• The Korean Journal of Financial Studies
• /
• v.10 no.1
• /
• pp.145-170
• /
• 2004

Roll의 비판 이후 실행된 많은 국내외 연구결과 CAPM으로 설명이 되지 않는 이례 현상(Anomaly)들이 발견되고 있다. 이례 현상들은 다 요인 모형(multi-factor model)과 같은 추가 위험 요인이론, 표본차이이론, 과잉반응 및 특성이론들로 설명되고 있고 이러한 이례 현상들은 재무관리의 지속적인 관심사인 미래의 주가수익률 예측과 밀접한 관계에 있다. 본 연구에서는 이례 현상들이 주가수익률에 미치는 영향을 알아보기 써하여 Haugen and Baker(1996)의 다 요인 및 수익률 추정 방법론을 국내 증권시장에 적용한 다 요인 모형과 $\beta$, 기업규모, PBR, 과거 1년 주가 수익률에 의한 단일 요인 모형을 이용하여 개별 기업의 포트폴리오 구성기준을 결정하고 이 기준에 의거하여 월별로 편입 주식들을 재조정한 포트폴리오들의 년간 누적 실제수익률 예측력을 비교 분석한 결과 다음과 같은 결과를 얻었다. 첫째, 다 요인모형의 경우 기대수익률이 높은 주식으로 구성된 포트폴리오가 기대수익률이 낮은 주식으로 구성된 포트폴리오보다 실제 년간 수익률이 높게 나타난 반면, $\beta$, 기업규모, PBR, 과거 1년 주가 수익률의 요인에 의한 단일 모형을 적용한 포트폴리오는 이들 순위와 실제 수익률간에는 상관성이 높지 않게 나타나 다요인 모형이 주가 수익률 예측력에 있어서 단일요인 모형보다 우수한 것으로 판단된다. 단일모형 중에서는 PBR을 이용한 포트폴리오가 $\beta$ 단일모형보다 좋은 주가수익률 예측력을 보여 주었다. 둘째, 주가 수익률을 결정하는 유의성있는 요인들은 당기순이익의 증감, 당해연도의 당기순이익의 분포, 자산증가율, 매매 유동성, 매출액 변동, 거래량 추세, 기업크기(시가총액), 과거 1개월간의 주가수익률, 자기자본증가율등으로 나타났다.

• Journal of the Korean Data Analysis Society
• /
• v.20 no.6
• /
• pp.3025-3035
• /
• 2018

This study investigates the momentum phenomena of stocks listed on the taiwan stock exchange. The purpose of this study is to examine the differences in momentum phenomena among firm size, foreign investor ownership, individual investor ownership, and institutional investor ownership. The empirical results of the momentum phenomenon in the Taiwanese stock market are as follows. First, there is no momentum phenomenon during the whole sample period. Second, momentum profitability does not exist even if this study divides by firm size. However, the results are different if this study divides it by the investor ownership. Third, there is a significant positive momentum for firms with high individual ownership. Fourth, on the contrary, positive momentum was observed in firms with low institutional ownership. Finally, there was no momentum phenomenon when dividing by foreign ownership. This study has academic contribution in analyzing the momentum phenomenon in Taiwanese stock market considering the investor's ownership.

• Information Systems Review
• /
• v.21 no.4
• /
• pp.31-45
• /
• 2019

Despite the expansion of the market of performing arts and culture, small and medium size theaters are still experiencing difficulties due to poor accessibility of information by consumers. This study proposes a machine learning based genre recommendation system as an alternative to enhance the marketing capability of small and medium sized theaters. We developed five recommendation systems that recommend three genres per customer using customer master DB and transaction history DB of domestic venues. We propose an optimal recommendation system by comparing performances of recommendation system. As a result, the recommendation system based on the ensemble model showed better performance than the single predictive model. This study applied the personalized recommendation technique which was scarce in the field of performing arts and culture, and suggests that it is worthy enough to use it in the field of performing arts and culture.

