전북대학교
Chunghyo Hong, Haewon Cho
Abstract
We try to examine on the short term lead-lag relationship between call, KOSPI and won dollar spot markets with a vector error correction model, Granger causality test and impulse response analysis. This paper uses daily return data covering from January 2000 to December 2008. The major results are as follows; First, according to empirical test based on the Granger causality, the returns of won/dollar spot market Granger causes call market but vice versa. Second, we find a bilateral influence between won/dollar and KOSPI spot markets but the impact of KOSPI is relatively more dominant than of that of won/dollar market. Third, we also find that there is no influence between call and KOSPI markets in a statistically significant level. We hope these kinds of empirical results might be helpful for the investors to set up a asset portfolio and risk management system.
Keyword: Call, Won/Dollar, KOSPI, Granger Causality Test, Impulse Response Analysis
Jeouk Ahn, Kyouyung Kim
Abstract
This paper analyzes the corporate characteristics based on the asset growth effects in stock returns by examining the cross-sectional relation between firm asset growth and stock returns in Korea. The sample firms are selected from the manufacturing firms listed on the Korea Stock Exchange during the period between July 1983 and June 2008. The empirical results are summarized as follows : First, we compare asset growth rates (along with a BM ratio and firm size) to stock returns, and find that the asset growth rates are a statistically significant predictor of the cross-section of stock returns. Second, the efficiency of the predictor variable, asset growth, appears to be slightly lower than that of Fama and French's 3-factor model. Third, we sort firms by firm size and a B/M ratio in the characteristics of firms, and find that the explanatory power of asset growth in the cross-sectional returns varies depending on those characteristics. Fourth, asset growth is a significant factor that explains the time-series returns in the Korean stock market, but the explanatory power is lower than that of the Fama-French model.
Keyword: Asset growth rates, Expected return, Predictive power
Jonghoon Kim, Nakhwan Choi
Abstract
The local hospital is nevertheless losing competitiveness because of local population migration. Therefore, local hospital marketers catch accurately how the local consumers, real medical customers, are thinking and acting about the hospital and then make effort to meet the customers' inquiries and prepare well to reflect it on their operation plan. Hospital strategy is changing from growth supremacy and profit maximization to consumer satisfaction and value creation for human-centered. This study explored the structural relations to analyze the roles of the functional image and experiential image of the hospital on the positive activity. Six medical primary variables as independent factors, are the experts, medical equipment and traffic convenience that have influence to functional image, and kindness, cleanness and exterior of the building that have influence to experiential image. The results of testing hypotheses are as belows. First, we hypothesized that experts, medical facility and traffic give positive effect on functional image. It results that specialty and medical equipment have strong influence on functional image, but traffic factor has not been accepted. Second, we hypothesize and verify that kindness, cleanness, and exterior of building have influence on experiential image. It results that all three factors have a positive effect on experiential image. We see that not only medical skill that medical staffs provides but also sensibility-oriented kind attitude and detailed explanation toward medical consumer are good variables that have influence to experiential image. Third, it makes statistical meaning, as a result, to verify the hypothesis that the higher medical consumer functional image and experiential image of sensitive pleasure, the greater affirmative activity for hospital, This study contributes to helping make hospital strategy for local hospital marketer by showing that speciality and medical equipment should be considered more than traffic convenience. Accordingly, hospital should improve specialty and medical equipment to enhance medical consumer's positive activity for hospital. Functional image is not to be formed in a day but formed with inimitable character through long-term efforts made by a physical trait and a combination of factors of hospitals. Forming experiential image related to be sensitive and emotional pleasure, it is required to get interested in doing medical services for poor people, to offer a course for medical consumer, to expand cultural marketing and to operate a social welfare program, which help consolidate an experiential image. As conclusion, this study results present primary data for correct decision making to authorities of local general hospitals who have concern about hospital-invigorating strategy.
Keyword: functional image, experiential image, affirmative activity for hospital
Abstract
A favorable perceived quality of medical treatment service has a considerable impact on patients' and their guardians' evaluations and therefore influences their subsequent choosing a hospital. For management of both patients' and guardians' satisfaction it is very important to develop and utilize a robust scale for medical service quality. A previous study proposed a scale for measuring medical service quality, however, it did not demonstrate its reliability and validity. Thus this paper evaluates reliability and validity of the scale. Moreover, it investigates whether or not the scale can be applied to both patients and guardians. The data was gathered by using a structured questionnaire from 220 patients and 220 guardians. Based the factor analyses (EFA and CFA), this paper tests reliability and validity for the five factors of medical service quality - process, speciality, kindness, convenience of facilities, and cleanness. Then, it tests the measurement invariance to check that one can apply the scale to the both groups (patients and guardians).
Keyword: Patients, Guardians, Medical Treatment, Service Quality, Tests
Hyunok Lee, Namgi Kim, Dongsoo Lee, Byungryul Bae
Abstract
Relational benefit in food service business, that we often use, takes crucial role in maintaining long term relationship with customers. The purpose of this study is to identify the relevance of relational benefit of relational marketing to the customer value and trust after classifying it into psychologic is to examine the effect of customer value to the customer satisfaction and positive word-of-mouth intention. As a result, relational benefit affects the trust, however psychological benefit, economical benefit, and customerizing benefit. Another goal of this study values did not affect psychological benefit and ecological benefit. Also, customerizing benefit positively affects customer value. Customer value and trust were set up to greatly affect satisfaction and positive word-of-mouth intention as a hypothesis, and were confirmed to positively affect them. With the basis of the results, suggestions,limitations and direction of study afterwards are presented.
Keyword: Relational Benefit, Customer Value, Trust, Satisfaction, Positive Word-of-Mouth.
Minho Kim, Jungsoon Kim, Taeyoung Kim
Abstract
This paper analyzes the factors that might affect the international activities of the born-global firms listed in KOSDAQ. In this study, Born Global firm is classified by the firms which have export ratio over 70%, and initiated export activities at least three years from inception. In this study, the various industrial sectors are expanded for exploring the comprehensive approaches, which could suggest an abundance of implication for born-global firms. Our results show that the R&D and Network have statistically positive effects on the international activities. Moreover an e-commerce in the business process, has a moderate effect in the relationship between R&D, Network and international activities.
Keyword: Born-globals, international activities, IT moderate effect