한우고기 할인판매행사가 한우 및 한돈가격 변동성과 수익률에 미친 영향

Impacts of Hanwoo promotional sales event on the price volatility and rate of return for both Hanwoo beef and Handon pork

We analyzed the impact of ‘Hanwoo beef promotional sales events’, part of the Hanwoo Beef Checkoff Programs, on the volatility and rate of return for both Hanwoo and Handon wholsale prices. In order to account for information asymmetry and investigate the relationship between volatility and the rate of return, we employed the GJR-GARCH model combined with the GARCH in mean model. Our findings reveal that the implementation of ‘promotional sales events’ had a stabilizing effect on Hanwoo beef prices by lowering their volatility. It is also found that the rate of return increased. As price volatility increased, indicating an associated rise in the risk premium due to heightened market risk. Although the implementation of these events did not show statistical significance in influencing the rate of return for Handon pork, it was observed to have a marginal impact on price volatility.