• Journal of Intelligence and Information Systems
• /
• v.22 no.2
• /
• pp.81-96
• /
• 2016

As the internet has become widespread and easy to access everywhere, it is common for people to search information via online search engines such as Google and Naver in everyday life. Recent studies have used online search volume of specific keyword as a measure of the internet users' attention in order to predict disease outbreaks such as flu and cancer, an unemployment rate, and an index of a nation's economic condition, and etc. For stock traders, web search is also one of major information resources to obtain data about individual stock items. Therefore, search volume of a stock item can reflect the amount of investors' attention on it. The investor attention has been regarded as a crucial factor influencing on stock price but it has been measured by indirect proxies such as market capitalization, trading volume, advertising expense, and etc. It has been theoretically and empirically proved that an increase of investors' attention on a stock item brings temporary increase of the stock price and the price recovers in the long run. Recent development of internet environment enables to measure the investor attention directly by the internet search volume of individual stock item, which has been used to show the attention-induced price pressure. Previous studies focus mainly on Dow Jones and NASDAQ market in the United States. In this paper, we investigate the relationship between the individual investors' attention measured by the internet search volumes and stock price changes of individual stock items in the KOSDAQ market in Korea, where the proportion of the trades by individual investors are about 90% of the total. In addition, we examine the difference between industries in the influence of investors' attention on stock return. The internet search volume of stocks were gathered from "Naver Trend" service weekly between January 2007 and June 2015. The regression model with the error term with AR(1) covariance structure is used to analyze the data since the weekly prices in a stock item are systematically correlated. The market capitalization, trading volume, the increment of trading volume, and the month in which each trade occurs are included in the model as control variables. The fitted model shows that an abnormal increase of search volume of a stock item has a positive influence on the stock return and the amount of the influence varies among the industry. The stock items in IT software, construction, and distribution industries have shown to be more influenced by the abnormally large internet search volume than the average across the industries. On the other hand, the stock items in IT hardware, manufacturing, entertainment, finance, and communication industries are less influenced by the abnormal search volume than the average. In order to verify price pressure caused by investors' attention in KOSDAQ, the stock return of the current week is modelled using the abnormal search volume observed one to four weeks ahead. On average, the abnormally large increment of the search volume increased the stock return of the current week and one week later, and it decreased the stock return in two and three weeks later. There is no significant relationship with the stock return after 4 weeks. This relationship differs among the industries. An abnormal search volume brings particularly severe price reversal on the stocks in the IT software industry, which are often to be targets of irrational investments by individual investors. An abnormal search volume caused less severe price reversal on the stocks in the manufacturing and IT hardware industries than on average across the industries. The price reversal was not observed in the communication, finance, entertainment, and transportation industries, which are known to be influenced largely by macro-economic factors such as oil price and currency exchange rate. The result of this study can be utilized to construct an intelligent trading system based on the big data gathered from web search engines, social network services, and internet communities. Particularly, the difference of price reversal effect between industries may provide useful information to make a portfolio and build an investment strategy.

• Journal of Distribution Research
• /
• v.8 no.2
• /
• pp.41-65
• /
• 2003

The objectives of this study are to investigate how the difference of consumer behavior between the expected and unexpected price discounts(increases), and mental accounting process affect spending account. Key findings of the study are as follows. First, it is shown that consumer would regard a windfall gain caused by the expected price discount and unexpected one as a different thing(gain}, Second, this study shows that if consumers are presented the price discount on the former purchased item in the case consumers purchase two kinds of items together, they would prefer spending more money on the later item to spending more money on the discounted item. Third, it is shown that consumers are willing to do a planned purchase when they find a store's price raise before arriving at a store(expected increasing) rather than after arriving at a store(unexpected increasing). The theoretical as well as practical implications were also discussed.

• Journal of the East Asian Society of Dietary Life
• /
• v.5 no.1
• /
• pp.75-86
• /
• 1995

This study was undertaken to provide useful information to restaurant managers by analyzing eating out behavior and the diverse needs and wants of the people residing in the Seoul area. four hundred twenty-seven(427) people were sampled for this study and classified into three groups : housewives, salarymen and college students. The results of this study are as follows : (10 Among the groups, there were significant differences in general eating out behavior such as 'frequency' 'preferred food style' and 'who pays the check' among others. (2) The study showed housewives listing 'special occasion' as 'taking care of meal' (3) All groups considered 'price' as especially important. (4) When selecting a menu item, taste was considered most important by all groups. Housewives showed nutritional value to be important while salarymen chose the same item as companions an college students showed 'portions' and 'price' to be important. (5) degree of satisfaction of restaurants were found to be low with items such as ' price'. 'range of menu choices' and 'courteousness of employees' being relatively low.

• Journal of the Korean Home Economics Association
• /
• v.44 no.4 s.218
• /
• pp.175-190
• /
• 2006

The purpose of this research is to investigate consumers' experience of using Internet used-item markets in order to determine their motives in such activity. In terms of the Internet used-item market, (1) it contributes to a sound culture of consumption by recycling, (2) as a C2C market, it retains characteristics fundamentally different from the existing one-way type of market, (3) and it offers different characteristics from existing offline-based flea markets. Two significant themes emerged from the study results. First, users of Internet used-item markets passed through various stages such as novice, addict, and expert and learned the techniques for utilizing the used-item market. Second, for fast transactions with generalized Internet banking and the increasing trend for price bargaining emotional exchange among members is being transformed into the pursuit of transactional efficiency.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.32 no.1
• /
• pp.27-51
• /
• 2007

We analyze the effects of the sellers' strateiges on the final bid prices in internet auctions. We focus on the following three strategies of the seller adoption of the buy-price, setting the starting bid price, and adoption of 'the effective fixed price' which means that the starting bid price is set near the buy-price. In addition, the number of units sold single-unit or multi-unit, and item characteristics, such as whether the food is a search product (functional product) or an experience product (non-functional product), are also considered. We use real data on bids for 4 items from an online auction site. We find that in an auction for experience products when sold as single units, adopting the buy-price strategy raises the final bid price. We also find that in multi-unit auctions, starting the auction at 'the effective fixed price' raises the final bid price.

