• 한국산학경영학회:학술대회논문집
• /
• 2004.11a
• /
• pp.4-22
• /
• 2004

The Internet provides a new distribution channel of digital contents for conventional media firms such as newspaper, magazine and encyclopedia publishers and broadcasting companies with very low marginal production and distribution cost. In comparison to traditional offline channel, there have been various revenue models in online content markets such as advertising model, subscription model, affiliation fee model, etc. In the earlier of the Internet era, most of online content firms provided their services free in order to boost offline revenue or they depend on advertising revenue sources in lieu of attaining revenue from their contents. However, as many online content firms are confronted with many difficulties in attaining revenues from online advertising model, they began to charge their contents. This paper shows why they charge their contents and explores entry conditions when conventional firms enter online content markets. And also this paper discusses managerial implications related to pricing strategies in online content markets.

• The Journal of Information Systems
• /
• v.22 no.4
• /
• pp.85-115
• /
• 2013

Digital knowledge and information goods as experience goods have some unique characteristics such as close to zero reproduction and distribution cost, high price volatility, and low price acceptability. For the reasons, the pricing policies of digital knowledge goods are very difficult and complicate. Also, most consumers of digital goods have experienced cognitive dissonance after buying decision. The purpose of this paper is to investigate what factors affect the price acceptability level and cognitive dissonance of digital knowledge goods buyers. This paper suggest a structural model that was established by the cognitive dissonance theory and S-O-R(Stimulus-Organization-Response) model. The model is consisted of four exogenous variables and three endogenous variables. The empirical test and statistical analysis suggest following results and practical implications. The variables such as product involvement and perception of price fairness that have positive roles to price acceptability have strong influence on the all the three endogenous variables. But the variables such as sale proneness and price mavenism that have negative roles to price acceptability have little influence on the all the three endogenous variables. In the model, the payment intention was very important mediating variable between exogenous variables and two dependent variables, ie. price acceptability and cognitive dissonance. These results imply that the digital knowledge portals must have some differentiated pricing policies to the customers who have price consciousness and price mavenism. Also, they need some special promotions to whom have positive attitude to the value of digital goods.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.9
• /
• pp.117-123
• /
• 2020

The objective of this study is to examine whether the four-factor model explains variation in the expected return of stocks on the Stock Exchange of Thailand. The study used individual monthly data for all stock with continuous trading on the Stock Exchange of Thailand. The study used sample data of 429 listed stocks to construct 8 portfolios bases on the industries. In this study, subject to market factors such as size, the book-to-market ratio, the market beta, and stock liquidity are taken into account. The Empirical analysis reveals that not all of the variables included in the four-factor asset pricing model are statistically significant to do affect the formation of the rate of return on stocks calculated on a monthly basis. The result shows that market beta, stock liquidity, and the book-to-market ratio has a significant increase in the rate of return on shares listed on the Consumer Products. It is therefore apparent that at least in respect of monthly analysis, the predictions of bass models in the field of modern finance theory systematic risk measured by the beta coefficient did play a significantly important role in the formation of the rate of return on the Stock Exchange of Thailand.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.8
• /
• pp.25-31
• /
• 2020

The purpose of this paper is to examine a financial distress premium in the emerging market. A risk-return trade-off of negative book equity (NBE) and distress firms is empirically analyzed using data from the Stock Exchange of Thailand. This research employs Ohlson's (1980) bankruptcy model as a measurement of distress risk. The results indicate that distress firms outperform solvent firms in the Thai market and deny distress anomaly often found in the developed market. Fama-Frech (1993) three-factor model and Carhart (1997) four-factor model verify the existence of a distress premium in the Thai capital market. Risk-seeking investors demand greater compensation for bearing risks of distress firms' going concern. This paper provides fresh evidence that default risk is a significant explanatory factor in pricing stocks in the emerging market. Also, this study sheds light on the role of NBE firms in asset pricing. Most studies eliminate NBE firms from their sample. However, NBE firms yield superior average cross-sectional returns, albeit with higher volatility. Investors are rewarded with distress risks associated with NBE firms. The outperformance of NBE firms is statistically significant when compared to the overall market. The NBE premium disappears when factoring size, value, and momentum in time-series analysis.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.717-729
• /
• 2021

This paper examines the efficacy of the default risk factor in an emerging market context using the Fama-French five-factor model. Our aim is to test whether the Fama-French five-factor model augmented with a default risk factor improves the predictability of returns of portfolios sorted on the firm's characteristics as well as on industry. The default risk factor is constructed by estimating the probability of default using a hybrid version of dynamic panel probit and artificial neural network (ANN) to proxy default risk. This study also provides evidence on the temporal stability of risk premiums obtained using the Fama-MacBeth approach. Using a sample of 3,806 firm-year observations on non-financial listed companies of Pakistan over 2006-2015 we found that the augmented model performed better when tested across size-investment-default sorted portfolios. The investment factor contains some default-related information, but default risk is independently priced and bears a significantly positive risk premium. The risk premiums are also found temporally stable over the full sample and more recent sample period 2010-2015 as evidence by the Fama-MacBeth regressions. The finding suggests that the default risk factor is not a useless factor and due to mispricing, default risk anomaly prevails in the Pakistani equity market.

