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2016, Vol.26, No.4

  • 1.

    Practical Issues and Future Tasks related to the Period of Business Loss Compensation

    정주희 | Kim, Tae Hoon | 김원보 | 2016, 26(4) | pp.7~23 | number of Cited : 3
    Abstract
    This study aims at examining practical issues through the analysis into the actual conditions of compensation by project operators with regard to the present business loss compensation period, the adjudication cases of the Central Land Tribunal and others, and at suggesting future tasks. The main results can be summarized as follows. First, Korea is now strictly regulating the requirements of compensation in discontinuance of business, yet in the future, subdivided standards in connection with the types of business must be established, and on the other hand, flexible management of the actual period of suspension of business can be another measure. Second, the objective standards to decide on the compensation of an actual period of suspension of business need to be improved through the investigation into the actual condition, judgment by professionals and etc., and as for the meaning of actual period of suspension of business, the legal system should be improved. In addition, in case of the business types whose place can be moved and that can resume their normal activities in a relatively short term, the period of suspension of business within 4 months needs to be applied. Third, in order to decide on the discontinuance of business and the period of suspension of business, project operators need to consult professionals.
  • 2.

    Consumption-Wealth Ratio and Housing Prices in Korea: Complementarity and Price Prediction

    Heegab Choi | 2016, 26(4) | pp.25~39 | number of Cited : 1
    Abstract
    This paper studies the role of fluctuations in the aggregate consumption-wealth ratio for predicting housing returns in Korea. This is because, following Lettau and Ludvigson(2001), the consumer’s budget constraint implies that the residuals of the trend relationship among consumption and aggregate wealth should predict housing returns. We use quarterly data (1987.2Q~2012.2Q) and find that fluctuations in the consumption-wealth ratio in Korea are predictors of real and excess housing returns. In most models, financial and housing assets are found to be seen as complements in the short-run. That is, when Korean household expects future housing returns to be higher, they will temporarily allow consumption to rise. This result is consistent with the result from most OECD countries including Japan.
  • 3.

    Time-varying Beta of K-housing Market: Fitting and Forecast

    김중득 | Lee, Young Soo | 2016, 26(4) | pp.41~60 | number of Cited : 0
    Abstract
    This paper investigates the time-varying behavior of beta for Korea housing market using monthly housing pricing indices of borough in Seoul and Busan over the period 2003-2014. In this paper, we focus on tests based on Kalman filter. First, in order to know whether betas have varied substantially over time, this paper estimates time-varying betas using the Kalman filter algorithm in the framework of a state-space model. Second, we compare the fitting and forecast ability of two different time-varying beta models(using AR(1) and random walk process) and use the constant beta of the single factor model as a benchmark. Our results find that in time-series test, measures of forecast errors overwhelmingly support the Kalman filter method implying betas are time-varying substantially over time. In comparison of time-varying betas, Betas of AR(1) process are preferred to random walk process in sample fitting performances and betas of random walk process provide more accurate forecast.
  • 4.

    Effect on Room Rates of the Meeting’s Space-To-Rooms Ratio of Upscale Hotels

    유현선 | Seon-Jong Yoo | 2016, 26(4) | pp.61~76 | number of Cited : 6
    Abstract
    This study examines how hotel attributes and facility attributes affect room rates for upscale hotels, four and five-star hotels. The authors employ a hedonic pricing model and analyze data from seventy six hotels operating in six metropolitan regions of South Korea during 2014. To develop better statistical models, three alternative models are specified and estimated.; Model 1.1 only including hotel attributes; Model 1.2 including both hotel and facility attributes as the comprehensive model; and Model 1.3 exploring a non-linear relationship between the dependent and the main independent variable. In addition, two robustness tests are performed. One is to reestimate with only data from the Seoul Metropolitan Area, and the other is to reestimate after including three-star hotels in the data pool. The results indicate that hotel characteristics (the total number of hotel rooms competing in the local market, the total number of floors, and the number of parking spaces per room) positively influence Average Daily Rate (ADR) which is one of universally accepted indicators of hotel operating performance. In terms of facility attributes, the total F&B department revenue per occupied room and swimming pool dummy have significant positive impacts on hotel room rates. The main finding demonstrates that the meeting’s space-to-rooms ratio has a non-linear effect on hotel‘s ADR, posing a negative impact before passing a certain threshold. This study is expected to provide hotel owners and developers with new insights into investment strategies, by empirically exploring the importance of hotel facilities.
  • 5.

