• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.125-151
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• 2004

This study tests the price discovery from US Treasury bond markets to Korean bond markets using the daily returns of Korean bond data (CD, 3-year T-note, 5-year T-note, 5-year corporate note) and US treasury bond markets (3-month T-bill, 5-year T-note 10-year T-bond) from July 1, 1998 to December 31, 2003. For further research, we divide full data into two sub-samples on the basis of the start-up of bond valuation system in Korean bond market July 1, 2000, employing uni-variate AR(1)-GARCH(1,1)-M model. The main results are as follows. First the volatility spillover effects from US Treasury bond markets (3-month T-bill, 5-year T-note, 10-year T-bond) to Korean Treasury and Corporate bond markets (CD, 3-year T-note, 5-year T-note, 5-year corporate note) are significantly found at 1% confidence level. Second, the price discovery function from US bond markets to Korean bond markets in the sub-data of the pre-bond valuation system exists much stronger and more persistent than those of the post-bond valuation system. In particular, the role of 10-year T-bond compared with 3-month T-bill and 5-year T-note is outstanding. We imply these findings result from the international capital market integration which is accelerated by the broad opening of Korean capital market after 1997 Korean currency crisis and the development of telecommunication skill. In addition, these results are meaningful for bond investors who are in charge of capital asset pricing valuation, risk management, and international portfolio management.

• Proceedings of the Korea Water Resources Association Conference
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• 2016.05a
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• pp.579-579
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• 2016

물이 상품에 내재되어 국가간 이동을 한다는 가상수 개념은 기후변화로 인해 물부족 현상이 심화되면서 세계 각국의 관심을 얻고 있다. 향후 물부족 현상 및 가상수 이동과 관련해 국제적인 물거래에 대한 전세계적 차원의 조치가 있을 가능성이 예상되면서 가상수의 국제적인 이동 추이에 대한 연구가 이루어지고 있다. 그럼에도 불구하고 가상수 교역에 영향을 미치는 요인이 무엇인지에 대한 연구는 아직 미비하다. 따라서 본 연구는 가상수 이동에 영향을 미치는 요인을 사회경제적 요인을 중심으로 탐색한다. 사회경제적요인으로서 국가의 경제위기 경험 유무, 경제규모, 생활수준, 경제성장속도, 그리고 수자원 정책기조를 선정하고, 이러한 요인들이 전세계국가 및 한국의 가상수 교역량 변화에 어느 정도나 영향을 미치는 지를 분석했다. 가상수 교역량에 대한 자료는 UNESCO, UN, FAO의 자료를 토대로 데이터셋을 구축해 활용했다. 총 10개 농축산 품목을 대상으로 산정한 가상수 교역량에 대해 1989년부터 2013년까지 총 24년간의 자료를 분석했다. 분석 결과 아시아 외환위기, 미국발 경제위기 등 세계적 수준의 경제위기는 전반적으로 가상수 교역추이에 큰 영향을 미치지는 않았으나, 미국발 경제위기는 가상수 교역흐름 완화와 일정 정도 관련성을 보였다는 사실을 알 수 있었다. 경제규모와 가상수 교역량은 전반적으로 높은 상관관계를 보였으며, 한국의 경우에는 경제규모 및 생활수준 모두 가상수 교역량과 높은 상관관계를 보였다. 반면 경제성장속도는 가상수 교역량과 큰 상관관계를 보이지 않았다. 시간적으로 보았을 때 한국의 경우 생활수준은 2007년도 이후에 가상수 교역량과 매우 큰 상관관계를 보였다. 경제적 요인, 특히 경제규모가 가상수 교역량과 높은 관계를 보이는 것은 경제력이 상승하면서 생활습관이 변화해 육류소비가 많은 것과도 관련이 있는 것으로 분석되었다. 사회적 요인과 관련해 분석한 수자원 정책의 기조변화는 가상수 교역량 변화에 영향을 미치지 않는 것으로 나타났다.

