• 사회경제평론
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• no.38
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• pp.129-161
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• 2012

This paper suggests that, in contrast to main argument of Efficient Market Hypothesis, hedge funds's financial speculation activity in the commodity markets are tending to generate a malfunction of making future price diverge from fundamental price. For this reason, we insist that stricter regulation on commodity derivative markets, including position limitation, is needed. Using some statistic analysis tools, we show that derivative transaction volume is getting so larger that financial speculation by hedge funds dominates price movement in commodity market and eventually slackens the speed of price's return to the fundamental price.

• Journal of Distribution Science
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• v.20 no.12
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• pp.81-87
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• 2022

Purpose: This study aims to explore the relationship between stock liquidity and skewness risk-tail risk (stock price crash risk) in an emerging market, in which problems on liquidity are more severe than in developed markets. Research design, data, and methodology: Based on the Thai market stock exchange over the period of 2000 to 2019, our sample include 13,462 firm-period observations. We employ a panel regression models regarding to five liquidity measures. These five liquidity measures cover three dimensions of liquidity namely the volume-based, price-based, and transaction cost-based measures for the liquidity-tail risk relationship. Results: We find a positively significant relationship between stock liquidity and tail risk in all cases. The finding here shows that the higher the stock liquidity, the larger the tail risk is. Conclusion: As the prior studies show inconclusive effect of stock liquidity on stock price crash risk, we demonstrate that mixed results found in prior studies are probably driven from the type of liquidity measure. The stock liquidity-tail risk association is present in the Stock Exchange of Thailand. The results remain the same regardless of the definition of tail risk and liquidity factors. An endogeneity issue is addressed by employing the two-stage least squares regression.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.9-24
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• 2022

With a view to attracting foreign investment and growing the economy, the Vietnamese government has hastened financial reforms, including the lifting of limitations on foreign investment, which has resulted in rapidly rising foreign ownership in recent years. To study the relationship between transactions of foreign investors and transactions of domestic investors on two stock exchanges in Vietnam Ho Chi Minh City Stock Exchange (HSX) and Hanoi Stock Exchange (HNX). This study applies a secondary dataset comprising daily market trading information of 912 stocks from 18 industries listed on 2 Vietnam stock exchanges, including HSX and HNX, which includes executed price, executed volume, daily Buy Orders, and Sell Orders categorized into domestic investors' orders and foreign investors orders from 01.04.2010 to 10.04.2018. The regression results show a significantly positive relationship between foreign investors' trading and domestic investors' transaction in all trading activities in both up and down markets. Therefore, these results indicate that domestic investors in Vietnam are concerned with foreign investors' trading as an important sign, and domestic investors tend to follow their counterparties without appropriate fundamental information. From there, there are signs of herding behavior of domestic investors following foreign investors in transactions on the stock market in Vietnam.

• Journal of the Korean Society of Industry Convergence
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• v.27 no.5
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• pp.1153-1166
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• 2024

The calculation of the waste landfill unit price at the S landfill located in I city was analyzed in two cases: Method A by statistical techniques and Method B by reflecting policy variables such as the prohibition of direct landfilling of household waste and the right to emit greenhouse gases. As a result, in the case of method B, the landfill unit price increased by 34.1% to 57.6% depending on the type of waste compared to method A. By landfill unit price composition, landfill work cost, operation and management cost, greenhouse gas emission rights transaction cost, and resident support fund increased by 61.0%, 68.3%, 63.5%, and 34.1% to 57.6%, respectively. Therefore, considering the characteristics of the landfill, which requires more than 30 years of mid- to long-term operation and management even after the end of the landfill, policy variables should be identified periodically for stable landfill operation and management. In addition, periodic activities to calculate the landfill unit cost are considered necessary, such as predicting the amount of landfill waste and deriving additional future cost factors such as greenhouse gas emission rights.

• Journal of the Korean Geographical Society
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• v.49 no.5
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• pp.761-778
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• 2014

There has been relatively little study to model price for commercial property because of its low transaction volume in the market. Despite of this thin market character, this paper tried to estimate prices for commercial lots as accurate as possible. We constructed a model whose components consist of mean structure(global trend), exponential covariance function and a pure error term, and applied it to actual sales price data of Seoul. We explicitly took account of spatial autocorrelation of land price by utilizing a kriging technique, a representative method of spatial interpolation, because the land price of commercial lots has feature of differential price forming pattern depending on submarkets they belong to. In addition, we chose to apply a bayesian kriging to overcome data scarcity by incorporating experts' knowledge into prior probability distribution. The chosen model's excellent performance was verified by the result from validation data. We confirmed that the excellence of the model is attributed to incorporating both autocorexperts' knowledge and spatial autocorrelation in the model construction. This paper is differentiated from previous studies in the sense that it applied the bayesian kriging technique to estimate price for commercial lots and explicitly combined experts' knowledge with data. It is expected that the result of this paper would provide a useful guide for the circumstances under which property price has to be estimated reliably based on sparse transaction data.

