• 한국IT서비스학회지
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• 제21권4호
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• pp.1-26
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• 2022

Recently, the number of cases of purchasing food online has been increased, especially in the open market. Therefore, we examined the characteristics of status quo bias and switching costs in the open market. Also, in this study, the causal relationship between the characteristics of status quo bias and switching costs, switching costs and switching intention in the open market was investigated. The analysis result consists of four parts as follows. First, in the open market, rational decision making, which belongs to the characteristics of status quo bias, was found to have a positive (+) effect on time switching cost among switching costs, but did not have a positive (+) effect on economic and psychological switching cost. Second, cognitive misperceptions was consistent with the assumption that it have a positive (+) effect on all of the economic, time, and psychological switching cost, which are switching costs in the open market. Third, psychological commitment was found to have a positive (+) effect on economic and time switching cost among switching costs, but did not have a positive (+) effect on psychological switching cost. Fourth, psychological switching cost, which belongs to switching costs in the open market, was found to have a negative (-) effect like the hypothesis set in switching intention. However, it was found that economic and time switching cost did not have a negative (-) effect on switching intention. This study subdivided the switching costs into three dimensions and compared the degree of influence on the switching intention, and the degree of influence was different for each dimension. Therefore, it was found that when switching from the existing open market to the new open market, it is not possible to simply judge that the switching costs directly has a negative (-) effect on the switching intention or does not.

• 경영과정보연구
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• 제26권
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• pp.293-309
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• 2008

This study examined the market efficiency of korea stock market by comparing variance ratios(VR) of stock groups which is sorted by market capitalization. We compute variance ratios of KOSPI large capitalization, midium capitalization, and small capitalization for 546 trading days from 2006/01/02 to 2008/04/15. For our study, we also use high frequency data that is; intra-day 1 minute data. The characteristics of variance ratios of stock groups by market capitalization as follows: From 1 to 5 minute interval, variance ratios of three stock group increase far from zero(0). The longer time interval, the more variance ratios decrease, but only large capitalization converge on around zero. This means that the market of large capitalization is more efficient compare to other stock groups. The entire sample period can be divided two sub-period because the impact of sub prime crisis arised from U.S.A. influences Korea stock market. Before sub prime crisis, the VRs of mid cap and small cap do not converge on around zero except large cap although the time interval is longer. After sub prime crisis, the VRs of three stock groups decrease when time interval is longer, but only large cap converge on around zero. We conclude that large cap is more efficient than other stock groups in Korea Stock Market.

• 재무관리논총
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• 제9권1호
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• pp.221-244
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• 2003

This study is aimed to investigate the effects of foreign exchange rates on stock market returns. For the United States, the United Kingdom, Germany, Japan and Korea, the cross-correlation precedence of foreign exchange rate on stock market is found in the case of Germany and Korea. But that of stock market is not observed in any case. We performed three kinds of causality and exogeneity test of Granger test, Sims test and Geweke-Meese-Dent test. The analyses on the full period show the time-lag causal, exogeneous relation of foreign exchange rates with Granger, Sims and GMD test for Korea. The United Kingdom presents the significance with Granger and Sims test while Germany reveals the time-lag relation with Granger and GMD test. When we divide the period into two parts with the Louvre Accord, the first part give the less degree of time-lag relation. But in the second period the three kinds of causality and exogeneity test propose consistent time-lag relation with foreign exchange rates on stock markets for the United Kingdom and Korea with the three test methods. And Granger's test prove German foreign exchange market have a time-lag relation on stock market.