• Journal of Korea Technology Innovation Society
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• v.15 no.3
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• pp.533-556
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• 2012

The paper analyzes the effects of Korean venture businesses' external collaborations on their innovation performances, according to their collaboration partners and collaboration activities. The results show that the collaborations between Korean venture businesses and research institutions, and those between venture businesses and other venture businesses have significant positive effects on venture businesses' innovation performances, in terms of the numbers of the intellectual property rights, while the collaborations between venture businesses and large companies have significant positive effects on medium-sized venture businesses only. In addition, collaborative research and development, and technology transfer from big companies to venture businesses have given significant positive effects on venture businesses' innovation performances, while collaborative employee training and collaborative marketing have given significant negative effects on venture businesses' innovation performances. Furthermore, collaborations between large companies and their subcontracting venture businesses have shown even more significant effects on venture businesses' performances. The results show that the effectiveness of external collaborations of Korean venture businesses depends on collaboration partners, types of collaboration activities, and the size of collaborating venture businesses, implying that government programs for encouraging venture businesses to collaborate with external institutions should be carefully chosen for their innovation performance improvement.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.1
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• pp.1-21
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• 2006

The ultimate goal of this paper falls on assessing the magnitude of co- evolutionary pattern existing between the genuine growth of KOSDAQ and KOSDAQ-Listed Companies. This paper define the concept of "genuine growth" as including quantitative and qualitative growth of each entities. This paper take genuine growth indexes of KOSDAQ as liquidity, fairness, volatility, transparency, while that of KOSDAQ-Listed Companies as quantitative financial indexes and qualitative financial indexes. This paper brings three research implications as conclusions. First, growth engine of KOSDAQ resulting in its' qualitative growth besides quantitative one is founded on number of KOSDAQ-Listed companies showing outstanding financial performance qualitatively, Second, increasing permanent profit portion of KOSDAQ-Listed Companies have induced a long-term assessed investment rather than short insight speculation in the year of 2005. In addition, source of lowering market volatility and stabilizing market is strongly correlated with the excellency of profit quality among KOSDAQ-Listed Companies. Third, a high adaptability of KOSDAQ-Listed companies meeting with market sustaining requirements enable KOSDAQ to enhance market efficiency.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.1
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• pp.13-17
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• 2013

Leadership is one of the most widely explored subjects in the field of management. A variety of papers on leadership, however, still have insufficient aspects to reveal the theoretical logic about the CEO leadership itself. Such research, especially focused on organizational performance, tend to concentrate on the CEO's behavior rather than leadership because CEO's behavioral trait as an explanatory variable is useful to connect with firms' performance. Our purpose is to show how the characteristic of CEO leadership can be built at the organizational level. For a detail, the larger the firms' size, the greater the degree of CEO's charismatic leadership. The larger the degree of a firm's diversification, the greater the degree of the CEO's transformational leadership. And the less the degree of a firm's diversification, the greater the degree of the CEO's transactional leadership. This theoretical paper on CEO leadership suggests that the characteristics of CEO should be adaptable to the changing institutions and organizational environments.

• Journal of the Korea Computer Industry Society
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• v.5 no.8
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• pp.791-800
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• 2004

According to the cooperation between organizations increases, e-Commerce and virtual organizaions spread, because of IT development, the number of business processes increased from bounds of an organization to crossing organizational boundaries. In order to support dynamic setup of business processes among independent organizations, a formal standard schema of describing the business processes is basically required because of business process models over multiple organizations, which are defined in different fromat by business process modeling systems their own business process modeling systems. The vision of ebXML is to create a single global electronic marketplace where enterprises, without any concerns about size and geographical location, can meet and conduct their businesses with each other through the exchanges of XML-based messages. Therefore, this thesis also analyzes and implements an ebXML based choreography modeling system for supporting collaborations between organizations.