• Journal of the Korean Society of Clothing and Textiles
• /
• v.22 no.5
• /
• pp.628-638
• /
• 1998

This study, the second in two part series, focuses on effect of product involvement and consumer knowledge on consumers' perceptions of six dimensions of clothing price: price -quality schema, prestige sensitivity: sale proneness, price mavenism, value consciousness, and price consciousness. Additionally, correlation between product involvement and consumer knowledge was examined. Multi-item measures of six dimensions of price, product involvement, and consumer knowledge were included in the questionnaires. The subjects were 264 college students living in Seoul, Korea. The data were collected by self-administered questionnaires and analyzed by factor analysis, regression analysis, and correlation analysis using SPSS PC. In addition, two focus group interviews were conducted to obtain qualitative data for the result interpretation. Results of this study showed that the degree of consumers' product involvement significantly affects consumers' perceptions of each price dimension except price consciousness dimension. Consumers' knowledge about clothing has a significant effect on consumers' perceptions of all price dimensions. Dimensions of product involvement and consumer knowledge were partially correlated. Marketing implications based on these results were suggested.

• Journal of the Korean Society of Clothing and Textiles
• /
• v.36 no.12
• /
• pp.1285-1296
• /
• 2012

This study investigates the effects of changes in price, total consumption expenditures and economic sitations on Korean household demands for clothing and footwear using time-series data. The clothing and footwear category was reclassified as clothing, footwear and clothing services items for the demand analysis. This study utilized the Linearized Almost Ideal Demand System (LAIDS) model to analyze household demand. The results indicate that price and total consumption expenditures are significantly related to Korean household consumption expenditure allocations for clothing and footwear items. The effects of the IMF bailout crisis in 1997 and the global financial crisis in 2008 on household expenditure shares for clothing and footwear items were very weak and statistically insignificant. All the demand elasticities were estimated with respect to total consumption expenditures and prices. Clothing was expenditure elastic (greater than one) and other items were classified as inelastic. All the own price elasticities of demands were negative (other than clothing). Through the estimations of cross price elasticity the relationships between the demands for items and other item prices were evaluated (i.e., substitutes and complements).

• Journal of Fashion Business
• /
• v.11 no.4
• /
• pp.69-81
• /
• 2007

This study, for the purpose of comparing and analyzing 23ea of national unisex apparel brands website consists of product, price, promotion and place divided by marketin gmix. Based of theoretical study and pre-research about the marketing mix, we made the classification standard for the marketing mix and analyzed the unisex apparel brand website according to 4P's individual item and the result was appeared like this. First of all, in the product section, this study provide information about product introduction/guidance, a product figure for item, introduction for new items, propose for coordination and brand introduction/information. Secondly, in the price part, almost apparel brands are provide their product's image, or present their goods photo with price, or displayed through the banner advertisement of discount or special price. Thirdly, For the marketing promotion part, compare to the other component in the most of apparel brand's website, marketing promotion has more section than the other marketing mix. And, especially, various events and customer service space has more weight than the others. Forth, in the place section, it's focused on the information of shopping mall location, contact number, address, and on-line shopping mall. In Conclusion, when the most of apparel brands are doing internet marketing, they're concern to product and promotion, but price and place needs more supplement in the unisex apparel brand's marketing mix.

• International journal of advanced smart convergence
• /
• v.9 no.3
• /
• pp.145-152
• /
• 2020

When conducting a health screening, it is important to select the most appropriate hospitals for the screening items. There are various packages in the screening hospitals, and the screening items and price are very different for each package. In this paper, we provide a method of recommending the screening packages in consideration of the customer's preferences such as screening items and minimum matching ratio. First, after collecting package information of hospitals, information such as basic items and optional items in the package are extracted. Then, we determine whether the client's screening items exist in the basic item or optional item of the package and calculate the matching rate of the package. Finally, we recommend screening packages with the lowest price while meeting the minimum matching rate suggested by the client. For performance analysis, we implement a prototype for recommending screening packages and provide the experimental results. The performance analysis shows that the proposed approach provides a real-time response time and recommends appropriate packages.

• Korean Journal of Construction Engineering and Management
• /
• v.13 no.1
• /
• pp.67-76
• /
• 2012

There are index adjustment method and item adjustment method in estimation methods for price fluctuation rate of public constructions. A relevant regulation has put item adjustment method as a principle, but in most construction, contract sum adjustment has been made by index adjustment method. Hence, this study, by figuring out width and causes of the gap between index adjustment method and item adjustment method through direct comparative analysis, solved inequality caused by difference between them and suggested a rational way against irrationality of each method. For building operations of public housing construction, a detailed fluctuation rate by index adjustment method and item adjustment method of construction cost elements of the same construction, that is, direct material cost, direct labor cost and historical construction cost was estimated to analyze difference between two adjustments and establish its cause. Across the analysis, it was found that fluctuation rate by item adjustment method was estimated lower than that by index adjustment method and difference between methods for estimating fluctuation rate of quotation unit price and application of index unrelated to construction type and construction nature are main causes of the difference. This study has a significance in that, for smooth contract sum adjustment between contracting parties, it practically proved the real difference between adjustment methods by conducting comparative analysis of the difference in direct correspondence way.