• 산경연구논집
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• 제10권1호
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• pp.19-27
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• 2019

Purpose - The purpose of the paper is to examine disconnection between supply and demand shipping market, which means shipowner has determined to raise capacity in bust period. Research design, data, and methodology - The research method to be applied is first to look into conceptual theory about shipping market, and then to study imbalance of supply and demand situations in shipping on crisis, and next, to analyses paradoxical aspects traced. Results - Shipping market is a volatile and cyclic characteristics, and its situations have to be examined very carefully. Since financial crisis has broken up in 2008, it is natural to think that world trade volumes has reduced rapidly, which means demand for shipping service has fallen, and accordingly, tonnage should be stagnated as well. However, shipping companies have put capacity into market as unexpectedly. This is because of economy of scale and time lag. Here, this can be explained in terms of paradox that is proved in this paper. Conclusions - From careful research in this paper, it is found that supply and demand are not always got along with market situations, in other words supply side could be working well, in spite of depression time of demand situations in world shipping markets.

• 경영과학
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• 제32권3호
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• pp.91-103
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• 2015

This study recognizes that there is a correlation between the movement of the financial market and the sentimental changes of the public participating directly or indirectly in the market, and applies the relationship to investment strategies for stock market. The concerns that market participants have about the economy can be transformed to the search terms that internet users query on search engines, and search volume of a specific term over time can be understood as the economic trend of big data. Under the hypothesis that the time when the economic concerns start increasing precedes the decline in the stock market price and vice versa, this study proposes three investment strategies using casuality between price of domestic stock market and search volume from Naver trends, and verifies the hypothesis. The computational results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior in domestic stock market.

• 대한가정학회지
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• 제40권12호
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• pp.199-216
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• 2002

The purpose of this research is to study the efficiency of the Internet market, not provided to consumers by the existing traditional market. This research examines whether consumers properly understand the efficiency of the Internet market. The result from consumers perception on the efficiencies in the two market are as follows. First, consumers perceived the traditional market as having more product alternatives compared to the Internet market. Second, consumers perceived that the Internet market was more efficient in price dispersion and price change Third, the Internet market was considered more efficient in searching and travel time, and in the search cost. Finally, the traditional market was considered as a better provider of the information about product function, feature, reality, usage and service compared to the Internet market. On the contrary, the Internet market turned out to be more effective in providing product information, price information and trading information compared to the traditional market. Therefore consumers perceived the traditional market of having more information.

• 자원ㆍ환경경제연구
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• 제11권2호
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• pp.211-231
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• 2002

This paper summarizes the results of a study that assess how a demand side management (DSM) system addresses key economic and environmental challenges facing in the Korean natural gas sector considering; ${\bullet}$ high discrepancies of seasonal consumption volume and of load factor in unmatured domestic LNG market, ${\bullet}$ unfavorable and volatile international LNG market, imposing with the contestable "take-or-pay" contract terms, ${\bullet}$ low profile of LNG and existence of market barriers against an optimal fuel mix status in the industrial energy sector. A particular focus of this study is to establish an 'extended' DSM system in the unmatured gas market, especially in industry sector, that could play a key role to assure an optimum fuel mix scheme. Under the concept of 'extended' DSM, a system dynamics modeling approach has been introduced to explore the option to maximize economic benefits in terms of the national energy system optimization, entailing different ways of commitments accounting for different DSM measures and time delay scenarios. The study concludes that policy options exist that can reduce inefficiencies in gas industry and end-use system at no net costs to national economy. The most scenarios find that, by the year 2015, it is possible to develop a substantial potential of increased industrial gas end-uses under more reliable and stable load patterns. Assessment of sensitivity analysis suggests that time delay factor, in formulating DSM scenarios, plays a key role to overcome various market barriers in domestic LNG market and provides a strong justification for the policy portfolios 'just in time' (time accurateness), which eventually contribute to establish an optimum fuel mix strategy. The study indicates also the needs of advanced studies based on SD approach to articulate uncertainty in unmatured energy market analysis, including gas.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.913-921
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• 2021

The objective of the study is to investigate the impact of the COVID-19 pandemic on Saudi Arabia stock market. The study relied on the data of the daily closing stock market price index Tadawul All Share Index (TASI), and the number of daily cases infected with COVID-19 during the period from March 15, 2020, to August 10, 2020. The study employs the Vector Auto-Regressive (VAR) model, the Impulse Response Function (IRF) and Autoregressive Conditional Heteroscedasticity (ARCH) models. The results of the correlation matrix and the Impulse Response Function (IRF) show that stock market returns responded negatively to the growth in COVID-19 infected cases during the pandemic. The results of ARCH model confirmed the negative impact of COVID-19 pandemic on KSA stock market returns. The results also showed that the negative market reaction was strong during the early days of the COVID-19 pandemic. The study concluded that stock market in KSA responded quickly to the COVID-19 pandemic; the response varies over time according to the stage of the pandemic. However, the Saudi government's response time and size of the stimulus package have played an important role in alleviating the impacts of the COVID-19 pandemic on Saudi Arabia Stock Market.

