• Title, Summary, Keyword: Profit Index Method

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Empirical Analysis on Profit and Stability of Korean Reverse Convertible Funds

  • Shin, Yang-Gyu
    • Journal of the Korean Data and Information Science Society
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    • v.19 no.4
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    • pp.1073-1080
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    • 2008
  • Reverse convertible fund is a method of investment assuring both profit and stability in an unstable stock market, and shares characteristics of a hedge fund and derivative securities. This study analyzes empirically whether reverse convertible funds can indeed serve as a new method in variable stock market environment to provide high profit with low risks especially in the Korean stock market.

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Selection Model of System Trading Strategies using SVM (SVM을 이용한 시스템트레이딩전략의 선택모형)

  • Park, Sungcheol;Kim, Sun Woong;Choi, Heung Sik
    • Journal of Intelligence and Information Systems
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    • v.20 no.2
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    • pp.59-71
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    • 2014
  • System trading is becoming more popular among Korean traders recently. System traders use automatic order systems based on the system generated buy and sell signals. These signals are generated from the predetermined entry and exit rules that were coded by system traders. Most researches on system trading have focused on designing profitable entry and exit rules using technical indicators. However, market conditions, strategy characteristics, and money management also have influences on the profitability of the system trading. Unexpected price deviations from the predetermined trading rules can incur large losses to system traders. Therefore, most professional traders use strategy portfolios rather than only one strategy. Building a good strategy portfolio is important because trading performance depends on strategy portfolios. Despite of the importance of designing strategy portfolio, rule of thumb methods have been used to select trading strategies. In this study, we propose a SVM-based strategy portfolio management system. SVM were introduced by Vapnik and is known to be effective for data mining area. It can build good portfolios within a very short period of time. Since SVM minimizes structural risks, it is best suitable for the futures trading market in which prices do not move exactly the same as the past. Our system trading strategies include moving-average cross system, MACD cross system, trend-following system, buy dips and sell rallies system, DMI system, Keltner channel system, Bollinger Bands system, and Fibonacci system. These strategies are well known and frequently being used by many professional traders. We program these strategies for generating automated system signals for entry and exit. We propose SVM-based strategies selection system and portfolio construction and order routing system. Strategies selection system is a portfolio training system. It generates training data and makes SVM model using optimal portfolio. We make $m{\times}n$ data matrix by dividing KOSPI 200 index futures data with a same period. Optimal strategy portfolio is derived from analyzing each strategy performance. SVM model is generated based on this data and optimal strategy portfolio. We use 80% of the data for training and the remaining 20% is used for testing the strategy. For training, we select two strategies which show the highest profit in the next day. Selection method 1 selects two strategies and method 2 selects maximum two strategies which show profit more than 0.1 point. We use one-against-all method which has fast processing time. We analyse the daily data of KOSPI 200 index futures contracts from January 1990 to November 2011. Price change rates for 50 days are used as SVM input data. The training period is from January 1990 to March 2007 and the test period is from March 2007 to November 2011. We suggest three benchmark strategies portfolio. BM1 holds two contracts of KOSPI 200 index futures for testing period. BM2 is constructed as two strategies which show the largest cumulative profit during 30 days before testing starts. BM3 has two strategies which show best profits during testing period. Trading cost include brokerage commission cost and slippage cost. The proposed strategy portfolio management system shows profit more than double of the benchmark portfolios. BM1 shows 103.44 point profit, BM2 shows 488.61 point profit, and BM3 shows 502.41 point profit after deducting trading cost. The best benchmark is the portfolio of the two best profit strategies during the test period. The proposed system 1 shows 706.22 point profit and proposed system 2 shows 768.95 point profit after deducting trading cost. The equity curves for the entire period show stable pattern. With higher profit, this suggests a good trading direction for system traders. We can make more stable and more profitable portfolios if we add money management module to the system.

The Efficiency and Business Strategy of Contract-Foodservice Operations using Data Envelopment Analysis (DEA기법을 도입한 위탁 급식 점포의 효율성과 사업 전략에 관한 연구)

  • Choi, Kyu-Wan;Park, Ju-Yeon
    • Journal of the East Asian Society of Dietary Life
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    • v.17 no.5
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    • pp.727-737
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    • 2007
  • The aims of this study was to suggest a new efficiency measurement indicator for evaluating the management efficiency of decision making units(DMUs) in the contract foodservice industry. The data envelopment analysis(DEA) model which considers multiple inputs and outputs and looking for benchmarks, was used to compare the productivity of DMUs. We considered sales, profits, and customer satisfaction as output variables and it adopted food cost, labor cost and administrative expense as input variables. The results of applying DEA revealed relatively efficient types of business and service types. The efficiency of school units was highest and the mired service type was the most efficient one. In this study the CCR model efficiency was analysed with profit and the customer satisfaction index by the matrix method. DEA efficiency was correlated with profit but there was no correlation between DEA efficiency and the customer satisfaction index.