• Management & Information Systems Review
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• v.33 no.5
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• pp.249-260
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• 2014

This paper explores the relationship between firm-specific volatility and some firm characteristics such as size, the market-to-book ratio of equity, PER, PBR, PCR, PSR and turnover in KOSDAQ market. In addition, I investigate whether portfolios with difference to realized range-based volatility and firm-specific volatility have different investment performance using CAPM and FF-3 factor model. The main findings of this study can be summarized as follows. First, firm-specific volatility have mostly positive relationship between firm-specific volatility and some firm characteristics. Second, this study found that realized range-based volatility and firm-specific volatility are positively related to expected return. It means that portfolios with high idiosyncratic volatility have significantly higher expected return than portfolios with low firm-specific volatility.

• Journal of the Korea Society of Computer and Information
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• v.12 no.5
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• pp.273-284
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• 2007

This paper studies a periodic review inventory model with an e-MarketPlace transaction in reconfigurable manufacturing system(RMS). A decision maker can expand/reduce production capacity/quantities and/or replenish/dispose inventories from/to e-MarketPlace urgently to satisfy the stochastic demands. If inventories are replenished or disposed through e-MarketPlace, this leadtime is shorter than the production leadtime, but unit purchasing or selling cost is more expensive than that of expanding capacity or reducing production quantities respectively. Henceforth, trade-off on these alternatives is considered. In addition to this, in order to consider the economy of scale, our model includes the fixed cost for purchasing from e-MarketPlace and capacity expansion. We use dynamic programming and K convexity methods to characterize the nature of the optimal policy. Finally, We present the optimal inventory control policy which is composed by the combinations of a base stock and (s,S) type policy.

• Proceedings of the Korean Information Science Society Conference
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• 2003.10a
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• pp.190-192
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• 2003

소비자의 신용 대출 규모가 점차 증가하면서 기업에서 고객의 신용 등급에 의한 정확한 고객 분류를 필요로 하고 있다 이를 위해 판별 분석과 신경망의 역전파(BP: Back Propagation)를 이용한 고객 분류 시스템이 연구되었다. 그러나, 판별 분석을 사용한 방법은 불규칙한 신용 거래의 성향을 보이는 비정규 분포의 고객 데이터의 영향으로 여러 개의 판별 함수와 판별점이 존재하여 분류 정확도가 떨어지는 단점이 있다. 신경망을 이용한 방법은 불규칙한 신용 거래의 성향을 보이는 고객 데이터에 의해서, 지역 최소점(Local Minima)에 빠져 최대의 분류 정확률을 보이는 분류자를 얻지 못하는 경우가 발생할 수 있다. 본 논문에서는 이러한 기존 연구의 분류 정확률을 저하시키는 단점을 해결하기 위해 SVM(Support Vector Machine)을 사용하여 고객의 신용 등급을 분류하는 방법을 제안한다. SVM은 SV(Support Vector)의 수에 의해서 학습 성능이 좌우되므로, 불규칙한 거래 성향을 보이는 고객에 대해서도 높은 차원으로의 매핑을 통하여, 효과적으로 학습시킬 수 있어 분류의 정확도를 높일 수 있다 하지만, SVM은 근사화 알고리즘(Approximation Algorithms)을 이용하므로 분류 정확도가 이론적인 성능에 미치지 못한다. 따라서, 본 논문은 점진적 앙상블 SVM을 사용하여, 기존의 고객 분류 시스템의 문제점을 해결하고 실제적으로 SVM의 분류 정확률을 높인다. 실험 결과는 점진적 앙상블 SVM을 이용한 방법의 정확성이 기존의 방법보다 높다는 것을 보여준다.

• Journal of Digital Convergence
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• v.17 no.9
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• pp.89-95
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• 2019

he purpose of this study is to propose a shared platform service that can deal with used books based on small stores. The volume of used book market has more than doubled since the book price system, and large bookstores are actively participating in the used book market. Used book sharing platform is an advanced form of online used book direct trade and can be easily used by installing applications on the user's mobile phone. The second-hand book sharing platform is not a shared platform that creates a huge profit-making enterprise, but a future-oriented shared platform that can benefit all users of the platform. If the shared platform, which is the core of the fourth industrial revolution, is applied to almost all small stores and utilized as a hub for second-hand book transactions, it will establish itself as a more reasonable market for second-hand book transactions.