    An Exploratory Study of Golf Membership Price Determinants andMarket Segmentation Using Quantile Regression

    Yoo, Daejong | Lee, Sang Kyeong | 2016, 26(4) | pp.77~93 | number of Cited : 0
    Abstract
    Most of previous studies analysed determinants of golf membership prices using ordinary least squares regression in terms of a single market. On the contrary, we observe that the transaction market of golf membership is segmented by price. Thus, this paper aims at analysing the determinants of membership prices using quantile regression. We construct database for nationwide golf courses except Jeju-do. Golf membership prices are standard market prices and investigated by membership type and issue order. The results are as follows. As corporate membership and VIP membership go up to high quantiles, the positive effect increases, whereas the weekly membership increases the negative effect. The effect of GRDP per capita of the nearest metropolitan city becomes smaller as a quantile increases. The clubhouse area per a hole and resort type have positive effect in middle quantiles. This result shows that implicit prices of golf membership characteristics differs by quantile, suggesting that golf membership market may be segmented by price.
  • 6.

    The Factor Analysis of Real Estate 020 Mobile Service and Preference: Focusing on the Mediating Effect on the Perceived Usefulness and Easy of Use

    MUSEON LEE | 2016, 26(4) | pp.95~108 | number of Cited : 2
    Abstract
    In this study, we examine the relationship between the services of the characteristic factors and preferences through the literature research in order to ensure that customer satisfaction and service appetite at the time of the development of the real estate 020 mobile services is high service. Further, setting the hypotheses factors affecting the similarity of web sites, and an object thereof is to analyze the impact through empirical study presents a research model. To summarize the main research results are as follows. First, it was found to give convenient, aesthetic, information quality, the ease of use, and usefulness the effect of the positive (+). Second, the ease of use, and usefulness of use it was found that the influence of the positive (+) to taste. Thirdly, the ease of use, and usefulness, it has become clear that there is mediated effects between the characteristics and preferences of mobile services. These findings, is to contribute to be able to activate the service as independent variables presented in research model for future property 020 mobile service planning, when developing is well designed.
  • 7.

    Property Right and Regulation: Focusing on Greenbelt Regulation

    KIM, IL-JOONG | 이호준 | 2016, 26(4) | pp.109~129 | number of Cited : 1
    Abstract
    This paper tries to answer the question of whether a regulation requires compensation to the regulated. We examined the weakness of previous economic models on this issue and suggested a new formula and scrutiny process to determine whether to compensate or not by synthesizing the theories of Michelman(1967) and Epstein(1985). The suggested formula with the six-step scrutiny utilizes an extended concept of efficiency which encompasses the conventional norms of fairness. We think the formula is more useful and workable in practice, specially at courts than the previous models. We finally tested the workability of the formula with the case study on the Green Belt regulation of Korea, and we showed that the strongest land regulation requires compensation to the regulated.
  • 8.

    A Study of the Expanding Role the Appraisers for the TechnologyValuation in the Future

    Bae, Hyo Sung | 엄성희 | 2016, 26(4) | pp.131~146 | number of Cited : 1
    Abstract PDF
    This study, despite increases with the number of corporate finance and technology value through the continued expansion of the market valuation techniques, issues related to the qualifications and relevant laws and regulations on valuation techniques are still coming continued. Therefore, pointing out the practical problems of current technology valuation system and valuation techniques presented within the appraisal industry's future challenges to expanding the role of the appraiser in the market. In addition, the role of the appraiser for the legal stability and reliability problems pointed out in the technology value assessment system, why was it important for describing the contents. Current technology in the valuation appraisers relevant professional institutions exist, but this is a private appraisers, a private appraisers technology valuation has conducted most. As a result, there is no legal responsibility for accountability on this valuation technique. Therefore, introducing improved technology direction to move the valuation system and after further appraisal industry within the valuation suggests the implications for the participation scheme in the technology market.
  • 9.

    A Study on the Locational factors of Gas Station using Analytic Hierarchy Process

    Han Ju Og | Tae-Ug Rho | 2016, 26(4) | pp.147~165 | number of Cited : 1
    Abstract
    This study utilizes AHP to analyze the key factors in determining the location of gas stations. The relative importance and priority ranking among the factors were derived and the factors determining the location of gas stations were given number ranks. Then the locational factors of the gas stations in Seoul City were analyzed. To this end, the factors were constructed into layers. The upper layer was composed of economic, demographic, land-use, transport factors and the lower economic layers were competition facilities, number of businesses, number of registered vehicles, and the lower demographic layers were population, population density, local income tax, and the lower land-use layers were use of land, land size, land price and the lower transport layers were traffic, accessibility and visibility. Multiple priority results analysis show that relative importance of factors were ranked as follows: 1st traffic, 2nd accessibility, 3rd competition facilities, 4th visibility, 5th number of registered vehicles, 7th number of businesses, 8th local income tax, 9th use of land, 10th population, 11th land price, 12th land size. Comprehensive assessment of location analysis based on the results utilizing GIS showed that within Seoul, Yangcheon Area is the best location.