• International Commerce and Information Review
• /
• v.17 no.2
• /
• pp.173-197
• /
• 2015

The development of IT expanded the scale of e-commerce, and grew large Internet shopping malls. As having raised the consumers' interest in overseas direct purchase(ODP) recently, the number and purchasing amount of ODP are constantly increasing. However, consumers need to pay attention to the potential problems which might happen by consumer's damage and conflict, as increasing the consumption through ODP. Because consumer's damages on utilizing ODP happen to the reason such as the trust problem between business and consumer due to the way which traded non face to face, non-compliance of goods delivery, returns, and refunds, and information asymmetry of items, a large number of consumer's damages in a wide range are much more likely to occur nowadays. The purpose of this study is to analyze the current state of ODP, and propose consumer damage's reduction and policy of the government through pre or post scheme for consumer damage's relief and consumer protection. As the compensation for consumer damages is actually inadequate, this study proposed a feasible alternative to the adoption of e-commerce insurance for both aggressive compensation and protection for consumer's damages and risk transfer and sustainable development of e-commerce.

• The Korean Journal of Financial Management
• /
• v.24 no.4
• /
• pp.163-199
• /
• 2007

This paper studies the stock market in which there are two types of investor, institutional and individual, whose information gathering and processing abilities are different. The institutional investor manages large funds and has powerful information sources. Whereas, the individual investor trades with a small amount of money and an information disadvantage. The model assumes that the institutional investor is more experienced and able to acquire relevant information earlier than the individual investor. On these assumptions, this paper shows a price continuation in the short run and a price reversal in the long run. The price continuation, or momentum, in the short run can be explained as follows. The early-informed institutional investor trades a stock, and as a result the stock price changes. Then the late-informed individual investor trades the same stock, and the stock price continues to move in the same direction in the short run. The reason for the price reversal in the long run is that since the individual investor has inferior information on the fundamental value of the stock, he tends to overreact to new information. So the stock price changes over its fundamental value initially and then regresses toward its fundamental value. In sum, both the price continuation and the price reversal are caused by the overreaction of the individual investor. The essay illustrates how these phenomena are stronger in the case where the proportion of the individual investor is higher. It also shows how the stock price goes up when the institutional investor buys a stock, while it goes down when the individual investor buys one.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
• /
• 2007.12a
• /
• pp.51-55
• /
• 2007

This thesis deals with the legal principles, case law decisions and suggestions for the Sale & Purchase of ships concerning enactment proposal of maritime law. Recently, the shipbuilding market has shown a major shift towards East Asia, particularly Korea, Japan and China. The major Korean shipyards in particular have engaged in substantial investment programmes both to expand their overall shipbuilding capacity and to enter new markets, such as for liquefied natural gas(LNG) carriers. The Korean Government has recently taken interest in the sale & purchase of used ships, utilizing the Internet and has made plans for building the Shipping Exchange in korea. So this thesis examines the situation of the world's shipping industry and the different kinds of the Sale & Purchase of ships. deals with the legal principles, and case law decisions. describes Forms of Shipbuilding Contracts and Memorandums of Agreement of second-hand ships. And makes suggestions for 1) the Shipbuilding Contracts of the shipowner's Association of Korea and 2) The Korean Shipbrokers' Association's Memorandum of Agreement for Ship Sale & Purchase in the korean shipping industry. Having reached the end of this thesis. the writer suggests to make terms of sale of ships in the korean civil code and commercial code, Additionally. the writer suggests to make a special law in relation to the Sale & Purchase of ships. Furthermore, the writer suggests expanding the Shipping Exchange in Korea.

• International Commerce and Information Review
• /
• v.14 no.4
• /
• pp.109-130
• /
• 2012

In recent years, the volume of global fair trade has been increased rapidly. As the quality of life improves, consumers are increasingly concerned about fairness and environment and show positive attitudes toward ethical products. Fair trade is a social movement that aims to set fair prices for products, alleviate poverty, and assist producers marginalized by the traditional economic model. The study attempt to investigate empirically fair trade products purchase intention, so consumers attitude toward fair trade product purchase, normative belief, fairness restoration expectation, ethical responsibility are defined and their impacts on the purchase intention were analyzed. The statistical method used to test the hypotheses was multi-regression using SPSS 18 for window. The results of this study are follows. Purchase attitudes toward fair trade products and ethical responsibility had a significant effect on the purchase intention. The Effectiveness of the ethical responsibility had greater than that of the purchase attitudes. The result of the empirical study provides important implications for the fair trade related organizations and businesses.