• Journal of KIISE:Databases
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• v.33 no.1
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• pp.69-85
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• 2006

Broadcast has been often used to disseminate the frequently requested data efficiently to a large volume of mobile clients over a single or multiple channels. Conventional concurrency control protocols for mobile transactions are not suitable for the wireless broadcast environments due to the limited bandwidth of the up-link communication channel. In wireless broadcast environments, the server often broadcast different data items with different frequency to incorporate the data access patterns of mobile transactions. The previously proposed concurrency control protocols for mobile transactions in wireless broadcast environments are focused on the mobile transactions with uniform data access patterns. However, these protocols perform poorly when the data access pattern of update mobile transaction are not uniform but skewed. The update mobile transactions with skewed data access patterns will be frequently aborted and restarted due 4o the update conflict of the same data items with a high access frequency. In this paper, we propose an energy-efficient concurrence control protocol for mobile transactions with skewed data access as well as uniform data access patterns. Our protocol use a random back-off technique to avoid the frequent abort and restart of update mobile transactions. We present in-depth experimental analysis of our method by comparing it with existing concurrency control protocols. Our performance analysis show that it significantly decrease the average response time, the amount of upstream and downstream bandwidth usage over existing protocols.

• The Journal of the Convergence on Culture Technology
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• v.8 no.3
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• pp.485-491
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• 2022

The traditional economic order quantity (EOQ) model is analyzed under the basic assumption that the purchase price is paid immediately upon receiving the product. However, product suppliers may allow a certain period of deferral of payment for product purchase costs in order to differentiate themselves from competitors. From the distributor's point of view, such a credit transaction can temporarily divert product purchase costs, resulting in a reduction in inventory investment costs, and ultimately, a factor that lowers the selling price for the purpose of increasing end-customer demand can be. In addition, in that credit transactions are provided for the purpose of increasing the demand of suppliers as a means of differentiation from competitors, it is more general to be allowed flexibly according to the transaction volume. In this regard, assuming that the end customer's demand is represented by a linear decreasing function of the distributor's selling price, this study analyzes a model for determining the distributor's pricing and ordering policies under order-size-dependent delay in payments. For the analysis, we also assume that the inventory is depleted not only by customer's demand but also by decaying.

• Journal of Digital Convergence
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• v.10 no.1
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• pp.125-133
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• 2012

The volume of electronic banking service via smart phone is expected to increase dramatically under smart convergence environment. Under such circumstances, the effort to establish the mobile electronic banking culture which took a major step forward from the conventional electronic commerce method is essential. It is necessary to standardize the mobile payment infrastructure in order to resolve the initiative conflicts between financial institutions and newly launched non-financial institutions. Furthermore, a domestic and international strategy is required as the number of NFC technology based smart phone transaction business is increased. As various types of business enter the electronic commerce field, efforts to resolve the dissatisfaction of the customers are critical. Additionally, security is one of the significant issue due to the conversation process to open-type operating system. This study surveyed and analyzed the current domestic and foreign status, the problems in Korea, and suggested an effective counterplan and policy, which could be helpful in governments' preparation for electronic commerce policy.

• Journal of Korean Society of Rural Planning
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• v.22 no.3
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• pp.107-118
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• 2016

In order to ensure revenue of agricultural products which have encountered the dramatic decline of prices in distribution, the export of the domestic farm produce was started and it has been considered to play the significant role to make fundamentals for securing the stable revenue of farms and future of agricultural industries. The Korean government has endeavored to increase scale and volume of export and make the stable structure for export transaction by supporting government policies. Since the export of the agricultural products was influenced by multiple and uncertain factors such as the gap of GDP, distance, the difference of climatess between countries, in this study of agricultural exports, the attributes of export according to changed factors are derived by using RCA and gravity model. As the complexity of export environment has been increased compared to the past, it is necessary to analyze the attributes of agricultural exports. In this study, by using network theory, trade network of agricultural product, the periodic changes of relations, the changes of centrality and maxium flow are derived. Even though the trade quantity of existing agricultural fresh products are still small, the study derived the need to vertical integration for expanding agricultural product export by applying network theory.

• Journal of Korea Trade
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• v.26 no.7
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• pp.185-202
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• 2022

Purpose - As overseas direct purchase transactions using e-commerce increase, the scale and scope of international trade are diversified, and the transaction volume using online platforms in e-commerce is increasing. The e-commerce market share will become more important because it is not only a medium connecting B2C, but also because it will expand the scope of trade. This study aims to reveal the factors that influence purchase intention according to Korean-Chinese consumers in e-commerce. In addition, the study has comprehensively confirmed the influence between each factor in the e-commerce environment by integrating and analyzing the characteristic factors of online information sources and platforms in one structural equation. Finally, the study confirmed that there is a significant difference in the influence relationship between Korean and Chinese consumers. Through this, the study will contribute to content production in the e-commerce market according to the target market and the expansion of the mutual entry of Korea and China. Design/methodology - This study aims to confirm the mediating effect of the details of the online information source characteristics and platform characteristics when the perceived quality affects purchase intention. It is confirmed that the factors affecting Korean and Chinese consumers differ. Findings - It was confirmed that differences exist according to the group of Korean or Chinese consumers for the entire research model. In the case of Korean consumers, the mediating factors when perceived quality affects purchase intention are expertise, reliability, entertainment, informativity, and convenience; in the case of Chinese consumers, the factors are expertise and informativity. Originality/value - This study proved that Korean and Chinese consumers cannot be regarded as having the same characteristics, and therefore, strategies aimed at each e-commerce market should be differentiated. In addition, although previous studies on online information sources and platform characteristics were not integrated, this study confirmed a significant influence relationship among the factors that could affect purchase intention in the actual e-commerce environment.