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A Study on Ships Optimal Speed, Deadweight and Their Economy (On the Operations of Common Bulk Carriers Under the Various Managerial Circumstances of Shipping Companies) (상선의 최적속력 및 적화중량톤과 경제성에 관한 연구 ( 일반살적화물선에 있어서 해운운영상의 여건변동을 중심으로 ))

  • 양시권
    • Journal of the Korean Institute of Navigation
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    • v.7 no.2
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    • pp.65-113
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    • 1983
  • A lot of studies of ship's economy are on the traditional fields such asreducing propulsion resistance, raising cargo handling rates and lessening building consts, but there are few researches on the merchant ship's economy concerning their deadweights and speeds according to shipping companies managerial cercumstances. Contrary to the contemporary trend that "the bigger, the better, if the cargo handling rate could increased sufficiently to hold down port time to that rate of smmaler vessels", this paper demonstrates the existence of certain limits in ship's size and speed according to the coditions of the freight rates, voyage distances, cargo handing rates, prices of fuel oil, interst rates etc. Fom the curves of criteria contour for various ship's deadweights and speeds which are depicted from the gird search method, one can get the costs and the yearly profit rates under the conditiions of large volume with long term contracts for the transportation of bulk cargoes. In estimating ship's transportation economy, the auther takes the position that the profit rate method is properer than the cost method, and introduces the calculation table of the voyage profit rate index. The use of the criteria contours will be of help to ship owners in determining the size and speed of the ship which will be built or purchased and serve in a certain trade route.

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Optimization of Process Capability Index for Economic Coalify Assurance Level (경제적인 품질보증수준확보를 위한 공정능력지수의 최적화에 관한 연구)

  • 송서일
    • Journal of the Society of Korea Industrial and Systems Engineering
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    • v.11 no.18
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    • pp.71-80
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    • 1988
  • Process capability implies the qualitative capability of a process, and it is necessary to specify the process capability by quantification and to evaluate the level with the specified standardizaion. But the process capability index is currently used to evaluate the performance of quality control activity. without considering the characteristics of process structure or the economy of management. Here the researcher would like to redefine process capability and emphasize its index may be used as the measure of managerial assessment and the objective of process quality control in full consideration of the economic aspects of process characteristics. Too little or too much process capability causes a loss of or excess. The proper economic level of process capability varies to each process. The procedure of taking the optimum process capability index is derived from the expected profit function, whereas each method is studied in cases of normal process with one-sided specification and two-sided specification. In addition, the process capability index is presented as a method of quality assurance. And an example is exhibited on wrapping process of 'A' company. The results of this study are summarized at follows. First, though the norminalization of the process capability index is possible by the existing methods, the optimum process capability index can vary to the situation of each process. So, the optimum process capability index which is suggested in this dissertation should be used as the standard to assess process capability. Second, the process capability index can take its effect not just in indicating quality control or managerial records but also in the management of high qualify assurance.

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Application Method of the Financial Feasibility study of New Hotels (신규호텔의 재무타당성분석의 적용방안)

  • Choi, Bok-Soo
    • The Journal of the Korea Contents Association
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    • v.9 no.1
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    • pp.407-416
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    • 2009
  • It is evident that a financial feasibility study based on the economic analysis has been theoretically and practically accepted in the aspect of its adequacy. However, it is not easy to apply in the practical business affairs since there exist some difficulties on the economic analysis and the interpretation of the result because of the difficulty of the estimation of the discount rate. This study aims to suggest a method of the financial feasibility study based on the economic analysis. The results of this study are as follows. First, this study can increase the reliance and adequacy of the economic analysis result by suggesting a method of estimating the discount rate by means of the proxy ${\beta}$ method in the practical way. Second, this study can provide the overall frame of the financial feasibility study based on the economic analysis method (namely, Net Present Value Method internal rate of return, profit index method and payback period method)which use discount rate and cash flow. Third, this study can suggest an practical analysis skill required in each step of the financial feasibility study.

