• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.515-521
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• 2021

The popularity of Islamic financial instruments among Muslims is not surprising. The Islamic capital market is where sharia-compliant financial assets are transacted. It works parallel to the conventional market and helps investors find sharia-compliant investment opportunities. At a time of collective confusion when the COVID-19 epidemic is contributing to unprecedented change, this paper is keen to understand how attractive conventional and Islamic stock markets have been to investors recently. Second, this paper takes advantage of the time-scale decomposition property of the wavelet to simultaneously capture risk exposure and distinguish the risks faced by short- and long-term investors. To this end, this research conducted a two-step investigation of the daily closing equity market price indices for three Islamic stock markets and their conventional counterparts. Given that different financial decisions occur with greater or less frequency, the paper examines the connectedness of stock markets operating at heterogeneous rates and identifies the timescales using wavelet-DCC-GARCH analysis to take account of both the time and the frequency domains of stock market connectedness. The paper findings highlight the strong evidence of contagion that can be seen in nearly all conventional stock markets in the COVID-19 pandemic; they reach a high level of dependency in such health crises. Furthermore, Islamic stock markets prove to be a rich ground for global diversification.

• Journal of Information Processing Systems
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• v.20 no.1
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• pp.93-104
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• 2024

China is playing more predominant role in the liquefied natural gas (LNG) market worldwide and LNG import price is subject to various factors both at home and abroad. Nevertheless, previous studies rarely heed a multiple of factors. A time-varying parameter factor augmented vector auto-regression (TVP-FAVAR) model is adopted to discover the determinants of China's LNG import price and their dynamic impacts from January 2012 to December 2021. According to the findings, market fundamentals have a greater impact on the import price of natural gas in China than overall economic demand, financial considerations, and world oil prices. The primary determinants include domestic gas consumption, consumer confidence and other demand-side information. Then, there are diverse and time-varying spillover effects of the four common determinants on the volatility of China's LNG import price at different intervals and time nodes. The price volatility is more sensitive and long-lasting to domestic natural gas pricing reform than other negative shocks such as the Sino-US trade war and the COVID-19 pandemic. The results in this study further proves the importance of domestic natural gas market liberalization. China ought to do more to support the further marketization of natural gas prices while working harder to guarantee natural gas supplies.

• Journal of Distribution Science
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• v.20 no.9
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• pp.83-95
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• 2022

Purpose: This study aims to explore an ability to time market-wide investor sentiment of mutual fund managers in an emerging market. Research design, data, and methodology: Based on data of Thai mutual fund market over the period of 2000-2019, our sample includes 283 equity funds, consisting of 204 bank-related funds and 79 nonbank-related funds. We perform our regression analyses at the aggregate and portfolio levels. Results: Under the non-normal distribution of return, we find different behaviors between the best- and worst-performing funds in an ability to time market-wide investor sentiment in Thailand, which is dissimilar to the findings in the U.S. Bottom fund managers act as sentiment hedgers, who decrease (increase) an exposure of investment portfolios when the investor sentiment is high (low). Oppositely, top fund managers are likely to chase investor sentiment. Conclusion: We find that only the worst-performing fund managers, especially for bank-related funds are able to time the market-wide investor sentiment. An advantage of gaining information from their bank's clients is a key success. A competition in the mutual fund industry, an ability to predict fundamentals, and financial literacy are possible reasons to explain the main findings found in this study.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.71
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• pp.325-350
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• 2016

As the new competitive environment become more global, technologically oriented and customer driven, as customers continually demand higher quality, faster response, and greater reliability of products and services, the new global market demands a more customer responsive behaviour by companies and firms have responded with innovative products and improved manufacturing processes to manufacture products. Further, the shift from traditional manufacturing and purchasing to JIT manufacturing and purchasing requires customers and suppliers to shift from adversarial relationships to strategic partnerships, and information sharing, so as to attain flexibility, reliability, and speed. SCM practices such as supplier collaboration and information sharing is considered as a key to attaining supplier network responsiveness and enhancing the product innovation and the market access time. The current research investigates the effect of SCM practices on supplier network responsiveness, the product innovation and the market access time of export companies. Thus by providing empirical evidence of the said relationships, this study offers useful guidelines for measuring and improving the supplier network responsiveness of a firm, facilitating further research in the area.

