• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.145-167
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• 2010

We investigate the dynamic relationship between stock returns and investors' behavior. For the putpose of the paper, daily KOSPI returns are decomposed into two parts: overnight returns and daytime returns. Overnight return is measured by the closing price of the previous day and the opening price of the current day. And daytime return is measured by the opening and closing prices of the current day. Qvernight returns are assumed to reflect global economic information, and daytime returns, domestic or local information. Major results are as follows: Foreign investors' behavior has an effect on the overnight returns more than the daytime returns. Individual investors' behavior, however, has little effect on the overnight returns, but not the daytime returns. Consequently, forecast error variance decomposition shows that the variance explanation power of foreign investors is higher in overnight returns rather than in the daytime returns. And the variance explanation power of individual investors is higher in daytime returns rather than in overnight returns. It implies that foreign investors employ dynamic hedging strategies and give more weight to global economic information rather than to domestic information. We conclude that investment behavior of foreign investors and domestic individuals is based on different economic information. This paper's findings are consistent with the economic situation that the Korean capital markets have faced since the global financial crisis of August 2008.

• Journal of Fashion Business
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• v.21 no.1
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• pp.148-165
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• 2017

An assortment of daily supplies have been documented in and accounting book that Hwa-sun Song, a wholesale dealer in Hongcheon, Gangwon-do, sent to Young-hui Sin, a customer. This study analyzed a total of 163 documentations in the accounting book between 1910 to 1916, which includes types of daly supplies, trading volume, and prices, maintained accounting between. Consequently, we are able to indentify companies that produced the applicable goods, names of products, units by which goods were counted, and the lowest and highest prices prevailing, along with kinds of goods patronized in everyday life in Hongcheon in the early 20th century. Paper had the maximum trading volume. The second, most traded were cigarettes, a symbol of the new culture. These were traded under various brand names, such as Kkotpyo, Guksyu, Sanhopyo, Syonghak, and Joil. Foodstuffs, were the third most traded items, including fish, fruits, sugar, Waeddeok, Chilwaeddeok, Color candies and Okchyun candies. Our results indicate that the snack food business had developed since the 19th century. Lighting equipment, oil, candles, matches as well as traditional oil lamps and flints cornered the fourth largest stock being traded. Medications were fifth, with prescriptions written for Insohwan, Hoechyungsan and Siungo, including quinine, a medicine for malaria. Other trades included kitchen appliances such as soup bowls, porcelain bowls, kettles, and drinking cups, and a variety of daily supplies such as mirrors, mats, umbrellas, Geumjiwaemil, hair oil imported from Japan, and soap.

• Journal of the Korean Institute of Intelligent Systems
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• v.21 no.2
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• pp.230-236
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• 2011

This paper proposes the possibility which the fuzzy theory can be used to improve the performance of the parabolic SAR(Stop-And-Reverse) indicator in the trading systems for stock market. The simulation results with data of the KOSPI 200 future show that the occurred number of trading signals and the false signals in the proposed fuzzy SAR indicator is less than that in the conventional SAR indicator. In the conventional SAR system, the incremental value of the acceleration factor is usually setted as 0.02 and the maximum value of the acceleration factor is usually limited as 0.2. But in the proposed fuzzy SAR system, the incremental value and the maximum value of the acceleration factor are automatically adjusted by using the fuzzy rules, which are designed based-on the difference between short-term moving average and medium-term moving average and also based-on the slope of short-term moving average.

• Journal of the Korean Operations Research and Management Science Society
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• v.29 no.2
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• pp.97-116
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• 2004

Recently, e portion of on-line stock brokerage has been rapidly increased to be more than 50%, on the basis of contracted money. The usage of wCTS(Web Based Cyber Trading Systems) has now got into the steady state over the initial diffusion stage, which means wCTS has got more-than-half customer base in on-line service. Therefore, brokerage service providers have their competitive strategic focus on customer retention through the enhancement of customer loyalty. This study provides framework and survey results on explanation of wCTS user's loyalty, what and how factors affect wCTS user's loyalty. We adopt the results of early studies on information technology acceptance and diffusion such as TAM(Technology Acceptance Model) and IDT(Innovation Diffusion Theory). We also referred loyalty theory of marketing area and studios on CTS usage. We categorized explanation factors as three groups characteristics of users, characteristics of system, social environment. And we assumed that these three factors could affect the loyalty through two parameters : customer satisfaction and trust to the system. This study firstly shows that the ease of use and usefulness, the major factors of TAM. can also be applied to the loyalty of wCTS with resulting that the usefulness is more important than the ease of use In wCTS. Secondly, it shows that the innovative and risk-sensitive user has the lower degree of loyalty. Thirdly, it shows that the satisfaction and trust impact the loyalty simultaneously, the trust particularly impacts more strongly than the loyalty, due to the characteristics of monetary transaction in wCTS. This study provides meaningful results to the other on-line EC service fields as a first empirical research regarding the loyalty to wCTS which is a typical on-line EC service.

• Environmental and Resource Economics Review
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• v.27 no.4
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• pp.667-694
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• 2018

We analyze the learning-by-doing effects of the allowance pricing system on the Korea's emission trading scheme. The price of allowance (Korean Allowance Unit) is influenced differently by internal market factors and economic conditions variables in the first (January 2015 to June 2016 ) and the second commitment year(January 2016 to June 2017). The prices and transaction volumes of complementary credits (KCU and KOC) as well as economic conditions variables (such as call rate, exchange rate, stock price) are statistically significant only for the second commitment year. Thus, the learning-by-doing effect makes the market participation decision on K-ETS market more efficient in the second commitment year, adopting the previous experience and knowledge in the K-ETS market. The factors estimated significantly in both commitment periods include the institutional binary variable for requiring the submission of the emissions verification reports issued both on February and March.

• Journal of Distribution Research
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• v.16 no.4
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• pp.29-64
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• 2011

Overview of Research: Product availability is one of important competences of store to fulfill consumer needs. If stock-outs which means a product what consumer wants to buy is not available occurs, consumer will face decision-making uncertainty that leads to consumer's negative responses such as consumer dissatisfaction on store. Stockouts was much studied in the field of academia as well as practice in other countries. However, stock-outs has not been researched at all in Marketing and/or Distribution area in Korea. The main objectives of this study are to find out determinants of consumer responses such as Substitute, Delay, and Leave(SDL) when consumer encounters out-of-stock situation and then to examine the effects of these factors on consumer responses. Specifically, this study focuses on situational characteristics(e.g., purchase urgency and surprise), store characteristics (e.g., product assortment and store convenience), and consumer characteristics (e.g., brand loyalty and store loyalty). Then, this study empirically investigates relationships these factors with consumers behaviors such as product substitution, purchase delay, and store switching.