaningful in the academic research that it applied a research model that reflected the characteristics of the elderly who were not treated as mainstream in the technology acceptance model for digital wealth management services. In addition, it provided practical implications for providers' marketing strategies and government/public institution policy establishment to increase the use of digital wealth management services for the elderly.

Distribution and Improvement of the Capital Market in Indonesia: A Comparative Study of Risk Management

  • Murtiadi AWALUDDIN;Rustan DM;HASBIAH;Muhammad Akil RAHMAN;Sri Prilmayanti AWALUDDIN;Nadya Yuni BAHRA
    • Journal of Distribution Science
    • /
    • v.21 no.5
    • /
    • pp.11-18
    • /
    • 2023
  • Purpose: The purpose of this article is to determine whether there are differences in the level of return and risk of the conventional and Islamic capital markets. Research design, data and methodology: This study takes data on the Jakarta Islamic Index (JII) and the Liquid-45 (LQ45) stock groups in the 2017 to 2020 period. The research approach used is quantitative research with a type of comparison. The data used secondary data sourced from the closing price of shares on the Indonesia Stock Exchange. The statistical method used to test the hypothesis is a different test or independent sample t-test. Results: There is a significant difference between the rate of return and investment risk in JII and LQ-45. The rate of return and risk of investing in LQ-45 is higher than that of JII. Conclusions: There is a significant difference in the rate of return on investment in Jakarta Islamic Index (JII) and LQ-45, including conventional stock Liquid-45 (LQ-45) is higher than the rate of return on shares of JII shares. There is a significant difference in the level of investment risk in the Jakarta Islamic Index (JII) and the Liquid-45 (LQ-45), where the risk level for the LQ-45 is higher than that of the JII shares.