• Journal of the Korean Society for information Management
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• v.32 no.3
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• pp.183-197
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• 2015

The purpose of this conceptual paper is to identify the library services market and its characteristics versus the common commodity market so that marketing and management in library services can be more fruitful in terms of research and development. Based on the developed hypothetical market, a library services market is identified; the market is then characterized in comparison to the common commodity market using three theoretical characteristics of the library services market: indirect exchange, limited competition, and time-lagging exchange. Based on these characteristics, two possible research directions are suggested: development of goals for library management and consideration of applications in library marketing.

• Korea Trade Review
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• v.47 no.3
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• pp.141-156
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• 2022

This study intends to examine the regional blocs of the international crude oil futures market by analyzing the dynamic conditional correlation between the international crude oil futures markets using the DCC-GARCH model. For statistical data, from April 2, 2018 to March 31, 2022, international crude oil futures prices such as Europe, the United States, China, and Dubai were used. To summarize the results of the study, first, the phenomenon of regional blocs in the international crude oil futures market is occurring, and it is found that it is gradually strengthening as time goes by. Second, it was found that the dynamic correlation of the international crude oil futures market is temporarily strengthened when a supply-demand imbalance problem occurs due to a global shock. Third, it was found that the volatility of the Chinese crude oil futures market affects the international crude oil futures market. This study confirmed that the regional blocs phenomenon in the international crude oil futures market is strengthened as time goes by. In particular, it suggested that China's influence in the international oil market would increase.

• Korean System Dynamics Review
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• v.2 no.2
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• pp.25-40
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• 2001

This paper describes the forecast of power plant construction in a competitive korean electricity market. In Korea, KEPCO (Korea Electric Power Corporation, fully controlled by government) was responsible for from the production of the electricity to the sale of electricity to customer. However, the generation part is separated from KEPCO and six generation companies were established for whole sale competition from April 1st, 2001. The generation companies consist of five fossil power companies and one nuclear power company in Korea at present time. Fossil power companies are scheduled to be sold to private companies including foreign investors. Nuclear power company is owned and controlled by government. The competition in generation market will start from 2003. ISO (Independence System Operator will purchase the electricity from the power exchange market. The market price is determined by the SMP(System Marginal Price) which is decided by the balance between demand and supply of electricity in power exchange market. Under this uncertain circumstance, the energy policy planners such as government are interested to the construction of the power plant in the future. These interests are accelerated due to the recent shortage of electricity supply in California. In the competitive market, investors are no longer interested in the investment for the capital intensive, long lead time generating technologies such as nuclear and coal plants. Large unclear and coal plants were no longer the top choices. Instead, investors in the competitive market are interested in smaller, more efficient, cheaper, cleaner technologies such as CCGT(Combined Cycle Gas Turbine). Electricity is treated as commodity in the competitive market. The investors behavior in the commodity market shows that the new investment decision is made when the market price exceeds the sum of capital cost and variable cost of the new facility and the existing facility utilization depends on the marginal cost of the facility. This investors behavior can be applied to the new investments for the power plant. Under these postulations, there is the potential for power plant construction to appear in waves causing alternating periods of over and under supply of electricity like commodity production or real estate production. A computer model was developed to sturdy the possibility that construction will appear in waves of boom and bust in Korean electricity market. This model was constructed using System Dynamics method pioneered by Forrester(MIT, 1961) and explained in recent text by Sternman (Business Dynamics, MIT, 2000) and the recent work by Andrew Ford(Energy Policy, 1999). This model was designed based on the Energy Policy results(Ford, 1999) with parameters for loads and resources in Korea. This Korea Market Model was developed and tested in a small scale project to demonstrate the usefulness of the System Dynamics approach. Korea electricity market is isolated and not allowed to import electricity from outsides. In this model, the base load such as unclear and large coal power plant are assumed to be user specified investment and only CCGT is selected for new investment by investors in the market. This model may be used to learn if government investment in new unclear plants could compensate for the unstable actions of private developers. This model can be used to test the policy focused on the role of unclear investments over time. This model also can be used to test whether the future power plant construction can meet the government targets for the mix of generating resources and to test whether to maintain stable price in the spot market.