• 수산경영론집
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• 제29권2호
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• pp.77-96
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• 1998

Fisheries products in Korea generally go through three markets, namely the wholesale market at production site (Market A), the wholesale market at consumption site (Market B), and the retail market (Market C), from producers to end consumers. As the products move from Market A through Market B to Market C, the marginal gap of prices asked in these markets demonstrates an apparent relationship. The producers, middlemen, consumers, and governmental departments concerned may influence the marketing prices of fisheries products. This study employing the cointegration theory tries to investigate whether causality of the price-setting among these markets exists and, if any, what it is. The authors have focused their attention on fisheries markets in Pusan, analyzing the long-run equilibrium relationship and causality between the prices of hairtail and squid among markets at different levels. Data used in this study cover the period f개m August 1984 to December 1997 fer hairtail, and the period from May 1989 to December 1997 for squid. The main findings of the study may be summarized as follows: First, regardless of the price time-series of hairtail and squid in individual market, the first difference is necessary fur satisfying the stationary conditions since each time-series is a first integration. This means homogeneous integration of time-series, which is a requirement of the long-run equilibrium of prices at different markets, is satisfied. Second, the study of the long-run equilibrium relationship between the prices at Market A and Market B shows that a long-run equilibrium relationship does exist for selling prices of the two species at Market A and Market B. Third, the ECM (error correction model ) used here to describe the long- and short-run dynamics of price change demonstrates that, in the case of squid, the price change in Market A will lead to a corresponding price change in Market B in the long-run period. In the short-run, however, the price at Market H is not only influenced by the price change in Market A but influence the price at Market A as well, that is, the Prices between Market A and Market B have a feedback effect. It should be stressed that the limitation in data collection, which cover only two species of hairtail and squid, is likely to cause a sampling bias. Nonetheless, we may conclude that a dynamic relation in the formation of prices does exist in view of the transaction amount of species at different markets. It is believed that the conclusion drawn from this study would not only contribute to a long-lasted debate on the direction of causality of price-setting among academic circle and fishing community, but would provide a useful standard for the policy makers in charge of the price-setting of fisheries products as well.

• 지능정보연구
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• 제14권2호
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• pp.103-119
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• 2008

재래시장은 서민적 성격이 강한 유통 시장으로 인터넷 유통 채널의 등장 및 고객의 구매패턴의 변화로 인해 경쟁력을 상실해 가고 있다. 지역 경제의 중심지인 재래시장의 침체는 지역경제 위축의 요인으로 작용하고 있다. 이와 같은 문제에 대한 해결 방안으로써, 본 연구에서는 U-Market 시스템을 제안하였다. u-Market 시스템은 재래시장에 시간과 장소의 제약 없이 고객과 커뮤니케이션이 가능한 유비쿼터스 컴퓨팅 기술을 적용한 시스템으로써, 재래시장을 활성화하는데 그 목적이 있다. 본 연구에서 제안한 u-market 시스템은 재래시장 정보 및 위치 정보를 제공함으로써, 고객이 원하는 시장의 주요 정보를 쉽게 획득할 수 있도록 한다. 또한 원하는 시장 정보를 볼 수 있는 지도 서비스를 제공하며, 고객의 현재 위치, 날씨 등의 상황정보를 기반으로 사용자가 가장 선호할 만한 상품 및 매장을 추천함으로써 정보 검색에 소요되는 시간 및 노력을 감소시켜 준다.