Changes in Profitability of a Double Cropping using the Carbon Fixation Method (탄소고정방식을 활용한 농작물 이모작의 수익성 변화)

  • Mo, Tae-Jun;Kim, Brian H.S.
    • Journal of Korean Society of Rural Planning
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    • v.26 no.2
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    • pp.61-70
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    • 2020
  • The purpose of this study is to calculate the annual carbon reduction of crops according to the carbon fixation method of agricultural land, therefore to analyze whether the economic inducement of farmers to switch from single cropping to double cropping if the amount of carbon reduction were traded on the Korea Exchange. The analysis targets were Gyeonggi Province, which was divided into four areas to compare the difference between agricultural income and carbon income by crop and cropping system. Agricultural profit was estimated by multiplying the prior data of 2012 by the change rate of the consumer price index, and carbon income was calculated through the carbon reduction for each crop and the average transaction price of KAU19 traded on the Korea Exchange. According to the analysis, the profit rate of double cropping in all areas is -110.4% to 23% compared to single cropping, when only agricultural profit is taken into account, with no economic inducement for farmers to change the cropping system. However, when carbon income is taken into account together, the profit rate of double cropping rises significantly from 122.5% to 238.9% over a single operation in all areas, resulting in an economic inducement to switch the cropping system. This research is meaningful in that farming households could raise their income by additional carbon income, and that carbon credits could be supplied at Korea Exchange to further boost the carbon emission exchange.

Financial Ratio Analysis of Oriental Medicine Hospital affiliated with Universities (한의과대학 부속 한방병원의 재무비율 분석 -본원과 분원의 비교를 중심으로-)

  • Lee, Woo-Chun
    • Journal of Society of Preventive Korean Medicine
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    • v.18 no.1
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    • pp.43-52
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    • 2014
  • This study was conducted to analyze if there is a difference between the head hospital and branch hospital by comparing the profitability and operating expenses to patient revenue of oriental medicine hospitals affiliated with universities in order to find whether opening branch hospitals is an appropriate method to increase profitability. Profit indices used for the comparison of head hospital and branch hospital include ratio of operating profit on medical revenue, net-income on medical revenue, net profit to total assets, and operating profit to total assets; and cost indices included ratio of labor costs, material costs and administrative costs. In comparison of profit indices of head hospitals and branch hospitals, head hospitals displayed negative(-) in all four profit index averages while branch hospitals displayed positive(+), showing that branch hospitals have higher profitability. In particular, in the case of head hospitals, ratio of net profit to total assets was -13.6%, while that of branch hospitals was 12.9%, which was higher than 3.1%, the average of Korean oriental medicine hospitals in 2011. As a result of difference analysis between groups of head hospitals and branch hospitals, profit indices of ratio of operating profit on medical revenue, net-income on medical revenue, and ratio of net profit to total assets were found to vary by hospitals, but there was no statistically significant difference between head hospitals and branch hospitals(p<0.1). Only the ratio of operating profit to total assets of head hospitals and branch hospitals indicated significant difference between the two groups, showing that ratio of operating profit to total assets of branch hospitals is larger than that of head hospitals. Meanwhile, the cost indices of ratio of labor costs, material costs and administrative costs in the difference test results did not show significant difference between the head hospital and branch hospital(p<0.1). Thus, it cannot be said that a certain oriental medicine hospital's profitability is high or low depending on whether it is head hospital or a branch as profitability varies depending on the management environment of the hospital. Therefore, oriental medicine hospitals affiliated with universities would need to make efforts to increase their profitability as an individual hospital rather than focusing on whether they are head hospital or a branch.

Effects of Upright Body Exercise on Postural Balance and Foot Plantar Pressure in Elderly Women

  • Kim, Chan-Hee;Lee, Joong-Sook;Yang, Jeong-Ok;Lee, Bom-Jin;Kim, Eui-Suk;Woo, Kyung-Hee;Park, Jin-Suk
    • Korean Journal of Sport Biomechanics
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    • v.27 no.1
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    • pp.59-66
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    • 2017
  • Objective: This study investigated the effect of a 16-week upright body exercise program on body balance and plantar pressure balance in elderly women. Method: The subjects included elderly women in B Metropolitan city who participated in an upright body exercise program twice weekly for 16 weeks. The subjects' physical characteristics (height, weight, body mass index [BMI]), posture balance, and foot plantar pressure were measured before and after the experiment. Results: The upright body exercise program showed positive changes in posture balance and foot plantar pressure balance in seven elderly women. Conclusion: The second version of the upright body exercise program improved and may prevent postural imbalance in elderly women. This program could be utilized to improve posture and foot balance in elderly persons.

An Analysis of Personal Computer Productivity Improvement through Factory Automation (생산자동화에 따른 컴퓨터공장의 생산성 변화)

  • Yoo, In-Sun;Kim, Byung-Jin
    • IE interfaces
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    • v.7 no.2
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    • pp.133-144
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    • 1994
  • The problem of productivity improvement is one of the most challenging problems facing the world economy. This paper studies an analysis of improving personal-computer(PC) company productivity through factory automation. It attempts to analyze value added productivity at the company level. The index measured will effectively help managers supervise their companys. This study justifies that the proposed approach will stimulate manager's profit-motivation by providing them with value-oriented management instead of quantity-oriented method.

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