• Asia-Pacific Journal of Business
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• v.10 no.4
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• pp.137-151
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• 2019

Using Korean Labor and Income Panel Study data, this paper estimates nominal wage rigidity in Korea by industry from 2005 to 2017 and evaluates the level of inefficiency of Korean labor market. And, after estimating employment volatility by industry using the Labor Force Survey at Establishments data for Korea, we combine the nominal wage rigidity and the employment volatility estimates and analyze the effect of nominal wage rigidity on employment volatility in Korea from 2011 to 2017. If the level of wage rigidity is high, it may be hard for the labor market to be in the equilibrium, and therefore, the market may have inefficiency. We find that the inefficiency of the labor market in Korea have increased from 2005 to 2017 and the industry of accommodation and food service activities has the highest level of inefficiency over the period. We also find that one-percent-point increase in wage rigidity increases employment volatility by 2.3-2.9 percent and the positive effect is bigger for workers with part-time and temporary jobs. The result implies that firms may adjust their labor costs by changing the number of casual workers, rather than permanent workers, when the labor market suffers from a high level of wage rigidity.

• Journal of Animal Science and Technology
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• v.46 no.6
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• pp.999-1006
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• 2004

The selective media including NPC agar, DHL agar, MacConkey agar, and Cetrimide desoxycholate agar were compared to determine selectivity for the growth of bacteria Cetrimide desoxycholate agar was better than NPC agar, DHL agar, and MacConkey agar for the growth of psychrotrophic grarn-negatve bacteria including Pseudomonas. and for the inhibition of gram positive bacteria The specificity of resazurin reduction time test was investigated to determine post-pasteurization contamination of market milk. Equal volume of Cetrimide desoxycholate broth was added to market milk, which was then incubated at $21^{\circ}C$ for 18 hours. The growth of bacteria in the incubated milk was detected in resazurin reduction time test. The results in resazurin reduction time test and total bacteria number count of market milk after storage at $7^{\circ}C$ were relatively correlated each other. Pseudomonas was isolated most frequently from the market milk stored at $7^{\circ}C$ for 10 days, and Acinetobacter and Aeromonas followed. Acinetobacter, Pseudomonas and Enterobacter were frequently isolated from the mixture of market milk and Cetrimide desoxycholate broth incubated at $21^{\circ}C$ for 18hours in resazurin reduction time test.

• Asia pacific journal of information systems
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• v.11 no.3
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• pp.63-89
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• 2001

The purpose of this research is to develop strategic alternatives for the high-tech products development by comparatively studying characteristics of the industry and R&D structures in Korea and the US. Some of the environmental, strategic, organizational and project teams' characteristics are studied. Data were collected from Korea and US high-tech companies through interviews and questionnaires and event analysis method was used to analyze them. The findings are as follows: First, when the level of market concentration is high, cycle time tends to be longer. Therefore, if there are many competitors in the market, new products development should be swift due to competitive pressures. Second, the developmental strategy should be directed toward the existing customers to speed up new products development. That is, a defensive strategy would result in a shorter cycle time and response time compared to a strategy directed to a niche market. Third, when the level of formalization is high, cycle time tends to be shorter. This means that formal procedures for new products idea development or new products development policies shorten new products development time.