• Journal of Intelligence and Information Systems
• /
• v.10 no.3
• /
• pp.73-89
• /
• 2004

Since people have come to access more and more information about products with the proliferation of the Internet, more and more customer-to-customer e-marketplaces are being introduced with rapidly increasing transaction volumes. As the role of customer-to-customer electronic commerce has become increasingly regarded as vital to the economy, much research has delved into developing intelligent agent systems to efficiently support customer-to-customer electronic commerce. Most of this research, however, has focused only on supporting simple negotiation for the price of common goods along the time span. To expand the negotiation object to the differentiated goods, the customer must be allowed to negotiate over multi-at-tributes of the product besides the price, including the attributes related to the transaction activity itself, such as delivery time and payment method. To satisfy this requirement, we propose an agent marketplace for differentiated goods where the agent of a customer can negotiate not only the price but also the various attributes of the product and the transaction in order to achieve a better utility level for both buyer and seller. The formal protocol and the architecture issues to support the proposed e-marketplace and agents are also addressed.

• Journal of the Korean Association of Geographic Information Studies
• /
• v.24 no.3
• /
• pp.58-72
• /
• 2021

In July 2021, UNCTAD classified Korea as a developed country. After the Korean War in the 1950s, economic development was promoted despite difficult conditions, resulting in epoch-making national growth. However, in order to respond to the rapidly changing global economy, it is necessary to continuously study the domestic industrial ecosystem and prepare strategies for continuous change and growth. This study analyzed the industrial ecosystem of the automobile industry where it is possible to obtain transaction data between companies by applying complexity spatial network analysis. For data, 295 corporate data(node data) and 607 transaction data (link data) were used. As a result of checking the spatial distribution by geocoding the address of the company, the automobile industry-related companies were concentrated in the Seoul metropolitan area and the Southeastern(Dongnam) region. The node importance was measured through degree centrality, betweenness centrality, closeness centrality, and eigenvector centrality, and the network structure was confirmed by identifying density, distance, community detection, and assortativity and disassortivity. As a result, among the automakers, Hyundai Motor, Kia Motors, and GM Korea were included in the top 15 in 4 indicators of node centrality. In terms of company location, companies located in the Seoul metropolitan area were included in the top 15. In terms of company size, most of the large companies with more than 1,000 employees were included in the top 15 for degree centrality and betweenness centrality. Regarding closeness centrality and eigenvector centrality, most of the companies with 500 or less employees were included in the top 15, except for automakers. In the structure of the network, the density was 0.01390522 and the average distance was 3.422481. As a result of community detection using the fast greedy algorithm, 11 communities were finally derived.

• The Journal of the Institute of Internet, Broadcasting and Communication
• /
• v.24 no.2
• /
• pp.167-175
• /
• 2024

Due to the Fourth Industrial Revolution, ICT(Information and Communication Technology) industry is becoming more important and sophisticated than ever. In B2B based ICT industry demand forecasting by analyzing the previous customer data is so important. RFM, one of customer relationship management models is a marketing technique that evaluates Recency, Frequency and Monetary value to predict customers behavior. RFM model has been studied focusing on the B2C based industry. On the other hand there is a lack of research on B2B based technology industry. Therefore this study applied it to B2B based high technology industry and considered T(technology collaboration) value, which are identified as important factors in the technology industry. To present an improved model for market performance in B2B technology industry, an empirical study was conducted on comparing the accuracy of the traditional RFM model and the improved RFM-T model. The objective of this study is to contribute to market performance by presenting an improved model in B2B based high technology industry.