• Journal of Korean Society of Transportation
• /
• v.22 no.5
• /
• pp.139-149
• /
• 2004

As the expansion of road capacity has become impractical in many urban areas, congestion pricing has been widely considered as an effective method to reduce urban traffic congestion in recent years. The principal reason is that the congestion pricing may lead the user equilibrium (UE) flow pattern to system optimum (SO) pattern in road network. In the context of network equilibrium, the link tolls according to the marginal cost pricing principle can user an UE flow to a SO pattern. Thus, the pricing method offers an efficient tool for moving toward system optimal traffic conditions on the network. This paper proposes a continuous network design program (CNDP) in network equilibrium condition, in order to find optimal congestion toll for maximizing net economic benefit (NEB). The model could be formulated as a bi-level program with continuous variable(congestion toll) such that the upper level problem is for maximizing the NEB in elastic demand, while the lower level is for describing route choice of road users. The bi-level CNDP is intrinsically nonlinear, non-convex, and hence it might be difficult to solve. So, we suggest a heuristic solution algorithm, which adopt derivative information of link flow with respect to design parameter, or congestion toll. Two example networks are used for test of the model proposed in the paper.

• Journal of Korean Society of Transportation
• /
• v.20 no.4
• /
• pp.95-107
• /
• 2002

Congestion and increasing returns to scale in the use of and in the provision of transportation facilities have been biggest challenges to policy makers. In order to counter these problems and thereby to promote economic efficiency, optimal congestion tax and marginal cost pricing are separately and strongly recommended for each case. In this paper, however, we show that they are valid only in Partial equilibrium context in which only the corresponding market is considered. We set up a formal general equilibrium model and prove that the recommended policies are not in general effective. We continue to give particular examples which show the invalidity of each policy and continue to show that in the same examples, there exist better but unconventional policies. Based on these findings we strongly suggest to employ quantify restricting policy measure or to find second-best pricing policies.

• KSII Transactions on Internet and Information Systems (TIIS)
• /
• v.8 no.4
• /
• pp.1192-1207
• /
• 2014

Dynamic spectrum sharing is a key technology to improve spectrum utilization in wireless networks. The elastic spectrum management provides a new opportunity for licensed primary users and unlicensed secondary users to efficiently utilize the scarce wireless resource. In this paper, we present a game-theoretic framework for dynamic spectrum allocation where the primary users rent the unutilized spectrum to the secondary users for a monetary profit. In reality, due to the ON-OFF behavior of the primary user, the quantity of spectrum that can be opportunistically shared by the secondary users is limited. We model this situation with the renewal theory and formulate the spectrum pricing scheme with the Bertrand game, taking into account the scarcity of the spectrum. By the Nash-equilibrium pricing scheme, each player in the game continually converges to a strategy that maximizes its own profit. We also investigate the impact of several properties, including channel quality and spectrum substitutability. Based on the equilibrium analysis, we finally propose a decentralized algorithm that leads the primary users to the Nash-equilibrium, called DST. The stability of the proposed algorithm in terms of convergence to the Nash equilibrium is also studied.

• Journal of Communications and Networks
• /
• v.16 no.2
• /
• pp.183-192
• /
• 2014

This paper proposes a payment-based power control scheme using non-cooperative game with a novel pricing function in cognitive radio networks (CRNs). The proposed algorithm considers the fairness of power control among second users (SUs) where the value of per SU' signal to noise ratio (SINR) or distance between SU and SU station is used as reference for punishment price setting. Due to the effect of uncertainty fading environment, the system is unable to get the link gain coefficient to control SUs' transmission power accurately, so the quality of service (QoS) requirements of SUs may not be guaranteed, and the existence of Nash equilibrium (NE) is not ensured. Therefore, an alternative iterative scheme with sliding model is presented for the non-cooperative power control game algorithm. Simulation results show that the pricing policy using SUs' SINR as price punishment reference can improve total throughput, ensure fairness and reduce total transmission power in CRNs.

• The Journal of Society for e-Business Studies
• /
• v.7 no.2
• /
• pp.55-68
• /
• 2002

Internet group buying systems have been widely used recently. In those systems, because the reserve price is provided by the buyer, the success rate can be decreased if the reserve price is set too low compared with the normal price. Otherwise, an unsuitable successful bid can be made if the reserve price is set too high based on inaccurate information. Likewise, the seller's providing too high a bid price can deteriorate his/her own successful bid rate, whereas a successful bid with too low a price may make no profit in the sale. Therefore, pricing agents that recommend adequate prices based on the past buying and selling history data can be helpful. In this paper, we propose two kinds of agents. One suggests reserve prices to buyers based on the past buying history database of the system. The other recommends bid prices to a seller based on the past bidding history data of the company using the cost accounting theory. Through performance experiments, we show that the successful bid rate can increase by preventing buyers from making unreasonable reserve prices. Also, we show that, for the seller, the rate of successful bids with appropriate profits can increase. Using the pricing agents, we design and implement an XML-based group buying system.